2020 Real Estate Recap and 2021 Predictions For Klahanie

Posted by Cary W Porter on Wednesday, January 13th, 2021 at 12:18pm

Klahanie was one of the hottest markets on the Eastside for 2020. Overall, there were substantial increases in price coupled with declining days on market and bidding wars often driving homes sales well above asking price.

One example detailed below listed at $1.1 million and sold for $1,220,005 in only 6 Days on Market which equates to 110.91% of Asking Price!

So, What’s in store for 2021?

  •        All indications are continued price growth estimated to be at least 10% or higher.
  •        Bidding Wars and multiple offers on homes.
  •        Low inventory
  •        Low but slightly increasing interest rates

Take a look at the stats below for a full breakdown. Please remember that each home is different as are the motivations of each seller. For more details on exactly what your home is worth just give me a call or text at 425-891-7447

Insatiable Buyer Demand Fueling Extraordinary Market Conditions in Western Washington

2020 was a unique one for real estate. Though the pandemic slowed the majority of the economy down, the housing sector boomed.

In fact, it saw almost unprecedented success. Buyer demand soared (up 40% at one point), bidding wars were a constant presence, and mortgage rates bottomed out — hitting a new record low more than a dozen times over, according to Freddie Mac.

The market even bucked the traditional fall slowdown, with unseasonably strong demand well into the cooler months. All this, despite an ever-worsening pandemic.

But now that 2020 is (finally) at its end. Will it be the end of the current housing boom as well?

Probably not!

The velocity of the December market is a harbinger of the 2021 market as tight listing inventory, low interest rates, and high buyer demand continue to drive momentum.

With just over a two-week supply of homes on the market, we are maintaining the extraordinary market we have seen all of 2020 right into 2021. Inventory down 44% from a year ago leaving many areas with only a 2 week housing supply. As a way of example: a 6 month housing supply is considered a “Balanced Market” with stable housing prices. With these sever shortages we are looking at looming Bidding Wars and a Seller’s market as far as the eye can see!

  •       Seattle Metro/ Real Estate Is Expected to Shine in 2021
  •       Median home price: $629,050
  •       Anticipated home price change: 9.7%
  •       Only San Jose is expected to have higher appreciation ay 10.1%
  •       Seattle Inventory is down 50.6% for Residential Listings
  •       Condo inventory however is up 7%
  •       A closer look at the MLS report for all counties shows the shortages are most acute for single family homes (off 50.6% area-wide), while the condo supply improved (up 7.1%).
  •       For the sixth consecutive month bidding-wars have exceeded 50 percent for all home sales, reaching nearly 57% for the previous month alone.
  •       The real estate market in King County as a “tale of two cities”, “While the residential market continued its trend of record low inventory, the condo market holds record high inventory when looking at the second half of the year, compared to the same periods over the past eight years.”
  •       Economist Gardner said there have been some “interesting shifts in the King County condominium market.” While the supply of single-family listings across the county remains painfully low, condo listings are 39% higher YOY. “Some are suggesting the increase in condo inventory is COVID-19 induced.
  •       Shifts are seeing people relocate out of cities for larger homes in the suburbs.

So how about Klahanie in particular?

Klahanie Residential Q1

PPSF = $422.86
6 Homes Sold
Day on Market 4
Median Price Sold $853,000
101.58% of Asking Price
Average Size: 1,965

Klahanie Condo Q1

PPSF = $384.93
8 Homes Sold
Day on Market 46
Median Price Sold $465,000
100.11% of Asking Price
Average Size: 1,177

Klahanie Residential Q4

PPSF = $416.83
19 Homes Sold
Day on Market 5
Median Price Sold $890,000
104.23% of Asking Price
Average Size: 2,257

Klahanie Condo Q4

PPSF = $385.35
20 Homes Sold
Day on Market 26
Median Price Sold $507,250
98.98% of Asking Price
Average Size: 1,246

Most expensive Home Sold in Klahanie: Parkwood

3730 260th Ave SE, Sammamish (Winning the Top Spot by $5!!) Listed at $1.1 Million and Sold for $1,220,005. 6 Days on Market and 110.91% of Asking Price

Least Expensive Home Sold in Klahanie: Lake Park
4177 244th Place SE, Sammamish: Listed at $529k and Sold for $534k. 38 Days on Market and 100.95% of asking. Closed in May of 2020

Most Expensive Condo: Fairfield Green Townhouse
4441 249th Terr SE, Sammamish Listed at $632,500 sold in 24 Days for $619,500 Sold in October

Least Expensive Condo sold in Klahanie: Sold in April of 2020
25235 SE Klahanie Blvd Unit #C203 Sundance = Listed for $295k and took 13 days to sell for $275,000 or 93.22% of asking.

Barkley Square
PPSF = $987.84
4 Homes Sold
Day on Market 21
Median Price Sold $465,000
99.97% of Asking Price
Average Size: 1,285

Fairfield Green
PPSF = $370.51
4 Homes Sold
Day on Market 12
Median Price Sold $528,000
100.07% of Asking Price
Average Size: 1,484

The Heights
PPSF = $350.48
5 Homes Sold
Day on Market 4
Median Price Sold $922,000
98.98% of Asking Price
Average Size: 2,688

Lake Park
PPSF = $437.70
2 Homes Sold
Day on Market 21
Median Price Sold $547,000
100.47% of Asking Price
Average Size: 1,265

Sierra
PPSF = $388.44
9 Homes Sold
Day on Market 34
Median Price Sold $535,000
100.16% of Asking Price
Average Size: 1,331

Sky Landing
PPSF = $393.67
8 Homes Sold
Day on Market 22
Median Price Sold $528,000
100.07% of Asking Price
Average Size: 1,372

Summit
PPSF = $342.38
3 Homes Sold
Day on Market 13
Median Price Sold $910,501
99.91% of Asking Price
Average Size: 2,752

Sundance
PPSF = $389.11
12 Homes Sold
Day on Market 16
Median Price Sold $357,000
99.00% of Asking Price
Average Size: 899

Tanglewood
PPSF = $386.59
11 Homes Sold
Day on Market 33
Median Price Sold $373,500
99.16% of Asking Price
Average Size: 964

The Village
PPSF = $429.67
6 Homes Sold
Day on Market 11
Median Price Sold $755,000
102.96% of Asking Price
Average Size: 1,794

Audubon Ridge
PPSF = $419.47
9 Homes Sold
Day on Market 7
Median Price Sold $890,000
103.08% of Asking Price
Average Size: 2,104

As a seller in this market you need to make sure that you have a Broker who understands the intricacies of Bidding Wars and how to help you maximize your home’s value. Getting top price is absolutely a priority but there are many other things to consider as well. Do you want to stay in the home past closing? Are you purchasing another home in the market? Appraisals? Inspections? The advantages and disadvantages of an all cash offer v/s financing. Protections if the buyers walk or financing changes, and much more.

We recently sold a home in Klahanie that listed at $475,000, received 28 offers in 1 day and went for $625,000 once everything closed. Having represented over 1,000 clients in the past few years on either side of Bidding Wars, we KNOW how to help you through the process!

We looked at the data on thousands of offers agents for The Cascade Team wrote and received in the last two years to see how the strategies we track affected buyers’ odds of winning a bidding war.

 

Contact Cary Here To Discuss Your Home

Leave A Comment

Format example: yourwebsitename.com