This week we are going to examine the Vintage area homes in Sammamish. As of August 10th, 2011, there are 17 homes for sale and 2 condos in the Vintage area. These Sammamish homes have an average price of $568,574, while the average price for a condo is $114,975, with an average days on market of 128. There are currently four Vintage short sales and zerp bank owned homes in this area.
Next, lets take a look at the pending real estate in the Sammamish Vintage neighborhood. There are two primary classifications of pending properties, the first being "pending inspection". There are currently 5 homes in Vintage & Renaissance Ridge at pending inspection, at an average of $455,170 and 29 days on market. Next, we have 4 homes sitting at "pending", with an average of $590,988 and 150 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 average price and days on market for the pending homes could be signalling a slowing in Vintage home buyer activity. It appears that the sweet spot for buyers is now in the mid $400K range, as the low days on market would signify that buyers are attracted at these price points.
Lastly, when we look at the sold homes in the Vintage & Renaissance Ridge areas, we find that 11 homes sold in the last 90 days, at an average of $697,273, at 49 days on market. These Sammamish home sellers closed at an average of 96.07% of their asking price when the offer came in. In the last 30 days, there has only been one closed home in these two areas. Based on the average over the last 90 days, it appears that market activity at the upper price points is slowing and that buyers in the $500k plus price point are sitting on the sidelines.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. With the recent volatiliaty in the market, and the threat of increasing interest rates, home buyers appear to be taking a pause.