by Angie Hall
Happy 4th of July to you all!
What a gorgeous stretch of summer weather we have seen so far in our Gem of the Sound, some morning marine air leading to bright sunny days and stunning sunsets!
The real estate market is in full summer swing. In fact, I was looking at data this morning and discovered that 98166 is back to negative inventory, meaning there are more pending (homes under contract) than active. It truly goes to show this is a supply-and-demand market and how quickly conditions can change.
At present in 98166 there are only 21 residential properties for buyers to choose from.
While inventory continues to run historically low, we are not seeing sky-high escalations as in 2021/early 2022. At the peak of this time, median escalations were right around 15% over list price; market is now right around 3% median sales price over list price (for homes that are selling over ask).
Here are some insider tips:
Buyers: if the home is “hot,” come prepared with your pre-approval/cash proof of funds in hand, and be ready to include an escalation clause over the list price.
Sellers: a competitive price and well-presented home is key to bringing in the masses, so to speak.
Until the next Burien real estate market update, continue to enjoy our fabulous Gem of the Sound! What an amazing time to dine out at our local yummy restaurants and shop local.