Holy crap, only 26% of the SOLD properties were priced under $700,000!

The 2017 numbers are in for Seattle’s Eastside real estate market*.  I have kept a quarterly report for the Seattle’s Eastside since 2012 to show my clients the pattern of growth, sales volume and price appreciation over time.  The first notice was that only about 25% of the properties SOLD for less than $700,000.  For some it is shocking and for others a motivation to make a move.  

Nothing up my sleeve!  I have not moved, doctored or manipulated these numbers in any way.  They are what they are.  If there is any story to be told or meaning in the numbers, it would be to sell your home sooner in the year, March or April, before the inventory grows.  Buyer’s might think twice about waiting as well as the highest SOLD prices paid each year is in the 2nd to 3rd quarters.

  • A few patterns that are evident from the reports are quarters with the most Sold properties and those with the highest volume each year. The 3rd quarter gives us the highest SOLD volume most every year.  The highest SOLD price usually comes in the 2nd
  • Time and the economic recovery have given us a median increase to SOLD prices of nearly 60% since 2012 and double digit increases in all but 2 years, 2014 and 2015.
  • The median home, 4 bedroom, 2.5 bathroom with approximately 2300 SqFt, has gone from $528,500 in 2012 to $855,000 in 2017. An increase of more than 60%.
  • The all American 2000 SqFt home with 3 bedrooms and 2 bathrooms increased 50% in just the past 5 years. It was $827,000 in 2017 and back in 2012 it was a meager $415,500.
  • In the past year we enjoyed nearly 15% median appreciation from the end of 2016. We were faced with an 87% increase in the number of SOLD homes priced between 1 and 2 million dollars. About 75% of the market SOLD for more than $700,000 with almost half over a million dollars.
  • As for months of available inventory. At the end of the 4th quarter, we had about 6 days of inventory of homes priced between $500,000 and $1,000,000 and ½ month of available homes from one to $2,000,000.  It took an average of 21 days to sell a home which ended up SOLD for 102% of the list price.

 

If you’re thinking about buying or selling a home
or for more information about this report and what it means to you
Contact Tom Perry

Even in a fast market, both buyers and sellers need experienced representation to keep them from leaving money on the table or paying too much.  The systems I use, my knowledge of the market my negotiating skills are a definite advantage for my clients.

Is it finally time to make that move?  Interest rates are taking the slow creep toward 5% and there is a clear possibility of the market flattening out in 2018.  Not dropping…Slowing down!  Sellers that have been playing the market really need to look at the economy, our growth, the market and their reason for selling a property.  Is now the time?

To see more about Tom Perry and set an appointment go to REX2020.com

*Search parameters were set by Tom Perry using access to the Northwest Multiple Listing Service (NWMLS). Redmond, Issaquah, Bellevue, Kirkland…Residential, NO condos, NO townhouses, NO new construction.  Reports were all taken after the end of each quarter.  All prices are median numbers.

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