Local Real Estate Market Update

A remarkable property to find in-city! This home and lot were especially designed to encourage simple, easy living.

Home prices rose 3% last month, which is the largest gain in a year. Generally, prices have leveled off and there is less competition for buyers. It is still a seller’s market due to the low inventory. Homes that are in great condition in popular neighborhoods still may get multiple offers and have the price bid up. Homes under $500K may also have competition and multiple offers.The condo market has slowed considerably, and condos are getting much more market time.

This time of year, there tends to be fewer listings and homes that have been on the market for a while go under contract, lowering the inventory further. But there are also fewer buyers looking this time of year so it can be a great time to buy.

Meanwhile, I have been busy bringing on two new listings and helping a client buy a new home. I helped a client close on their new home this week, which brings a lot of last-minute tasks, and I had the pleasure of delivering their keys last night.

In addition, I currently have a new condo listing that is pending in Ballard, and my longtime friend and colleague Dorothy Driver and I have a listing coming up in Renton that we expect will be ready in January.

This new condo listing is pending in Ballard.

Finally, this past month has been busy with four transactions:

• Dorothy and I co-listed a light-filled urban retreat in a high-demand neighborhood one long block from Lake Washington that generated four offers and sold for 6% over list price at $905,000.
• I listed a beautifully updated rambler located on a quiet cul-de-sac across from Alderbrook Park in Federal Way that generated four offers and sold in two days at 2% over list price at $369,000.
• I represented the buyers of 5603 South Fountain, which sold at $460,000.
• For my current listing at 1760 NW 56th Street #608, the client is contingent for 1743 NW 57th Street, with contingent offer accepted.

Are you ready to take the plunge into the Real Estate market? Don’t do it alone. My mission is to help you achieve your life goals. Contact me today at 206-250-7291 or donkoonce@windermere.com.