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|
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!