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Edmonds WA Real Estate Market Conditions August 2012

The information in this report is based on the price range from $250,000-$550,000

Increased competition for the limited inventory of non-distressed property in Edmonds has helped push the average sales-to-list price ratio to 99.97% for July, 2012.  Of the 84 homes that have been listed in the last 90 days less than 65% are either under contract or have already closed. Of the remaining 29 active listings the average days on market is 36 for the 30 homes that sold average market time was 25 days and the sales price compared list price was 99.97%.
Here in the Northwest we would normally experience a slowdown during the summer months but not this year. There continues to be high demand with little inventory to choose from. Buyers seldom have a chance to go back a second time and visit a new listing. Multiple offers were rare five months ago however currently it is commonplace. Most experience agents are advising their clients of the need to have an escalation clause available and there is increased pressure to present offers as soon possible.
Sellers on the other hand would prefer not to look at any offers at least through the first weekend of the listing. This gives them the best chance to receive competing offers which of course pushes the price upwards. It is also not uncommon to see a property listed with a statement in the agent’s remarks were they will not look at any offers until seven days from the day it’s listed.
As you can imagine with this type of pressure the prices are increasing which is been causing problems for the appraiser’s as they play catch-up. They have very narrow criteria for properties to use as comparables. The homes need to be the same style and as near as possible to the subject property. The difficulty that arises is that you may have homes that are nearby that are pending but not closed.