NWMLS Report Summary

The Northwest MLS reports that there are currently 43,646 single family residences and 8,271 condos to choose from. Single family residence sales are declining 3.8% but condo sales rose 8%, as Seattle buyers favor more amenities, shorter commutes and maintenance-free living.

According to the 2008 NWMLS Housing Report, “Interest rates are historically low, there’s a healthy inventory of homes to choose from, and the new, higher conforming loan limits have increased housing affordability.”

April to May saw stabilization and higher prices in some of the areas served by Northwest MLS, including: King County, Snohomish, Pierce, Kitsap, Thurston and Whatcom. These counties largely showcase mega-mansions and luxury estates, where homes average from $293,000 to $494,868, and where buyers are largely unaffected by the economic downturn.

One point the NWMLS Housing Report stressed is that buyers should be prudent but shouldn’t wait for a miracle. Buyers will actually save more money if they take advantage of the low interest rates, rather than try to save a few books whittling down the price.

Perhaps buyer uncertainty is behind the whole market downturn. When the market picks up, it’ll happen fast, experts at Northwest MLS feel. According to NWMLS director Mike Skahen, “It’s a great time to negotiate with sellers.”

Find Seattle Real Estate Through NWMLS

What kind of lifestyle are you looking for on the Northwest MLS site? Studies show that most people browse real estate options for an average of two weeks, zeroing in on 4-5 properties, before they call their local realtor to show them around. Additionally, Street of Dreams luxury home tour representatives say that most people come on the tour to get ideas, to browse, to dream.

Seattle NWMLS listings appeal to an eclectic crowd – from the alternative grunge musician and vegan bikers to the sophisticated high-tech professionals and middle class teacher. The 3.5 million residents work in a variety of places, with top employers including: the University of Washington, Costco, Microsoft, Weyerhaeuser, Washington Mutual, Paccar, Amazon.com, Nordstrom, Starbucks, Safteco and Expeditors International.

You’ll notice a lot of diverse terrain in the properties listed on Northwest MLS – from Puget Sound to Lake Washington, or the Olympic and Cascade Mountains. What rolling green hill do you want to live on: Capitol Hill, First Hill, West Seattle, Beacon Hill, Queen Anne, Magnolia, or Denny Hill? Or would you rather live near a water feature like Lake Union, Salmon Bay, Portage Bay or Union Bay?

Another thing to consider is Seattle’s nickname – “the city of neighborhoods.” Do you want to live in swanky King’s County, where the average home goes for over $450,000? Or do you want to live in the funky Pike Place Market, what some call “the soul of the city?” Will you look for high-rise Bellevue condos in the NWMLS, or will you find historic cottages in Pioneer Square?

While you’re persuing Northwest MLS for housing, keep in mind that schools are high-quality and plentiful here, with over 45,000 students enrolled in public schools and over 300 private schools to choose from. Americans for the Arts rated Seattle in the top five “American cities for arts and arts-related businesses.” It was also rated the third best walking city in the US. Generally speaking, Seattle’s just a great place to live and work, with a rather diverse housing stock.