Real estate on Seattle’s eastside had a great start to 2012. Pending sales were up by 38% and there were 26.5% fewer homes on the market this year than in January, 2011! This is a recipe for a positive real estate market here in the cities of Bellevue, Kirkland, Redmond, Issaquah, Sammamish and Woodinville. In January, 2011 there were over 2300 homes for sale, in July 2011 there were 2879 homes for sale, and this past January there were just 1757 available homes! There were 1000 fewer homes for sale in January, 2012 than in July of 2011. That’s a huge difference. In the first 7 weeks of 2012, the number hasn’t change much, remaining fairly stable. Usually by the this time of the year, we’ve seen a jump in the number of homes for sale.
We expect this year to be a fast paced market for the homes that are priced well and show well. We can already see the increase in activity with one of our listings. We recently listed a home and 20 different groups came to the open house. This means there are lots of buyers out there actively looking for a home.
I also think most people feel like the worst is behind us and it is safe to go out again and buy a home. NPR had a piece with positive economic news on several fronts. Housing starts are up and unemployment is down.
The wrap up for January, 2012 Seattle-eastside real estate:
- 26% fewer homes were on the market in January this year than in 2011.
- The average time a home took to sell was 105 days.
- Sales prices on average were just 9% below the seller’s original asking price.
- 26.5% percent of the homes for sale this January received offers and sold.
As in December, the actual number of homes sold did not change much. Last year 420 homes sold. This year 453 sold. The difference? There was much more competition last year because there were 634 more homes on the market! The lack of supply definitely contributes to a faster market.
What’s happening in your neighborhood? Is the real estate market off to a better start this year?
*The numbers are a result of the real estate sales activity that happened that particular month only. In order to see a trend, it is important to look at a number of months together. One month is only indicative of that particular month’s sales.