There are some hot real estate markets in the Seattle area. These “red” hot areas are shown below. The usual suspects of Queen Anne and Capital Hill experienced a hot market in February. The newest suspect, East Bellevue and Redmond near Microsoft, my neck of the Seattle real estate market, was also going strong. In that area, 35% of the available homes sold last month, the best odds on the eastside. It’s exciting to see, since it’s been years since we’ve had “red” or a seller’s market on the eastside.*
I keep hearing about homes selling quickly and with multiple offers in a variety of price ranges. Since most of the eastside is a balanced real estate market,** this only happens for the best homes. It happens for the “red” hot homes with hot prices and in beautiful condition. There are number of other homes that take a while to sell, often with price reductions before getting the offer.
What do the colors mean?
*Red means it’s a sellers’ market, a sellers’ advantage. Homes take less than 3 months to sell.
**Yellow means a balanced market between buyers and sellers. Homes on the average take 3-6 months to sell.
Green means it’s a buyers’ market. Homes take longer than 6 months to sell.
If you take each area as shown on the map and look to the area number on the side of the map, it will tell you how long it would take to sell every home currently for sale if no other home came up on the market in that area.
What do the 3 digit numbers on the map mean?
The map is divided into the numbered areas as defined by our Northwest Multiple Listing Service (NWMLS). Downtown Bellevue is area 520 and East Bellevue is area 530, as an example.
Can you see from the map how the real estate was doing in your city did last month? If you’d like more specific information for your neighborhood, please feel free to contact me.