Are Seattle-eastside home sales going “merrily” along? Merrily may be an extreme word to use in this case to describe Seattle-eastside real estate, however, it’s good news to see in 5 of the 7 eastside areas, there were more home sales this November than last. In some areas, there was a huge increase in the number of homes sold when compared to last year.
The odds of selling a home on the Eastside in November ranged from 15% to 23%, with an average 17% absorption rate.* Most home sellers on Seattle’s eastside had a 17/100 change of selling their home last month.
*(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 the 100 homes for sale sold that month.)
November, 2010 2818 homes for sale 485 homes sold 17% odds of selling.
October, 2010 3267 homes for sale 477(was 519) homes sold 15% (was 16%) odds of selling.*
September, 2010 3487 homes for sale 422 homes sold 12% odds of selling.*
November, 2009 2943 homes for sale 431 homes sold 15% 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.)
November, 2009 Seattle-Eastside real estate market compared to November, 2010:
- The average price of pending homes (recently sold homes) went from $612,955 to $532,907.
- As of this past week, there were 11,519 King County homes (houses and condos) for sale, there are about 3000 less homes for sale in King County now than in July.
- The number of homes sold on Seattle’s Eastside: down 15% from last year.
- Number of homes for sale on Seattle’s Eastside: About 450 fewer homes for sale than in October, 669 less than in September and 125 less than November of 2009.
- If you look at all 4 months worth of sales above, you can see the number of homes sold does not vary as much as the number of homes for sale. Each month, between 422-485 homes sold. Whereas the number of homes for sale varied by as much as 600 homes.
Best odds of selling: South Bellevue/Issaquah, and East Bellevue/Redmond areas around Microsoft.
Worst odds of selling: West Bellevue and Woodinville/North Kirkland/Kenmore and Bothell.
Biggest increase in sales from last year: East Bellevue/Redmond near Microsoft.
Smallest increase in sales from last year: Kirkland, which had the highest increase in sales last month.
Decline in home sales from last year: There was a decline in 2 out of the 7 Seattle-eastside areas. Sammamish/Issaquah/North Bend/ Fall City had the largest 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 peak of homes for sale in 2010: August, 3492 homes.
The number of eastside homes for sale at the start of 2010: 2584 homes
How are home sales going in your neighborhood? Do you see less “for sale” signs out there this past month?