Home Business & Commerce Real Estate Burien Real Estate Update: Demand Continues to Exceed Supply

Burien Real Estate Update: Demand Continues to Exceed Supply

by Angie Hall

What an incredible summer we have been experiencing! I hope you, too, have been out enjoying our Gem of the Sound sights and activities. The long stretch of sun sure helped the number of times I could get out to the pickleball courts. Its bright rays also seem to have impacted our local
real estate market in July and August as shoppers and sellers enjoyed the out-of-doors, but we are moving right ahead as we move into fall.

A few of the statistics we look at to indicate the “health” of the market are active listings compared to pending sales, days on the market (how long does it take a property to go under contract?), and list to sales price ratios (are homes selling at, above or below list price in general?)

At present, our fabulous community has just 113 active residential listings and 86 pending (under contract), giving us a 76% (50% is neutral) seller’s market, meaning demand is exceeding supply(a very favorable time to be a seller.)

Days on the market are under 10, at about 8 days for a home to receive an offer and go under contract. To put this in perspective, our local market was at 50 days to sell at the beginning of the year. I would conclude we have returned to a fast-paced market!

Finally, the list-to-sales price ratio, for homes that are well-presented, priced, and selling in a timely manner, these are selling about 1-2% above their original list price.

Low inventory is the theme moving into the fall season and the foreseeable future. Even with interest rates in the 7’s (for the time being), we are still seeing a very healthy demand for homes…our Gem has been discovered!

Continue to shop locally and support our amazing Burien businesses!

Angie Hall, Belle Residence

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