Inventory is much heavier in Sammamish than Issaquah, according to the latest statistics from the Northwest Multiple Listing Service.
There are 858 residential/condo listings in Sammamish compared to 455 in Issaquah. Of those, 132 were newly listed last month in Issaquah, while 228 were new listings in Sammamish.
But that’s still a 21.28 percent drop in inventory in Issaquah from last year, and 19.89 percent from last year in Sammamish.
Several deals were struck last month, given the number of pending sales, which are mutually agreed contracts not yet closed. A total of 107 properties in Issaquah went under contract last month compared to 83 the same month a year ago, while 190 sales were reported in Sammamish compared to 159 a year ago.
In Issaquah, there were 95 closed sales compared to 58 a year ago, at a median price of $450,000, down 7.88 percent from a year ago. Sammamish saw 160 closings, compared to 114 a year ago, at a median price of $475,000, up 5.67 percent from a year ago.
Breaking out condos from single-family homes, of new listings in Issaquah, 104 were single family, while 28 were condos. A total of 77 single family homes went under contract in Issaquah, while 76 closed at a median price of $506,750, down 7.88 percent from a year ago. Condo sales in Issaquah were up almost 19 percent at a median price of $163,800, down from $202,000 a year ago. There were 28 new condo listings in Issaquah.
In Sammamish, 188 single-family homes came on the market, and 40 condos last month. Pending sales of single family homes numbered 162, and sales numbered 141 – at a median sales price of $500,000, unchanged from a year ago.
There were 40 new condo listings in Sammamish with 28 under contract, and 19 closed at a median price of $225,000, down from $275,000 last year.
According to the NWMLS, pending sales for their service area, which encompasses 21 counties, are up more than 20 percent from a year ago. The service further reported that distressed homes selling at deep discounts continue to create a drag on prices.
Bob Richards, the broker with Windermere in Issaquah said buyer demand is moderate to growing. It is typical for inventory to dwindle in the fall, but he expects higher demand in the spring and more buyers coming into the market given the “perfect storm” of low interest rates and prices perhaps nearing the bottom.
Tight lending continues to be a problem. NWMLS director Darin Stenvers said “historically low interest rates may get more buyers shopping, but buyers are very well educated.”
But he said, many sellers are not taking into consideration the effects of extremely tight appraisal guidelines and heightened credit requirements. Consequently, correct pricing is essential.
“Overall the market is getting to a better place,” said Jon Hunter, branch manager with John L. Scott Real Estate in Sammamish.
Linda Ball can be reached at 206-232-1215 ext. 5052.