As a Snoqualmie Ridge REALTOR® and resident, I’m regularly asked about the differences in both “perceived” and potential resale market values between similar homes in different neighborhoods.
The number one real estate question I get on the Ridge regards the seemingly nonsensical prices (the client’s words) when comparing homes on a square foot basis. To provide a hypothetical example – one home priced at $192 p/sq ft. on Silent Creek Ave. may sell in a matter of a couple days, while another home priced at $178 p/sq ft on Sorensen Street by the same builder, is comparable in size & condition and appears to be a better value… languishes on the market (relatively speaking, of course).
Well… my first response is, “Don’t make the mistake of judging ‘value’ predominantly on a square foot basis” – because for many reasons, it will likely lead you astray. But more to the point, there’s are a myriad of other important factors to consider in any real estate market – any of which may be very easily overlooked by focusing on square foot values.
What Factors Contribute to Market Value at Snoqualmie Ridge?
In many communities like Snoqualmie Ridge, examining the market at a “hyper local” level can be critical – (i.e., down to the street… or even one block of a particular street) – not only as a seller when deciding on a listing price, but also as a buyer when determining “value.”
Here at Snoqualmie Ridge, we have several factors which can greatly influence resale home values – for example, school boundaries, golf course influence, golf course and/or mountain views, proximity to Center Blvd, greenbelts, local parks, distance from the Parkway & I-90, and of course, the “subjective appeal” or “perceived popularity” of a particular neighborhood.
Elementary School Boundaries & Days On Market
A client asked me recently about the actual market time (Days of Market) for homes located within the Cascade View Elementary boundaries, compared to other Snoqualmie Valley elementary schools. The general perception is, that all Snoqualmie Ridge homes are selling rapidly – and (unfortunately) it seems everyone is expecting multiple offers. In reality, the overall market to the east of Lake Sammamish has slowed slightly (but it’s still a “seller’s market” at present) – and in some places price reductions are happening more frequently than in the previous several months. But, what about homes within the CVES boundaries? Are they really selling that much faster?
So… I dug into the numbers, and the answer is “yes” – homes sold during the last year within the CVES boundaries are selling faster, but not to the degree that many think. In other words, homes “Sold in One Day” are the exception – not the rule. (As a side note, I have strong opinions on the whole “Sold in One Day” thing, which you can read about – opinions which are shared by plenty of other real estate professionals.)
Overall during the last year, homes within the CVES elementary boundary have sold one week faster than homes within the North Bend & Snoqualmie Elementary boundaries. (I did not include Fall City Elementary & Eagle Pointe, due to lack of sufficient resale volume). The average Days on Market for homes within CVES boundaries was 14 days, while homes outside of CVES went pending in an average of 21 days.
What Does this Mean for Buyers & Sellers?
While the difference in Days on Market is definitely noteworthy, the market isn’t “hot” enough for Sellers to believe they’ll have multiple offers, or for Buyers to think they must be in a literal “race” to get their offer in above asking price, or worse… casually waive a home inspection! Are some homes still going to get interest from competing buyers? Probably on occasion… since there are those “unique pockets” on the Ridge. But overall, there’s no reason for anyone to expect the kind of stories we hear about so frequently in areas of Bellevue and elsewhere to occur at Snoqualmie Ridge. But again, make no mistake, that we are still in a technical seller’s market.
Want more numbers? I’ve created and shared a spreadsheet of this data below. Please note, that this information is not indicative of school performance. For school rankings & performance data, please consult school ranking websites & official district and/or government resources.
Anthony Gilbert, REALTOR® – is a Snoqualmie Valley resident, and Real Estate Agent with Coldwell Banker Danforth, serving the communities of Snoqualmie, North Bend, Fall City, Issaquah & Sammamish. Have questions regarding the local real estate market? You can contact him at RealFX.com.