2016 Canterwood Market Update Report
Artfully uniting extraordinary homes
with extraordinary lives.
Canterwood Annual Market Update Report
Why a Market Update Report? We are providing this analysis because understanding your specific market is a major step in selling your home. We firmly believe the greater the understanding you and your broker have the more you will net. It is a first step in this very important process. Information and knowledge is key to the successful sale of your home. The information contained in the following pages excludes new construction as it is a very different market. While we include them in the individual analysis for each home, we felt it would be better to leave them out for this large analysis for resale properties as they could skew the data. We have unique experience that allows us to be more qualified to do a market update report, having over a dozen years as real estate brokers and investors. Having an investment background gives us a different understanding of the market and how properties sell, since the properties we were selling were our own. This background has allowed us to build the skills to think outside the box and be creative. From marketing to finding ways to put a deal together we will find creative ways to accomplish your goals. This creativity is why we consistently break records on our sales for their areas. Another unique qualification that allows us to present a market update report is that prior to being a real estate investor and agent, Rich had years of experience doing quantitative research and statistical analysis work. He is a former professor of social behavior at the University of New Hampshire with a specialization in statistics and quantitative research. This makes him uniquely qualified to not only analyze the data but also to negotiate the highest price for you. Megan specializes in the marketing of your home, having studied marketing at Pacific Lutheran University. From single property websites, social media, high quality print materials, professional photography to the unmatched local, national and global marketing we present all of our clients properties to the most people worldwide. Our individual and combined strengths allow us to compile the data, analyze and recognize the market trends. We want our clients to have as much knowledge as possible about the state of their market and be informed and involved in the sale of their home. This market update is the first step in this experience, and we would love to provide a free complete marketing plan and specific analysis for your home. We hope you enjoy this information. Included is information regarding Canterwood, excluding new construction, as well as insight to the coming years market trends. There is also some additional information about us as well. We look forward to meeting you and learning your individual needs!
Rich Watson & Megan Zamberlin Rich Watson Real Estate Professionals Morrison House Sotheby’s International
Canterwood Market Data and Analysis
While the number of properties that closed above $799k drops off significantly the numbers still greatly exceed the inventory in those ranges. You will see in other graphs that supply is very low keeping the demand relatively high.
Considerably more homes in Canterwood were sold in each of the price ranges in 2015 than are currently active. This is a strong indication that the market will continue to favor the seller for the immediate future.
This shows that there is a very low inventory of homes for sale in Canterwood currently. This is a positive indication for sellers going forward.
The average days on market for houses that sold in 2015 is low historically speaking. Another positive indication for sellers.
The average and the median sales prices of homes in Canterwood have an overall upward trend since 2012. However, the prices have not climbed at the extraordinary rate that properties have in King County. While the values have been climbing Canterwood is still a good value and we believe sales will continue to be strong in the coming year.
The number of properties overall that expired in 2015 was relatively low compared to the number of total properties that sold. The numbers of expired properties above $800k does increase further showing the need for a Broker with the expertise to price and market the property correctly to give it the best chance to sell. Properties that are priced correctly and marketed to their fullest potential continue to sell in historically short periods of time. (see avg. days on market graph)
Houses have continued to sell through the winter months. Even with a lower inventory in the 4th quarter the number of sales did not significantly drop off. With the inventory being low it is a good time to be selling. This shows that taking a house off the market until spring when the Inventory will be higher is not necessarily a good strategy in this case as houses are still selling. Waiting for more competition would not be advisable. Again, this shows why a seller needs to work with a broker that truly has their finger on the pulse of the market.
Not only are properties selling in historically short periods of time they are also selling for a very high percentage of the list price. This shows the importance of having a deep understanding of the market to price it correctly from the start.
The number of sales have continued to rise year over year. The number of sales in 2015 was 24% higher than in 2014 and 48% higher than 2013. This trend along with all the other data shows that this is a good time to be a seller in Canterwood.
MARKET ANALYSIS and SUMMARY The market continues to be strong in Canterwood from the perspective of the seller. With 2 more properties sold in the 4th Quarter of 2015 as there are currently active it is clear that the market has remained strong even through the winter months. Far more properties have sold than expired which shows that as long as a property is priced correctly and marketed well then it should sell. Not only have they been selling they have been selling for historically very high percentages of the asking price with the average being 97.3%. With a very low inventory of properties the market should remain strong for the near future. Inventory and therefore competition will increase in the spring so there is no better time to put a house on the market than now. The most important thing a seller can do in this market is to hire a professional that truly understands the market that will price the property correctly, market it to its fullest potential and make the entire process a simple and fun experience. Give us a call anytime for a complete market analysis and a specific marketing plan for your home.
Canterwood Homes Sold in 2015 *excludes new construction
Your Luxury Home Specialists Rich Watson Real Estate Professionals is comprised of Rich Watson and Megan Zamberlin. Understanding the true meaning of a team, they work together on all properties, giving your individual lifestyle or property the utmost attention. As true partners, both in life and business there are no competing agendas only the passion to provide you with unparalleled service and attention for all of your real estate needs. As an independent team, they choose to operate out of the local Sotheby’s International office which complements their attention to detail & local expertise with international attention & exposure. With well over a decade of real estate experience, combined with the Sotheby’s International Realty difference, they strive to provide savvy, refined, personal service. To those who value the unique, Sotheby's International Realty is the local real estate services provider that offers unrivaled access to qualified people and distinctive properties around the world. Rich brings well over a decade of real estate experience as both a broker and as a very successful investor, with an unbridled passion and enthusiasm for all that he does. Driven, savvy, and experienced he has an eye for finding the perfect fit for your unique needs. Rich is also a former educator and researcher at the university level where he taught statistics and social behavior courses. He used that same passion for excellence, education and research to learn everything possible about real estate, as both a broker and an investor. Having bought and sold countless properties through his own company, it is invaluable experience as completing many of those deals required the ability to think creatively and outside the box. A laser focus is required in successful real estate investing, to market and sell for top dollar and he brings that same intensity to all of his clients properties. Megan is deeply rooted in the Northwest having been born and raised here in the beautiful state of Washington. Having expansive knowledge of the state allows her to help you find the right area for you, and to have insight on neighborhoods and their surrounding areas. She studied Marketing and Communications at Pacific Lutheran University, and brings that knowledge and savvy eye for marketing to your individual property. As a lifelong equestrian enthusiast and competitor, including being formerly nationally ranked. She brings the drive and intensity required to be a successful competitor to all she does, with complete accessibility to our clients and the above and beyond approach to marketing, customer service and uniting special properties and unique lifestyles. Together, they work for their clients, providing them with 24/7 accessibility and customer service as well as access to two brokers with unique perspectives and qualifications at once.
Do you know what your home is worth? Thinking of selling in 2016? We would love to offer you a free complete marketing plan & analysis for your home. For more information please contact us & visit our website:
www.Rich-Watson.com Rich Watson direct (253)988-5973 Rich.Watson@SIR.com
Megan Zamberlin direct (253)330-6200 Megan.Zamberlin@SIR.com