By KC Brants
The median price for single-family homes in Redmond climbed 6.4 percent in November over the same time last year. Although we’re seeing price appreciation slow in the greater Seattle area, steady price growth continues for single-family homes in Redmond.
But while prices are up, there are fewer homes to choose from, and fewer homes are actually selling. The number of single-family homes for sale fell 17 percent In November, compared with November 2013. As a result, sales declined 13.9 percent. Redmond boasts a plethora of qualified buyers looking for single-family homes. But because the inventory is so limited, I often see the same buyers competing for the same two or three homes that hit the market.
While prices for single-family homes have gone up because of the classic supply and demand problem, we’re not seeing the same frenzy we saw during the housing boom. The local market is starting to level out. Homebuyers are being cautious and taking their time looking.
In Redmond, we saw 16.2 percent of single-family homes for sale drop in price last month. Many sellers see what nearby homes sell for and price their homes at that level to start. If a home is priced too high initially, it can scare buyers away and force the seller to bring the price down. Pricing a home more reasonably, however, can draw more buyers, which means a home could sell more quickly and may even receive multiple offers and fetch a higher price.
Here’s a quick glance at the numbers in Redmond and how they compare with November 2013:
Median Single-Family Home Price: $$665,000
Single-Family Home Prices: up 6.4%
Single-Family Home Sales: down 13.9%
· Homes sold spent a median 32 days on the market, which is six days slower than the same time last year.
Number of single-family homes for sale: down 17%