Snoqualmie Ridge Following Seattle Real Estate Trends
The entire real estate market across the Seattle metro area has made a major swing into a seller’s market - multiple offer situations are continuing to become more common, prices are on the rise, and days on market are down drastically in most areas. Snoqualmie Ridge is also taking part in the market shift, though perhaps not at the same rate as other areas such as Bellevue, Kirkland and Sammamish.
Pre-Owned Homes Are Becoming Scarce – Sellers Content to Wait
Pending transactions for resale homes in Snoqualmie Ridge have actually dropped, but not because of less demand – rather, it’s because fewer homeowners are putting their homes up for sale. Similar to a trend nationwide, many savvy homeowners are content to wait for their homes to increase in value before selling. Though, this may not be the best decision – as when they decide to purchase again, not only will they be paying a higher price as well, but they’ll also likely pay a higher intrest rate, since mortgage interest rates are almost certain to rise in the coming 18-36 months.
Note in the chart above, (which represents pre-owned homes only), that pending listings have followed new listings closely since December and January. With the exception of a few “stale” listings, most homes put on the market lately in Snoqualmie Ridge are selling in a reasonable amount of time – between 7-30 days. Let’s compare to April of 2011 – a major improvement! A quick glance at the chart, and one can clearly see the market has really tightened-up.
Snoqualmie Ridge Has Become a “Seller’s Market”
For the purpose of this real estate updates, we’ll use a basic method of dividing the number of Active Listings on the last day of April, by the Closed Listings during the month. At the end of April, Snoqualmie Ridge only has 1.8 months of pre-owned, single-family home inventory. New construction on Snoqualmie Ridge is in very short supply. As of the writing of this post, Pulte only had 2 new homes in inventory at Eagle Point. Today, most new construction on The Ridge are most often selling as “pre-sales” – before the walls are even going up.
Summary for Snoqualmie Ridge April 30, 2012
Single Family Homes Only - Excluding New Construction
Closings During April: 13
Average selling price: approx. $389K
New Listings During April: 14
Active Listings on April 30th: 24
Average Asking Price: approx. $515K
Statistics not compiled or published by the Northwest Multiple Listing Service.
