Competition for Redmond Homes Slows Down
By KC Brants
Redfin Real Estate Agent
Competition for homes was fierce in the spring, with intense bidding wars driving up home sale prices all over Redmond. Homebuyers were willing to do whatever it took to win the house of their dreams. But as we headed into the summer, we began noticing a shift in the local housing market: Many buyers were either scaling back or stopping their home searches.
Tired of the spring bidding wars and escalating prices, many buyers are now being more selective about writing an offer on a home. A few months ago, it was common for a home on the market to receive 10 or more offers. But now, we’re seeing homes for sale receive about three to four offers instead.
Unfazed by the drop in competition, some Redmond sellers are continuing to price their homes above market value. They saw homes in their neighborhood selling quickly in the spring and want to get the maximum price for their properties, too.
What’s happening in Redmond is part of the disconnect between buyers and sellers happening in hot real estate markets across the country. The slowdown in competition means the market is shifting toward the buyer’s favor.
Here is a snapshot of the market in Redmond in June compared with the same time last year:
• Home prices were up 3.2%, and the median home price was $568,000.
· The median price for single-family homes was $673,500; for condos it was $314,000.
· Sales were up 4.9%, with 148 homes sold.
• Homes spent a median 7 days on the market.