Home buying opportunities in Lake Forest Park – Sheridan Beach
This could be the perfect storm for home buyers looking to purchase in the Lake Forest Park-Sheridan Beach market. In May 67.7% of closed sales in the are closed for list or over list price. Listing inventory is starting to grow and days-on market is increasing. This looks like strong buying signals while interest rates are still very good but climbing.
The median List prices for the Lake Forest Park/Sheridan Beach area is $375,000 is unchanged from last week’s $375,000. The Market Action Index (MAI see below graph) has been trending down lately, while inventory and days-on-market are climbing. The trends imply a weakening market. Stop by next week to see how the housing market in Lake Forest Park is trending.
The Lake Forest Park/Sheridan Beach area registered 36 closed sales in March 2013 compared 27 for the same month a year earlier, April 2013 registered 33 closed sales. May 2013 had 31 closed sales, 67.7% of the sales came in at list price or higher. 9 of the 31 closed sales were cash offers. A sign that buyers were pulling out all stops to remove financing contingencies in a very competitive buying Lake Forest Park marketplace.
It will be interesting to see if the home sales trend in Lake Forest Park, which averaged 31 sales per month in 2012, will continue into 2013. Stay updated on the latest real estate trends in Lake Forest Park and Sheridan Beach. Sign-up and have market report e-mailed to you weekly or monthly absolutely FREE? Subscribe today, for any additional information regarding the real estate market contact Adrian Willanger.
Supply and Demand
In the last few weeks the Lake Forest Park-Sheridan Beach real estate market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb. Get the full report.
Price
We continue to see prices in the Lake Forest Park/Sheridan Beach bouncing around this plateau. Look for a persistent up-shift in the Market Action Index before we see prices move from these levels.
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New listing within the last 7 days
New bank owned and short sales within the last 7 days
Pending sales within the last 7 days Upcoming open houses
Percent of properties with price decreases 20% down 1%
Average days on market (DOM) 77
Related posts:
- Home buying demand increasing in Lake Forest Park/Sheridan Beach (33.7)
- Lake Forest Park-Sheridan Beach home sales outstripping supply (30.3)
- Lake Forest Park-Sheridan Beach housing demand slows slightly (29.1)
- Lake Forest Park-Sheridan Beach real estate trends (29)
- Lake Forest Park/Sheridan Beach median list prices up (29)
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