So how was the September real estate market on Seattle’s eastside?
The odds of selling a home on the Eastside in September ranged from 13% to 17%, with an average 14% absorption rate.* Most home sellers on Seattle’s eastside had a 14/100 change of selling their home last month. The absorption rates were pretty consistent throughout the whole eastside.
*(The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month. If the absorption rate is 10%, then 10 out of 100 homes sold that month.)
September, 2010 3487 homes for sale 475 homes sold 14% odds of selling.
August, 2010 3492 homes for sale 473 (was 491) homes sold 13.5% (was 15%) odds of selling.*
September, 2009 3518 homes for sale 581 homes sold 19.5% odds of selling.
*(Some home sales fail because of the buyer financing or an inspection. The number of sales is updated when we find out the actual number of homes that sold during that time.)
September, 2009 Seattle-Eastside real estate market compared to September, 2010:
- The average price of pending homes (recently sold homes) went from $532,922 to $521,576. Two neighborhoods showed an increase in prices for the month.
- As of this past week, there were 13,867 King County homes (houses and condos) for sale.
- The number of homes sold on Seattle’s Eastside: down 18% from last year.
- Number of homes for sale on Seattle’s Eastside: Almost 250 more homes for sale than last year.
- The reality is the actual number of homes selling has not changed all that much, it’s the competition that has increased by a huge margin. Since it is more competitive out there, the homes that are priced right and show well are the homes the buyers pick to buy.
Best odds of selling: Redmond, near Microsoft, and East Bellevue.
Worst odds of selling: West Bellevue, although it’s within a hair of most all the other eastside neighborhoods.
Biggest increase in sales from last year: None, there was no increase in home sales from last year to this year in any of the eastside areas.
Smallest increase in sales from last year: No increases.
Decline in home sales from last year: There was a decline in 7 out of the 7 Seattle-eastside areas. West Bellevue had the largest decline in home sales with 30% decline in the number of homes sold. The Sammamish plateau area and the Redmond/East Bellevue area around Microsoft both had 25% decline in home sales.
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: 3487 homes.
What are you seeing in your neighborhood? Are some doing better than others?