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June 2012 Edmonds Real Estate Market Conditions

June 2012 Edmonds Real Estate Market Conditions
Currently in Edmonds real estate market remains strong. When comparing March 12 to May 12, 2012 to the same time for 2011. The inventory for sale has dropped by 42%  while at the same time the properties that are being reported the sold have increased by  35.7% and the homes under contract and currently pending have increased to 37.5%. Sometimes the numbers are hard to relate to so it may be best to just describe a fairly common situation. When a new home is listed there is a frenzy for the buyers to see the property as soon as possible. This often creates a line up outside the home. On one recent occasion there were seven agents with their clients lined up outside of the listing. If the home is correctly priced you might expect multiple offers within 3 to 5 days. Often the prices are pushed substantially higher than the asking price. At the same time that the inventory level is dropping the interest rates are also breaking records for new lows. The overall affordability index is indicating this is one of the best times to buy in the last 25 years. Investors are also aware that the market has changed from a “buyers’ market” to a “sellers’ market”. The indicator for this is that almost 30% of the sales have been for all cash.

Edmonds Real Estate Market Information