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The number of single family homes on the market in Sammamish is pretty much static when compared to a year ago.
Statistics from the Northwest Multiple Listing Service for March report 637 active single family home listings compared to 653 a year ago. Pending sales, or homes with deals inked last month, were down almost 25 percent from 2010, with 160 homes going under contract. However,the median sales price of $509,990 is up 4.51 percent from last year's $488,000.
"There's a couple of factors at play," said Scott Bobson, broker/owner of Sammamish Realty. "There's a lot more buyer confidence, and we're seeing the upper end really start moving which is moving the median price upward."
Bobson said most the most interesting factor is that every new listing that has come on the market in the last month to month and a half, that is priced correctly, has been bringing three to five offers creating bidding wars.
"It's amazing what's going on out there," Bobson said. "The market's really on fire. It feels great, like old times."
He said condos are still a weakness in Sammamish; soft, slow and more are distressed properties. The median price dropped 20.92 percent on condos from $305,000 in March 2010 to $241,200 last month. There were 18 condo closings compared to 25 a year ago, and only 32 went under contract last month compared to 61 a year ago. Right how there are 178 condos on the market.
Overall, combining single family and condos, the median price is still up 4.40 percent from $454,995 to $475,000.
In the Northwest MLS area, 7,750 pending sales of single family homes and condominiums were reported pending in March. That's down 12 percent from last year when 8,605 pending transactions across the 21 counties in the NWMLS service area.
"Overall the market is doing surprisingly well without a stimulus," said Northwest MLS director OB Jacobi, president of Windermere Real Estate in a press release. "Considering that this time last year there was a rush of buyers trying to beat the tax credit deadline, to have the number of sales off just slightly points towards a strengthening market."
By LINDA BALL
Sammamish Reporter Staff
Posted by Cary W Porter on
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