The October Market in Kenmore Remains Lethargic: An Excellent Buyer’s Market
As we approach the end of October, I wanted to take a quick look at the numbers to see if sales have picked up. Here in Kenmore, things continue to be lethargic. One positive movement is a net loss in current active listings. We had over 200 last month. We now have 181:
What I’m about to write should interest all of you potential buyers out there. Judging from the pending and sold properties, there has been immense downward pressure on prices.
- There are 33 pending sales at this time. These homes are PENDING at 92% of their original list price. On average they have been on the market for six months.
- 10 homes have sold in Kenmore since the beginning of October. These homes have sold at 93% of their original list price. Average days-on-market are are well over six months.
As we approach 2009 I would advise potential buyers to start planning with a qualified, thoughtful lender. Even though there’s a lot of uncertainty in the market, I believe buyers will have the advantage for many months to come.
