The chances of selling a home on the Eastside in November 2007 ranged from a low of 8.8% to a high of 18.7%, with an average of a 13.4% absorption rate.  The chances of selling a home have varied little over the last three months. 

Single family sales activity:

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 November, 2007  3141 homes available, 423 sold, 13.4% chance of selling.

 October, 2007       3398 homes available, 461 sold,  13% chance of selling.

November, 2006    2219 homes available, 559 sold, 25% chance of selling.

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(click on the each area name for a chart showing the latest stats in the area)

The plateau:  Sammamish, Issaquah, North Bend, and Fall City

Sellers had a 12.9% chance of getting a home sold, DOWN from 16.9% last month and DOWN from 24% last year.  Median home prices were down by 2.8%, from $574,975 to $558,944.  Inventory was up by 35% and sales declined by almost 23% from last year.

West Redmond/East Bellevue

Sellers had a 14.5% chance of getting a home sold, UP (oh so slightly) from 14% last month, and DOWN from 42% last year.  Median sales price declined from $550,000 to $521,475.  Inventory was up almost 88% and sales were down by 36%, a huge change since last year.  The increase in inventory is significant, almost double last year’s numbers.

South Bellevue

Sellers had a 11.6% chance of selling a home, UP from 11% last month and DOWN from 25.1% last year.  Median price decreased by5.2% to $605,000 from $638,500. Inventory was up 31% and sales were down almost 40%.

Woodinville/Bothell/Kenmore/Duvall

Sellers had a 13.8% chance of selling a home, UP from 12% last month and DOWN from 32% last year.  Median price was up to $494,975 from $457,495, a 8% increase.  Inventory was up by 32% from last year.

Kirkland

Sellers had a 10.8% chance of selling a home, DOWN a hair from 11% last month and DOWN from 18% last year.  Median price increased by 3.1%, to $689,975 from $669,000. Inventory was up by 28% and sales were down by 23%.

West Bellevue

Sellers had an 8.8% chance of selling a home, DOWN from 10%, and DOWN from 18.8% last year.  Median pricing rose by 42% to $1,349,000 from $949,950.  Inventory climbed by 75% and sales declined by 17%.

Redmond/Education Hill/ Carnation

Sellers had a 18% chance of selling a home, UP from 16%, and DOWN from 20.5% last year.  Median pricing declined by 16% from $699,900 to $585,000.  Inventory increased by 25% and sales dropped by 14%.

 There are many similarities in the numbers as most of the areas performed similarly to October.  Clearly, the market has slowed as fewer homes sold this month than earlier this year.  Just because there’s more consistency in these market indicators, there are still some surprising statistics.  For example, in West Bellevue the median price shot up 42%, even as inventory skyrocketed by 75%.  West Bellevue is not alone in price increases as you can see above in the median price ranges that were up this month from last year. 

 Education Hill has had some of the slower activity this year, but is the top Eastside performer with the highest percentage of homes selling this month.  Ironically, this performance is closer to last year’s sales than the other areas.  Most of the other Eastside areas had a much higher percentage of sales last year, so the numbers for these areas are dramatically lower this year.  While Education Hill had the best performance at almost a 19% absorption rate, it had a steep decline in value in November. 

In other areas, there has been a huge increase in inventory.  Homes for sale in West Redmond/East Bellevue have almost doubled in number since last year.  However, inventory continues to drop overall, putting September as the month with the greatest number of homes for sale.