The odds of selling a home on the Eastside in August, 2010 ranged from a low of 6% to a high of 21%, with an average 14% absorption rate. This month, West Bellevue is in the single digits, at 6%.
The real estate activity in the summer months has turned out to be very different than the activity in the spring. Clearly, both buyers and sellers rushed to buy and sell before the tax credit expired. We have a buyers’ market for most of the eastside again, which means buyers can choose from a variety of nice homes and probably not find other buyers competing with them.
(The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
August, 2010 3492 homes for sale 491 homes sold 15% odds of selling.
July, 2010 3468 homes for sale 470 homes sold 13.5% odds of selling.
August, 2009 3604 homes for sale 580 homes sold 16% odds of selling.
August, 2009 Seattle-Eastside real estate market compared to August, 2010:
- The average price of pending homes (recently sold homes) went from $543,639 to $532,692. Some neighborhoods showed an increase in prices for the month.
- As of this past week, there were 14,333 King County homes (houses and condos) for sale, less than late July’s high of 14,639.
- Home sales on Seattle’s Eastside: down 2.5% from last August’s number.
- Number of homes for sale on Seattle’s Eastside: down 3% from last year.
- The reality is some homes are selling well, but it is only those homes priced well and showing well.
Best odds of selling: Redmond, near Microsoft, and East Bellevue.
Worst odds of selling: West Bellevue
Biggest increase in sales from last year: An 8% increase in home sales in Redmond, near Microsoft and East Bellevue.
Smallest increase in sales from last year: Same as above. This area had the only increase in Seattle-eastside home sales in August.
Decline in real estate sales from last year: There was a decline in 6 out of the 7 Seattle-eastside areas. West Bellevue had the largest decline in home sales with 65% decline in the number of homes sold.
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: 3492 homes.