Hot Market Outpaces Listings

If you’d like to sell your home on Queen Anne or really any in-city neighborhood, now is clearly the time.  In fact the opportunity seems so good, I have been considering it – all I need though is to find something to rent until I can find the next home to purchase! Sound familiar?

My client’s quick-turn experiences of late are not particularly noteworthy among recent sellers of most Seattle in-city real estate.  The area’s frothy market just doesn’t seem to be abating. There are simply too few listings for the many interested buyers waiting to pounce.

Winter is usually the slowest period for moving real estate; but even so, the inventory level in the neighborhood is shocking low. Just as the Daffodils are blooming early, so is the bustling real estate market. As of this posting, there are only 24 single family houses available for sale on Queen Anne. Of the 24, 11 are under $1M and 11 are over $1.5M.   During the past 60 days, the average pending sale had a list price of $754,000 and was on the market 15 days.  The average sold properties were on the market an average of 56 days and sold for $880,000.
  That means that anything coming on the market now is going pending in about 2 weeks.

What does this mean for a Seller right now? It means that you will most sell your home very quickly. When I meet with my Seller clients, we discuss strategy for pricing.  Pricing is everything! Take a look here for more information re pricing

What does this mean for a Buyer right now?  Put on your thick skin, get your financing house in order (pre-approved), and be prepared to conduct a pre-offer inspection and likely pay more then the list price!  It is indeed a Seller’s market.

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