Numbers in red reflect last week’s totals. New totals are through mid-afternoon on Friday, the 7th, and are collected from MWMLS data.
New listings: 2(2)
Active Listings: 27(27)
Sold subject to inspection: 0(2)
Pending: 1(0)
Closed Sales: 2(0)
Contingent sale: 0(0)
Number of Price Reductions: 1(3)
Cancelled listings 0(0)
Expired Listings 1 (0)
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Number of homes available: 27(28)
0-$349,999: 0(0)
$350,000-$499,999: 1(1)
$500,000-$749,999: 6(8)
$750,000-$999,999: 11(11)
$1,000,000- $1,499,999: 6(5)
$1,500,000- $2,999,999: 3(4)
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Average Price: $995,756 ($989,756)
Median Price: $877,335 ($871,050)
Average Days on Market: 74(71)
Highest Priced Listing: $2,299,950 ($2,299,950)
Lowest Priced Listing: $460,000($460,000)
(data from NWMLS)
My analysis of this week’s real estate buzz:
The Highlands is starting to see some sales over the past few weeks. The good news this week is a sale at the high-end of the market. This home is one of the new construction homes just off 112th Ave NE. It was listed for 151 days, about 5 months, at the last asking price of $1,595,000. For sale since 2005, it had come on the market before it was completed, with a starting price of $1,345,000.
One of the closed sales had been on the market for a total of 170 days. It had previously received an offer before going back on the market and receiving the second offer. The final sale price was 8% below the final list price, selling at $500,000 from $539,000.
The other closed sale happened in Forbes Creek, Waterwheel Park. This home, built by Panterra in the late 1980’s, started at $500,000, reduced its price to $475,000 and sold for $460,000, again about 8% below the starting price.
Two new listings came on the market this week in the Highlands, one home, on NE 87th, is only a year old and is priced at $989,000. The other home is a 3200 square foot home listed at $1,175,000.
A price reduction of $32,000, about 5%, happened on the home listed in Hidden Woods for $675,000, now $643,000. Another home went off the market, after reducing its price from the low $800’s to the low $700’s. It was on the market since May and had originally been priced at $824,950. Its last price was just under $740,000.
The condo/town home market has also been busy this week. A town home was re-listed in Highland Pointe and remains at just under $600,000. The original asking price back in May was just under $650,000. Pricing in this neighborhood is based on square footage, of course, but lake and city views, and proximity to the road all play an important role. Another home in Highland Pointe, which had been the most expensive listing as of late, priced at $644, 950, went off the market at 170 days.
When looking at many of the homes with activity this week, whether they were sales, relisted properties or cancelled listings, a common thread is long market time. Many of the properties commented on in this week’s buzz have market times of 5-6 months.
Kirkland Highlands Real Estate Buzz
