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How hot was the Seattle Eastside real estate market in July?
The market was still hot, even if our summer has only been hot the last couple of weeks!
Ironically, it looks like July was almost a mirror image of June. Real estate stats for the two months are almost the same. The exact same number of homes were for sale in both June and July! We never see this.
Did the number of homes for sale increase? No
Did the number of buyers decrease? Sales increased by one!
Did prices continue to increase? Yes, they have continued to increase, but only slightly.
Even though the media has reported that real estate prices increased by 7% from July, 2011, truthfully, prices have not increased by that much on Seattle's Eastside, which encompasses the cities of Bellevue, Redmond, Kirkland, Issaquah, Woodinville, Sammamish. If prices were up by 7%, we would be heading towards a market similar to what existed before the market crash. I recently posted an article explaining what the actual increase in pricing is for eastside homes. Check it out because it gives a realistic explanation as to what is truly happening with market pricing.
With a 38% chance of getting a home sold in July, Seattle eastside home sellers had great odds of getting their home sold. The odds have dropped slightly over the last few months from March's high.
How did this past July compare to July of 2011?
- 38% of the available homes sold this past July, 21% sold in June, 2011.
- Homes sold in 64 days, which is down from 90 days in June, 2011.
- Last year median pricing was at $504,000. This year, median pricing was $517,000.
- Homes sold within 2% of the original asking price. Last year homes sold within 4% of the asking price.
All these statistics point to the positive. More homes sold in a shorter amount of time, and the median price was slightly higher than last year. Homes are selling in a shorter amount of time, with less of a price reduction and prices have stayed fairly stable when compared to June of 2011.
If you'd like more information specific to your home, don't hesitate to contact us.
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How hot was the Seattle Eastside real estate market in July?
The market was still hot, even if our summer has only been hot the last couple of weeks!
Ironically, it looks like July was almost a mirror image of June. Real estate stats for the two months are almost the same. The exact same number of homes were for sale in both June and July! We never see this.
Did the number of homes for sale increase? No
Did the number of buyers decrease? Sales increased by one!
Did prices continue to increase? Yes, they have continued to increase, but only slightly.
Even though the media has reported that real estate prices increased by 7% from July, 2011, truthfully, prices have not increased by that much on Seattle's Eastside, which encompasses the cities of Bellevue, Redmond, Kirkland, Issaquah, Woodinville, Sammamish. If prices were up by 7%, we would be heading towards a market similar to what existed before the market crash. I recently posted an article explaining what the actual increase in pricing is for eastside homes. Check it out because it gives a realistic explanation as to what is truly happening with market pricing.
With a 38% chance of getting a home sold in July, Seattle eastside home sellers had great odds of getting their home sold. The odds have dropped slightly over the last few months from March's high.
How did this past July compare to July of 2011?
- 38% of the available homes sold this past July, 21% sold in June, 2011.
- Homes sold in 64 days, which is down from 90 days in June, 2011.
- Last year median pricing was at $504,000. This year, median pricing was $517,000.
- Homes sold within 2% of the original asking price. Last year homes sold within 4% of the asking price.
All these statistics point to the positive. More homes sold in a shorter amount of time, and the median price was slightly higher than last year. Homes are selling in a shorter amount of time, with less of a price reduction and prices have stayed fairly stable when compared to June of 2011.
If you'd like more information specific to your home, don't hesitate to contact us.
