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May 2012 Edmonds Real Estate Market Conditions

As this is being posted the inventory continues to drop and it is more common to have multiple offers on a new listing than not.

The market is heating up to the point that if you are relying on the standard or default criteria (180 days) for listing and sold properties you are using the wrong data. Example: for a 4 bedroom home with 2.5 in Edmonds that sold between November-January the averages show that the sale price went up over $10.60 per Square foot. On a 2,500 SQFT home that comes out to an increase of 7.1% or $401.425.00compared to $375,700.00. Even the homes that have been on the market for longer than 6 months are starting to move. Another factor is that the % of sale price to list price has also gone up by more than 1% which is a difference of $4,000.