Where is Lake Forest Park – Sheridan Beach’s real estate market heading?
This Week:
The median List prices for the Lake Forest Park/Sheridan Beach area is $405,000 is down from from last week’s $418,000. Inventory has been lightening lately and the Market Action Index (see below MAI chart) has been trending up. Though days-on-market is increasing, these are mildly positive indications for the market.
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Supply and Demand
The market has been cooling over time and prices have recently plateaued. Despite the consistent decrease in Market Action Index, we’re in a Seller’s Market. If the MAI begins to climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices. . .. .Get the full report.
Price
We continue to see prices in the Lake Forest-Sheridan Beach area bounce around this plateau. Look for a persistent down-shift in the Market Action Index before we see prices deviate 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
Percent of properties with price decreases 46% up from the last week’s 39%
Average days-on-market (DOM) 53 days up from the previous week’s 51 days.
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