Days-on-market dropping for Redmond’s Microsoft real estate
This Week:
The median list price this week in Redmond is $824,950 is unchanged from last week’s. $824,950. Demand measured by the Market Action Index (MAI see chart below) is increasing and days-on-market is trending downward. Even as properties come available, these are positive trends for the market.
Supply and Demand
The market has started cooling and prices have been flat for several weeks. Since we’re in the Seller’s zone, watch for changes in MAI. If the MAI resumes it’s climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
Price
We continue to see prices in this zip code bouncing around this plateau. Look for a persistent up-shift in the Market Action Index before we see prices move from these levels.
Localized real estate market reports are great for getting a “feel” of what that specific market is doing. For a more accurate pricing on residential property a COMPETITIVE MARKET ANALYSIS (CMA) needs to be done comparing your home with current sales.
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