Seattles Urban Villages » Normandy Park

Seattle Real Estate Values for 3rd Quarter 2008 Released by Zillow

Deborah Burns — Thu, 20 Nov 2008 00:26:26 +0000

Yesterday Zillow released its’ Seattle Real Estate Trends for the third quarter (July, August, September) of 2008 and posted that Seattle home values decreased -7.53% compared to the third quarter of 2007. As a point of comparison, Zillow reported that home values Nationally decreased -9.7% for the same quarter.

I clicked through the links: Seattle Real Estate Trends, to Click for Seattle values and, on the left under Seattle, the Excel icon , I found 5 tabs at the bottom of the page. There was a “Summary”, “Metro Area & County”, “City”, “Neighborhood”, and “Glossary”. I found the information shown under City and Neighborhood to be the most interesting as the values data that Zillow has compiled is broken down to what most Seattle home buyers and Seattle home sellers will find the most interesting; their particular neighborhood or city.

These numbers are “Year over Year” of the “% change for the Zillow Home Value Index or “Zindex” over the last year (12 months)”. In other words, Zillows “Zestimate“, the median value for homes for in that area, and the percent less value compared to last years’ Zestimate median value.

Now, these Zillow numbers are not just the actual sales based numbers like the numbers calculated by the NWMLS, although actual sales data is used by Zillow as a part of calculating Zestimates, so they are a model for comparing value. This makes the numbers a good tool for understanding value and comparing value, but are not the only way to measure an individual homes’ value.

A snapshot of Year over Year % for a few areas/neighborhoods of current interest to me (as well as current and recent clients) are:

Beacon Hill -8.0%

Clyde Hill -4.4%

Columbia City -12.7%

Magnolia -8.3% (Magnolia is shown twice)

Magnolia -6.5%

Mercer Island -6.3%

Montlake -7.0%

Normandy Park -5.8%

Queen Anne -4.7%

West Seattle -7.4%

Just follow through the links to find the City or neighborhood that interests you, and check out the numbers…they are very interesting!

Normandy Park Real Estate and My Chat with Another Real Estate Agent About Current Market Conditions….

Deborah Burns — Sun, 25 May 2008 05:59:00 +0000

Yesterday while I was working on my computer, I received a call from a Normandy Park real estate agent. He called me to ask questions about a listing I had for a Normandy Park home that recently sold.

He has a listing with a similar home in the same neighborhood of Normandy Park that was listed about the same time as mine, and was asking about the selling price of my clients home. Last fall, with the Subprime Meltdown, the Normandy Park housing market really froze up and there were very few sales last fall. The market still has not loosened up much for the traditional heavier spring market, and prices are coming down since inventory is still high. The agent was trying to help his seller clients understand that they were going to need to lower their listing price to be competitive in todays current market conditions.

The agent and I discussed the current market conditions for Normandy Park real estate, the homes for sale in Normandy Park, and their listing prices. While we were talking I pulled up one of my mls searches for Normandy Park so I could verify the numbers we were talking about. I personally think that the home prices peaked in Normandy Park last May (2007), and that the prices are now adjusting downward a bit. While this is not good news for Normandy Park sellers, it is good news for buyers interested in buying a Normandy Park home. I am very happy that my sellers’ home sold, it was an unusual transaction, but it did sell during a challenging time.

Searching for the Perfect Sound View Home for my Client…

Deborah Burns — Sun, 25 May 2008 02:14:35 +0000

Earlier this week I was previewing 3 recently listed Sound View Homes for Sale on Three Tree Point and Normandy Park just 10 and 15 minuets south of Downtown Seattle. There have finally been more Sound View Homes coming on the market for this late spring Seattle real estate market to send to my client.

The first home for sale was on Three Tree point was the best of the group, and right across the street from the best candidate we have seen so far. The views are good, although you do see some “wires” going to the waterfront home below, and I could even hear the waves lapping on the shore below. The house has a very well remodeled kitchen and great master bath (just what today’s’ buyers are looking for: slab granite, stainless steel, spa master bath etc!) and all the rooms, except the 3 baths have Sound Views. There were couple of other good matches for things my client is looking for, unfortunately there is no real potential for a wine cellar, and no formal dining room….

The other two homes for sale were in Normandy Park and while they will make great homes for other buyers, they were not good matches for my client. The last one did have beautiful Sound Views across a lush, private backyard, but it is still very vintage 1950’s and my client is looking for move-in ready…but it does have some very good potential for someone.

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Normandy Park Real Estate* Market Snapshot as of today for May 2008

ACTIVE – 56 Normandy Park Homes for Sale

120 Average Days on Market (DOM) $439,000 to $4,250,000

STI – 0 Subject to Inspection Normandy Park Homes

0 Average Days on Market (DOM)

CONTINGENT – 1 Contingent Normandy Park Home

44 Average Days on Market (DOM) $599,900

PENDING – 2 Pending Normandy park Homes

84 Average Days on Market (DOM) $464,950 to $499,950

SOLD – 1 Sold Normandy Park Home

335 Average Days on Market (DOM) $1,030,000

*Single Family Homes

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Three Tree Point Real Estate* Market Snapshot as of today for May 2008

ACTIVE – 13 Three Tree Point Homes for Sale

254 Average Days on Market (DOM) $545,000 to $3,350,000STI – 0 Subject to Inspection Three Tree Point Homes

0 Average Days on Market (DOM) CONTINGENT – 0 Contingent Three Tree Point Homes

0 Average Days on Market (DOM)

PENDING – 1 Pending Three Tree Point Home

38 Average Days on Market (DOM) $475,000SOLD – 0 Sold Three Tree Point Homes

0 Average Days on Market (DOM)

* Single Family Homes

Special note on Three Tree Point (Sound View Homes only) Days on Market numbers. There has been one waterfront home that has been on the market for 839 days, and a very unique huge home has been on the market for 551 days, both really make an impact on such a small number of listings.