We have heard that there is low inventory and short days on the market, but of course it’s important to put a few other things into the mix such as number of bedrooms, bathrooms and price. The demand from new families is huge and most are looking for three bedrooms and at least one bath on one floor. Homes that fit this layout that are in the four to seven hundred thousand price range are seeing a lot of competition.
I track sales in various neighborhoods and this time studied Maple Leaf, Richmond Beach and Magnolia.
(Click Here to see the full sized image.)
Maple Leaf: The listing at 8236 16th Ave NE was listed at $464,950 and sold for $523,000 which is %12.49 above list – the price per square foot was $278.19 and it was only on the market for 6 days. Click here for the full report on 98115. The chart shows that Maple Leaf has an absorption rate of 213% in pending sales – how can it be more than 100 – market is fluid, pendings are overlapping and actives have been absorbed because they have built up.
Richmond Beach: The listing at 19604 18 Ave NW was listed at $399,950 and sold for $420,000 which is %5.01 above list – the price per square foot was $149.47 and it was only on the market for 6 days. Click here for the full report on 98177.
Magnolia: The listing at 3615 38th Ave W was listed at $899,000 and sold for $920,000 which is %2.34 above list – the price per square foot was $302.83 and it was only on the market for two days.Click here for the full report on 98199.
One of the best strategies is to price these homes at market value and expose them for approximately a week. This gives enough time for a brokers and two public open houses. Some listings allow pre-inspections and some do not (scheduling appointments for a pre-inspection can be important.)
Following this time period offers are reviewed on a weekday evening and usually they will see escalations. We have heard of upwards of forty groups attending some open houses and as many as forty offers on a single listing.
Another reason there is low inventory is because new construction is lagging behind, although it is picking up as builders are finally able to access needed loans to start or complete projects.
If you have been on the fence about listing your home this is a great time. I can prepare a market analysis to show you at what price we can list your house and send you a copy of the two reports I generated for these charts.