Listings in Issaquah Increase 17% - A Slow Down Coming?

Active home listings in Issaquah increased 33% from April - and increased again 17% during June. At the same time however, the number of pending sales dropped 10% in June compared to May.

For the time being anyway, active and pending listings are now plotting in the opposite direction, rather than colliding - thus there are at least a “few” more homes available for Issaquah home buyers to choose from - relatively speaking, that is. Since January of 2013 the Issaquah housing market has been strongly in favor of sellers, with new listings often going under contract within 5 days or less.

issaquah home sales June 2013 Listings in Issaquah Increase 17%   A Slow Down Coming?

Seller’s Market in Issaquah Still Going Strong

While it may look like buyers can relax a bit, don’t make the mistake of thinking as a buyer, that you’ll have more time to make a decision when you find a home that fits your needs. When a new listing comes up that’s been well-prepared for the market, the chances are very high that it will also meet another home buyer’s needs - meaning it's likely to sell within a matter of days - or in some neighborhoods, possibly have offers on the table in only hours, such as Klahanie.

issaquah pending sales June 2013 Listings in Issaquah Increase 17%   A Slow Down Coming?

In June, there was barely two months of home inventory in Issaquah - this is still in very strong favor of sellers. The favorable market for sellers is also demonstrated by the “Sale Price to List Price Ratio,” which barely dropped by ½ percent. On average in June, buyers paid 1.7% over the asking price... a clear sign that demand is high, and multiple offers are likely taking place. Looking back to July of 2012, sellers were receiving 99.3% of asking, with 3 months of inventory available. Obviously, buyers must remain “determined” and fully prepared before and during the house hunt.

Home Prices Stabilizing?

The market dynamics have improved since the beginning of 2013. In January, a scant 75 homes were on the market - the lowest in at least 10 years for ANY month of the year - and in fact, at that time there were 21% more homes pending than actually for sale! February through April weren’t much better - but obviously things have improved a bit.

Due to interest rates and other affordability factors, most experts in the Seattle area believe that the local real estate trends will continue to “cool” towards a more balanced market, at least through the early spring of 2014.

About

Danny Evatt, REALTOR® is a Real Estate Agent with Coldwell Banker Danforth, serving the communities of Issaquah, Sammamish, Snoqualmie, North Bend & Fall City.

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