By Tommy Kulvanish, Ewing & Clark, Inc.
Greetings from Lake Union, where over the last month fireworks lit up the sky for the 4th of July, and the real estate market was booming, as well.
Yes, inventory remains low around Lake Union, but when a property hits the market, a feeding frenzy begins with the number of buyers hoping to find a home they can call their own.
Since May, 13 single-family homes have sold in the area, according to the Northwest Multiple Listing Service (NWMLS). With an average selling price of $949,000, homes are selling at an average of 1.5 percent over asking price, due to such high demand and low supply. Once homes are listed, they sit for roughly seven days before there is an offer accepted.
And we aren’t even talking about large two- or three-bedroom homes; the average size of the homes being snatched up is only 1,700 square feet. That’s it, 1,700 square feet in today’s crazy market.
And let’s not forget about the condo market, which is also very competitive. According to the NWMLS, 28 condos have sold since the beginning of May, with an average sales price of just over $401,000, for roughly 900 square feet. Properties were selling at an average of two percent above asking price. Condos did not sell as quickly as single-family homes, but still only lasted on the market for an average of two weeks.
What does this all mean, you ask? Well, if you have an investment property, there has not been a better time to sell and take advantage of this insanely hot and competitive market. If you’re looking to buy, with the lending rates hovering near four percent, now is the time! But as prices are likely to continue to increase, buyers should move quickly.
If you’re interesting in finding out what your home or condo is worth, or you’re tired of renting and want to see what is out there, please feel free to reach out to me at firstname.lastname@example.org.