South Seattle Market Review: Highs, Lows & In-Betweens

By Serena Heslop

Windermere Real Estate recently released its Seattle real estate statistics for the first quarter of 2017 (see South Seattle numbers below).

It seems to be the usual story for Seattle, low inventory, lots of people moving to Seattle, creating continued price increases. Plus, limited expansion potential for the Seattle area with the Puget sound to the West and the Cascades to the east. Low inventory is partly caused by home owners who may want to move up, but can only do that when they sell their house.

However, while we finally saw an increase in new listings in March, there was an even greater jump in sales. Lack of supply continued to push prices to new record highs, and for the fifth straight month, our region has experienced the sharpest home price increases of any major market in the country.

While that may be tough news for buyers, here’s the other reality: rents in the city of Seattle have increased 57 percent in the last six years. Brokers are hoping that more sellers will jump into the market this spring to help meet buyer demand.

So with just two weeks of inventory available, demand in Seattle remains as strong as ever. Packed open houses, multiple offers and escalation clauses continue to be the norm, and the median price for single family home in Seattle hit $700,000 in March.

Also, although I was able to do it in 2016, buying contingent in this fast-paced market is almost impossible, so buyers must be prepared for an interim housing situation, which can be a hassle.

For buyers, moving further south gets you more house for your money, although many people understandably want to be close to light rail stations. The area around Othello station has seen quite an increase in house values recently and there has also started to be a price boom close to the projected Graham Street station.

It seems a lot of parents are stepping up to help their kids buy houses and we are seeing a lot of cash offers in first time buyer ranges, which of course makes it hard for young folks reliant on a getting traditional mortgage loan.

I am seeing sellers deciding to remodel their homes instead, although that can certainly be a big disruptive pain. Sellers can certainly get a great price for their homes but also have to be prepared to compete for their next house.

Below are the numbers for the South Seattle neighborhoods of Brighton, Columbia City, Genesee, Hillman City, Judkins, Lakewood, Leschi, Mt Baker, Rainier Beach, Rainier Valley, Seward Park and Skyway. Prices for residential homes in this area are up 11% year over year and inventory is about a quarter of what we are used to seeing this time of the year.

High price listing in Mount Baker: $1,405,000

High Price Listing

• Mt Baker
• 2007 30th Ave S
• $1,405,000
• 4 Bed / 3.5 Bath / 3,201 SQFT
• MLS #: 1047885
• Lot Size: 4,000 sqft
• Year Built: 2016
• Style: Multi Level
• Views: City, Lake, Mountain, Territorial
• School District: Seattle

Medium Price Listing

• 

  Medium price listing in Mount Baker: $672,000

  Mt Baker

• 2914 S Hill St
• $672,000
• 2 Bed / 1 Bath / 1,740 SQFT
• MLS #: 1084476
• Lot Size: 4,000 sqft
• Year Built: 1925
• Style: 1 Story with Basement
• Views: Territorial
• School District: Seattle

Low Price Listing

• Upper Rainier Beach
• 

  Low price listing in Rainier Beach: $350,000

  9759 Arrowsmith Ave S

• $350,000
• 0 Bed / 0 Bath / 0 SQFT
• MLS #: 1057026
• Lot Size: 11,300 sqft
• Year Built: 1925
• Style: 1 Story with Basement
• Views: Lake, Territorial
• School District: Seattle

We’ve also got numbers for the South Seattle neighborhoods of Beacon Hill, Columbia City, Dunlap, Georgetown, Jefferson Park, North Beacon Hill, and SODO.

High price listing in Beacon Hill: $660,000

High Price Listing

• Beacon Hill
• 5911 20th Ave S
• $660,000
• 5 Bed / 3.5 Bath / 3,270 SQFT
• MLS #: 1076523
• Lot Size: 7,350 sqft
• Year Built: 1995
• Style: 11/2 Story with Basement
• Views: City, Mountain, Territorial
• School District: Seattle

Medium price listing in Beacon Hill: $502,000

Medium Price Listing

• Beacon Hill
• 6025 31st Ave S
• $502,000
• 2 Bed / 1 Bath / 1,640 SQFT
• MLS #: 1069971
• Lot Size: 5,250 SQFT
• Year Built: 1953
• Style: 1 Story with Basement
• Views: Mountain, Territorial
• School District: Seattle

Low Price Listing:

• 

  Low price listing in Beacon Hill: $350,000

  Beacon Hill

• 9244 36th Ave S
• $350,000
• 2 Bed / 1 Bath / 2,120 SQFT
• MLS #: 1072794
• Lot Size: 7,813 sqft
• Year Built: 1911
• Style: 1 Story with Basement
• Views: None
• School District: Seattle