Normandy Park Real Estate Market Continues to be Hot!

Real Estate agents can’t put enough homes on the market in Normandy Park quick enough. April 2015 was 4th consecutive month in a row that Normandy Park was able to drop the average number of days (ACDOM) that homes were on the market before they sold. January was the first month that the ACDOM dropped, nearly cutting the December number of 149 days in half to 83 days. February was another great month for Normandy Park as it continued to cut days down to 64. March signaled the start of the Seasonal Real Estate buying season as it enjoyed nearly a 2/3 cut in February’s ACDOM down to 24. April did not disappoint as it further slashed the miniscule number of 24 days down to 11. It is also worth mentioning that during this period homes sold for an average of 97.75% of their listing price.

The reason that these numbers are significant is that they can give sellers are buyers alike important indicators on how much to sell / offer for a home currently in the Normandy Park area. For sellers, with homes going so quickly, inventory low, and homes going for close to asking there are two routes that you could take in order to get the maximum value for your home. The first option would be to price extremely aggressively as there isn’t a large supply and with these external factors there will be a higher chance that you will receive your listing price. The second option would be to price your home slightly lower in order to receive multiple offers, a couple of which are likely to go over asking (This is currently happening in abundance in West Seattle).

For Buyers looking in Normandy Park your offers should be pretty straightforward if your seriously trying to close on a home. Make your offer as strong as possible. No sense in trying to be clever in this market as most sellers will be reviewing multiple offers on a certain day and are usually going to take a combination of the highest / strongest offer that has the least amount of likelihood of falling through (All Cash or high % down payments). That being said it is still important to find out what the fair market value is for the home as you don’t want to overpay just because demand is so heavily dictating price. Once you have that price our recommendation, at least in Normandy Park, is to come in as strong as possible.

We hope this article helps shed some light on the Normandy Park Real Estate Market! Below you will see a graph that shows the ACDOM for home in Normandy Park from April 2014 to April 2015. The info includes homes that sold for above $400,000, no new construction, and were non-bank owned property. 

 

 

Posted on May 27, 2015 at 8:03 pm
Marco DeOliveira | Category: Normandy Park | Tagged

Leave a Reply

Your email address will not be published. Required fields are marked *