Grass Lawn in Redmond, Washington earned the distinction of most competitive neighborhood in 2017. Redfin’s ranking is based on several indicators of competition, including the percentage of homes that sold for more than their asking price, how quickly homes went under contract and annual price growth in 2017.
Nineteen of the 25 most competitive neighborhoods of 2017 were in the Seattle metro area, where 67 percent of homes listed this year were Hot Homes–the highest share of any market–and 62 percent of offers written by Redfin agents faced bidding wars. Competition was strong across the Seattle market, both in more suburban neighborhoods like Grass Lawn and Crossroads (#3) and more urban neighborhoods like Lower Queen Anne (#13). Several neighborhoods in North Seattle made the ranking, including Pinehurst (#2), Victory Heights (#10) and Licton Springs (#11).
In Grass Lawn, 73 percent of homes sold for over asking price and the typical home found a buyer in just six days. The average sale-to-list price ratio was 108.4 percent, an indication that many homes were bid up well above asking price.
“Grass Lawn is so super-competitive because it’s very close to the Microsoft and Google campuses, and tech companies such as Google and Oracle are expanding their footprints in the area. It is a suburban area with mostly older homes,” said Redfin Agent Gina Madeya. “The area offers easy access to one of only two freeways that can get you across Lake Washington and into downtown Seattle and it’s also a short drive from the shops and restaurants in downtown Redmond and Kirkland.”
Yes, those enclaves near the tech jobs of course I must kowtow to, but let’s look at the rest of the list and the price levels. When is the last time you saw a SFH in SF for a half a mil? Easy to be highly competitive when cheap…
Did you read my first part of my post? I acknowledged the peninsula areas, but I think the rest of the list benefits from the lower pricing levels. Isn’t it much easier to gain say +30% at 500K vs say 1.2M list??? I believe the answer is yes…
3 of the Seattle ones are near north gate mall. Light rail is supposed to open there in 2018. People are buying now. It’ll make the commute to Seattle much easier. The area is not great and kinda high crime. It’s a bet in gentrification due to light rail. I’m not sure I’d buy to live there, but it’d be a good place to buy a rental.