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Touring properties and connecting with other agents is a regular part of my work week, whether I’m working with buyers or just staying on top of the market’s pace. Here’s what I’m seeing and hearing in the marketplace: Things are moving fast! There are not enough homes to meet the demand of all the buyers looking to buy right now.
- Multiple offers are happening in 42% of transactions. 42%!!!!
- Listings that are priced correctly, presented well and marketed correctly are attracting multiple offers and closing at prices 5%-13% over list price.
- Home prices are up 10% YOY.
- The median home price on the eastside is $1,470,000.
- 66% of homes are selling in less than two weeks.
- For the past three years, home prices have increased 12%-17% in the first four months of the year.
One thing is clear: strategic pricing, market timing, marketing, and presentation all work together to achieve great results.
Sammamish Examples:
1. A 2,800 SF home (4,700 SF lot) built in 2002 received 7 offers and is pending 16% over list price [5 days on market].
2. A 3,200 SF home (11,000 SF lot) built in 1998 received 5 offers and sold 11% over list price. List Price: $1,760,000 / Sold Price: $1,955,000 [4 days on market] MLS#2195585
3. A 3,500 SF home (9,600 SF lot) built in 1999 received 5 offers and sold 9% over list price. List Price: $1,800,000 / Sold Price: $1,955,000. [5 days on market] MLS#2192067
4. A 3,500 SF home (11,000 SF lot), built in 1998 received 5 offers and is pending at 6% over list price [3 days on market].
5. A 5,500 SF home [one acre lot] listed for $4,000,000 went under contract after only 13 days on the market.
6. A 4,300 SF home (12,000 SF lot) on Lake Sammamish, built in 2005 sold in only 13 days. List Price: $6,398,000 / Sold Price $6,100,000 MLS#2191408
