The chances of selling a home on the Eastside in December 2008 ranged from a low of 3% to a high of 12%, with an average 8% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers will be rounded off to the nearest whole number, unless the number is exactly .5% between two numbers.
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
December 2008 3169 homes available 243 homes sold, 8% chance of selling.
November 2008 3640 homes available 323 homes sold, 9% chance of selling.
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(click on each area name for a chart showing the latest stats in the area)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
Sellers had 11 % chance of getting a home sold, the UP from 9% last month and DOWN from 12% last year. Median home prices were DOWN, from $639,900 to $516,750. Inventory was up by 4% and sales were down by 1% from last year.
Sellers had a 11% chance of getting a home sold, DOWN from 12%, and DOWN from 16 % last year. Median sales price decreased from $589,500 to $544,475, a decrease of 8%. Inventory was up 18.5% and sales were down 18%.
Sellers had an 6% chance of getting a home sold, DOWN from 9% last month and DOWN from 9% last year. Median price decreased by 10% from $599,975 to $539,950. Inventory was up 7% and sales were down 26.5%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
Sellers had a 7% chance of selling a home, DOWN from 8% last month and DOWN from 9% last year. Median price was down to $399,970 from $549,000, a 27% decrease. Inventory was up by 41% from last year and sales were down by 6%.
Sellers had a 6% chance of selling a home, UP from 5% last month and DOWN from 10% last year. Median price increased by 3%, to $694,450 from $676,475. Inventory was up by 17% and sales were down by 35%.
Sellers had a 3% chance of selling a home, DOWN from 7% last month, and DOWN from 10% last year. Median pricing decreased by 15% to $935,000 from $1,099,000. Inventory increased by 60% and sales decreased by 44%.
Redmond/Education Hill/ Carnation
Sellers had a 7% chance of selling a home, DOWN from 12% from last month, and DOWN from 12% last year. Median pricing increased by 3% from $651,975 to $669,970. Inventory increased by 36% and sales decreased by 20%.
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Some milestones for December, 2008:
It was the toughest month to sell a home located on Education Hill.
Inventory dropped by 500 homes and there were 80 less sales than November on Seattle’s eastside.
The median price in North Kirkland, Woodinville, and Duvall fell under $400,000 for the only time in 2008.
Some big numbers: Inventory was up by 41% in the Woodinville area.
Inventory was up by 60% and sales were down by 44% in West Bellevue.
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Some year end thoughts on the eastside real estate market, many of which will be no big surprise if you are following real estate news:
Every area on the eastside experienced increased inventory and decreased sales when compared to last year. Every area saw a drop in the median price point, although in some months the median price went up. Kirkland is a great example of this. Several months of the year saw an increase in median pricing, although most months did not. People need to remember that an individual month’s real estate statistics reflects only the sales for that month, so, for example, if more expensive homes sold this year in December than last year, the median pricing for this December will be higher. It’s fair to say, no area experienced an increase in median price when the full year’s real estate statistics are evaluated. This is abundantly clear when we see almost every month in every area had more homes for sale and less sales than last year.
The silver lining at the end of the year? Inventory for the year is down dramatically. There were 500 less homes on the market in December than in November, 2008.
This year the uncertainty of the market continues. The latest news, with a possible impact on eastside real estate, is rumored reorganization/layoffs at Microsoft, one of our biggest employers on the eastside. The Seattle Times also had a story about Microsoft in today’s paper, but the rumors have been swirling for weeks. Hopefully, things will turn to a more positive note with a fresh start in The White House. I’m pleased to see the year start with less homes on the market than we saw in mid 2008, however, pricing is still significantly lower than last year. Sellers need to be prepared for the market before listing a home. Staging, competitive pricing, and stellar marketing are all key. Homes that meet these criteria will sell, but pricing will be dictated by the competition and the real estate market.
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Below you will find the real estate statistics for November:
The chances of selling a home on the Eastside in November 2008 ranged from a low of 5% to a high of 12%, with an average 9% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers will be rounded off to the nearest whole number, unless the number is exactly .5% between two numbers.
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
November 2008 3640 homes available 323 homes sold, 9% chance of selling.
October 2008 3975 homes available, 320 homes sold, 8% chance of selling.
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(click on 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 9 % chance of getting a home sold, the SAME as 9% last month and DOWN from 13% last year. Median home prices were DOWN, from $558,944 to $552,500. Inventory was up by 3% and sales were down by 26% from last year.
Sellers had a 12% chance of getting a home sold, UP from 11%, and DOWN from 15 % last year. Median sales price decreased from $521,475 to $479,000, a decrease of 8%. Inventory was up 10% and sales were down 8%.
Sellers had an 9% chance of getting a home sold, UP from 8% last month and DOWN from 12% last year. Median price increased by 13% to $685,000 from $605,000. Inventory was up 6% and sales were down 21%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
Sellers had a 8% chance of selling a home, DOWN from 9% last month and DOWN from 14% last year. Median price was down to $411,750 from $492,975, a 16.5% decrease. Inventory was up by 26% from last year and sales were down by 27%.
Sellers had a 5% chance of selling a home, DOWN from 6% last month and DOWN from 11% last year. Median price increased by 7%, to $739,950 from $689,975. Inventory was up by 13% and sales were down by 52%.
Sellers had a 7% chance of selling a home, UP from 6% last month, and DOWN from 9% last year. Median pricing decreased by 26% to $996,500 from $1,349,000. Inventory increased by 40% and sales decreased by 16%.
Redmond/Education Hill/ Carnation
Sellers had a 12% chance of selling a home, UP from 7% from last month, and DOWN from 19% last year. Median pricing decreased by 4% from $585,000 to $559,900. Inventory increased by 31% and sales decreased by 16%.
The number of homes for sale on the eastside continued its decline below the 4000 mark for the second month in a row
Median prices have dropped back in most neighborhoods, hovering at the last quarter of 2005 and the first quarter 2006 levels. In most areas, median prices are down from last November, 2007, but Kirkland and South Bellevue prices are not lower than the November 2007 prices. Remember, the median pricing for the month reflects only the sales for that month, not the median pricing for the full year. Sellers in Kirkland continue to have the weakest absorption rate for the eastside. In most of the Seattle/Eastside neighborhoods, besides the median pricing being lower than last year, inventory is up, and sales are down. West Bellevue had stronger sales this year than last, the only area on the eastside to do so. However, the 16% increase in sales in West Bellevue translates to 22 from 19 sales in 2007.
Eastside Real Estate Buzz
[...] For a few review of Seattle/Eastside real estate, check out my blog post on eastside real estate buz…. ▶ Comment /* 0) { jQuery(‘#comments’).show(”, change_location()); jQuery(‘#showcomments a .closed’).css(‘display’, ‘none’); jQuery(‘#showcomments a .open’).css(‘display’, ‘inline’); return true; } else { jQuery(‘#comments’).hide(”); jQuery(‘#showcomments a .closed’).css(‘display’, ‘inline’); jQuery(‘#showcomments a .open’).css(‘display’, ‘none’); return false; } } jQuery(‘#showcomments a’).click(function(){ if(jQuery(‘#comments’).css(‘display’) == ‘none’) { self.location.href = ‘#comments’; check_location(); } else { check_location(‘hide’); } }); function change_location() { self.location.href = ‘#comments’; } }); /* ]]> */ [...]
Hi Debra – I love the way you approach the statistics in terms of likelihood of selling a house by percentage. It should be a sobering reminder to the sellers of how difficult the market has become. Thanks for a great post!
[...] If you found this information helpful, I’d also recommend you visit the excellent blog: Debra Sinick’s East Side Real Estate Buzz and her excellent article: http://eastsiderealestatebuzz.com/2009/01/15/what-were-the-chances-of-selling-your-seattleeastside-h... [...]