The odds of selling a home on the Eastside in April, 2010 ranged from a low of 20% to a high of 35%, with an average 27% 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.)
April, 2010 3084 homes for sale 847 homes sold 27.5% odds of selling.
March, 2010 2923 homes for sale 695 (was 778) homes sold 24% (was 27%) odds of selling.*
April, 2009 3600 homes for sale 477 homes sold 13% odds of selling.
*Adjusted from previous month’s numbers to reflect the actual number of homes sold and closed. Each month some sales fall apart and don’t close. A lower number of home sales may be reported at a later date to show the actual number of sales that did close.
April, 2009 Seattle-Eastside real estate market compared to April, 2010:
- Home sales continued on a roll in all Seattle-Eastside cities.
- As of this past week, there are 13,102 King County homes (houses and condos) for sale.
- Overall, the Seattle eastside number of homes for sale continues to rise as the year progresses with only a few dips in numbers for sale since the first of the year.
- The median price was down by 5%. (Keep in mind this is comparing last April’s numbers to this April and is not an indication of the total drop in price for the year.)
- Home sales on Seattle’s Eastside: up 47%!
- Number of homes for sale on Seattle’s Eastside: down 18%
Best odds of selling: Redmond, near Microsoft, and East Bellevue with the greatest odds of selling as 35% of the homes got offers.
Worst odds of selling: West Bellevue, with 20% of the homes getting accepted offers.
Biggest increase in sales from last year: There was 102% increase in the number of Kirkland homes sold this April than last April. Kirkland was the only area with a triple digit increase this month.
Smallest increase in sales from last year: Woodinville, Bothell, Kenmore, Duvall with an 18% increase in home sales over last year.
Decline in real estate sales from last year: None on the eastside. More homes sold in all areas of Seattle’s eastside this April than April, 2009.
The peak of homes for sale in 2008: July, 4370 homes.
The peak of homes for sale in 2009: June, 3859 homes.
The number of eastside homes for sale at the start of 2010: 2584 homes
The number of eastside homes for sale now: 3084 homes.
Rate of home sales that failed and did not close: 13%
Seattle Eastside home sales should continue to be strong in May. My team and I are getting phone calls from both buyers and sellers who still want to make a move, but may have not been ready to do so simply for the tax credit.
What’s happening in real estate in your area? Are homes selling? Do you think you’ll see a change in real estate because the tax credit is gone?