Every now and then, it’s useful to check data on the key markets in which Cobb & Associates operates. Key markets for us include Edmonds, Lynnwood, Shoreline, Woodway and others. Today, we will look at data from Zillow and a couple of other real estate data companies on current home values in Edmonds. Depending on which source you consult, Edmonds may appear to be either a warm or a hot market.
Current Median Home Values from Zillow
According to Zillow, the median home value for Edmonds is $601,900. This value is based on data which is accurate up through June 30, 2019. Median refers to the middle line which divides the top half from the lower half of the distribution. In other words, if a person has a home with a value above $601,900, then that person would be in the top half of homeowners in Edmonds in terms of value; below $601,900, the owner would be in the bottom half. Home values have declined, according to Zillow, by around 2.1% over the course of the past 12 months. Zillow expects a further decline of approximately 3.6% over the upcoming 12 month period. Still, Zillow indicates that the Edmonds market is still relatively warm and that buyers may face healthy competition.
Data from Redfin and Trulia
If a person just looked at Redfin without perusing Zillow, he or she might come away with a different impression of the Edmonds market. Redfin currently gives the real estate market of Edmonds a “90” rating, indicating that it is among the “most competitive” markets tracked by the company. According to Redfin, homes for sale in Edmonds typically receive 2 offers, and generally go pending in about 10 days after being placed on the market. However, according to Trulia, sales in Edmonds are decline considerably since this time last year (August 2018), and median sales prices have declined by about 1% (since August 2018).
According to Redfin, the average sales price of a home sold in Edmonds is around $578,000, which is considerably less than the current median. Perhaps we are seeing a good amount of sales activity because the inventory on the market is more accessible to the standard buyer. This doesn’t necessarily indicate that a higher-than-median home – say something above $1 million – will be an easy sell. We will look back to these charts in the not-too-distant future to see what’s going on and to check and see if Zillow’s predictions hit the mark.
Image credit: Mark Moz