How did this past October's Seattle eastside real estate compare to October of 2011? Can you say FABULOUS! This October was a fabulous real estate market in every way, fewer homes for sale, more sales, shorter market times, and a clear trend of increasing home values.
Here are the specifics:
- 51% of the available homes sold this past October, 21% sold in October, 2011. Over half the homes on the market sold!
- Homes sold in 62 days, which is down from 97 days in October, 2011. Homes are selling fast!
- Last year median pricing in September was at $469,000. This year, median pricing was $515,000.
- Homes sold within 4% of the original asking price.
Did the number of sales increase?
Yes, by a whopping 47%!
Did prices continue to increase?
Yes, they've continued to increase. Median pricing for the Seattle eastside has been $500,000 and above every month since May of this year, which clearly indicate a strong trend.
How does all this information impact you, if you're a seller? This is the best time to sell your home in 5 years!
Know how quickly homes in your area are selling. If your home is on the market for longer than the competition, your home is overpriced. If you have a lot of showings and your home does not sell, it's overpriced. If you have very few showings, then your home is overpriced. Since there are so few homes on the market, if your home is priced right and shows well, it will sell. If it's not, then it will sit there. In this market your home should be selling, if not, then look at your asking price. Even though there is not a lot for sale, buyers will still not overpay for a house.
How does this information impact you as a buyer?
Prepare yourself and become familiar with what you can buy for the money in your favorite locations. Take your time to do this. When you're comfortable with what's available, then it's easy to make a quick decision when the right house comes up. Expect multiple offers, if the house is a good one. Be prepared with a preapproval letter to accompany your offer. If it's a well priced home that shows beautifully, expect it to sell quickly and for close to, if not, full price.
If you'd like more information specific to your home, don't hesitate to contact us.