Home Girls: Shoreline/Lake Forest Park August Real Estate News

By Nan Skinner

During the month of August 2014, there were 132 new listings of existing single family homes. In the same month last year, there were 127 new listings. The total number of active listings was 171 in August 2014; in August 2013 it was 175.

The average asking price for August (2014) was about $660,000. The average asking price year-to-date (8/14) was $616,300. (Remember, this includes several homes in the multi-million dollar price range.) The median asking price was $386,000. Pending sales for the month of August were 116 and closed sales were 106. The average sale price was $437,565.

New construction made up a small portion of homes for sale in our market. During August this year, there were 6 new construction homes listed for sale. Last August that number was 4. The total number of active listings in this category was 14. Median price range was $680,000 to $730,000.

Multiple offers are still occurring, although not as many as earlier in the summer. When there are fewer homes for sale, competition between buyers heightens causing a real estate market to favor sellers. That equals higher prices. When there are more homes for sale, buyers have a larger inventory to choose from which is called a buyers’ market. This typically results in prices going down.

Other stats are available on request. If you’d like to know what your home is worth, I am happy to research that for you.

Nan Skinner 206-734-9289