1st time home buyers in Seattle can look to Central/South areas for bargains

Of all these neighborhoods, the furthest south locales are where the better (read lower) prices are at. The closer to downtown Seattle you get, you’ll tend to see prices going up, unless the street or individual house hasn’t had good upkeep. With the current expiration date for the $8,000 1st-time buyer tax credit coming up on the last day of November, if you’re going to buy now is a good time to get moving (pun intended)! I will note that there is talk of extending the tax credit, but it’s not a “for sure” thing so take advantage of the credit while you can.

Architects have been focusing on the renovated areas of Madison and the Central District because they still feel it’s “where the best sales prices are” for them, but that’s not always true for the buyers. We’ve been trying for years to get more architects to look at the light rail areas along MLK and Beacon Hill where prices fit more into the busier price ranges of $250-450k. One of our builder clients is about to release a listing on a new construction 2900-sqft home in the next week or so that will have easy access to light rail and I-5, along with having some nice views out to Mt. Rainier and the Cascades.

Back up in central district, not everyone is savvy to the cuteness that is the Madrona neighborhood just east of MLK, right before you hit the pricier areas of the Lake Washington view homes which are down below the steep hill dropoff. The Central District has a widely varying demographic giving it an eclectic vibe. Many neighborhood areas actually fit into the CD (area 390) – Jackson, First Hill, Judkins, Madison Valley.

This is reflected in the breakdown of the MLS market areas that encompass these areas. Examples:
Mt. Baker/Rainier (area 380) had an average sales price in May 2009 of $404,060 and average YTD of $409,048, down 10% from last year.

Beacon Hill (area 385) average sales price for May was $345,767 and YTD of 337,958 down only 4% from last year.

Central Seattle/Madison Park (area 390) had an average sales price of $714,221 and a YTD average of $723,942. That’s down 25% from last year’s average of $968,625 proving again that it’s the higher priced homes are getting hit hardest in our local economy and primarily by the reduced ability for buyers to get funding for loans in these higher price ranges.

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1st time home buyers in Seattle can look to Central/South areas for bargains

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1st time home buyers in Seattle can look to Central/South areas for bargains

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Need help? Call our award-winning team at (206) 457-2984.

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