August Real Estate Keeps Moving on Seattle’s Eastside

How was the real estate market on Seattle's eastside in August?

The market has been" steady as she goes!"  This is a very good thing.  We are experiencing a great real estate market that has followed a trend over the last few months and is far better than last year at this time.  

The number of homes for sale has hardly changed at all.  Ok, there were 8 fewer homes for sale in August, but that's just a drop in the bucket.  And as we mentioned in a recent, the exact same number of homes were for sale in both June and July! 

Did the number of homes for sale increase?

No, It hardly changed, but it did decline slightly.  This had little impact on the market.

Did the number of sales increase? 

Yes, by 6%. So we had about the same number of homes for sale, but more homes sold in August.  This sounds good to me. 

Did prices continue to increase? 

Yes, they have continued to increase, but only slightly.  Median pricing in July was $512,000.  This August it's $520,000.  Last August median pricing for the eastside was $506,000. 

This is the third month in a row that median pricing has been up for the year.  Again, this is a great trend!

The Seattle Times gave a very positive picture of the entire King County real estate market, which includes Seattle and the eastside cities of Bellevue, Kirkland, Redmond, Issaquah, Woodinville, and more.  Glenn Crellin of UW's Runstad Center for Real Estate Studies said:

But for now, he added, the local market looks healthy. Rising prices are giving more formerly "underwater" homeowners — who once owed lenders more than their homes were worth — equity in their houses again, he said.

How did this past August compare to August of 2011?

  • 38% of the available homes sold this past August,  20% sold in August, 2011.
  • Homes sold in 63 days, which is down from 85 days in August, 2011.  Homes are selling more quickly.
  • Last year median pricing in August was at $506,000.  This year, median pricing was $520,000.
  • Homes sold within 4% of the original asking price.  Last year homes sold within 7% of the asking price.

Is the Seattle eastside market strong?  Yes, particularly compared to last year when there were almost 1000 more homes for sale!  Add that to the fact that almost 1/3 more homes sold this past August than in 2011!

How does all this information impact you, if you're a seller?

Know how quickly homes in your area are selling.  If your home is on the market for longer than the competition, there's a good chance your home is overpriced. 

We recently spoke with a seller and told him the last few homes in his area in his price range sold in 2, 5, and 11 days.  If his home is on the market for about 10-12 days with no offers, then his home will be overpriced for the market.  Pricing a home correctly is the most important thing you can do as a seller.  The next most important thing to do is hire someone who will guarantee you"ll have professional photography.  Your home will have about 3 seconds to grab a buyer's attention on the internet, so make that 3 seconds work for you.  If your home has lousy photos, you could potentially lose a good buyer.  Make sure your home is decluttered, staged with your own furniture and good staging advice or with staged with the stager's furniture.  As a seller, you're painting a picture for the buyer of how "cool" and wonderful it would be to live in your home, so set the stage, literally!

How does this information impact you as a buyer?

There is enough turnover in the supply each month for buyers to learn what values are in the marketplace.  Find out what's available in your price range in your areas so you'll be prepared when the right home comes up.  In some areas, multiple offers are the norm.  In others, there may be some flexibility in the price.  But if it is a well priced home that shows beautifully, expect it to sell quickly and for close to, if not, full price. 

If you'd like more information specific to your home, don't hesitate to contact us.

Posted on September 12, 2012 at 6:07 am
The Beaupain Team | Category: Bellevue Real Estate, Bellevue, WA, Eastside Real Estate, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, Kirkland, Real Estate, Redmond, Sammamish, WA | Tagged , , , , ,

Leave a Reply

Your email address will not be published. Required fields are marked *