I figured I would go ahead and share some of the stats I just passed along to a client since they were of interest to me:
Area 700 (Queen Anne and Magnolia) in Seattle info for price range $800,000 to $1,000,000
How many houses sold in December 2008 and January 2009? There were 3 closed sales – all in December in area 700 in that price range. In addition, there is one Pending listing. This is a listing that is waiting to close.
Current inventory of available homes in market area 700 in the same price range? There are currently 35 homes available in that price range and market area that are marked as ACTIVE. In addition, there is one property that is marked “Contingent” – it has an offer from a buyer who needs to sell their house first.
Staggering numbers in this range as far as active inventory, but the days on market average is still only 71 days for the 35 actives. To only have 3 sales is not as surprising based on the holiday season and also the recent winter storms, but by contrast residential sales under $800,000 in area 700 (Queen Anne and Magnolia) were much greater at 35 closed sales since December 1st. The smaller price range is definitely moving faster as many first timers who are qualified come out for ideal market conditions.
Flexibility in price and supreme market presentation is going to be key to standing out in this crowd!
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