Redmond’s Microsoft real estate market still a Seller’s market
This Week:
The median list price this week in Redmond is $822,875 is down slightly from last week’s. $899,475. The Market Action Index (MAI see chart below) has been trending down recently, but as days-on-market decreases also, there are not strong signals for the direction of the market.
This home I listed (2/15/15) held this home open at 6811 149th Ave NE in Redmond and had over 120 people come through in a 3 hour window. Many visitors mentioned they have lost out on listings in bidding wars. Home received 4 offers all with escalation clauses. Sale closed March 20 , 2015 for $530K $20K over list price.
SUPPLY AND DEMAND
The market remains in a relative stasis in terms of sales to inventory. Prices have not been moving hihger for several weeks. 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 persistently, prices are likely to resume an upward climb.
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 sal
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