As we experience the month of August, the average real estate listing price for the Lynnwood area is $254,157. This is a 1.2% drop in value or $2958 reduction over the previous week. In the past month, the average listing price has dropped 4%, from $265,000 down to $254,157 just this week.
There are currently a total of 458 single-family residential homes currently on the market in the Lynnwood area. 152 properties are condominiums and townhomes and 306 are single-family residences.
Of the 306 single-family homes, 236 are resale properties as compared to 70 which are new construction. In the condominium and town home category, 132 are resale properties and 20 are new construction.
Of the overall total of single family homes, condominiums, and townhome properties for sale, 144 are Short Sales which represent 31.4% of the total inventory available to consumers to purchase.
Of all the single family homes, condominiums, and townhome properties for sale, 61 properties are bank owned, or often referred to as “REO’s”. These REO's represent 13.3% of the total residential properties, currently available for sale.
Let's talk new construction for a moment. There are currently 70 new constructed residential properties that are being built, or presales, or have been completed waiting for an offer. There are 20 condominium and town homes that are newly constructed and available-for-sale.
The following data shows that we are averaging approximately 5 months of inventory on hand which is a vast improvement toward market stability then we've seen the past year.
SFR / CT
306 / 152
216 / 97
69 / 32
We continue to see pending sales for a given month far outweigh closed sales, largely due to short sales being factored into the total average. Hence, short sales are typically taking 60 days for short sale approval and another 30 to 40 days to close the transaction.
Until next month,
GOD BLESS You & Your Family