We’ve focused quite a bit on market data on local markets in recent posts. This is by design. Part of our job here is to keep up-to-date with local market trends and market data. Having a good grasp of local trends and data is the surest way we can provide excellent assistance to our clients. Part of developing and negotiating selling prices is about understanding the current state of the market. By keeping up with current data, we can stay ahead of the game and have a good sense of where the market is going. And this doesn’t just mean keeping up with the data from one area; as we know, the trends in one local market are intimately related to the trends in other, neighboring areas, and so it’s important that we focus on markets all over the Greater Seattle region.
Sammamish is an up-and-coming, upwardly drifting area which offers plenty of perks to its residents. Located right next to Redmond and Issaquah, Sammamish provides convenient access to many major employers and offers a smaller atmosphere while still being connected to a downtown metropolitan area. What’s more, Lake Sammamish is among the more pleasant, eye-catching lakes in the Pacific Northwest, and one of the premier boating spots in Washington State.
The data on the Sammamish real estate market reflect its rise in popularity and success in attracting well-to-do commuters. But, though real estate in Sammamish has appreciated considerably in recent year, the latest data point to a more buyer friendly environment. Let’s look at some of the numbers.
Current Data on the Sammamish Market
The median home value in the city of Sammamish is currently $892,300. This is current through August 31, 2019. This is according to Zillow. The Sammamish market is currently classified as a “cool” market by Zillow, which indicates a buyer-favored market. The numbers over the most recent previous 12 month period make this fact clear. Home values declined by 3.1% between August 2018 and August 2019. What’s more, Zillow predicts a further decline of 2.8% over the course of the next 12 months. This means that potential buyers in the Sammamish market are likely to have some degree of leverage in the negotiation process. Sammamish homes on the market are likely going to stay for longer than average, and there will be fewer bidding wars between multiple interested buyers when compared with previous years. In short, if you’re considering the Sammamish area for your home purchase, now may be the right time to jump in.
The median price of homes listed currently in Sammamish is a whopping $1,078,000. That’s not a small sum! But again, given current market conditions, you will likely have some wiggle room when it comes to the final selling price. Just because a home is listed at a certain price to begin with doesn’t mean it will sell at that price, after all. The median price of homes sold in Sammamish is a considerably lower $912,100. The discrepancy between these two values is likely to be at least partly explained by the realities of the market which we’ve been describing.
Image credit: jc.winkler