Seattle Townhouse Market Softens
According to the Seattle-PI, Seattle townhouse prices have softened more than other sectors of the market.
More and more, homes of all types in Seattle are chasing a buyer pool that has become smaller and more cautious over the past year. But real estate agents and sales statistics show that the slowdown in townhouse sales has brought price cuts out of proportion with the rest of the market.
“What we are seeing is these huge price reductions, where a guy’s asking $600,000 one week, then $550,000 the next week and $500,000 the week after that,” said Ryan Thompson, an agent with John L. Scott Real Estate.
Greg Bartell, a Re/Max Mutual Realty agent who specializes in townhouses, says he has seen particular slowing since August.
“I think the most apparent thing is prices coming down,” he said. “I’ve seen some come down $90,000 off the list” price.
Seattle townhouse prices were down from the prior year in six of the first 10 months of 2007, with October’s median townhouse price of $358,594 down 13.6 percent from October 2006, according to the Northwest Multiple Listing Service. The median price for all single-family homes (including townhouses, but not condos) has not declined in any month from the same month in the previous year.
This is very interesting given that the Seattle market has been consistently stronger than the market in other regions of the country this year.
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