Shoreline home prices and sales up in August

Wednesday, September 24, 2014

By Kerri Donovan

Shoreline’s real estate market is stable, thanks to modest price increases and a boost in sales this summer. The median home price in August was $352,500, up 4 percent from the same time last year. Sales were up 14 percent from a year ago.

Some of the summer sales activity occurred in established neighborhoods such as Innis Arden, Richmond Beach and even Shorewood Hills. Traditionally, these neighborhoods don’t see a lot of turnover. But as aging baby boomers move out, young families are moving in, drawn to our city’s highly ranked schools and easy access to major arterials.

Another reason we saw a boost in sales is that homebuyers are expanding their search to Shoreline. Many buyers first looked in Ballard and other Seattle neighborhoods, where competition has been cutthroat. But they ultimately settled in Shoreline where they found bigger homes on larger lots.

Although sales and prices were up in August, there were fewer homes to choose from in Shoreline. In August, there was a 13 percent drop in the number of homes for sale compared with the same time last year. Home prices, while up, haven’t increased enough for many homeowners to considering selling. Some are waiting to sell until they have enough equity.

While the housing market in Shoreline is generally slower than Seattle, it’s gradually catching up. Shoreline homes spent a median of 11 days on the market in August, compared with 10 days in Seattle. And 31 percent of homes in Shoreline sold above their asking price in August, compared with 34 percent in Seattle.

Here is a snapshot of the numbers in Shoreline in August: 
  • The median price for a single-family home was $365,000, with 78 homes sold.
    • The number of single-family homes for sale fell by 10.5 percent from last year. 
  • The median price for condos and townhomes was $185,000, with 13 homes sold.
    • The number of condos and townhomes for sale fell by 26 percent from last year. 
For more information, visit Redfin.com.

Kerri Donovan is a real estate agent who lives in Shoreline and helps sellers in Shoreline and North Seattle.




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