It is hard to believe we are already midway through February! We have experienced some fun PNW winter weather with crisp & clear days and even a little surprise thunder & snow. The real estate is also showing signs of mixed temperatures as well.
We started the year in a chilly winter hibernation state & we are slowly but surely thawing out and heading into spring.
In fact, some price points are hot & back in full swing!
Properties listed under a million dollars are, without a doubt, in a sizzling seller’s market.
Inventory remains far too low for demand resulting in the return of multiple offers. However, the major difference between now and 2020-2021 is prices are staying the same at the massive amounts they had been. The highest escalation I found for our Burien area in 2023 was 11.5% (still a significant increase for a seller).
Here is a chart illustrating the current activities for the Burien Real Estate Market:
| List Price | # of active | List Price | # of pending | Sold Price | # sold since January | ||
| $500-$600k | 13 | $500-$600k | 10 | $500-$600k | 7 | ||
| $600-$700k | 7 | $600-$700k | 9 | $600-$700k | 8 | ||
| $700-$800k | 3 | $700-$800k | 2 | $700-$800k | 4 | ||
| $800-$900k | 2 | $800-$900k | 4 | $800-$900k | 5 | ||
| $900k-$1.0M | 3 | $900k-$1.0M | 2 | $900k-$1.0M | |||
| $1.0-$1.2M | 6 | $1.0-$1.2M | $1.0-$1.2M | ||||
| $1.2-$1.4M | 3 | $1.2-$1.4M | $1.2-$1.4M | 2 | |||
| $1.4-$1.6M | 1 | $1.4-$1.6M | $1.4-$1.6M | ||||
| $1.6-$1.8M | 1 | $1.6-$1.8M | $1.6-$1.8M | ||||
| $1.8-$2.0M | 2 | $1.8-$2.0M | $1.8-$2.0M | ||||
| $2.0M+ | 1 | $2.0M+ | $2.0M+ | 2 | |||
| Total | 42 | Total | 27 | Total | 28 |
As you can see, only 42 active listings… remain a firm time for sellers.
We all know that Burien is truly a hidden gem and definitely being discovered, which leads to an active, exciting real estate market here in our city!
Please continue to love our local businesses!
Angie Hall
Belle Residence
