With a 46% chance of getting a home sold in May, home sellers in Bellevue, Kirkland, Redmond and other eastside cities had great odds of getting their home sold. We saw a slight uptick in the number of homes for sale, but that did not change the fast paced nature of the market. When almost half of the homes for sale are selling, a few more listings doesn't make that much difference.
But if many more listing come on the market will that change the balance of the market between buyers and sellers? Time will tell, but historically when the demand outstrips the supply, we have a fast paced sellers market. If the supply increases, the competition between listings could heat up and we could have a good market, but not as fast paced. The market would be more balanced between buyers and sellers. The market balance in the upcoming months will hinge on the supply of available homes and the number of buyers.
The market is great, but 54% of the homes did not sell. One of the necessary elements necessary for a quick, well priced sale was more than likely missing for many of these homes. The homes that did not sell may have needed to be better priced or have sharper photos, smart staging and/or marketing. These homes may not have gotten the attention from the savvy buyers if one of the key elements for a successful sale was missing. They focused on those homes that are well priced and show well.
How did this past May compare to May of 2011?
- 46% of the available homes sold this past May, 24% sold in May, 2012.
- Homes sold in 58 days, which is down from 76 days in May, 2012.
- Median pricing remained the same at $500,000. This is very good news!
- Homes sold within 96% of the original asking price. Last year homes sold within 92% of the asking price.
- 23% more homes sold this year.
The market stats over the next few months will dictate whether Seattle-eastside real estate will remain a hot seller's market.
Will the number of listings increase?
Will the number of buyers decrease?
Will prices continue to increase slightly?
Stayed tuned to to see how our eastside real estate market turns out! Check in with us next month.
If you'd like more information specific to your home, don't hesitate to contact us.