Where are we?
Where are we going?
How much is YOUR house worth?
The top questions on every homeowner's mind ... How much is my home REALLY worth? To get a genuine answer, it takes more than a Zestimate or a search of the county records. It takes a skilled analysis and the value depends on the market - where we are, where we are going - and on the specific details of your house. I would be happy to meet with you for a free, no-obligation valuation of your home. You can also Name Your Selling Price HERE or get an instant valuation HERE.
Let's take a quick look at some stats from January 2021:
Klahanie Single-Family Homes - The median sales price for a single-family home was $880,000. This was up 13.5% from January 2020. I keep a close eye on our Klahanie market and I can tell you that, this month, I am seeing single-family homes in our neighborhood listed in the $900s. I expect that they are receiving multiple offers and I suspect we will see them close over $1,000,000. You read that correctly -- Your Klahanie home may very likely sell for $1,000,000 or more with multiple offers. Back to the stats. In Klahanie, there is a jaw-dropping .2 month supply of single-family homes on the market. That means there is less than one week of supply on the market! That statistic clearly explains how/why the average number of days on market is 6 for single-family homes in our neighborhood. Let's be honest, that number may even be lower if not for the fact that homeowners are waiting for a specific date to review offers.
Klahanie Condos - The median sales price for a condo was $459,500. This was up 15.7% from January 2020. As stated in my previous article about condos, they are a source of some relief for buyers. These homes are staying on the market for an average of 23 days and there are 1.3 months supply of Klahanie condos on the market. If you are currently renting but ready to start earning some equity and getting tax deductions/credits, a condo or townhome may be a great first step. It may or may not be your dream home, but it's a step in the right direction and allows you to start getting more out of your monthly housing payments.
Sammamish Single-Family Homes - It should be no surprise that Sammamish is a hot market. Single-family homes are flying off the market in an average of 22 days and the median sales price in January 2021 was $1,157,000. This was up 14.6% from January 2020. While the supply in Sammamish is slightly higher than Klahanie, it is still under 1 month -- we are looking at .8 months (about 3 weeks) supply of single-family homes in Sammamish.
Sammamish Condos - Similar to Klahanie, Sammamish condos are a source of some relief for buyers and a great way to break into this market. The median sales price for Sammamish condos is $502,500. This number held fairly steady throughout the past year. In fact, it decreased .5% (1/2 of 1%) since January 2020. When you consider your real estate investment, you want to look at it as a long-term investment (generally at least 3-5 years). If you bought a Sammamish condo in the past year or plan to buy one this year, you can still be confident in your investment. Over the past 3 years, the median price of Sammamish condos has increased about 15.5% (up from a median of $425,000 in January 2018). Over the past 5 years, it has increased about 36.4% (up from a median of $320,000 in January 2016). Currently, Sammamish condos are spending an average of 25 days on the market and there are 1.1 months supply on the market.
Issaquah Single-Family Homes - Slightly more relaxed than Klahanie and Sammamish, there is 1 whole month supply of Issaquah single-family homes on the market. That is still a far cry from a "normal" market but it is slightly better than the days or weeks of supply we are seeing in Klahanie and Sammamish. On average, Issaquah single-family homes are on the market for 24 days. The median selling price is $925,000 which is up 8.8% since January 2020.
Issaquah Condos - Once again, we see that Issaquah condos, similar to other markets, are a source of relief for buyers. Issaquah condos are currently spending an average of 27 days on the market and selling for a median price of $470,700. This is up 5.6% since January 2020. There are currently 1.1 months supply of Issaquah condos on the market.
Where are we going?
There is currently no end in sight for this sellers' market. The facts and stats are clear: inventory is low. Basic economics tells us that low inventory + high demand = sellers' market. In addition to that simple fact, the mortgage rate is still shockingly low which continues to encourage buyers -- whether they are buying up, downsizing, first-time buyer, or investor.
In this market, you can rest assured that there IS a ready, willing, and able buyer. In fact, there are likely multiple buyers who are ready to submit an offer TODAY for your house.
Want to know how I will provide full-service, the BEST marketing, and save you thousands when you decide to sell? HERE are the details!