25 Days is Not Much

And then it’s summer. Days filled with swim lessons, raindrops, lunches and brunches. Every here and there I work a bit and then return upstairs to sort Legos. It feels good to have them home. I like watching her reading a book on the couch in front of me when I do my work stuff. I equally like the boy under the side table with his iPad and the one on the bean bag upstairs. I’ve had them home for less than a week and I still like it. When there’s less than a week of summer left, I will be ready to send them to a boarding school and cannot wait for someone to take them for six and a half hours a day.

After working sixteen-hour days for months, I believe it started in mid-February, I sort of enjoy hitting late June and things slowing down a bit. I had my last closing today, slowly working on a late summer listing and then I have all those clients that are still looking. It’s not like everything came into a halt, it just slowed down a bit. A year ago, I felt super busy having one client, it’s funny how things change in a year.

Every now and then I hear someone stating that the market is behaving differently. I’m not sure if I agree. It’s end of June, and things are supposed to slow down. Most brokers advise against summer listings and so do I. June has traditionally been a tough one to predict, and with the climbing interest rates and the head tax threat, that by the way, went away already, it still is a tough one.

Looking at the greater Redmond area. Yes, I always look at Redmond because I live here, but looking at the greater Redmond area there are 63 active listings. However only 25 (40%) of the 63 are under the one million mark, 17(27%) at or under $850K. 38 of those listings surf somewhere between 1 and 6.5 million.  I really wouldn’t talk about an abundance of listings, a healthy market or a significant change in the market.

63 active listings, 74 pending (46% under 1 million) and 172 sold (51% under a million) within past 6 months. In plain English, if no more homes would be listed it would take about 25 days to sell every single home for sale in the Redmond area. The median days on the market is 6, and 94% of all listings sold within the first 30 days. The median sales price vs. list price was 106.8%. The Median (middle point) Redmond home has 4 beds and 2.5 baths. It’s 2,635 SqFt. It was listed at $975,000 and it sold for $938,500. Do you still think we have a slowdown like CNN says? I don’t. I think we have a lack of affordable homes and a case of late June on our hands. It’s summer and our buyers are exhausted. We are all ready for a little summer break.

My greater Redmond