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.

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

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.

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

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!

Spafford Robbins, GBK/Compass

SpaffordRobbins.com