Property Views: Inventory to stay tight in the coming year

#Phew, it’s been a wild year!

#Hope you had a very happy holiday season and wishing you a great start to the new year! We can take a look ahead at the market and a brief snapshot of the past 45 days.

#How does 2022 look?

# To quote Goldman Sachs (October), they are forecasting U.S. home prices will soar another 16 percent over the next year; at press we have already seen a 6 percent rise. This is a slight deceleration in the growth of home prices — which are up 17.7 percent over the past 12 months alone.

#Inventory in 2022 will certainly remain tight, and interest rates will likely also rise. The hope is that wage growth will help balance things a bit!

#There is a lot of new construction that will be hitting the market, but builders are still dealing with labor and supply issues, so that is putting greater pressure on inventory.

#Here is a snapshot of the past 45 days! These numbers certainly highlight the last of inventory.

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#By The Numbers (11/10/21-12/25/21)

#Denny Blaine, Broadmoor, Washington/Madison Park (single family homes)

#8 Sold homes

#Average Sales Price $4,028,625

#Average Days on Market: 27

#Average Price Per Square Foot: $866

#Lowest Sales Price: $1,202,500

#Highest Sales Price: $8,750,000

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#There are currently two active properties for sale, one at 1214 Parkshore Drive E. listed at $3,150,000 and another at 3338 Shore Drive.

#There are currently three properties pending sale at time of print with an average list price of $2,725,000 and an average days on market of 65 days.

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#Denny Blaine, Broadmoor, Washington/Madison Park (condominiums)

#3 Sold homes

#Average Sales Price $698,333

#Average Days on Market: 11

#Average Price per Square Foot: $779

#Lowest Sales Price: $490,000

#Highest Sales Price: $820,000

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#There are currently two active properties for sale one at 1616 41st Ave. E. #105 for $385,000 and the second at 1620 43rd Ave. E. #22B at $2,575,000.

#There are currently four properties pending sale with an average offering price of $1,983,750, ranging from $595,000 to $4,850,000, with an average days on market of 125 days.

#I am honored and happy to help with anything I can in maneuvering this ever-changing and dynamic Seattle real estate market. My team and I at GBK/Compass are here to assist with the presentation of your home, thoughtful home search or just share some thoughts on where we see the market today!

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#Spafford Robbins, GBK/Compass

#SpaffordRobbins.com