Seattle/ Eastside Residential Real Estate, May 2009
The chances of selling a home on the Eastside in May 2009 ranged from a low of 12% to a high of 23%, with an average 16% 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 are 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:
May, 2009 3841 homes for sale 624 homes sold 16% chance of selling.
April, 2009 3600 homes for sale 497 homes sold 17% chance of selling.
May, 2008 4305 homes for sale 478 homes sold 11% chance of selling.
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(You can still find the MLS charts by clicking on each of the cities below. Those charts have some of the same information as the chart above, but also show the real estate trends for the last 5 years, including median pricing for each city and whether the number of homes for sale and the number of sales are up or down. If you look at the charts by city, you’ll notice the total number of homes for sale and the number of homes sold can vary slightly from those charts to the chart above. The information for the charts is gathered at slightly different times. Regardless of the exact numbers, it’s clear the charts show the same trends, which is the most important piece of information.)
(click on city names for a chart showing the latest stats in the area)
The plateau: Sammamish, Issaquah, North Bend, and Fall Ciy
The chances of selling were 17%.
Median sales price decreased by 15% from $614,900 to $524,950.
Inventory was down by 15% and sales were up by 15% from last year.
The chances of selling were 23%.
Median sales price decreased to $515,000 to $559,950 a decrease of 8%.
Inventory was down 16% and sales were up 43%.
The chances of selling were 17%.
Median price decreased by 11.5% from $699,475 to $619,000.
Inventory was down by 18.5% and sales were up 25%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The chances of selling were 17%.
Median price was down to $459,500 from $499,950, an 8% decrease.
Inventory was down by12% from last year and sales were up by 58%.
The chances of selling were 12%.
Median price decreased by12%, from $679,000 to $599,950.
Inventory was down by 10% and sales were up by 16%.
The chances of selling were 18%.
Median pricing decreased by17% from $1,325,000 to $1,097,975.
Inventory decreased by 2 % and sales increased by 143.5%.
Redmond/Education Hill/ Carnation
The chances of selling were 17%
Median pricing decreased by 12% from $650,000 to $569,895.
Inventory decreased by 8% and sales decreased by 25%.
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Thoughts on the May 2009 Seattle Eastside real estate market:
- May is the second month in a row for the odds of selling a Seattle/Eastside home falling in double digit range.
- Most eastside neighborhoods had 17% odds of homes selling. Seventeen out of 100 homes had offers accepted last month and are now pending.
- Best odds of selling: Redmond, near Microsoft, and East Bellevue with a 23% chance.
- Most difficult odds of selling: Kirkland with a 12% chance.
- The stand-out area, which is often the case, is East Bellevue and Redmond, close to Microsoft. This area’s absorption rate was the last to slow down and is the first to come back to life. Twenty-three percent of the homes for sale sold there in both April and May.
- The biggest increase in the chances of getting a home sold: West Bellevue.
- The number of homes for sale is down and home sales were up all over the eastside.
- Are real estate prices increasing on Seattle’s Eastside? No, the number of sales has increased dramatically, but not the prices.
Eastside Real Estate Buzz
