Sold Homes in Kenmore: Statistics Lite
One of my neighbors asked me how the real estate market is doing in Kenmore. He asked, “Is anything selling these days?” There was a bit of anxiety in his voice. I could tell he had been listening to the media a little too much. I told him that houses aren’t exactly flying off the shelf as was the case in 2005 & 2006 but homes are selling. It’s taking longer to sell a home these days. Another critical factor is that the number of potential buyers has dropped by 30%. My contacts in the lending industry tell me that it’s far more difficult to qualify for a home loan today.Â
Of course, I asked him if he intended on moving in the near future. “No, we like it here and unless I get a job in Hawaii or something, we’re not going anywhere.” I liked his answer because our neighborhood is only 3 years old. I was hoping we would be neighbors for many years to come!
So, what about sold homes in Kenmore? Today I had a chance to crunch some numbers. Since the beginning of 2008:
- A total of 87 homes have sold in Kenmore
- 25% of the homes sold for under $400,000
- 43% of the homes were built since the year 2000
- The average days-on-market are 163; however, this number is skewed a bit high because of the large number of newer homes on the market
- Here’s a critical number: the average sale price vs list price is 93%. This means that home prices have softened
The point I’d like to make here is that there has been a lot of hype and mis-information about the world of real estate over the last 10 years. A lot of Americans are in a world of hurt right now because they purchased a home that they simply couldn’t afford. We are going to feel the affects of this situation through lower home values, tougher underwriting standards and a slower market. My advice to you is quit listening to the “talking heads” on TV if you want to understand your local real estate market. Believe it or not, there are real professionals called real estate agents who know more than they do.
