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Alchemy Index | December 2022

Published on Jan 05, 2023

Seattle Market Summary | Data from Alchemy Real Estate and the MLS

Overall Home Sales Volumes

Whereas the volume of all Seattle homes sold December a year ago, (2021) was 1,016 units, December of 2022 saw a reduction to 530 units. This represents a roughly 50% decline in volume year over year. Despite slowing volumes, Seattle prices have remained strong, with the average price of a sold home for December 2021 coming in at $858,818 with a cost per square foot at $544.00. December of 2022 data showed average sold prices climb to $892,527 with an average cost per foot dropping slightly to $528.63.
Closed Sales This Month- New Construction Homes
Median Sales Price This Month- New Construction Homes
Alchemy Index
7
Index Overview
We are pinning our Seattle real estate market index at 7 as of January 1, 2023 as inventories are still tight, and days on market are creeping higher at an average of 35. These data indicate a tip toward a buyer's market despite prices increasing year over year by nearly 4%.
Market Outlook
Most of our lenders expect to see mortgage rates stabilize and fluctuate in the 5.5% – 6.25% range during Q1 of 2023 as the federal government’s inflation reduction tactics start to take effect on the overall economy.

NEIGHBORHOOD SNAPSHOT

The Central District is a great opportunity for a number of reasons. Most importantly, LOCATION. Just south of Capitol Hill, with great access to downtown, 1-90, as well as North / South public transit and soon coming East / West Link routes to Bellevue. Prices are good, and availability of homes in all categories is strong. In fact, Alchemy partners have several active projects in the CD, with more coming in 2023.
FEATURED PROJECT OF THE MONTH
Central Park
Central Park, at the corner of 23rd Ave. S. and S. Dearborn has been a strong Alchemy Real Estate project over the past month. We have 4 units pending, with 7 units still available. The site features live/work lofts as well as traditional townhomes in a terrific location a short walk from the new light rail station. Modern finishes, roof decks, and wide-open light filled spaces make Central Park a must- see. Prices are competitive with home prices starting in the upper $500K's.
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