Northwest Waterfront Properties: Is Full Price Enough?
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Although the availability of listings is slowly
rising, buyer demand remains extraordinarily
high in relation to supply. Buyers continue to
wait for the best listings and pounce on them
when they arrive.
Last month, 49% of closed waterfront sales
were at or above asking price. Of those, 29%
were above asking, 20% were full price and
51% were below asking price. When making
an offer, pay attention to closed comps to see
how much above asking price successful buyers
had to go to land the deal. If you’re thinking this
is a property I’ve got to have, other buyers are
probably thinking that too.
As we move through the second half of the
year, expect the frequency of over asking offers
to fade. It’s not so much an indication that
demand is dropping, but rather a reflection of
inventory quality. The best listings go quickly
with more over-asking offers early in the
season. Later in the year, the proportion of
fresh prime listings drops off and the remaining
inventory becomes picked over. Expect to
see market times (days on market) and the
frequency of price reductions to rise through
the balance of the year.
