There was time when the Totem Lake Mall was a thriving shopping center. Those days are gone and so is the mall. Although currently Totem Lake have rather average scores from Walkscore.com (just 48
Real Estate Market Update
Let’s talk numbers.
Pending sales up are up 8.7% from this time last year; there were 6,916 pending sales, which was the highest volume for August since 2006. Prices also reflected an upward trajectory. The median price for last month’s completed sales figures for single-family homes and condos was $283,000, which is a 13.2% increase from this time last year. Since January of this year, prices have jumped 18.3%!
Why is this happening?
We have seen nearly 22 months of increased sales activity that is most likely due to job growth, pent up local demand by home buyers, and historically low interest rates. Inventory, which has been at historically low rates for months, is now beginning to stabilize, adding nearly 1,800 more new listings during August compared to this time last year. However, 1.8 months of inventory is still short of the 4-6 months of inventory that is considered a balanced real estate market.
What does this mean for me?
Make no mistake, now is certainly a good time sell your home. However, it is still important not to overprice your home or you risk it sitting on the market. Buyers can expect competition, especially for turn-key homes in desirable neighborhoods like Capitol Hill, Queen Anne and Wallingford in Seattle. It may behoove a buyer to consider the risk of increased interest rates if they wait too long to consider buying. Stay tuned for Team Troy’s next blog on interest rates.
*Excerpted from NWMLS
~Married with 2 children ~Turned grey prematurely ~Fetish for all things Apple ~Urban chicken farmer ~Enology (wine making) student @ WSU ~14+ years of Real experience “Here at TeamTroy we h....