Home shopping in Maple Valley? Wondering how far your dollars will go? Here’s a market snapshot for homes priced over $500,000 which have closed since the first of the year. 28 Home Sales Average Sales price: $606, 284. (Interesting to note this is down from $695,689 in ’09) Average Market Time: 146 Days (down from 266 in 2009) Highest Sales Price: $895,000 Additional information: On average, homes were reduced by 4% before receiving an offer. They were further reduced by an average of 4% off current list price at time of contract acceptance. These homes averaged: 3620 square feet 2.92 Acres Parking for 4.6 cars Average year built: 1998 If you’d like to see available inventory priced over $500,000 within the Tahoma School District, you can see those listings here
Posts Tagged ‘ Luxury homes ’
Higher Priced Home Sellers May Need an Extra Dose of Patience
Home Sellers with properties priced at or above $700,000 may need to come to terms with the fact it may many many months (even a year or more) to sell their high-end property. I’m basing this on current NWMLS statistics for Single Family homes in the Maple Valley/Covington area. Currently there are 74 active listings on the market which have an offered price of $700k or more. There are 0 (ZERO) pending sales in escrow, and 8 which have sold and closed within the last six months. Assuming no new inventory came on the market and the sales pace remains the same, we should have approximately 16 closed sales within a 12 month period of time. Given the inventory of active listings, it would take approximately 4.6 years to have those 74 Active listings sold & closed. It’s tough when there aren’t many buyers in the market for what you have to sell. A common saying in real estate is “price or time”. If you’re willing to wait, you’re more likely to get your price and if you’re willing to be more aggressive on price it will take less time. Either way, in a market where supply significantly outnumbers demand,