June continued to show strong activity in sales in our neighborhood. Perhaps the most compelling statistic is days on market combined with a healthy number of sales (11) in June. If you remove the last sale which was a waterfront home, the average days on market for sold homes in June was approximately 9 days from time of listing to pending status.
As we have seen this year in Laurelhurst and greater Seattle, inventory continues to be low with only 5 new listings in June. Lots of buyers just not enough homes on the market.
One of the reasons buyers are anxious to enter the housing market and secure a home is our recent increase in interest rates. Below is a chart furnished by the KCM Blog that charts the impact of a 1% increase in interest rates. We have seen a 10% increase in home values across the country and a bit higher in Laurelhurst.
Shown in the chart is an example of an approximate mortgage rate last year compared to today. The monthly impact on the principle and interest or monthly mortgage payment is significant.
NEW LISTINGS
Price Quantity
$1,000,000 - $1.249,999 3
$1,500,000 - $1,749,999 1
$2,000,000+ 1
Total new Listings: 5
Average price: $3,135,000
PENDING
Price Range Quantity DOM* (Days on Market)
$650,000 - $699,999 1 9
$700,000 - $749,999 1 4
$1,000,000 - $1,249,999 1 6
$1,250,000 - $1,499,999 3 15
Total Pending: 6
Average price: $1,058,833
Average DOM: 11
SOLD
Price Range Quantity DOM
$650,000 - $699,999 1 12
$750,000 - $799,999 2 8
$850,000 - $899,999 1 7
$950,000 - $999,999 1 7
$1,000,000 - $1,249,999 2 12
$1,250,000 - $1,499,999 2 7
$2,000,000+ 2 115
Total Sold: 12
Average sales price: $1,763,636
Average DOM: 28
Kim Dales can be reached at 206.235.777 or kodales@Windermere.com.
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