Montlake Real Estate – The Year That Was “2013”

Well, believe it or not another year has come and gone.  The holiday lights have all gone dark, the once beautifully decorated tree now sits half bare and brown next to the yard waste bin in the alley, and spent party poppers and confetti pieces are found among empty champagne bottles in the recycling bin.  It’s a new year; a time to look forward and a time to look back and evaluate what happened in Montlake real estate during 2013.

But first, let’s gain some perspective, journey back in time and remember where we were just a few years ago.  Risking heart palpitations, let’s turn back the calendar and recall the years 2007 and 2008; oh what a time that was!  Washington Mutual became a footnote in Seattle banking history and our local real estate market was derailed along with the rest of the country.

As you can see below, our beloved neighborhood went on a wild rollercoaster ride but fortunately we do appear to be headed in a very positive upward direction.  The most recent median sale price is still slightly below the 2007 high, but in terms of total sales, 2013 proved to be a record breaking year with a whopping 82% increase over the previous year.  And if projections are correct, our positive trend should continue.

Sales statistics for the Montlake neighborhood*

Year     Total Sales       Median Sale Price        %Change

2013            73                   $725,000              +5%

2012            40                   $687,500              +12%

2011            42                    $614,100              -8%

2010            35                    $665,000              +2%

2009            40                   $650.000              -11%

2008            18                    $733,500              -2%

2007            44                   $746,000              +12%

So what does 2014 have in store for us?  No one has a magic crystal ball but experts predict Seattle will be one of the nation’s hottest housing markets, and Montlake, being one of Seattle’s best neighborhoods (of course), stands to benefit.  Nationwide, home prices are expected to rise by 3 percent and mortgage rates, which have been creeping higher lately, could hit 5 percent for the first time since early 2010.  This is certainly welcome news for our local economy, therefore, without hesitation, I predict that a year from now, when I’m writing my next annual recap, I expect to report 2014 was another “Happy New Year” for Seattle and Montlake.

*Data provided by Northwest Multiple Listing Service

Bryan Haworth has been a Montlake resident since 1995; he is a Windermere Real Estate Broker, and a State Certified Real Estate Appraiser.