Homes in East Bellevue and Redmond near Microsoft sold the fastest on Seattle’s eastside in October. Homes sold in under 2 months, at 59 days. Market time for the other eastside cities, ranged from 99-117 days or just shy of 4 months. This is a reasonable market time as it shows a more of a balanced market between buyers and sellers. It’s actually a normal market and is better for “both sides of the table.”
The odds of selling a home in the Redmond and East Bellevue areas stood at 30%, which also was the strongest absorption rate to be found on the eastside.* Chances of selling ranged from 19-26% in the other eastside cities.
The Redmond and East Bellevue area near Microsoft comes out on top for market time and a higher absorption rate because of more affordable housing, good jobs, an easier commute and good schools. With the main Microsoft campus in Redmond right on the Bellevue line, there are lots of jobs right there. In addition, there’s easier freeway and bus access to Seattle than in the outlying suburbs.
The higher price point in West Bellevue means fewer buyers can afford to live there. Affordability issues increase the market time. Longer market time here is a function of pricing, not desirability. West Bellevue is considered to be one of the best locations on the eastside.
Two of the areas had an increase in the median pricing, Redmond and East Bellevue and Redmond and Education Hill. Changes in median pricing, however, need to be looked at over a period of months since the median price for this month reflects the sales for this month only.
Why is market time important? It’s one indication of the desirability and affordability of an area. Both are key to future growth and appreciation. People like to live in convenient areas with good schools and affordable housing.
The cities below are grouped together to follow our MLS areas (multiple listing service) and shows how our statistical information is reported. How did your city do this past month?
Which Seattle-eastside city had the fastest selling homes in October, 2011?
1. Redmond/East Bellevue
The odds of selling a home were 30%.*
Median sales price increased (y-o-y)** to $435,000 from $427,000.
193 homes were for sale
A total of 58 homes sold.
Days on the market: 56
The odds of selling a home were 26%.
Median price decreased from $592,000 to $501,000.
234 homes were for sale.
A total of 60 homes sold.
Days on Market: 99
3. Redmond/Education Hill/ Carnation
The odds of selling a home were 19%
Median pricing increased from $541,000 to $580,000.
321 homes were for sale.
A total of 62 homes sold.
Days on Market: 100
The odds of selling a home were 22%.
Median price was down from $377,000 to $370,000.
540 homes were for sale.
A total of 117 homes sold.
Days on Market: 101
5. South Bellevue/Issaquah
The odds of selling a home were 24%.
Median price decreased from $580,000 to $500,000.
338 homes were for sale.
A total of 81 homes sold.
Days on market: 104
6. The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 23%.
Median sales price decreased from $500,000 to $460,000.
There were 650 homes for sale.
A total of 158 homes sold.
Days on the market: 108
7. West Bellevue
The odds of selling a home were 22.5%.
Median pricing decreased from $985,000 to $878,000.
128 homes were for sale.
A total of 31 homes sold.
Days on Market: 117
If you’d like more specific information about your neighborhood or home, feel free to contact either Brooks or me.
*(The odds of selling a home in each area is a result of the number of homes for sale divided by the actual number of home sales, so if 10 out of 100 homes sold, the odds of selling would be 10/100 or 10%)
** (y-o-y) median pricing is comparing year over year numbers.