Seattle Eastside Real Estate Sails into The New Year!

 

In January, buyers were lining up to buy the few available homes on Seattle's Eastside.  Sixty-five percent of the homes on the market sold!  There were so many buyers that most homes attracted multiple offers and sold for over full price. 

For many months now, I've repeated myself.  I've been reporting that the number of homes for sale during each of the last few months is the lowest number in 15 years, yet with each month the number has gotten smaller and smaller.  The start of 2013 marks the first time the number of homes for sale has dropped below 1000 homes in such Eastside cities of Bellevue, Redmond, Kirkland, etc,  I checked back to 1990, 23 years ago, and this is the lowest, and the lowest by far, number of homes for sale.  Traditionally, there are several thousand homes for sale.

Sales, on the other hand, are high.  Eastside real estate sales increased by 17% from January, 2012, while the number of homes for sale dropped by 44%.  Redmond and East Bellevue continue with the top the absorption rate.*  Over 95% of the homes near Microsoft sold last lmonth!  There were only 44 homes on the market in those areas and 42 sold! 

Fewer homes to buy + more sales = hot market. 

Sellers, your ship has come in!  But keep in mind, the homes that sell for the best prices are in show condition, not in need of repairs and are priced right. 

Buyers, you have more of a challenge in this market.  But it can be done.  You can buy a home.  Be prepared with a strong pre-qualification letter, learn your market, and have a Realtor representing you who is a savvy negotiator in multiple offer situations. 

 

Here are the specifics for January, 2013 as compared to January, 2012:

 

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

*The absorption rate is the percentage calculated by dividing the number of sales by the number of homes for sale.

Posted on February 12, 2013 at 6:51 pm
The Beaupain Team | Category: Bellevue, WA, Eastside Real Estate, For Buyers, For Sellers, Kirkland, Market Statistics, Real Estate, Redmond | Tagged , , , , , , , , , ,

Leave a Reply

Your email address will not be published.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