What’s up with the Real Estate market? During the month of December 2012, 54 homes were sold from this Totem Lake/Kirkland Windermere office…Are you sensing a changing market from even a year ago? Here’s the local Seattle Eastside stats you can relate to since November 2011:
- 41% less Active Inventory
- 9% less Active Market Time
- 22% more Pending properties(properties under contract)
- 3% higher Median Sales Price (Closed properties)
- 22% more Closed Transactions
Everything in these stats are part of a bigger picture, and that is that the market has experienced a rebound. The biggest thing that will change in the coming months will be the Active Inventory…Jan – July are traditionally the months where the most inventory is available on the market, changing the landscape slightly from a strong seller’s market (now…Red on the color map), to a more balanced market as we get more into 2013. Buyers will have more to choose from and more negotiation power with sellers. Luckily, interest rates are supposed to stay really LOW, as stated by the Federal Reserve Chairman Ben Bernanke, well into 2015, stimulating buying and bringing buyers more buying power for their dollar.
I still can’t emphasize enough that a home MUST be priced for the market…overpriced properties will sit far longer than the average market time and usually succumb to a far lower sales price than if originally priced according to the market.
Keep watching…I’ll continue to share the market stats. The market is really heating up…if it’s your time to make a move, don’t get caught on the sidelines!