June 2018

JUNE REAL ESTATE BLOG

Happy summer everyone! June was rather quiet in the neighborhood with only 5 new listings. As you will see from the chart days on market, which has typically been under 10 days, has increased considerably. The most important takeaway is that it appears the market is cooling down a bit, with many homes not receiving offers on the posted review date. Why is this happening? I feel it is 3 fold: 1. it is now summer and buyers and their families are shifting their focus from buying a home to planning a vacation. 2. interest rates for a conventional 30 loan are now hovering at about 6% 3. there is a level of buyer burnout as buyers are getting tired of spending money for pre-inspections and sewer scopes only to have to compete and lose their offer to a higher bidder.

If you are a seller contemplating listing your home you will need to have realistic expectations regarding pricing, with home preparation being forefront in the listing process. The more you can do to present your home in a positive light the strong and more offers you will receive. Below are 5 tips:

Paint. If you have peeling or cracking paint get it repaired. Deferred maintenance is a red flag for buyers
Service your furnace. Your furnace should be serviced annually and is an expectation of buyers. Make sure your service provider puts a sticker on your furnace that is visible for a prospective buyer to view.
Oil tanks. If you have converted to gas from oil you need to have your oil tank decommissioned. A buyer will expect this so just do it now to decrease any issues down the road.
Home inspection. By doing a home inspection before you list your home you can make any major repairs and it can be shared with a buyer which is very helpful.
Sewer scope. I can’t tell you how many home owners say to me. “I don’t have a sewer issue my toilets flush fine”. What homeowners don’t realize is that if there is a break in the line it won’t back up it will leach out I would advise you to do one, pay for any necessary repairs and share it with any potential buyers. They will greatly appreciate it.

ACTIVE LISTINGS

Address	List Price	Beds/ Baths	Year Built	Sq.Ft	CDOM	Price p/sq.ft
5047 Harold Pl NE	$1,065,000	2/1.75	1945	1,930	17	$551.81
*5029 44th Ave NE	$1,150,000	3/3.25	2017	2,091	2	$549.98
3844 Surber Dr NE	$1,200,000	3/1.75	1956	1,690	10	$710.06
4826 NE 41st St	$1,550,000	4/2.25	1930	3,300	55	$469.70
4144 36th Ave NE	$1,590,000	4/3.25	1995	3,180	20	$500.00
*4537 49th Ave NE	$1,949,500	5/3.5	2005	3,790	6	$514.38
3915 51st Ave NE	$2,495,000	4/3.5	2003	4,190	20	$595.47
3011 E Laurelhurst Dr NE	$3,200,000	4/3.5	1908	5,380	25	$594.80
3516 46th Ave NE	$3,250,000	5/4.5	1921	4,400	17	$738.64
5020 NE 45th St	$4,750,000	5/5.5	1969	8,710	135	$568.31
3201 43rd Ave NE	$11,750,000	4/6	2017	8,562	13	$1,372.34
3054 E Laurelhurst Dr NE	$11,800,000	5/4.75	1928	7,683	661	$1,535.86

*listed and under contract in June

PENDING IN JUNE

Address	List Price	Beds/ Baths	Sq.Ft.	CDOM
*5029 44th Ave NE	$1,150,000	3/3.25	2,091	2
4316 36th Ave NE	$1,599,000	8/4	3,650	28
*4537 49th Ave NE	$1,949,500	5/3.5	3,790	6
3315 E Laurelhurst Dr NE	$2,495,000	5/3.25	4,270	19

*Listed and under contract in June

SOLD IN JUNE

Address	List Price	Sale Price	CDOM	Beds/ Baths	Sq.Ft	Price p/sq.ft	Date Sold
5047 Ivanhoe Pl NE	$1,100,000	$1,050,000	19	3/1.75	2,130	$492.96	6/16
4747 48th Ave NE	$1,019,500	$1,265,000	6	3/1.75	1,385	$913.36	6/11
5027 Ivanhoe Pl NE	$1,225,000	$1,390,000	7	4/3.25	2,140	$649.53	6/15
4108 43rd Ave NE	$1,500,000	$1,500,000	11	4/2.5	3,365	$445.77	6/6
5146 48th Ave NE	$2,199,950	$2,199,950	8	5/5	4,040	$544.54	6/22
3817 49th Ave NE	$2,260,000	$2,260,000	157	4/3.75	3,467	$651.86	6/13
5100 NE Latimer Pl	$2,885,000	$2,800,000	52	4/3.75	5,170	$541.59	6/29
Averages		$1,780,707	37			$605.66

Median Sales Price = $1,500,000

CDOM = Cumulative Days on Market