Even though we’re entering the time of year when home sales activity slows down, Redmond and Kirkland are still seeing red hot competition for the existing supply. This is largely due to the decreased number of new listings coming on the market in these highly desirable cities.
“Houses in Redmond that are priced correctly are selling like hotcakes,” said Mona Spencer, branch manager of John L. Scott’s Redmond location.
A shortage of new listings is typical during the late fall and early winter — listings are known to fall off 30-50 percent compared to the spring and summer months — but the number of buyers is not slowing at the same pace, leading to competition between buyers and driving up home prices. Prices per square foot have increased 15 percent over the past year.
“There are currently very few homes selling for under $800,000 in Redmond, and most homes are still receiving multiple offers,” Spencer claimed. “If your pre-approval letter says $800,000, you will probably need to look at houses in the $700K to $750K range because those homes are likely to get bumped up in price.”
Kirkland’s imbalance of supply and demand is similar. Because of the lack of inventory, according to Spencer, most homes sell in under two weeks and for above asking price. The median price per square foot in Kirkland has gone up 16 percent in the last year; the median listing price is currently $650,000.
For buyers who have grown tired of the competition or looking at the same houses on the market, there is hope. New listings should see an uptick after the first of the year, with the spring selling season following closely behind. More listings is also good news for those looking to sell their homes in 2018. Buyers who have been sitting on the fence until inventory approves will jump off and into the market as the weather warms up.