Maple Valley Real Estate Market Stats February 2016
Real estate sales in Maple Valley, WA continue to trend up in February 2016.
There were 45 new listings.
47 homes Sold (closed) in the month of January- down from 49 in 2015 and up from 28 in 2014.
52 homes went under contract (pending) (or received a purchase contract or under contract). That’s down 13% from last year’s average of 59. Numbers are down because there actual number of houses for sale is way down. Supply cannot keep up with demand.
32 Homes for sale was our Active Inventory – that is the lowest since I began tracking the Maple Valley real estate market (beginning January of 2006). Average number of homes for sale per month prior to 2012 was between 226 to 246 per month.
February’s Average sales price was $375,288 that’s up 8% from January 2015’s average sales price of $348,197. And up 7% from January 2014’s average sales price of $350,893.
The lowest sales price was $150,000. It was a 2 bedroom, 980 square foot fixer on a 1/3 of an acre lot. The highest priced house sold for $751,000. It was 3,160 square foot house and was on a 2.51 acre lot.
Average marketing time (days on the market) was 34. Up from 25 in 2015 and down from 41 in 2014. It’s a very fast market. Just like predicted, February’s numbers to be similar to January. Next month should also be similar since the Spring real estate market is about to kick off.
Average price per square foot was $186. Down a dollar from January. That’s up from $170 in 2015 and $154 from 2014.
Similar to last month, list price to sales price ratio was 99.9% which means sellers were getting their list price without a lot of negotiation.
Once again there was less than one month’s supply of houses for sale making it an extreme Seller’s Market. (Which means if no new houses were listed for sale, based on the current demand, there would be no homes left to purchase in less than one month.)
Definition of the different types of Markets are- If there are zero to four months supply of homes, it is a seller’s market. If there are four to six month’s supply of homes, it is a balanced market. If there is more than a six month’s supply of homes for sale, it is a buyer’s market.
It’s an Extreme Seller’s Market. If you’re selling a house in Maple Valley, there is not a lot of competition; houses are selling quickly and at nearly list price. If you’re buying a house in Maple Valley, you need to act quickly, make strong offers, and be prepared for competition from other buyers.
If you have any questions about Maple Valley Real Estate Market Stats February 2016, please do not hesitate to ask!