Sammamish Real Estate Update - August 3rd

Posted by The Cascade Team Real Estate on Wednesday, August 3rd, 2011 at 2:49pm

As of August 3rd, 2011, there are 151 listings in Sammamish 98074.  These Sammamish homes have an average price of $673,111, and an average days on market of 119.  There are currently 14 Sammamish short sales and 7 bank owned properties in the Sammamish zip of 98074.

Next, lets take a look at the pending real estate in 98074.  There are two primary classifications of pending properties, the first being "pending inspection".  There are currently 9 homes in 98074 at pending inspection, at an average of $501,050 and 114 days on market.  Lastly, we have 28 homes sitting a "pending", with an average of $574,630 and 55 days on market.  These homes have most likely passed all contract contingencies and are waiting for final loan docs in order to move toward the home closing.  The significantly higher days on market for the pending inspection homes could be due to a slowing in the home buyer activity, but only time will tell.

Lastly, when we look at the sold homes in Sammamish in 98074, we find that 4 homes sold in 98074 at an average of $921,750, at 62 days on market.  These Sammamish home sellers closed at an average of 95.84% of their asking price when the offer came in.  This was averaged down due to a large home that closed a $2.032 million.  In the last 30 days, there have been 23 closed homes in Sammamish.  The current absorption rate in 98074 is 6.56 months of inventory.

When Sammamish homes are not priced correctly, buyers tend to avoid them or wait for the prices to come inline with the market, which can cause the days on market to climb.With rates at or near historic lows, it is a great opportunty for any home buyers looking to enter the Sammamish real estate market.  Any home seller wanting to sell in today's market needs to price correctly or they could be on the market for a longer than normal period of time. 

For those people who are interested in the Vintage area, there are currently 14 active listings at an average price of $520,924 and 124 days on market.  There has been only one sale in Vintage during the last 30 days. 

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