Here’s a broad overview of what’s happening in the Redmond real estate market!
For Sale vs. Sold Report
What Does the For Sale vs. Sold Report Tell Us?
– It helps determine the trend of market supply and demand.
– It helps determine whether the current market is a seller or buyer market.
– It helps identify which price range the majority of the properties are in, within a given area.
– It helps focus on where the buyer’s activities are and the market condition in those areas.
Price per Square Foot
What Does the Average Price per Square Foot Report Tell Us?
– It can help establish the market price for an average home.**
– It helps determine if there is any change in property value for a specific area in a specific price range.
**If the home has a larger than normal lot, a special amenity, or is located in an area of social demand, the home price must be adjusted upward.
Days on Market and Sold/List Price % Report
This report shows the percentage of sold price / list price at which an equal number of properties are sold above, equal or below the list price. The yellow bar represents the average number of days that the sold properties had been on the market as active listings before a legal sales contract has been signed (days on market). The dark blue line with the red triangle marks represents the comparison of sold price and list price of the properties sold (sold listings) in percent per month based on the selected criterias.
What Does the ‘Days on Market and Sold/List Price % Report’ Tell Us?
– It indicates how long it has taken to sell those properties.
– The percentage of sold price / list price helps identify where the market activity is the strongest.
– The days on market figure helps establish the minimum listing period.
– It helps identify the best match for a buyer’s price range.
– If the percentage of sold price / list price is closer to 100 then there are more potential buyers available for the property.
– If a property’s listing period is less than the average days on the market, the listing will have a greater chance of expiring before it is sold.
Average Price For Sale & Sold Report
The Average Price For Sale is the average of list price of the properties for sale in a particular month. The Average Price Sold is the average of sold price of the properties sold in a particular month. Displaying both the Average Price For Sale and Average Price Sold line charts in a graph portrays the relationship between the on and off market pricing.
What Does Average Price For Sale & Sold Report Tell Us?
– If the average listing price and average sold price are the closest, the area has the healthiest market.
– It helps identify where the softest market is and where the buyer may be able to find a price concession.
– It helps determine if there is any change in property value for a specific area.
**If a very expensive or very cheap home has been sold, these statistics can be skewed up or down, and the trend line can fluctuate with less consistency.
Months of Inventory Report
Use current inventory level to determine market condition. The current inventory level is derived by dividing the monthly listing number by the monthly sold number which is shown in Months of Inventory graph. As a rule of thumb, an inventory level of less than three indicates a strong seller market while an inventory level greater than six indicates a buyer’s market.
Absorption Rate Chart
The Rate of Absorption measures the inverse of Months of Inventory and represents how much of the current active listings (as a percentage) are being absorbed (sold or pended) each month. The Absorption Rate is presented as a percentage (%) of the current inventory.