Summer is half way over but the Tam O’ Shanter real estate market isn’t showing signs of cooling down just yet. Whether you are buying or selling (or thinking about it), knowing the current market conditions helps you navigate the transaction successfully. As a seller, it ensures you don’t leave money on the table by pricing too low. As a buyer, it helps guide you so that you don’t overbid or underbid and offend the seller. Of course, making sure you are working with a qualified Tam O’ Shanter realtor prevents these scenarios from happening, but regardless, it is important to know what is happening locally. So how is Tam O’ Shanter real estate doing? Let’s take a look!
When looking at the stats from the NWMLS, both of the sold prices have gone up, which is great news for sellers as this means they can get more for their home. The median sold price is up 13.1% at $707,000 while the average sold price is up 23.9% at $836,306. Also up are new listings with a 6.5% increase which is great news for buyers. Pending sales are up 15.5% and closed sales are up 4.5%. The average percentage of list price (which, in short, determines your negotiation power) is at 104.9%, which means that most homes are getting over asking. Also, great news for sellers! They don’t call it a sellers market for nothing, right? Speaking of, the month supply is currently at 1.1. In order for a market to be considered balanced, there needs to be a 6 month supply. Obviously, seller’s still have control of the market and we need more inventory in order to be a bit more balanced for buyers looking to purchase Tam O’ Shanter real estate.
If you are a buyer, working with a Tam O’ Shanter realtor allows you to have first dibs on homes that are about to hit the market, or homes that are for sale but not listed. In a market that is competitive like King County, it is so important to make sure you have a qualified local advocate working on your behalf. As the top Tam O’ Shanter real estate agent since 2015, I would be happy to help you navigate the real estate process, as a buyer or a seller. Have questions? Give me a call!