Uncategorized May 1, 2017

Tam O’ Shanter Real Estate Market Update

Good news for sellers in Tam O’ Shanter! The monthly year to year market statistics are in from the Northwest Multiple Listing Service and for the most part, are very positive. As a Tam O’ Shanter real estate specialist, there are certain categories I follow closely that allow me to keep my finger on the pulse of the market.

If you are thinking of selling your Tam O’ Shanter real estate, now is a fabulous time. Both the median AND average home price were up compared to this time last year. The median is at $685,000 (up 13.7% compared to last year and $20,000 just from last month!) and the average was up 19% compared to last year at $806,703. This means that if you have been thinking of selling your real estate in Tam O’ Shanter, the value has gone up compared to both this time last year AND just last month. Percentage of list price is also up 2.9% at 102.9% which means homes are going for over the asking price. In my experience with selling real estate in Tam O’ Shanter, they are usually receiving offers within days of being on the market and have an accepted offer in less than a week and a half. In fact, the stats prove that the median amount of “Days on the market” (the time a home for sale in Tam O’ Shanter goes from active to pending) is 7 days.

Pending sales were also up 19.8% and closed sales were up 11.8%. Both the median and average price per square foot is up at 11.5% and both numbers are $350.

Now let’s discuss the stat that has decreased. The month supply is at a low 0.9. Anything below 4 is considered a sellers market. This is good news for sellers as it means they have control of the market. Buyers looking to get into our desirable neighborhood on the other hand have their work cut out for them. As a Tam O’ Shanter specialist, my biggest suggestion for buyers looking to tap into the market is working with a qualified Tam O’ Shanter Realtor. I personally have connected more off market buyers and sellers in the last two years than any other Tam O’ Shanter realtor. If you are looking to buy or sell Tam O’ Shanter real estate, give me a call. I would be happy to assist!