March Laurelhurst Real Estate Update

Thanks to Kim Dales for providing us with this neighborhood real estate activity monthly report:

 

 

 

 

March picked up a bit with a total of 8 new listings in Laurelhurst with the average price continuing to increase. We are still in a very strong seller's market as over half of the homes listed, 62.5% went under contract. Of the 5 homes that went from an active to pending status the average Days On Market was 7 days. A far cry from our market in 2009 when our average days on market ranged from 30-45!

We will see an increase in sold properties in April as there were only 2 in March. The two properties that sold had an average sale price of $1,794,000 vs the average list price in March of $1,407,063 a 32% increase!

Another trend we are seeing in our market and specifically in Laurelhurst is that many buyers are coming to the table with cash to close versus traditional financing. Their ability to make a cash offer in our current market where we have been experiencing multiple offers on desirable well priced homes, gives that buyer a distinct advantage.

Low inventory continues to dominate the real estate market. Many residents are contemplating selling their home to take advantage of this market, but are hesitant due to the lack of properties for them to buy. The thought of selling a home, renting as they wait for a desirable property to come on the market, then moving again, is not a very appealing process for most sellers, so they are waiting until the inventory increases. Hence the cycle continues with a high volume of buyers and a lack of homes for them to buy pushing prices upwards




NEW LISTINGS
Price                                           Quantity

$600,000 - $649,999                           1  

$700,000 - $749,999                         1  

$800,000 - $849,999                         1  

$950,000 - $999,999                        1  

$1,250,000 - $1,499,999                  1 

$1,500,000 - $1,749,999                   1

$2,000,000+                                      2  
Total: 8
Average  Price:   $1,407,063


PENDING
Price                                   Quantity                   Average DOM

$600,000 - $649,999                   1                             7

$700,000 - $749,999                  1                             8

$800,000 - $849,999                  1                             6                              

$950,000 - $999,999                   1                

$2,000,000+                               1                             5

Average DOM: 7
Average Price:  $1,143,800



PENDING
Price                        Quantity  Average DOM*

$1,250,000 - $1,499,999  1                              99

$2,000,000 +                                       1                               8

Total: 2
Average DOM: 54

Average Price:  $1,704,000

Kim Dales can be reached at 206.235.777 or kodales@Windermere.com