By Nan Skinner
In Shoreline and Lake Forest Park, there are currently 138 residential properties for sale. The average asking price is $609,000. Prices range from $135,000 to $5.6M. These 138 properties have been on the market an average of 165 days.
People have offered to purchase 47 residential properties and are waiting on various phases of the transaction to complete before the properties become theirs. We call these “pending”. The average price of pending properties is $322,000 with prices ranging from $140,000 to $1.4M. Average number of days on the market for pending properties is 98.
During the first two months of 2012, 63 properties in Shoreline and Lake Forest Park were sold. Statistics show that the average sale price was $299,000, just 98% of the average list price of $308,500. The average number of days these properties were on the market is 98.
What does this mean? It means the real estate market is stabilizing. We are seeing multiple offers on many residential properties which indicates that the demand is increasing and supply is decreasing.
Nan Skinner is a realtor with Keller Williams and can be reached at 206-734-9289.
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