June 30, 2008
Snoqualmie Homes Sell for More - Who Knew?
Recent posts on Redfin Seattle:
- Local 4th of July Fireworks Displays and Regulations
- Madison Avenue Booms
- Factoria Redevelopment Begins…FINALLY!
- Cool off with a cool million in Madrona
- Top 5 “Fabulous” List of New Homes This Week
If you missed the Seattle Red Carpet Event you missed a good time and some really interesting morsels shared in the home buyer’s class - fortunately for you, the slides are posted.
Redfin mined some data on what homes are actually selling for vs. the price they were listed at. In general you can expect a couple percentage points of advantage on price if you’re buyer unless you’re shopping in Snoqualmie. Surprisingly, houses and condos in Snoqualmie are selling *above* asking price. Snoqualmie is best known for its Falls that plunge down into the Snoqualmie River (unlike it’s home prices that are soaring over asking). If homes are selling over asking price that usually indicates there are multiple offers. Any comments or anecdotal stories from buyers or sellers in that part of the County?
King County Houses Sale-to-List Prices, April 1 - June 23 2008
| City | # Deals | Final v. List | Average Price |
| Auburn | 131 | 98.6% | $338,870 |
| Bellevue | 198 | 97.4% | $821,883 |
| Bothell | 66 | 98.5% | $442,362 |
| Burien | 43 | 98.1% | $347,888 |
| Des Moines | 55 | 97.7% | $299,295 |
| Duvall | 30 | 96.9% | $496,607 |
| Federal Way | 111 | 98.5% | $328,122 |
| Issaquah | 123 | 97.3% | $646,272 |
| Kenmore | 39 | 97.5% | $506,493 |
| Kent | 196 | 98.9% | $360,366 |
| Kirkland | 135 | 97.3% | $787,105 |
| Lake Forest Park | 20 | 98.9% | $461,073 |
| Maple Valley | 118 | 98.8% | $411,227 |
| Mercer Island | 56 | 96.5% | $1,441,888 |
| Newcastle | 34 | 97.6% | $858,459 |
| Normandy Park | 13 | 95.4% | $577,150 |
| North Bend | 26 | 97.5% | $431,987 |
| Redmond | 192 | 97.6% | $672,922 |
| Renton | 278 | 98.2% | $415,984 |
| Sammamish | 144 | 97.4% | $696,178 |
| SeaTac | 38 | 98.3% | $302,714 |
| Seattle | 1442 | 98.4% | $553,891 |
| Shoreline | 105 | 98.3% | $418,262 |
| Snoqualmie | 79 | 100.2% | $530,302 |
| Tukwilla | 23 | 98.5% | $329,918 |
| Woodinville | 51 | 98.1% | $727,207 |
King County Condos Sale-to-List Prices, April 1 - June 23 2008
| City | # Deals | Final v. List | Average Price |
| Auburn | 35 | 98.2% | $214,646 |
| Bellevue | 109 | 97.6% | $373,350 |
| Bothell | 32 | 98.5% | $259,634 |
| Burien | 17 | 99.1% | $196,747 |
| Des Moines | 15 | 98.4% | $257,233 |
| Duvall | 2 | 98.2% | $234,757 |
| Federal Way | 34 | 99.0% | $174,542 |
| Issaquah | 101 | 98.5% | $312,222 |
| Kenmore | 8 | 99.7% | $250,148 |
| Kent | 61 | 98.5% | $230,368 |
| Kirkland | 101 | 96.9% | $404,509 |
| Mercer Island | 5 | 95.1% | $472,000 |
| Newcastle | 7 | 98.9% | $313,836 |
| Redmond | 68 | 98.1% | $333,342 |
| Renton | 58 | 97.7% | $236,964 |
| Sammamish | 9 | 98.3% | $291,033 |
| SeaTac | 9 | 96.6% | $219,470 |
| Seattle | 538 | 98.2% | $399,317 |
| Shoreline | 25 | 98.1% | $249,899 |
| Snoqualmie | 15 | 102.0% | $210,398 |
| Tukwilla | 9 | 99.2% | $176,242 |
| Woodinville | 7 | 99.6% | $295,932 |
madser said:
I just want to clarify if the final sale price was actually the original sales price or if the final price was actually the price after a number of reductions??? - from what I see on redfin - prices seem to be falling all the time? If the price does not reflect the original asking price as these stats rather mis-leading??
June 30, 2008 8:37 PM
Bahn Lee said:
I think you meant the original list price or the final list price because the final sale price is what it is. We took final list price and compared it what homes actually sold for. This study tell us that there is negotiating room (often significant) in every city but Snoqualmie.
July 1, 2008 11:24 AM
Marie said:
The final price was what the home sold for. The list price was the list price at the time of the offer, so there may have been one or more price reductions prior to getting any offers. This does not indicate time on market.
This is really not a statement about prices falling or increasing, just a good barometer on what you can expect in the negotiation process. Price reductions are made when there are no offers. Once you have an offer, this information is saying by enlarge buyers/sellers should expect the home to go for a couple percentage points below the list price once the list price is within bidding range… that is of course unless you live in Snoqualmie.
July 1, 2008 11:28 AM
A Better Deal in Hawthorne Hills or Madison Park? | Redfin Seattle Sweet Digs said:
[…] we checked this data for April and May, we found that Snoqualmie homes sold for more. This time, Snoqualmie houses (99.4% average sale-to-list price) were edged out slightly by Des […]
July 31, 2008 5:21 PM