Bellevue Real Estate « Eastside Real Estate Buzz

Bellevue WA condos, condo sales, Issaquah WA condos, Kirkland WA condos, Redmond WA condos, Sammamish WA condos, Seattle-eastside condo sales

What Were The Odds of Selling Your Seattle-Eastside Condo in July, 2010?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on August 12, 2010 at 1:29 pm

Condo Sales on Seattle's Eastside, July 2010

Seattle Eastside Condo Sales July 2010

(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)

July, 2010 1552 condos for sale 144 condos sold 9% odds of selling.

June, 2010 1487 condos for sale 131 (was 154) condos sold 9% (was 10) % odds of selling.

May, 2010 1425 condos for sale 117 (was 125) condos sold 8% (was 13%) odds of selling.*

July, 2009 1441 condos for sale 159 condos sold, 11% odds of selling.

*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close. Some of the reasons sales fail are the buyer and seller don’t agree on the building inspection, the condo does not appraise for the sales price or the buyer’s financing does not come through.

Sales have clearly slowed down from April’s peak. This may be because many first time buyers rushed to buy a home while the tax credit was in place and not as many buyers are out there right now. It also could be because people are fearful of the future. It’s unfortunate as there are some good properties out there and great interest rates.

Bellevue Real Estate, Issaquah Real Estate, Redmond real estate, Sammamish real estate, Seattle Eastside real estate, Seattle real estate, Woodinville real estate

How Did July, 2010 Seattle-Eastside Real Estate Sales Stack Up In Your Neighborhood?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Windermere Real Estate, Woodinville, WA, Woodinville, WA Real Estate, real estate on August 12, 2010 at 10:38 am

The plateau: Sammamish, Issaquah, North Bend, and Fall City

How did July, 2009 stack up to July, 2010 in your neighborhood?

(Click on the cities below to see real estate trends for the past 5 years. You’ll find the median pricing for each city and whether the number of homes for sale and the number of sales went up or down. The odds of selling a home in each area is a result of the number of homes for sale divided by the actual number of home sales.)

The odds of selling a home were 12.5%.

Median sales price increased from $525,000 to $539,950.

The number of homes for sale increased by 2% and sales were down by 24% from last year.

The odds of selling a home were 16%.

Median sales price dropped from $470,000 to $422,475.

The number of homes for sale increased by 8% and sales were down 27%.

Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The odds of selling a home were 16.5%.

Median price decreased from $617,000 to $599,475.

The number of homes for sale dropped by 16% and sales were UP by 5%.

The odds of selling a home were 14%.

Median price dropped by 2%, from $460,000 to $449,950.

The number of homes for sale declined by 9% and sales were down by 13.5%.

The odds of selling a home were 15%.

Median price decreased to $549,900 from $599,000.

The number of homes for sale declined by 16.5% and sales were UP by 3%.

The odds of selling a home were 11.5%.

Median pricing was UP from $950,000 to $1,299,000.

The number of homes for sale decreased by 24% and sales decreased by 31%.

The odds of selling a home were 17%

Median pricing increased from $499,000 to $548,000.

The number of homes for sale increased by 1% and sales decreased by 5%.

Although real estate numbers are mostly down on Seattle’s eastside, 3 areas, similar to last month, showed an increase in median prices while the others all showed a reduction. Most likely, this was a result of more high end sales than seen previously this year. Many of the first time buyers bought because of the tax credit, so there are fewer first time home buyers making entry level purchases.

The high end real estate market is performing better than it was earlier this year. In July, West Bellevue had a 37% increase in the median pricing, a direct result of the homes that sold that month. This number greatly influenced the trend in the eastside showing the median pricing to increase in July. Median pricing is a function of the actual homes that sell during that particular month.

So I’d recommend not getting too excited if the median pricing went up this past month in your neighborhood. It will be important to see if the trend continues and it’s not just because more high end homes are selling.

The number of home sales were down in almost all of the Seattle eastside neighborhoods, which follows a typical pattern for summer when people choose to do other things, like go on vacation, than look for a home. Slower sales may also be impacted by the fear about jobs and the economy.

Bellevue Real Estate, Issaquah Real Estate, Kirkland real estate, Redmond real estate, Sammamish home sales, Seattle real estate, Woodinville real estate

What Were The Odds of Selling Your Seattle-Eastside Home in July, 2010?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA, Woodinville, WA Real Estate, financing, real estate on August 11, 2010 at 9:50 am

Real Estate Sales for Seattle-Eastside, july, 2010

Seattle-Eastside Residential Real Estate Sales, July 2010

The odds of selling a home on the Eastside in July, 2010 ranged from a low of 11.5% to a high of 17%, with an average 14% absorption rate.(The absorption rate is the number of homes for sale in a month divided by the actual number of homes sold that month.)

July, 2010 3468 homes for sale 501 homes sold 14% odds of selling.

June, 2010 3360 homes for sale 475 (was 503) homes sold 14%(was 15%) odds of selling.*

May, 2010 3209 homes for sale 492 homes sold 15% odds of selling.*

July, 2009 3819 homes for sale 516 homes sold 13.5 % odds of selling.

June, 2009 3859 homes for sale 563 homes sold 15% odds of selling.

*Adjusted from previous month’s numbers to reflect the actual number of homes sold and closed. Each month some sales fall apart and don’t close. A lower number of home sales may be reported at a later date to show the actual number of sales that did close.

For the past few months, the absorption rate for all the Seattle-eastside areas has been in the teens, hovering around 13-15%. May, June, and July all had similar absorption rates. Since May of 2009, the number of homes that have sold each month has not varied all that much, with the exception of March and April of this year. March and April had higher sales because of the tax credit.

Where we see more of a difference is in the number of homes for sale on Seattle’s eastside. Last year there were 3819 homes for sale in July, 2009. This year there are 10% less homes on the market. But even with less homes on the market, the odds of selling are about the same.

We have the lowest interest rates since 1971. Plus, our Seattle eastside real estate market is clearly a buyers’ market again, since the absorption rate is so low. It’s very obvious when shown on a map of the area. I’ll post a map of the Seattle eastside showing where buyers and sellers markets are located later this week. The reality is, however, that most of the real estate markets are buyers’ markets right now.

So why are real estate sales so sluggish? My guess is the “fear factor.” People are still worried about the economy. Plus, with interest rates predicted to remain low for the foreseeable future, there’s also no sense of urgency to buy.

Why do you think the Seattle eastside real estate market is slower?

_____________________________________________________________

July, 2009 Seattle-Eastside real estate market compared to July, 2010:

The average asking price of pending homes (recently sold homes) went from $558,397 to $573,617. (This does not show what the homes actually sold for.)
This week, there were 14,414 King County homes (houses and condos) for sale.
Two weeks ago may have been the peak of the number of homes for sale this year when 14,639 homes were on the market.
Home sales on Seattle’s Eastside: down 13%.
Number of homes for sale on Seattle’s Eastside: down 10%

Best odds of selling: Carnation and Redmond, from downtown to north and east, with 17% of the homes getting accepted offers. Ironically, last month this area had the worst odds of selling at 9%.

Worst odds of selling: West Bellevue, with 11.5% of the homes getting accepted offers.

Biggest increase in sales from last year: A 5% increase in South Bellevue home sales, which is the biggest increase.

Smallest increase in sales from last year: Kirkland, with a 3% increase. There were only two areas with an increase in the number of home sales on Seattle’s eastside.

Decline in real estate sales from last year: There was a decline in 5 out of the 7 Seattle-eastside areas with the largest decline in home sales in West Bellevue with a 31% decline in the number of homes sold.

The peak of homes for sale in 2008: July, 4370 homes.

The peak of homes for sale in 2009: June, 3859 homes.

The number of eastside homes for sale at the start of 2010: 2584 homes

The number of eastside homes for sale in July, 2010: 3468 homes.

Rate of home sales that failed and did not close: 6%

For a picture of King County sales, check out The Seattle Times. The headline states sales are down, but prices are up. Keep in mind the headline may not represent each area. Prices are up slightly in some areas, down in others, and sales are down in 5 out of 7 eastside areas.

Affordability of Bellevue WA homes, Bellevue, Bellevue WA Schools, WA

Bellevue, WA=Great Schools, But Is It Affordable?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, real estate on July 22, 2010 at 10:54 am

It’s ironic that the articles about schools linked below were recently published, as last week I met with a past client who raised this very issue. My last post commented on home values and school systems.

My client bought his first home from me 5 years ago. It was a new home in a city with an excellent school system, but not the top school system on Seattle’s eastside. Now that his daughter is 5 years old, he’s looking at the different school systems even more closely. He’s done his homework and checked out such websites as Great Schools and Education. com. He’s read about the different school systems in the area and narrowed his choice down to the Bellevue, WA Schools. The Bellevue Schools have been honored in a variety of places. The high schools listed are in Newsweek’s Top 100 list and US News’ list.

But is the Bellevue School district affordable? My client wanted to know. He had questions about what he could afford and find in Bellevue. He owns a 5 year old home with 2300+ square feet out in Sammamish.

According to the article, Bellevue is not an affordable town. (Affordable is a relative term and each area will have a different affordability scale.) No matter where you live and what the affordability is of homes in your area, the rule of thumb is if a home is in a desirable school district, then it’s probably more expensive than a similar home in a less desirable district.

But even in some expensive school districts, prices can vary.

So what types of homes and prices can you find in Bellevue, WA? Here’s a snapshot of a typical week’s homes for sale during a week in July, 2010, which is representative of the housing available in Bellevue.

In Bellevue, homes can be found ranging from the high $200′s to multi-million dollar homes. If you divide Bellevue into areas, it’s easier to see what you can get in each area of Bellevue. Bellevue is divided into three main areas, West, East, and South Bellevue.

West Bellevue

The home of Bill Gates Jr, Charles Simonyi and other billionaires and uber-millionaires has some of the most expensive real estate in the country. (West Bellevue, also includes the towns of Hunts Point, Yarrow Point, and Medina, some of the priciest locations in the state and the country.)

Here’s a sampling of the homes available this week in West Bellevue:

Under $500,000- 4 homes

some of which are truly lot value with small, older homes. One home is a remodeled, most need to be remodeled and are small.

$500,000-$1,000,000- 35 homes

Ranging from homes built in the mid 50′s to the 60′s with 1400-2000 square feet to larger homes with a huge variety of square footage. Most of the homes were built from 1950-to the end of the century. Newer homes in this price range are generally smaller.

$1,000,000+ 66 homes

often with gracious appointments, lush grounds, views or waterfront. There’s an abundance of styles, ages, and square footage available. These homes are among the priciest homes in the area with a significant number of multimillion dollar homes.

East Bellevue

Under $300,000 10 homes

older ranch style homes with square footage usually around 1500 square feet. Some homes are bank owned, some in need of remodeling.

$300-$500,000 105 homes

(notice how many more homes are available in this price range than the other Bellevue neighborhoods. Here’s where you can find more home for your money and in less expensive neighborhoods)

$500-$1,000,000 79 homes

You’ll find large ramblers, 2 story hoomes, and all other styles. the homes in East Bellevue in this price range are usually terrific homes. East Bellevue is the most affordable part of Bellevue to find a home.

$1,000,000+ 18 homes

some with waterfront on Lake Sammamish, others are new construction.

South Bellevue

Under $300,000 4 homes One is a short sale, 1 is partially remodeled, and two are older smaller homes.

$300-$500,000 33 homes

Ranging from small rambler (ranch style) homes of 1000 square feet up to two story homes built in the 1960-1980′s with 2800 square feet. There are mid-entry and tri-level homes along with one and two story homes in this price range. Mid-entry and tri-level homes will be the most affordable and offer the most square footage for the money. If you want a home with some size and in good condition, you’ll be spending closer to $500,000. The lower end of this price range buys you a small home.

$500-$1,000,000 57 homes

Here you’ll find larger one level homes with 3 and 4 bedrooms. Two story homes built after 1980 with square footage ranging up to 3000+. You’ll also find large mid-entry and tri-level homes.

$1,000,000+ 37 homes

Upscale neighborhoods with drop dead gorgeous views of Seattle, Bellevue, the mountains, and lakes abound with homes ranging from mid-century modern ramblers on large lots to all styles of homes with views and lots of square footage. Many of the homes were built after 1980. Homes can be found with substantial square footage, high end amenities, and excellent quality and finish work.

The most affordable part of Bellevue is East Bellevue, although there are affordable houses all over. However, what you can get for your money is vastly different in each of these areas as you can see from the above. There are options, though, and everyone has to decide the value of the schools in relation to the type of home available.

Are there great schools in other parts of the Seattle-Eastside? Yes, if you look at the lists above, other schools in Lake Washington School District, as an example pop up. Woodinville High School is another great school. These are not the only great schools. There are more out there on the eastside. Bellevue has some affordable housing, but some home buyers may want newer or larger homes for the money and may need to look at other Seattle-eastside cities.

The beauty of the Seattle-eastside is there are great schools and some great housing all over. There are options.

good schools and good real estate, making a good home purchase, schools affect real estate value

Good Schools=Good Real Estate Values

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Local news and information, real estate on July 20, 2010 at 9:47 am

Looking for a home and want a good neighborhood which maintains its value over time? Even though prices have dropped considerably and homes are more affordable, it’s important to investigate everything that could add value to your home purchase. No matter whether you’re a single person, have a family or are an empty nester, look at the reputation of the local school system. It can add or detract from the value of your home and its ultimate price tag when you go to sell. It’s something to think about here on the eastside as we have many good schools in several school districts, but the Bellevue Schools come to mind first, since they’ve been mentioned both in Newsweek and US News.

Check out local city websites and school system websites. It’s so easy today to google a specific school system and find out all kinds of information.

From the bubble info blog:

When housing markets go south, “areas with exceptional schools tend to hold their value better than the market overall,” says Michael Sklarz, president of Collateral Analytics, a Honolulu-based firm that specializes in real estate data analysis.

From Sarah Max of The Wall Street Journal:

State assessments, independent ratings from websites like GreatSchools and Education.com and annual magazine rankings of America’s top high schools have not only made it easy for parents to factor school test scores and parent-teacher ratios into their buying decisions, they’ve cemented the relationship between home prices and school quality.

But nothing comes without trade offs. Because good schools add dollars to the cost of homes, it could mean a smaller or older home or a smaller lot. The decision to purchase the bigger or newer home in a less desirable district has to be weighed with the options for a home available in the better school district. For some people, the bigger house works better and is more important. For others, the quality of the schools themselves may be more important than the house.

There’s No “Red” on The June, 2010 Seattle-Eastside Real Estate Map

In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Real Estate News, Sammamish, WA, Sammamish, WA Real Estate, WA real estate, Windermere Real Estate, Woodinville, WA Real Estate, financing, real estate, real estate opinion on July 14, 2010 at 7:47 am

There’s no “red” on the Seattle-eastside real estate map, which means there were no seller’s markets in June, 2010. The Seattle-eastside real estate market has turned “yellow” for a market balanced between buyers and sellers, and “green.” “Green” on the map indicates a buyer’s market. It’s not surprising to me that certain areas stay as a balanced real estate market longer than some others.

Which Seattle-eastside areas have remained stronger as a balanced market between buyers and sellers?

East Bellevue and Redmond near Microsoft (530 on the map)

It’s traditionally one of the strongest areas, because homes are so close to jobs at Microsoft. The neighborhoods abut the main Microsoft campus and are an easy commute to downtown Bellevue, the economic hub of the eastside. Plus, housing can be found from the $200′s and $300′s to million+ dollar waterfront. Housing in many neighborhoods is in the affordable range for the area.

South Bellevue and Issaquah (500 on the map)

The area south of I-90 is a big drawing card for Seattle commuters. Again, there’s a variety of home styles and ages, good schools, and a fabulous commute either to eastside economic centers or downtown Seattle.

Sammamish, Issaquah, Preston, Fall City, and North Bend. (540 on the map)

Another area that’s consistently one of the strongest is the plateau areas of Sammamish, Issaquah, Preston, Fall City, and North Bend. The different eastside cities here have a huge variety of homes from estates to acreage to newer construction and town homes. Good schools and some good values keep the area strong.

King and Snohomish WA County Real Estate

King & Snohomish County Real Estate Maps, 6-30-10

There are still great homes and condos out there to buy and interest rates are at historic lows. The loss of the tax credit may not make much of a difference when calculating the savings in monthly payments over time.

Seattle real estate, Seattle Eastside real estate, Woodinville real estate, Bellevue Real Estate, Sammamish real estate, Redmond real estate, Issaquah Real Estate

How Did June, 2010 Seattle-Eastside Real Estate Sales Stack Up in Your Neighborhood

In Bellevue Real Estate, For Buyers, For Sellers, King County Real Estate, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA Real Estate, market statistics, real estate on July 13, 2010 at 1:08 am

The plateau: Sammamish, Issaquah, North Bend, and Fall City

How did June, 2009 stack up to June, 2010 in your neighborhood?

The odds of selling a home were 16%.

Median sales price increased from $499,950 to $525,000.

The number of homes for sale dropped by 10% and sales were down by 27% from last year.

The odds of selling a home were 23%.

Median sales price dropped from $499,950 to $482,500.

The number of homes for sale dropped by 4% and sales were UP by 3%.

Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The odds of selling a home were 18%.

Median price decreased from $610,000 to $599,994.

The number of homes for sale dropped by 15% and sales were down by 3%.

The odds of selling a home were 14%.

Median price remained essentially equal to last year, $419,950 to $419,973 this year.

The number of homes for sale declined by 3% and sales were down by 23%.

The odds of selling a home were 13%.

Median price increased to $624,950 from $596,925.

The number of homes for sale declined by 19% and sales were down by 28%.

The odds of selling a home were 14%.

Median pricing was UP from $849,000 to $890,000.

The number of homes for sale decreased by 24% and sales decreased by 25.5%.

The odds of selling a home were 9%

Median pricing decreased from $529,950 to $474,950.

The number of homes for sale decreased by 4% and sales decreased by 42%.

Although real estate numbers are mostly down on Seattle’s eastside, 3 areas showed an increase in median prices and one area remained similar in pricing to last June. West Bellevue, the Sammamish plateau areas, and Woodinville, North Kirkland, Bothell and Kenmore had a 5% increase in sales prices. Last month, West Bellevue was the only area with an increase in median pricing over last year and that was at 17%.

The three other Seattle-eastside neighborhoods experienced a reduction in sales prices. These areas are South Bellevue, Redmond and Bellevue near Microsoft, and the downtown area of Redmond.

The number of homes for sale is near the highest for this year, but still 11% less than the number of homes for sale on the eastside last year, so that’s a good thing.

I expect the numbers to be down over the next month or two as summer is one of the slower times in Eastside real estate. Traditionally, people take a lot of time to enjoy the sun and the outdoors, since it is so fleeting.

Seattle real estate, Woodinville real estate, Bellevue Real Estate, Kirkland real estate, Redmond real estate, Issaquah Real Estate, Sammamish home sales

What Were The Odds of Selling Your Seattle-Eastside Home in June, 2010?

In Bellevue Real Estate, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Woodinville, WA, market statistics, real estate on July 12, 2010 at 6:04 pm

Seattle-Eastside Real Estate Sales, June 2010

Seattle-Eastside Home Sales, June 2010

The odds of selling a home on the Eastside in June, 2010 ranged from a low of 9% to a high of 23%, with an average 15% absorption rate. For the past few months, the absorption rate for all the Seattle-eastside areas had been in the double digits. This month, downtown Redmond and Carnation are in the single digits, at 9%. It’s a stark contrast to April, 2010 with its low of 20% to a high of 35%, averaging a 27% absorption rate.

June’s real estate activity is more similar to May, when the numbers started looking more like last year’s real estate rather than the highs of April, 2010. It’s ironic, in a sense, the tax credit did offer buyers a true incentive to buy, but if one looks at the total picture, there still may be many opportunities to “get a deal.” With the lowest interest rates in 30 years and the higher number of homes on the market, it’s becoming more of a buyer’s market again. ( I’ll be posting the map showing the different markets later this week.) Plus, summer is the time to play outside for Seattleites, so there are usually less buyers competing for homes.

(The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)

June, 2010 3360 homes for sale 503 homes sold 15 % odds of selling.

May, 2010 3209 homes for sale 492 (was 563) homes sold 15% (was 17.5%) odds of selling.*

June, 2009 3859 homes for sale 563 homes sold 15% odds of selling.

_____________________________________________________________

June, 2009 Seattle-Eastside real estate market compared to June, 2010:

Surprisingly, the average list price of pending homes (recently sold) went from $547,381 to $553,772.
As of this past week, there were 14,235 King County homes (houses and condos) for sale.
Is this the peak of the real estate market for the number of homes for sale this year?
Home sales on Seattle’s Eastside: down 20%, which follows a much smaller drop of 7% in May.
Number of homes for sale on Seattle’s Eastside: down 11%

Best odds of selling: Redmond, near Microsoft, and East Bellevue.

Worst odds of selling: Carnation and Redmond, from downtown to north and east, with 9% of the homes getting accepted offers.

Biggest increase in sales from last year: A very small 3% increase in East Bellevue and Redmond, near Microsoft, home sales.

Smallest increase in sales from last year: Same as above. This area had the only increase in Seattle-eastside home sales in June.

Decline in real estate sales from last year: There was a decline in 6 out of the 7 Seattle-eastside areas. Redmond and Carnation had the largest decline in home sales with a 43% decline in the number of homes sold. This area also had the largest decline in home sales last month.

The peak of homes for sale in 2008: July, 4370 homes.

The peak of homes for sale in 2009: June, 3859 homes.

The number of eastside homes for sale at the start of 2010: 2584 homes

The number of eastside homes for sale now: 3360 homes.

Rate of home sales that failed and did not close: 13%

The sun is out now in Seattle (although a little late today), which tends to slow Seattle Eastside real estate sales. The number of home sales could remain on the lower side in the near future for two reasons. One is the slow down after the tax credit rush and the sunny weather and summer vacations. People in Seattle like to play outside in the sun.

The slower home sales is ironic, given the high number of homes for sale, which means lots of choices and the screamingly low interest rates. I believe there are some great deals out there for buyers right now.

For a picture of King County sales, check out The Seattle Times.

Bellevue, Eastside real estate, Kirkland, Redmond, Seattle, Seattle Eastside, Seattle Eastside real estate, Seattle real estate

Which Homes are Selling on Seattle’s Eastside?

In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Windermere Real Estate, Woodinville, WA Real Estate, market statistics, real estate on June 24, 2010 at 3:11 pm

Seattle-eastside Real Estate Sales 2010-1st quarter

The eastside sales here include South Bellevue and Issaquah all the way up to the Snohomish County line and from Lake Washington out to North Bend, Duvall, and Carnation.

If you look at the real estate statistics above:

Almost half of these Seattle-eastside real estate sales were below $500,000.

Over 80% of the eastside home sales were below $750,000.

Twenty-seven home sales were below $250,000.

Thirty-six home sales out of the 1119 were priced above $1,500,000.

Only 2% of the sales were above $2,000,000. Out of 1119 home sales, only 18 were priced above this $2,000,000 mark.

24% of eastside sales were short sales or bank owned properties, contrary to what many think. Most of the homes were sold by the actual home owner.

The sweet spot in Seattle-eastside real estate is between $250-500,000, with many of the homes priced between $350-500,000. Pre-2008, the sweet spot was the $500-750,000 price point.

“Green” is Back on the Seattle-Eastside’s Real Estate Map, May, 2010

In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Real Estate News, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA Real Estate, real estate on June 16, 2010 at 1:36 pm

Home Sales Activity for King and Snohomish Counties, May, 2010

During May “green” crept back into a number of Seattle areas. One large area on the eastside, Woodinville, Bothell, Kenmore, Duvall, and north Kirkland was “green,” back as a buyer’s market.

April was the first month in a very long time in which there was no ” green,” no buyers’ markets in almost all the Seattle-eastside areas. In April, the Seattle area real estate market was the strongest in years. This is most likely a direct result of the 2010 tax credit. Both buyers and sellers were rushing to buy and sell before the expiration of the credit.

May represented a lull in the Seattle real estate market. Was this a temporary lull or our new normal? The next several months will be good indicators, although summer tends to be a slower time every year in Seattle real estate. Home buyers and sellers are like everyone else. Seattleites play outside in summer. Of course, that’s providing the sun ever comes out this year!

The good real estate news is there are still great homes and condos out there to buy and interest rates are at historic lows. The loss of the tax credit may not make much of a difference when calculating the savings in monthly payments over time.

Interest Rates 6-2010

It may be the fall before we can determine the true pace of Seattle real estate. I’ll keep you posted.

: King Snohomish Counties Real Estate Market 4-30-10

What do the numbers on the map mean?

The map is divided into the numbered areas as defined by our Northwest Multiple Listing Service (NWMLS). Downtown Bellevue is area 520 and East Bellevue is area 530, as an example.

What do the colors mean?

Red means it’s a sellers’ market, a sellers’ advantage.

Yellow means a balanced market between buyers and sellers.

Green means it’s a buyers’ market.

condo sales, Seattle-eastside condo sales, Bellevue WA condos, Kirkland WA condos, Redmond WA condos, Sammamish WA condos, Issaquah WA condos

What Were The Odds of Selling Your Seattle-Eastside Condo in May, 2010?

In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Redmond, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA Real Estate, market statistics, real estate on June 11, 2010 at 1:50 pm

Seattle-Eastside Condo Sales, May 2010

May, 2010 1425 condos for sale 125 condos sold 13% odds of selling.

April, 2010 1437 condos for sale 281 (was 316) condos sold 19.5%(was 22%) odds of selling.*

April, 2009 1441 condos for sale 145 condos sold, 10% odds of selling.

Are we back to what may be normal in Seattle-eastside condo sales or is this the lull after the “storm of buyers” we had before April 30th? The odds of selling Seattle-eastside condos before April 30th was the strongest sales seen in years. With the 2010 tax credit behind us, we should continue to see people who need to make a move out there buying or selling a condo. We may see a lull in Seattle area condo sales. But I expect condo sales to get back to business as usual in the near future, once buyers get used to the tax credit having gone away.

Seattle real estate, Seattle Eastside real estate, Woodinville real estate, Bellevue Real Estate, Sammamish real estate, Redmond real estate, Issaquah Real Estate

How Did May, 2010 Seattle-Eastside Real Estate Sales Stack Up in Your Neighborhood

In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA Real Estate, market statistics, real estate on June 10, 2010 at 4:10 pm

The plateau: Sammamish, Issaquah, North Bend, and Fall City

How did May, 2009 stack up to May, 2010 in your neighborhood?

The odds of selling a home were 20.5%.

Median sales price increased from $524,950 to $559,880.

The number of homes for sale dropped by 20% and sales were up by 6% from last year.

The odds of selling a home were 18%.

Median sales price dropped from $515,000 to $480,000.

The number of homes for sale dropped by 10% and sales were down by 7.5%.

Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The odds of selling a home were 16%.

Median price increased to $624,975 from $619,000.

The number of homes for sale dropped by 19% and sales were down by 6%.

The odds of selling a home were 12%.

Median price decreased to $451,126 from $459,500.

The number of homes for sale declined by 8% and sales were down by 22%.

The odds of selling a home were 15%.

Median price decreased to $599,000 from $599,950.

The number of homes for sale declined by 25% and sales were up by 3%.

The odds of selling a home were 19%.

Median pricing was up from $1,097,000 to $1,280,000.

The number of homes for sale decreased by 23% and sales decreased by 12.5%.

The odds of selling a home were 15.5%

Median pricing decreased from $569,895 to $519,950.

The number of homes for sale decreased by 17% and sales decreased by 18%.

When compared to May, 2009, only one area of Seattle’s eastside showed an increase in median prices. West Bellevue had the highest with a 17% increase in sales prices. Last month the area had the most significant decrease in pricing. The return of some strength to the high end market is a good sign. The high end was the least affected by the tax credit.

Most other Seattle-eastside neighborhoods experienced a reduction in sales prices.

Home sales also took a dip in most areas of the eastside. Two areas, Kirkland and the plateau area of Sammamish, had increased home sales, but only in the single digits.

Seventeen percent less homes are for sale on the eastside this year than last year.

Has your area seen a drop in home sales since the expiration of the tax credit?

Bellevue Real Estate, Issaquah Real Estate, Kirkland real estate, Redmond real estate, Sammamish home sales, Seattle real estate, Woodinville real estate

What Were The Odds of Selling Your Seattle-Eastside Home in May, 2010?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Real Estate News, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA Real Estate, market statistics, real estate on June 10, 2010 at 3:38 pm

Seattle-Eastside Home Sales Activity, May, 2010

Seattle-Eastside Real Estate Sales, May 2010

The odds of selling a home on the Eastside in May, 2010 ranged from a low of 12% to a high of 20%, with an average 16.5% absorption rate. Contrast this with April, 2010 odds with a low of 20% to a high of 35%, averaging a 27% absorption rate.

May’s numbers look more like May of last year than they do of April of this year. This month may mark the back to reality of Seattle-eastside real estate or maybe not. We’ll need to see how the rest of the year plays out as so many people rushed to buy and sell before the end of the tax credit. There are still buyers who want to buy and the sellers who need to sell, although this may be a time of adjustment.

(The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)

May, 2010 3209 homes for sale 529 homes sold 16.5% odds of selling.

April, 2010 3084 homes for sale 770 (was 847) homes sold 25%(was 27.5%) odds of selling.*

May, 2009 3841 homes for sale 547 homes sold 14% odds of selling.

_____________________________________________________________

May, 2009 Seattle-Eastside real estate market compared to May, 2010:

We are back to reality with Seattle-Eastside home sales. The tax stimulus pushed both home buyers and sellers to act more quickly this year, so the high number of home sales in April may have contributed to the drop in number of eastside home sales in May.
The end of the tax stimulus had a greater impact on lower priced homes compared to higher priced homes.
The average list price of properties that are pending went from $512,060 to $646,545. This is an unprecedented change month to month.
As of this past week, there are 13,615 King County homes (houses and condos) for sale.
The median price was down by .9%, an insignificant drop.
Home sales on Seattle’s Eastside: down 7% The first down month in 2010.
Number of homes for sale on Seattle’s Eastside: down 17%

Best odds of selling: Sammamish plateau areas of Sammamish, Issaquah, North Bend, and Fall City with the best odds of selling as 20.5% of the Sammamish homes got offers.

Worst odds of selling: Woodinville, Bothell, Kenmore, Duvall, and North Kirkland with 12% of the homes getting accepted offers.

Biggest increase in sales from last year: A small 6% increase in Sammamish home sales was the highest increase in Seattle-eastside real estate sales. Quite a contrast to the double and triple digit increases we’ve seen the last few months. As an example, there was 102% increase in the number of Kirkland homes sold in April, 2010 when compared to April, 2009.

Smallest increase in sales from last year: Kirkland home sales increased by 3%

Decline in real estate sales from last year: There was a decline in 5 out of the 7 Seattle-eastside areas, unlike the last few months when every eastside neighborhood experienced an increase in home sales. Redmond and Carnation had the largest decline in home sales with an 18% decline in the number of homes sold.

The peak of homes for sale in 2008: July, 4370 homes.

The peak of homes for sale in 2009: June, 3859 homes.

The number of eastside homes for sale at the start of 2010: 2584 homes

The number of eastside homes for sale now: 3209 homes.

Rate of home sales that failed and did not close: 10%

Seattle Eastside real estate tends to slow down a bit when the sun comes out, which hopefully is any day now! The number of home sales could remain on the lower side in the near future for two reasons. One is the slow down after the tax credit rush which we are now seeing and the upcoming (think positively) sunny weather and summer vacations. People in Seattle like to play outside in the sun. There are a number of people who are “gearing up” to make a move, so we may see stronger eastside real estate sales when summer comes to an end.

Ironically, when people ask me when is the best time time to sell a home, I tell them spring and fall are usually the best times. However, homes sell each month and the ones that show the best and are priced competitively will be the ones to get the offer.

Bellevue, getting a home ready to sell, home buyers, home sales, home sellers, Kirkland, Make the most money selling your home, Preparing a home for sale, Redmond, Seattle real estate, Seattle-eastside homes, selling a home

Make More Money Selling Your Home, Part 6, Replace Your Carpet

In Bellevue Real Estate, For Buyers, For Homeowners, For Sellers, Make More Money Selling Your Home, Seattle real estate, real estate, real estate opinion on June 7, 2010 at 5:27 pm

Mr and Mrs. Home Seller ask: “Why don’t we let the buyers pick out the new carpet? We don’t know what color they may want.”

New carpeting Creates a Fresh, Clean Look

This is one of the most common sentiments I’ve heard over the years from home sellers. Sellers often think it’s best to leave the old carpet, offer a carpet allowance if needed, and let the buyer choose their own carpet.

Is this right? Do buyers want to choose their own carpet?

NO. Not in the Seattle-Eastside real estate market. Buyers DO NOT want to choose, pay or replace carpet when buying a new home. In this area, Seattle’s eastside cities of Bellevue, Redmond, Kirkland, and Issaquah, etc., buyers want to buy a home that’s move-in ready.

On Seattle’s eastside, the typical buyer is a very busy person(s) who may work a lot of hours. Most buyers aren’t looking to do structural or cosmetic updates to a home. They don’t have the time or the inclination. They want to move in and continue on with their lives with the least amount of disruption. They don’t want to be replacing carpet. Besides, there are lots of Seattle-eastside homes to choose from and many of the other homes have been updated and are ready to go.

Most home sellers don’t want to replace carpet either, but think about it. The buyers don’t have to replace your carpet because they don’t have to buy your home. They have other homes to buy. However, as the seller, you have only one home to sell and so you’ve got to do it. Remember, if you feel like you don’t want to replace the carpet, the buyer probably feels the same way. The catch is, they don’t have to do it, they can buy another home.

So if you want to get an offer to buy your home and make the most money while selling your home, replace your carpet if it’s worn, discolored, has stains, you name it. Make sure it looks fresh and clean, otherwise it will cost you money in the sales price for your home and it could even cost you getting a buyer.

Should you spend a lot for expensive carpet? Absolutely not. You should put in a good grade of carpet, but one that is similar to what builders install in new construction. Make sure you pick a neutral color and install a good 8 lb. pad underneath the rug. A thin pad with new carpet won’t work. It’s easy to tell that either the carpet or the pad are thin the minute you step on it. It feels like you’re on cement.

Looking for some other tips to get the most money when selling your home? Read Parts 1-5, planting some “green,” when to set the sales price, yard clean up, dressing up a front door, and replacing moldings and doors. Pick what your home needs to get it “dressed up” to sell in the competitive Seattle real estate market.

buyers markets in Seattle, King County Real Estate, Seattle eastside real estate Eastside real estate, Seattle real estate, sellers markets in Seattle, Windermere Real Eastate

There’s No Green on The Seattle-Eastside Real Estate Map April, 2010

In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Windermere Real Estate, Woodinville, WA Real Estate, real estate on May 20, 2010 at 3:14 pm

King Snohomish Counties Real Estate Market 4-30-10

What do the numbers on the map mean?

The map is divided into the numbered areas as defined by our Northwest Multiple Listing Service (NWMLS). Downtown Bellevue is area 520 and East Bellevue is area 530, as an example.

What do the colors mean?

Red means it’s a sellers’ market, a sellers’ advantage.

Yellow means a balanced market between buyers and sellers.

Green means it’s a buyers’ market.

The first time in years, literally, that there were no buyers’ markets on the King-Snohomish County, Washington map of real estate. Last month, there was one area, Vashon Island, which is now coming up as a balanced market.

The two hottest selling markets on the eastside in April, 2010?

The first is Redmond, near Microsoft, East Bellevue and the second is the plateau area which includes Sammamish, parts of Issaquah, North Bend, and Fall City.

Bellevue WA condos, condo sales, Issaquah WA condos, Kirkland WA condos, Redmond WA condos, Sammamish WA condos, Seattle-eastside condo sales

What Were The Odds of Selling Your Seattle-Eastside Condo in April, 2010?

In Bellevue Real Estate, Issaquah Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Woodinville, WA, real estate on May 17, 2010 at 9:28 am

Seattle - Eastside Condo Sales April 2010

April, 2010 1437 condos for sale 316 condos sold, 22% odds of selling.

March, 2010 1356 condos for sale, 241 (was 281) condos sold, 18% (was 21%) odds of selling.*

April, 2009 1315 condos for sale 155 condos sold, 12% odds of selling.

*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close. Seventeen percent of condo sales originally reported in March failed to close. Some of the reasons sales fail are the buyer and seller don’t agree on the building inspection, the condo does not appraise for the sales price or the buyer’s financing does not come through.

Seattle-eastside condo sales were popping the past two months with the strongest sales seen in years. With the 2010 tax credit behind us, we should continue to see people who need to make a move out there buying and selling their home. We may see a little of a lull in Seattle area condo sales, but I expect condo sales to get back to business as usual.

Bellevue Real Estate, Issaquah Real Estate, Redmond real estate, Seattle Eastside real estate, Seattle real estate, Woodinville real estate

How Did April, 2010 Home Sales Stack Up in Your Seattle-Eastside Neighborhood?

In Bellevue Real Estate, Issaquah Real Estate, Kirkland, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA, real estate on May 14, 2010 at 1:32 pm

The plateau: Sammamish, Issaquah, North Bend, and Fall City

How did April, 2009 stack up to April, 2010 in your neighborhood?

The odds of selling a home were 31%.

Median sales price dropped from $524,000 to $514,950.

The number of homes for sale dropped by 20% and sales were up by 75% from last year.

The odds of selling a home were 35%.

Median sales price dropped from $500,000 to $450,000.

The number of homes for sale dropped by 2% and sales were up by 57%.

Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The odds of selling a home were 34%.

Median price decreased to $599,900 from $649,000.

The number of homes for sale dropped by 21% and sales were up 23%.

The odds of selling a home were 26%.

Median price increased to $409,500 from $399,950.

The number of homes for sale declined by 12% and sales were up by 18%.

The odds of selling a home were 22%.

Median price decreased to $575,000 from $649,000.

The number of homes for sale declined by 23% and sales were up by 102%.

The odds of selling a home were 20%.

Median pricing was down from $1,100,000 to $849,000.

The number of homes for sale decreased by 27% and sales increased by 62%.

The odds of selling a home were 23%

Median pricing decreased from $554,950 to $514,995.

The number of homes for sale decreased by 11% and sales increased by 32%.

When compared to April, 2009, only one area of Seattle’s eastside showed an increase in median prices. This area encompasses Woodinville, Bothell, Kenmore, and Duvall.

The most significant decrease in pricing was in West Bellevue, just like last month. Home values in West Bellevue dropped by 23%. The other Seattle-eastside neighborhoods experienced a reduction in sales price, but not by as much.

Home sales, on the other hand, continued to be strong all over the eastside. Sales increases ranged from 18% in the Woodinville area to 102% in Kirkland, the only area with a triple digit increase in home sales this month.

Eighteen percent less homes are for sale on the eastside this year than last year.

What’s happening in your area? Are home sales strong? Do you expect it to continue?

Bellevue Real Estate, Issaquah Real Estate, Kirkland real estate, Redmond real estate, Sammamish home sales, Seattle real estate, Woodinville real estate

What Were The Odds of Selling Your Seattle-Eastside Home in April, 2010?

In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Woodinville, WA Real Estate, real estate on May 14, 2010 at 1:21 pm

Seattle-Eastside Real Estate Sales April 2010

The odds of selling a home on the Eastside in April, 2010 ranged from a low of 20% to a high of 35%, with an average 27% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)

April, 2010 3084 homes for sale 847 homes sold 27.5% odds of selling.

March, 2010 2923 homes for sale 695 (was 778) homes sold 24% (was 27%) odds of selling.*

April, 2009 3600 homes for sale 477 homes sold 13% odds of selling.

_____________________________________________________________

April, 2009 Seattle-Eastside real estate market compared to April, 2010:

Home sales continued on a roll in all Seattle-Eastside cities.
As of this past week, there are 13,102 King County homes (houses and condos) for sale.
Overall, the Seattle eastside number of homes for sale continues to rise as the year progresses with only a few dips in numbers for sale since the first of the year.
The median price was down by 5%. (Keep in mind this is comparing last April’s numbers to this April and is not an indication of the total drop in price for the year.)
Home sales on Seattle’s Eastside: up 47%!
Number of homes for sale on Seattle’s Eastside: down 18%

Best odds of selling: Redmond, near Microsoft, and East Bellevue with the greatest odds of selling as 35% of the homes got offers.

Worst odds of selling: West Bellevue, with 20% of the homes getting accepted offers.

Biggest increase in sales from last year: There was 102% increase in the number of Kirkland homes sold this April than last April. Kirkland was the only area with a triple digit increase this month.

Smallest increase in sales from last year: Woodinville, Bothell, Kenmore, Duvall with an 18% increase in home sales over last year.

Decline in real estate sales from last year: None on the eastside. More homes sold in all areas of Seattle’s eastside this April than April, 2009.

The peak of homes for sale in 2008: July, 4370 homes.

The peak of homes for sale in 2009: June, 3859 homes.

The number of eastside homes for sale at the start of 2010: 2584 homes

The number of eastside homes for sale now: 3084 homes.

Rate of home sales that failed and did not close: 13%

Seattle Eastside home sales should continue to be strong in May. My team and I are getting phone calls from both buyers and sellers who still want to make a move, but may have not been ready to do so simply for the tax credit.

What’s happening in real estate in your area? Are homes selling? Do you think you’ll see a change in real estate because the tax credit is gone?

Bellevue, Bellevue WA Schools, living in Bellevue WA, NRDC, reasons to live in Bellevue WA, Shrink Your Carbon Footprint, WA

Top 5 “Smart” Reasons To Live in Bellevue, Washington

In Bellevue Real Estate, Bellevue, WA on May 6, 2010 at 10:26 am

Downtown Bellevue

Bellevue, Washington is a “smart” city in more ways than one. Three articles from vastly different sources gave “smart” reasons to live in Bellevue. The Northwest Asian Weekly, highlighted many of the reasons the Asian community has flocked to the city of Bellevue in recent years.

US News and World Report announced its list of top schools in the nation today. Several Bellevue Schools made the list.

Lastly, an article in the NRDC, The National Resource Defense Council, Smarter Cities blog commended Bellevue for its use of hydro-power as part of Washington State’s “Shrink Your Carbon Footprint.”

Bellevue is a “smart” place to live because of:

The quality of life
Education
Economic growth
Prosperity
A good balance with a strong business climate combined with “smarter” energy sources

The Northwest Asian Weekly had some great quotes, which sum up many of the most important reasons why Bellevue has become a “smart” place to live. The reasons it is a great place, a smart place, make Bellevue a great place to live for everyone.

The Quality of Life:

Bellevue’s prosperity has attracted Asians from other countries and from surrounding cities. The corporate job opportunities, low-crime rate, city facilities and services, high-ranking school district, low property taxes, and appreciating real estate values in Bellevue satisfy the criteria that many immigrants look for in finding a place that represents what they feel America has to offer, as well as a place where their children can thrive.

Education:

The higher influx of immigrants is also reflected in Bellevue’s school district where Asian languages are among the top 10 languages spoken among the student body. Immigrants valuing college education for their children cite the quality of the schools as one of the main reasons for moving to Bellevue. In 2009, five Bellevue high schools — International, Interlake, Newport, Sammamish, and Bellevue — were ranked in the top 100 public schools in the nation by Newsweek.

Today, US News and World Report published its list of the top schools in the country. Other high schools in King County made the list, but Bellevue had four schools honored:

The International School: # 10 out of the top 100 Gold.
Newport High: #72 out of 100 Gold.
Bellevue High: #78 out of 100 Gold.
Interlake High: Silver medal

The economic climate:

“Bellevue is now home to the headquarters of many small and large businesses, many of which are technology companies that started in the 1990s and are still growing with their global presence,” said Debadutta Dash, co-chair of Washington State India Trade Relations Action Committee.

“Perhaps nowhere else than in the Bellevue area could you find such a high concentration of individuals and businesses with international connections,” said HSBC Bank Vice President-Manager Victor Melnik.

Prosperity:

Based on per capita income, Bellevue is ranked as the 15th wealthiest of the 522 communities in Washington.

The NRDC blog Smarter Cities blog highlights Bellevue as a city which is part of the Washington State’s plan to shrink carbon emissions through hydro-power. Bellevue achieves its growth as a burgeoning economic center while balancing its carbon footprint. In addition, Bellevue has lots of green with 90 parks and many walking trails.

Why do you think Bellevue is a “smart” place to live?

Seattle-Eastside New Condo Buildings Still Standing Half Empty

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Local news and information, Seattle real estate, real estate on April 27, 2010 at 1:11 pm

Seattle-eastside new condo buildings are standing half empty. American Public Media took a look at the Seattle and Bellevue condo market in a piece aired on NPR last week. Below are some of the key points:

Escala, here in front of us, it’s 230 units. And they’ve only sold two in the last year-and-a-half.

The over-building is visible in surrounding cities as well, like Bellevue, where the new Bellevue Towers added 550 condos to the market.

Bellevue Towers- before completion

Jeff Tyler interviewed Michael Brandt, who purchased a unit in Bellevue Towers last year.

Brandt: I’m actually not paying home owners’ dues right now, and won’t be for potentially a year-and-a-half or two years down the road.

So, the perks for condo owners now are no home owners dues or lines to use the public spaces and/or equipment and the quiet. The negatives are no representation on the home owners’ association board until 60% of the units sell, a mostly empty building, and real difficulty reselling a condo now, since there are still so many unoccupied units for sale.

Some buyers may still want to buy in one of the condo towers because the hope is to get a screaming deal. For certain buyers who plan to stay and make one of the new condos a home, then it may make sense to do so. The Bellevue-Seattle condo real estate market should come around again, But don’t buy in one of the towers if your plan is to sell anytime in the next 5 years. In fact, I’d plan to stay put for a good 10 years. Maybe the condo market will change before that time, but I’d go for a really good deal and plan to stay for a long time if I were buying a Seattle or downtown Bellevue condo.

Bellevue WA condos, condo sales, Issaquah WA condos, Kirkland WA condos, Redmond WA condos, Sammamish WA condos, Seattle-eastside condo sales

What Were The Odds of Selling Your Seattle-Eastside Condo in March, 2010?

In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, WA real estate, Woodinville, WA Real Estate, market statistics, real estate on April 13, 2010 at 8:58 am

Seattle-Eastside Condo Sales, March 2010

March, 2010 1356 condos for sale, 281 condos sold, 21% odds of selling.

February, 2009 1333 condos for sale 161 (was 194) condos sold 12 %(was 14%) odds of selling.*

March, 2009 1300 condos for sale 107 condos sold, 7% odds of selling.

*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close. Seventeen percent of condo sales originally reported in March failed to close. Some of the reasons sales fail are the buyer and seller don’t agree on the building inspection, the condo does not appraise for the sales price or the buyer’s financing does not come through.

Seattle-eastside condo sales were up by 120 or 57%, the best sales record in several years.

For The Seattle Times update on the March, 2010 real estate market, check this link.

Bellevue Real Estate, Issaquah Real Estate, Redmond real estate, Seattle Eastside real estate, Seattle real estate, Woodinville real estate

How Did March, 2010 Home Sales Stack Up in Your Seattle-Eastside Neighborhood?

In Bellevue Real Estate, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Woodinville, WA Real Estate, real estate on April 9, 2010 at 9:45 am

The plateau: Sammamish, Issaquah, North Bend, and Fall City

How did March, 2009 stack up to March, 2010 in your neighborhood?

The odds of selling a home were 31%.

Median sales price dropped from $513,025 to $497,500.

The number of homes for sale dropped by 22% and sales were up by 154% from last year.

The odds of selling a home were 34%.

Median sales price dropped from $499,000 to $464,995.

The number of homes for sale dropped by 12% and sales were up by 84%.

Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The odds of selling a home were 27%.

Median price increased to $539,450 from $519,900.

The number of homes for sale dropped by 24% and sales were up 93%.

The odds of selling a home were 26%.

Median price decreased to $396,725 from $450,000.

The number of homes for sale declined by 18% and sales were up by 68%.

The odds of selling a home were 22%.

Median price increased to $515,000 from $490,000.

The number of homes for sale declined by 22% and sales were up by 118%.

The odds of selling a home were 18%.

Median pricing was down from $1,185,000 to $921,500.

The number of homes for sale decreased by 28% and sales increased by 24%.

The odds of selling a home were 29%

Median pricing increased from $481,450 to $529,450.

The number of homes for sale decreased by 21% and sales increased by 18%.

When compared to March, 2009, three areas of Seattle’s eastside showed an increase in median prices including South Bellevue and Issaquah, Redmond and Carnation, and Kirkland. South Bellevue and Issaquah home prices remained steady for the third month in a row, which is the only area on the eastside to experience a consistent upswing in pricing.

The most significant decrease was in pricing was in West Bellevue, where median home values dropped by 22%. Most Seattle-eastside neighborhoods experienced a reduction in sales price.

Home sales, on the other hand, continued to be strong all over the eastside. Sales increases ranged from 18% in Redmond and Carnation to 154% on the plateau, Sammamish and Issaquah.

Twenty-one percent less homes are for sale on the eastside than last year. Although over 200 more homes are for sale than in February, which is typical for this time of year.

Seattle eastside home sales should continue to be strong through April. We’ll see what happens after that time, however, I don’t expect much to change for the higher price ranges. And nothing may change at all. We could continue to have a strong real estate market.

What’s happening in your area?

Bellevue Real Estate, Issaquah Real Estate, Kirkland real estate, Redmond real estate, Sammamish home sales, Seattle real estate, Woodinville real estate

What Were The Odds of Selling Your Seattle-Eastside Home in March, 2010?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, Kirkland, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, WA real estate, market statistics, real estate on April 8, 2010 at 9:55 pm

real estate activity on Seattle's eastside in March, 2010

Seattle- Eastside Real Estate Sales, March 2010

The odds of selling a home on the Eastside in March, 2010 ranged from a low of 18% to a high of 34%, with an average 27% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)

March, 2010 2923 homes for sale 778 homes sold 27% odds of selling.

February, 2010 2706 homes for sale 506 (was 599) homes sold now 18% (was 22%) odds of selling.*

March, 2009 3711 homes for sale 305 homes sold 8% odds of selling.

_____________________________________________________________

March, 2009 Seattle-Eastside real estate market compared to March, 2010:

Home sales were up in all Seattle-Eastside cities, a trend which we’ve seen since the first of the year.
Last week, we hit 12,726 properties for sale in King County, exactly 3000 more properties than the first week in January.
This week we saw the first significant drop in the number of King County properties for sale as the number dropped by 120 to 12,606. There’s only been one other week this year where the amount of homes for sale dropped and that was only by 8 homes.
On Seattle’s eastside the number of homes for sale continues to rise as over 200 more homes came on the market this past month.
The median price was down by 7%, the same as last month. (Keep in mind this is comparing last March’s numbers to this March and is not an indication of the total drop in price for the year.)
Home sales on Seattle’s Eastside: up 85%!
Number of homes for sale on Seattle’s Eastside: down 21%

Best odds of selling: Redmond, near Microsoft, and East Bellevue with the greatest odds of selling. Thirty-four percent of the homes got offers.

Worst odds of selling: West Bellevue, with only 18% of the homes getting accepted offers.

Biggest increase in sales from last year: The plateau cities of Sammamish and Issaquah, plus Fall City and North Bend, with 154% increase in the number of home sales from last year.

Smallest increase in sales from last year: Redmond and Carnation, with an 18% increase in home sales over last year.

Decline in real estate sales from last year: None on the eastside. More homes sold in all areas of the eastside this March than compared to March, 2009.

The peak of homes for sale in 2008: July, 4370 homes.

The peak of homes for sale in 2009: June, 3859 homes.

The number of eastside homes for sale at the start of 2010: 2584 homes

The number of eastside homes for sale now: 2923 homes.

Rate of home sales that failed and did not close: 16%

What have you seen happening in your area? Are real estate sales popping?

For The Seattle Times view of the March, 2010 real estate market, check out this link. KPLU had a piece earlier this week about last month’s real estate activity.

What’s in store for April? What do you think will happen? I suspect the market will continue to be very strong, particularly in more affordable price ranges. Will our more positive real estate market continue after the April 30th deadline for the home buyer tax credit?

buyers markets in Seattle, King County Real Estate, Seattle eastside real estate Eastside real estate, Seattle real estate, sellers markets in Seattle

Seattle-Eastside Real Estate is Beginning to Turn Red

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, market statistics, real estate on April 8, 2010 at 8:16 pm

Seattle-eastside real estate is starting to see “red.” Red is a sellers’ market, which means the average market time to sell a Seattle eastside home in the areas marked in red is from 3-6 months.

I sell a lot homes in the “hottest Seattle eastside area, which we call area 530, East Bellevue and the Redmond neighborhoods around Microsoft. Homes sales were hopping this past month, with sales often happening in two weeks or less. If you live in any of the areas marked in “red” and your home is not selling, it’s priced too high compared to competition. If your home is overpriced, you’re helping to sell other homes and they’re selling at your expense.

Seattle proper remains the “hottest” area overall, but if you’re looking to buy on the eastside, all the areas are either a real estate market that’s balanced between buyer and seller (yellow) or in “red,” a sellers’ market.

Buyers markets were absent in March. There’s no green (for a buyers market) left on this map, with the exception of Vashon Island, so the buyers’ markets we’ve been experiencing over the last few years were no where to be seen in in March.

Will the map show the same colors next month? I believe April will also be a very strong month for Seattle-eastside real estate.

Map showing which areas are selling faster in King and Snohomish Counties

Which King/Snohomish County Areas Are Selling Faster?

What do the numbers on the map mean?

The map is divided into the numbered areas as defined by our Northwest Multiple Listing Service (NWMLS). Downtown Bellevue is area 520 and East Bellevue is area 530, as an example.

What do the colors mean?

Red means it’s a sellers’ market, a sellers’ advantage.

Yellow means a balanced market between buyers and sellers.

Green means it’s a buyers’ market.

King County Real Estate, Seattle real estate

Seattle Eastside Real Estate Was “Normal” in February, 2010

In 2010 Home buyer Tax Credit, Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Woodinville, WA Real Estate, real estate on March 17, 2010 at 8:52 am

King and Snohomish County WA Real Estate Activity

King and Snohomish County WA Real Estate, February, 2010

The truly “hot” Seattle real estate areas in February, 2010, those in red, are in the core neighborhoods of Seattle itself. However, almost all of the map is in “yellow”, which means the average market time for a home to sell in other Seattle areas is between 3-6 months. This means we’ve had another month with a very balanced, “normal” Seattle real estate market. A normal real estate market is when supply and demand balance out to be 3-6 months to get a home sold. A balanced market is not a reflection of home values, but a reflection of the real estate sales activity.

On most of Seattle’s eastside, home prices are down, but sales have gone up dramatically, anywhere from 52% to 193%, depending on the neighborhood. Prices are lower in most eastside areas, fewer homes have been on the market compared to last year, and more homes are selling.

Will the colors on the Seattle real estate map stay the same in the coming months? It’s hard to answer this question now, but I do know the number of homes coming up for sale is growing pretty quickly. The increase in the number of Seattle-eastside homes and condos for sale could impact the total number of properties that sell and the market time to get a sale. With the April 30th deadline for the home buyer tax credit, much will depend on how many homes are on the market and the interest rates. Check my March eastside blog posts next month to find out what will happen.

What’s your prediction for Seattle-eastside real estate in the coming months? Will “yellow,” representing a balanced real estate market between home buyers and sellers still be the predominant color on the map?

———————————————————————————————————–

What do the numbers on the map mean?

The map is divided into the numbered areas as defined by our Northwest Multiple Listing Service (NWMLS). Downtown Bellevue is area 520 and East Bellevue is area 530, as an example.

What do the colors mean?

Red means it’s a sellers’ market, a sellers’ advantage.

Yellow means a balanced market between buyers and sellers.

Green means its a buyers’ market.

Bellevue WA condos, condo sales, Issaquah WA condos, Kirkland WA condos, Redmond WA condos, Sammamish WA condos, Seattle-eastside condo sales

What Were The Odds of Selling Your Seattle-Eastside Condo in February, 2010?

In 2010 Home buyer Tax Credit, Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA Real Estate, market statistics, real estate on March 16, 2010 at 4:51 pm

Seattle-Eastside Sales for Condos in Feb, 2010

Seattle-Eastside Condo Real Estate, Feb 2010

February, 2010 1333 condos for sale, 194 condos sold, 14% odds of selling.

January, 2010 1217 condos for sale, (now 121) 141 condos sold, (now 10%) 12% odds of selling.*

February, 2009 1195 condos for sale 85 condos sold, 7% odds of selling.

*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close. Fifteen percent of condo sales originally reported in January failed to close. Some of the reasons sales fail are the buyer and seller don’t agree on the building inspection, the condo does not appraise for the sales price or the buyer’s financing does not come through.

There’s been a 9% increase in the number of Seattle-Eastside condos for sale but the number of home sales jumped up dramatically. There were 73 more condos sold on Seattle’s eastside in February than in January. The sales numbers are still behind the peak of sales in September and October of 2009, but they’re inching closer to those numbers, which is a good sign.

More condos are coming up on the market as Seattle-eastside home sellers traditionally put their homes on the market in the spring. The push to get a home or condo on the market is compounded by the 2010 home buyer tax credit deadline of April 30th.

There are 45 days left to use the home buyer tax credit into 2010. If you’d like to move and take advantage of the tax credit, you need to get a move on!

Bellevue Real Estate, Issaquah Real Estate, Redmond real estate, Seattle Eastside real estate, Seattle real estate, Woodinville real estate

How Did February, 2010 Home Sales Stack Up in Your Seattle-Eastside Neighborhood?

The plateau: Sammamish, Issaquah, North Bend, and Fall City

How did February, 2009 stack up to February, 2010 in your neighborhood?

The odds of selling a home were 19.5%.

Median sales price dropped from $522,250 to $499,995.

The number of homes for sale dropped by 18% and sales were up by 98% from last year.

The odds of selling a home were 29%.

Median sales price dropped from $457,475 to $430,000.

The number of homes for sale dropped by 26% and sales were up by 120%.

Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The odds of selling a home were 25%.

Median price stayed the same at $579,950.

The number of homes for sale dropped by 30% and sales were up 193.5%.

The odds of selling a home were 25%.

Median price increased to $397,000 from $381,450.

The number of homes for sale declined by 26% and sales were up by 95%.

The odds of selling a home were 21%.

Median price dropped from $687,000 to $537,500.

The number of homes for sale declined by 28% and sales were up by 106%.

The odds of selling a home were 16.5%.

Median pricing was down from $1,00,000 to $981,750.

The number of homes for sale decreased by 33% and sales increased by 52%.

The odds of selling a home were 25%

Median pricing decreased to $474,950 from $524,900.

The number of homes for sale decreased by 27% and sales increased by 90%.

Median home prices in February, 2010 increased only in one Seattle-Eastside area, which includes Woodinville, North Kirkland, Bothell, and Duvall, when comparing 2-09 to 2-10. Although, if you look at the full year, prices in that area did not increase. Remember, this post only compares the month of February’s numbers to last February and does not include the entire year’s activity and information. South Bellevue and Issaquah home prices remained steady for the second month in a row, which is a very strong sign for those neighborhoods.

Most of the other Seattle-eastside neighborhoods experienced a reduction in sales price. The most significant decrease was in Kirkland, where median home values dropped by 21%. Sales in Kirkland, however, are up by 106%. I think Kirkland home buyers are feeling that real estate prices are more manageable in Kirkland and are more willing to buy a home in Kirkland now.

The increase in the number of home sales ranged from 52% in West Bellevue to 193.5% in South Bellevue and Issaquah. However, with the exception of West Bellevue, the increase in Seattle-eastside real estate sales was no less than 90% more than last February’s home sales.

The number of homes for sale in all Seattle-eastside neighborhoods was lower than last February with an average of 25% less homes for sale. This number will not be as low come March as more Seattle-eastside homes have been coming up for sale since the beginning of the month. Stay tuned for next month’s report, when I’ll have all the real estate data for the month.

I anticipate Seattle-eastside home sales to continue at this strong pace during the month of March as home buyers scramble to use the 2010 home buyer tax credit.

What do you think?

Bellevue Real Estate, Issaquah Real Estate, Kirkland real estate, Redmond real estate, Sammamish home sales, Seattle real estate, Woodinville real estate

What Were The Odds of Selling Your Seattle-Eastside Home in Feb, 2010?

In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA Real Estate, market statistics, real estate on March 15, 2010 at 10:40 am

Seattle-Eastside Residential Real Estate Statistics-Feb 2010

The odds of selling a home on the Eastside in February, 2010 ranged from a low of 16.5% to a high of 29%, with an average 22% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)

February, 2010 2706 homes for sale 599 homes sold, 22% odds of selling.

January, 2010 2588 homes for sale, (n0w 477) 539 homes sold, (now 18%) 20% odds of selling.*

February, 2009 3574 homes for sale, 264 homes sold, 7% odds of selling.

_____________________________________________________________

February, 2009 Seattle-Eastside real estate market compared to February, 2010:

Home sales were up in all Seattle-Eastside cities.
The number of homes for sale has begun its “spring creep up”. The year started out at the lowest point in three years. We’re now seeing more on the market. Expect to see a jump in homes for sale with the March report coming next month.
The median price was down by 7%. (Keep in mind this is comparing last February’s numbers to this February and is not an indication of the total drop in price for the year.)
Home sales on Seattle’s Eastside: up 103%!
Number of homes for sale on Seattle’s Eastside: down 25%

Best odds of selling: Redmond, near Microsoft, and East Bellevue with the greatest odds of selling. Twenty-nine percent of the homes got offers.

Worst odds of selling: West Bellevue with only 16.5% of the homes getting accepted offers.

Biggest increase in sales from last year: South Bellevue with 193% increase in the number of home sales from last year.

Smallest increase in sales from last year: West Bellevue, with a 52% increase in home sales over last year.

Decline in real estate sales from last year: None on the eastside. More homes sold in all areas of the eastside this February than last February, which is no big surprise.

The peak of homes for sale in 2008: July, 4370 homes.

The peak of homes for sale in 2009: June, 3859 homes.

The number of eastside homes for sale at the start of 2010: 2584 homes

The number of eastside homes for sale now: 2706 homes.

Rate of home sales that failed: 12%

For a media perspective on February’s real estate trends, check out this article from The Seattle Times.

Will our more positive real estate market continue after the April 30th deadline for the home buyer tax credit? What do you think?

2010 Home buyer Tax Credit, Eastside real estate, King County WA homes for sale, King County WA real estate, Seattle Eastside real estate, Seattle real estate

Is The Seattle Eastside Home Sales Race Soon to Be On?

In 2010 Home buyer Tax Credit, Bellevue Real Estate, For Buyers, For Sellers, Kirkland, WA real estate, real estate, real estate opinion on March 2, 2010 at 7:20 pm

Everyone who has wanted to sell on Seattle’s eastside in the last few years seems wants to sell in the next 60 days, including me.

I know some home sellers Angie Bondurant, my business partner, and I will be representing have been madly getting their homes ready to sell. I bet contractors on Seattle’s eastside are busier than they’ve been in a long time. The contractor I use has gone from working on a rental home I plan to sell to a client’s home. As home seller wanna-bes, we’re all in the same boat, scrambling to meet the looming deadline of April 30th. We’re hoping to catch that home buyer who wants to get the benefit of the 2010 home buyer tax credit. (By the way, I don’t think the market will fall apart after April 30th, 2010, but those thoughts will be for another post)

Right now, the number of homes and condos for sale in King County is doing it’s normal spring time creep up (yes, it’s spring here in Seattle). So far, the number of properties for sale isn’t unusually high.

: King County, WA Real Estate For Sale, 3-2-10

In some of the Seattle-eastside neighborhoods where I’ve sold a lot of homes and which I blog about, I’ve talked about the fact that there are fewer homes on the market. I think that may be changing and I am wondering if others are experiencing the same thing.

Are other Realtors seeing the same thing happening with their business?

Do you have more homes coming up for sale in the next 60 days?

Do you expect to sell more homes or condos in the next 60 days because of the tax credit?

Are home owners seeing more “For Sale” signs popping up in their neighborhoods?

Bellevue Real Estate, Issaquah Real Estate, Redmond real estate, Seattle Eastside real estate, Seattle real estate, Woodinville real estate

How Did January, 2010 Home Sales Stack Up in Your Seattle-Eastside Neighborhood?

In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Woodinville, WA Real Estate on February 12, 2010 at 1:42 pm

The plateau: Sammamish, Issaquah, North Bend, and Fall City

How did January, 2009 stack up to January, 2010 in your neighborhood?

The odds of selling a home were 21%.

Median sales price dropped from $535,000 to $499,000.

The number of homes for sale dropped by 24% and sales were up by 60% from last year.

The odds of selling a home were 28%.

Median sales price dropped from $480,000 to $450,000.

The number of homes for sale dropped by 22% and sales were up by 103%.

Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The odds of selling a home were 27%.

Median price stayed the same at $559,000.

The number of homes for sale dropped by 27% and sales were up 84%.

The odds of selling a home were 18.5%.

Median price decreased to $389,725 from $438,200.

The number of homes for sale declined by 21% and sales were up by 63%.

The odds of selling a home were 23%.

Median price dropped from $512,440 to $499,950.

The number of homes for sale declined by 21% and sales were up by 90.5%.

The odds of selling a home were 12%.

Median pricing was down from $1,027,500 to $899,000.

The number of homes for sale decreased by 32.5% and sales increased by 35%.

The odds of selling a home were 21%

Median pricing increased to $524,990 from $484,950.

The number of homes for sale decreased by 21.5% and sales increased by 73%.

Median home prices in January, 2010 increased only in one Seattle-Eastside area, Redmond, when comparing 1-09 to 1-10. If you look at the full year, prices in that area did not increase. South Bellevue and Issaquah home prices remained steady when compared January, 2009.

All other eastside areas showed a decline in pricing. The most significant decrease was in West Bellevue, where median home values dropped by almost a third. Sales in West Bellevue continued to increase from last year, although the increase was lower than what was seen in December, ’09.

Redmond, near Microsoft, and East Bellevue are booming with home sales once again, after a couple of slow months. But again, the statistics do not show prices up in this area, although home sales certainly are up!

With the extension of the home buyer tax credit, smaller numbers of homes for sale, low interest rates, real estate activity should be brisk in the first part of the year. For these reasons, if you want to sell your home and move in 2010, do it now, rather than later in 2010.

King County Real Estate, Seattle real estate

A Great Picture of Seattle Real Estate in January, 2010

In 2010 Home buyer Tax Credit, Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Woodinville, WA Real Estate on February 12, 2010 at 6:15 am

King and Snohomish County Real Estate 1-31-10

There’s a “normal” real estate market in the Seattle area. What’s a normal real estate market? It’s a real estate market in which the market is evenly balanced between both buyers and sellers, which is a good thing.

Much like December, Seattle in January was “yellow,” on the map. “Yellow” means it would take 3-6 months to sell all of the available homes if no other homes come on the market. This is a good balance of homes for sale. Prices are still down and fewer homes are on the market than most of 2009, but more homes are selling.

Since it’s a normal real estate market, the best homes will “pop,” selling quickly while the overpriced homes will sit on the market through a price reduction or two before they sell or not sell at all. Some homes have sold in less than a week because they are great ones that are priced right and shine above the competition.

I’m seeing the extension of the 2010 home buyer credit continue to do its job of jump starting real estate sales. The first part of 2010 should be pretty active for both home buyers and sellers. After April 30th when the home buyer tax credit goes away, much will depend on how many homes are on the market and the interest rates.

What do the numbers on the map mean?

The map is divided into the numbered areas as defined by our Northwest Multiple Listing Service (NWMLS). Downtown Bellevue is area 520 and East Bellevue is area 530, as an example.

What do the colors mean?

Red means it’s a sellers’ market, a sellers’ advantage.

Yellow means a balanced market between buyers and sellers.

Green means its a buyers’ market.

Bellevue condos, condo sales, Issaquah condos, Kirkland condos, Redmond condos, Sammamish condos, Seattle-eastside condo sales

What Were The Odds of Selling Your Seattle-Eastside Condo in January, 2010?

In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Windermere Real Estate, market statistics on February 11, 2010 at 10:46 pm

Seattle-Eastside Condo Real Estate Sales, 1-2010

Seattle-Eastside Condo Sales, Jan 2010

January, 2010 1217 condos for sale, 141 condos sold, 12% odds of selling.

December. 2009 1174 condos for sale, 125 (now 106) condos sold, 11% (now 9%) odds of selling.*

January, 2009 1066 condos for sale 87 condos sold, 8% odds of selling.

*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close. Fourteen percent of condo sales originally reported in December failed to close. Some of the reasons sales fail are the buyer and seller don’t agree on the building inspection, the condo does not appraise for the sale price or the buyer’s financing does not come through.

In January, there was a slight increase both in the number of Seattle-Eastside condos for sale and the number of sales. However, the sales numbers are still behind the peak of sales in September and October.

There are less than 80 days left to use the home buyer tax credit into 2010. If you’d like to move and take advantage of the tax credit, you need to get “moving” on this.

Bellevue Real Estate, Issaquah Real Estate, Kirkland real estate, Redmond real estate, Sammamish home sales, Seattle real estate, Woodinville real estate

What Were The Odds of Selling Your Seattle-Eastside Home in January, 2010?

January, 2010 Seattle-Eastside Home Sales

Seattle-Eastside Real Estate, January, 2010

The odds of selling a home on the Eastside in January, 2010 ranged from a low of 12% to a high of 28%, with an average 21% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)

January, 2010 2588 homes for sale, 539 homes sold, 27% odds of selling.

December, 2009 2584 homes for sale, 419(now 358) homes sold 16%(Now 14%) odds of selling.*

January, 2009, 3144 homes for sale 248 homes sold 9% odds of selling.

_____________________________________________________________

January, 2009 Seattle-Eastside real estate market compared to January, 2010:

Home sales were up in all Seattle-Eastside cities.
The number of homes for sale dropped to the lowest number since February, 2007.
The median price was down by 1.8%. (Keep in mind this is comparing last January’s numbers to this January and is not an indication of the total drop in price for the year.)
Home sales on Seattle’s Eastside: up 76%!
Number of homes for sale on Seattle’s Eastside: down 27%

Best odds of selling: Redmond, near Microsoft, and East Bellevue are back on top as the areas with the greatest odds of selling. Twenty eight percent of the homes got offers. Last month the area had the worst odds on the eastside.

Worst odds of selling: West Bellevue with only 12% of the homes getting accepted offers.

Biggest increase in sales from last year: Redmond, near Microsoft, and East Bellevue with 103% increase in the number of home sales from last year.

Smallest increase in sales from last year: West Bellevue, with a 35% increase in home sales over last year.

Decline in real estate sales from last year: None on the eastside.

The peak of homes for sale in 2008: July, 4370 homes.

The peak of homes for sale in 2009: June, 3859 homes.

The number of eastside homes for sale at the start of 2010: 2584 homes

The number of eastside homes for sale now: 2588 homes.

Rate of home sales that failed: 15%

Why home sales fail to close:

This can be the result of inspections in which buyers and sellers do not agree, an appraisal that does not justify the sales price, lenders who do not package the loan properly or the great number of short sales that are out there.
Short sales are sales in which the selling price for a property is less than the price owed to the bank, so the seller is “short.” Many of these offers do not stay together because it often takes months for a short sale to get approved by the bank. There’s no guarantee the bank will accept an offer. I’ve heard only 4% of the short sales actually close in King County. Since there’s a huge number on the market, if you’re someone willing to take a chance and accept that your offer may never be looked at or accepted, then a short sale may be a way to go. With the extension of the home buyer tax credit, home buyers have more time to go after short sales. However, months may still be needed to get the short sale closed, if it is to close at all. Since most buyers truly want to purchase a home and close on it, I would recommend NOT making offers on short sales. I’d also recommend reading as much as you can about short sales before attempting to make an offer on a short sale. This way you’ll be prepared if you choose to go the route of a short sale.

What Were The Odds of Selling Your Seattle-Eastside Condo in December, 2009?

In 2009 stimulus package, 2010 Home buyer Tax Credit, Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, WA real estate, Windermere Real Estate, Woodinville, WA, real estate on January 13, 2010 at 1:16 pm

Seattle-Eastside Condo Real Estate Sales, Dec 2009

December. 2009 1174 condos for sale, 125 condos sold, 11% odds of selling.

November, 2009 1289 condos for sale 140 (now 126)condos sold, 11% (now 10%) odds of selling.

December, 2008 1150 condos for sale 70 condos sold 6% odds of selling.

The number of condos for sale also dropped by 115 units, which is 9% decrease in the number of condos available for sale on Seattle’s eastside. The eastside condo sales remained about the same as November. The year finished out with sales happening, but not as many as September and October. Those months were affected by the 2009 first time home buyer’s tax credit.

With the extension and expansion of the home buyer tax credit into 2010, there’s the added benefit of a tax credit, but only if you buy before the end of April, 2010.

Seattle/Eastside real estate, Seattle real estate, Woodinville real estate, Eastside real estate, King County Real Estate, Bellevue Real Estate, Kirkland real estate, Sammamish real estate, Redmond real estate, Snohomish County real estate, sellers market in Seattle, Seattle home prices

2009 Ends With a More Balanced Real Estate Market Around Seattle

In 2009 stimulus package, 2010 Home buyer Tax Credit, Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA Real Estate, market statistics, real estate on January 13, 2010 at 12:19 pm

King-Snohomish County Real Estate December, 2009

December, 2009 Seattle real estate finished the year off on a more positive note. With so much of the Seattle area real estate market showing “yellow,” there was a solid return to a real estate market more evenly balanced between buyers and sellers. This is more like the real estate market we saw in the 1990′s.

There was still a significant increase in real estate sales from December, 2008, with West Bellevue leading the way on Seattle’s eastside. The number of West Bellevue home sales shot up by 279%! Because home prices in West Bellevue tend to be among the most expensive on Seattle’s eastside and in the Seattle area in general, this signaled more of return to confidence in the real estate market. Prices for high end homes have dropped to the point that buyers were more comfortable buying. Since most of these sales had nothing to do with the first time home buyer credit, this signaled a strong change in buyer confidence and willingness to buy.

Prices tended to be more reasonable all over the Seattle area. Lower prices, low interest rates, and the first time home buyers’ tax credit did a lot to open up the real estate market.

The year ended with the lowest number of homes on the market for all of 2009. The amount of properties for sale was similar to what was available in 2007. This does not mean the market will return to 2007 real estate activity, but it is a good thing to see that there were, and are, less properties for sale in the Seattle area.

What’s in store for 2010?

I expect the extension and expansion of the 2010 home buyer credit to continue to spur real estate sales on. I also expect it to bring more home sellers into the market, so competition could increase again. The number of properties for sale is a huge factor in pricing and market time. The first part of 2010 should be pretty active for both home buyers and sellers. After April 30th when the home buyer tax credit goes away, much will depend on how many homes are on the market and the interest rates.

As I’ve mentioned before, be prepared for any and everything with real estate sales in the coming months. There’s no “one size fits all.” Home sales will depend on the price point, location, the home’s condition, the competition, and/or a combination of these things. Some homes will sell quickly and for a good price, others will still undergo significant price reductions to meet market expectations, and others will sell, but for less than one would expect. This, actually, is what we expect to see in a normal, more balanced real estate market.

What do the numbers on the map mean?

The map is divided into the numbered areas as defined by our Northwest Multiple Listing Service (NWMLS). Downtown Bellevue is area 520 and East Bellevue is area 530, as an example.

What do the colors mean?

Red means it’s a sellers’ market, a sellers’ advantage.

Yellow means a balanced market between buyers and sellers.

Green means its a buyers’ market.

Bellevue home sales, Bellevue Real Estate, Issaquah home sales, Issaquah Real Estate, Kirkland Home Sales, Kirkland real estate, Redmond home sales, Redmond real estate, Sammamish home sales, Seattle real estate, Woodinville home sales, Woodinville real estate

What Were The Odds of Selling Your Seattle-Eastside Home in December, 2009?

In Bellevue Real Estate, For Buyers, For Sellers, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA Real Estate, real estate on January 13, 2010 at 11:36 am

Seattle-Eastside Residential Sales, December, 2009

The odds of selling a home on the Eastside in December 2009 ranged from a low of 11% to a high of 20%, with an average 16% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)

December, 2009 2584 homes for sale, 419 homes sold 16% odds of selling.

November, 2009 2943 homes for sale 503 (now 457)homes sold 17% (now 15.5%) odds of selling.*

December, 2008 3413 homes for sale 207 homes sold 6% odds of selling.

*Adjusted from previous month’s numbers to reflect the actual number of homes sold and closed. (see explanation below) Each month some sales fall apart and don’t close. A lower number of home sales may be reported at a later date to show the actual number of sales that did close.

_____________________________________________________________

December, 2008 Seattle-Eastside real estate market compared to December, 2009:

Several important trends this month:

Home sales were up in all Seattle-Eastside cities.
The number of homes for sale dropped to the lowest number since March, 2007. This is a huge factor in our real estate market. For most of the past two years, there’s been a large number of homes on the market. In 2005 and 2006, when the real estate market was booming, we saw the numbers of homes for sale on the eastside in the 2000-3000 range.
The median prices were down by 3%.
Home sales on Seattle’s Eastside: up 81%!

Sales prices: down 3%.

Number of homes for sale: down 24%.

Best odds of selling: For the third month in a row, the cities of Sammamish, Issaquah, Fall City, Snohomish, and North Bend, with 20% of the homes selling.

Worst odds of selling: West Redmond, near Microsoft, and East Bellevue with 13% odds of homes selling.

Biggest increase in sales from last year: West Bellevue, with 279% more home sales, which translates to 34 home sales in 2009 vs. 9 home sales in 2008.

Smallest increase in sales from last year: East Bellevue/Redmond area around Microsoft with a 6% increase in sales over last year.

Home sales in Bellevue and Redmond were tops for several years and have now dropped off when compared to other eastside cities.

Decline in real estate sales from last year: None on the eastside.

The peak of homes for sale in 2008: July, 4370 homes.

The peak of homes for sale in 2009: June, 3859 homes.

The number of homes for sale at the start of 2010: 9726 homes

Rate of home sales that failed this month: 9%

Why home sales fail to close:

This can be the result of inspections in which buyers and sellers do not agree, an appraisal that does not justify the sales price, lenders who do not package the loan properly or the great number of short sales that are out there.
Short sales are sales in which the selling price for a property is less than the price owed to the bank, so the seller is “short.” Many of these offers do not stay together because it often takes months for a short sale to get approved by the bank. There’s no guarantee the bank will accept an offer. I’ve heard only 4% of the short sales actually close in King County. Since there’s a huge number on the market, if you’re someone willing to take a chance and accept that your offer may never be looked at or accepted, then a short sale may be a way to go. With the extension of the home buyer tax credit, home buyers have more time to go after short sales. However, months may still be needed to get the short sale closed, if it is to close at all. Since most buyers truly want to purchase a home and close on it, I would recommend NOT making offers on short sales. I’d also recommend reading as much as you can about short sales before attempting to make an offer on a short sale. This way you’ll be prepared if you choose to go the route of a short sale.
My team and I are closing on a short sale this week. The original offer was written in August. There were two lienholders, two banks with mortgages on the property, which complicated the process. Short sales can happen, but a buyer has to expect a rocky ride through the sales process, if the banks actually respond to the offer. Be ready for most anything and most of all, be patient and not under any time constraints.

The plateau: Sammamish, Issaquah, North Bend, and Fall City

How Did December, 2009 Home Sales Stack Up in Your Seattle-Eastside Neighborhood?

In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA, Windermere Real Estate, Woodinville, WA Real Estate, market statistics, real estate on January 12, 2010 at 11:44 am

How did December, 2009 stack up to December, 2008 in your neighborhood?

The odds of selling a home were 20%.

Median sales price dropped from $516,750 to $499,450.

The number of homes for sale dropped by 31% and sales were up by 32.5% from last year.

The odds of selling a home were 13%.

Median sales price dropped from $544,475 to $445,000.

The number of homes for sale dropped by 17% and sales were up by 18%.

Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The odds of selling a home were 18%.

Median price increased from $539,950 to $610,450.

The number of homes for sale dropped by 25% and sales were up 140%.

The odds of selling a home were 16%.

Median price increased to$410,944 from $399,970.

The number of homes for sale declined by 23% and sales were up by 92%.

The odds of selling a home were 15%.

Median price dropped from $694,450 to $491,000.

The number of homes for sale declined by 26% and sales were up by 136%.

The odds of selling a home were 16%.

Median pricing was down from $935,000 to $847,440.

The number of homes for sale decreased by 27% and sales increased by 279%.

The odds of selling a home were 15%

Median pricing dropped to $549,950 from $669,970.

The number of homes for sale decreased by 20% and sales increased by 87.5%.

Median home prices increased in December, 2009 from December, 2008 in two eastside areas: South Bellevue/Issaquah and Woodinville/Duvall/North Kirkland/Bothell. In all the other eastside areas, median pricing was down, with the most significant decrease in Kirkland. However, the more positive tone in the real estate market is mirrored by the huge increase in the high end real estate market of West Bellevue. Sales were popping there in December with a huge increase over last year.

Since the number of homes for sale on Seattle’s eastside stands at the lowest number since March, 2007, it bodes well for Seattle real estate. With the extension of the home buyer tax credit, smaller numbers of homes for sale, low interest rates, real estate activity should be brisk in the first part of the year. For those reasons, if you want to sell your home and move in 2010, do it now, rather than later in 2010.

Bellevue Real Estate, King County home sales, King County Real Estate, Kirkland real estate, Pierce County real estate, Redmond real estate, Seattle real estate, Snohomish County real estate

The Lowest Weekly Count of Homes for Sale in King County Since 2007

In 2010 Home buyer Tax Credit, Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, real estate on January 6, 2010 at 8:57 pm

A new year begins with the lowest number of properties available since 2007! Need I say more? Oh, of course! Don’t forget the extension of the home buyer credit to April 30th, 2010 for most home buyers.

My team and I are starting the year by seeing direct evidence of the lower number of homes for sale in King County. One of our most recent offers was for a buyer whose offer was one of three for the same home!

I do expect the number of homes on Seattle’s eastside to climb as the year progresses, so if you’re planning to move, the earlier the better.

The number of properties for sale was lower in King, Snohomish, and Pierce Counties, the counties which surround the Seattle area, back in 2007. We have to go back to the week of June 5th, 2007 to find a similar number of homes on the market in King County. During that week there were 9856 homes on the market. Interestingly, if you go back to April of 2006, there were about 5000 properties for sale, about half of what is for sale right now in King County.

Weekly King, Snohomish, and Pierce County Listing Count 01-4-10

Bellevue Real Estate, buyers market in Seattle, Eastside real estate, King County Real Estate, Kirkland real estate, Redmond real estate, Sammamish real estate, Seattle home prices, Seattle real estate, Seattle/Eastside real estate, sellers market in Seattle, Snohomish County real estate, Woodinville real estate

A Return to Normalcy in Seattle-Eastside Real Estate?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA, Woodinville, WA Real Estate, real estate on December 17, 2009 at 2:24 pm

King Snohomish County Monthly Supply - November 2009

King-Snohomish County Real Estate Map - October 2009

King Snohomish County Months Supply-November 2008

The November, 2009 Seattle real estate map looks a lot different than October and really different than last November. More of the eastside of Seattle was in the “yellow,” a real estate market more evenly balanced between buyers and sellers, in October than in November, 2009. The increase in real estate sales in the Seattle area in October was so huge, that the real estate market settled down a bit in November.

There was such huge increase in Seattle-Eastside home sales in October 2009 with 100%+ increase in many neighborhoods. This past November, the increase in Seattle area home sales was an average of 50% more than last November. This is still a terrific increase in Seattle home sales, but not off the charts like October. Kirkland had the highest increase with 148% more homes selling this year than last. The smallest increase at 9% was in area 530, the East Bellevue and Redmond area near Microsoft.

The number of homes for sale is at the lowest point in almost three years. We have not seen so few homes for sale since March, 2007.

I expect the extension and expansion of the 2010 home buyer credit to continue to spur real estate sales on.

As I’ve been mentioning, be prepared for any and everything with real estate sales in the coming months. There’s no “one size fits all.” Home sales will depend on the price point, location, the home’s condition, the competition, and/or a combination of these things. Some homes will sell quickly and for a good price, others will still undergo significant price reductions to meet market expectations, and others will sell, but for less than one would expect. This, actually, is what we expect to see in a normal, more balanced real estate market.

What do the numbers on the map mean? The map is divided into the numbered areas as defined by our Northwest Multiple Listing Service (NWMLS). Downtown Bellevue is area 520 and East Bellevue is area 530, as an example.

What do the colors mean?

Red means it’s a sellers’ market, a sellers’ advantage.

Yellow means a balanced market between buyers and sellers.

Green means its a buyers’ market.

2010 home buyer tax credits, Bellevue condo sales, Bellevue Real Estate, buying a condo on Seattle’s eastside, Redmond condo sales, Redmond real estate, Seattle Eastside real estate, Seattle-eastside condo sales, selling a condo on Seattle’s eastside

What Were The Odds of Selling Your Seattle-Eastside Condo in November, 2009?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Local news and information, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA, Woodinville, WA Real Estate, financing, market statistics, real estate on December 16, 2009 at 11:47 am

Seattle Eastside Condo Sales, Nov 2009

November, 2009 1289 condos for sale 140 condos sold, 11% odds of selling.

October, 2009 1363 condos for sale 239 (now 207) condos sold 17% (now 15%) odds of selling.*

November, 2008 1243 condos for sale 85 condos sold 7% odds of selling.

The number of condos for sale also dropped by 74 units, which is 6% decrease in the number of condos available for sale on Seattle’s eastside. The number of Seattle Eastside condo sales dropped from the last couple of months to numbers more similar to what we saw in the summer.

With only about 10 out of 100 condos selling, it’s a great time to buy. There’s not much competition with other buyers. With the extension and expansion of the home buyer tax credit into 2010, there’s the added benefit of a tax credit, but only if you buy before the end of April, 2010.

The plateau: Sammamish, Issaquah, North Bend, and Fall City

How Did November, 2009 Home Sales Stack Up to November, 2008 in Your Seattle-Eastside Neighborhood?

In Bellevue Real Estate, Bellevue, WA, Built Green and Sustainable Living, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on December 15, 2009 at 11:47 am

How did November, 2009 stack up to November, 2008 in your neighborhood?

The odds of selling a home were 23%.

Median sales price remained the same, $552,500.

The number of homes for sale dropped by 27% and sales were up by 77% from last year.

The odds of selling a home were 17%.

Median sales price remained the same, $479,000.

The number of homes for sale dropped by 18% and sales were up by 9%.

Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The odds of selling a home were 20%.

Median price was the same at $685,000.

The number of homes for sale dropped by 21% and sales were up 71%.

The odds of selling a home were 13.5%.

Median price was the same at $411,750.

The number of homes for sale declined by 16% and sales were up by 29%.

The odds of selling a home were 15%.

Median price was the same at $739,000.

The number of homes for sale declined by 21% and sales were up by 148%.

The odds of selling a home were 14%.

Median pricing was the same at $996,500.

The number of homes for sale decreased by 22% and sales increased by 68%.

The odds of selling a home were 16%

Median pricing was the same at $559,900.

The number of homes for sale decreased by 21% and sales increased by 19%.

Last month I reported an increase in home prices in the Redmond/Education Hill/Carnation area and was surprised since all the other cities had lower median home prices. This month, however, almost all the median home prices in the different Seattle eastside cities remained the same as November, 2008. This is good news as prices may have stabilized. Since the number of homes for sale on Seattle’s eastside stands at the lowest number since March, 2007, it bodes well for Seattle real estate. With the extension of the home buyer tax credit, smaller numbers of homes for sale, low interest rates, real estate activity should be brisk in the first part of the year. For those reasons, if you want to sell your home and move in 2010, do it now, rather than later in 2010.

What Were The Odds of Selling Your Seattle-Eastside Home in November, 2009?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on December 15, 2009 at 10:04 am

Eastside Real Estate Sales, November 2009

The odds of selling a home on the Eastside in November 2009 ranged from a low of 13.5 % to a high of 23%, with an average 17% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)

November, 2009 2943 homes for sale 503 homes sold 17 % odds of selling.

October, 2009 3240 homes for sale 644(now 561) homes sold 19%(now 17%) odds of selling.*

November, 2008 3645 homes for sale 238 homes sold 6.5% odds of selling.

_____________________________________________________________

November, 2008 Seattle-Eastside real estate market compared to November, 2009:

Several important trends this month:

Home sales were up in all Seattle-Eastside cities.
The number of homes for sale dropped to the lowest number, below 3000 homes, since March, 2007. This is a very important factor in our real estate market. For most of the past two years, there’s been a large number of homes on the market. In 2005 and 2006, when the real estate market was booming, we saw the numbers of homes for sale on the eastside in the 2000-3000 range.
The median prices were UP slightly, by 2%.
Home sales on Seattle’s Eastside: up 50.5%, a terrific increase in sales, although a much smaller increase than in October, when the increase was over 100%.

Sales prices: UP 2.1%.

Number of homes for sale: down 22%.

Best odds of selling: For the second month in a row, the cities of Sammamish, Issaquah, Fall City, Snohomish, and North Bend, with 23% of the homes selling.

Worst odds of selling: Woodinville, North Kirkland, Bothell, Kenmore and Duvall, with 13% odds of homes selling.

Biggest increase in sales from last year: Kirkland, with 148% more home sales.

Last month, numbers like this were more common in all the eastside cities. Not so this month with Sammamish, Issaquah, etc. coming in with the second highest increase at 77%.

Smallest increase in sales from last year: Again it’s the East Bellevue/Redmond area around Microsoft, with the smallest increase this month, only 9%.

Home sales in Bellevue and Redmond have been so strong in comparison to other eastside areas for so long. Now other Seattle-Eastside neighborhoods are catching up.

Decline in real estate sales: None on the eastside.

The peak of homes for sale in 2008: July, 4370 homes.

The peak of homes for sale in 2009: June, 3859 homes.

Rate of home sales that failed this month: 13%

Why home sales fail to close:

This can be the result of inspections in which buyers and sellers do not agree, an appraisal that does not justify the sales price, lenders who do not package the loan properly or the great number of short sales that are out there.
Short sales are sales in which the selling price for a property is less than the price owed to the bank, so the seller is “short.” Many of these offers do not stay together because it often takes months for a short sale to get approved by the bank. There’s no guarantee the bank will accept an offer. I’ve heard only 4% of the short sales actually close in King County. Since there’s a huge number on the market, if you’re someone willing to take a chance and accept that your offer may never be looked at or accepted, then a short sale may be a way to go. With the extension of the home buyer tax credit, home buyers have more time to go after short sales. However, months may still be needed to get the short sale closed, if it is to close at all. Since most buyers truly want to purchase a home and close on it, I would recommend NOT making offers on short sales. I’d also recommend reading as much as you can about short sales before attempting to make an offer on a short sale. This way you’ll be prepared if you choose to go the route of a short sale.
My team and I are closing on a short sale this week. The original offer was written in August. There were two lienholders, two banks with mortgages on the property, which complicated the process. Short sales can happen, but a buyer has to expect a rocky ride through the sales process, if the banks actually respond to the offer. Be ready for most anything and most of all, be patient and not under any time constraints.

2010 home buyer tax credits, buying a home on Seattle's eastside, good time to sell a home, Seattle, Seattle Eastside, Seattle Eastside real estate, Seattle homes, Seattle real estate, Seattle-eastside homes, selling a home on Seattle's eastside, Windermere Mortgage, Windermere Real Estate

Tis The Holiday Season, Is It a Good Time to Sell Your Seattle-Eastside Home?

In Bellevue Real Estate, For Buyers, For Sellers, King County Real Estate, Seattle real estate, real estate, real estate opinion on December 2, 2009 at 7:02 pm

We have the triple or maybe the quadruple whammy going on in Seattle-Eastside real estate right now.

The number of homes and condos on the market in King County is now at the lowest point since January of this year, which means the competition to find a buyer is way down.

Weekly County Listing Count 11-30-09

Seattle area home sales are way up.

Interest rates are still near all time lows.

According to Steve Tedrow from Windermere Mortgage : Interest rates have dipped back down near their lowest levels of the year and near a 30 year low. Current rates are hovering around 4.50% (APR = 4.609%) *Rates can fluctuate.

The 2010 Tax Incentive for Home Buyers is available to many move up buyers who plan to purchase a home under $800,000.

Most people will think along the same lines and plan to sell their homes around March of 2010, as is typical of real estate patterns each year. The real estate market could be flooded with more homes for sale in Seattle and on the Eastside.

Of course, my crystal ball is a bit cloudy right now and no one knows what will happen for sure, but given typical trends, there’s a good chance this will be the pattern for Seattle real estate in 2010.

So why not think differently than most people? If you’re planning to sell in 201o, then buck the typical trend and sell your home now. Now? No one puts there home up for sale during the holidays! That’s exactly the point. If you sell now, there are fewer homes on the market for sale, which increases the odds of finding a buyer for your home.

The current market conditions are among the best of the year. We can’t go back and change economic events and home prices are what they are. But if you make a move up and sell your home for less than your home’s previous value, you’ll also pay less for your new home. And you could be eligible for the $6500 tax credit!

I expect the extension and expansion of the 2010 home buyer credit to continue to spur real estate sales on.

The Seattle Real Estate Balancing Act Between Home Buyers and Sellers Continues

In Bellevue Real Estate, For Buyers, King County Real Estate, Local news and information, Real Estate News, market statistics, real estate on November 12, 2009 at 12:38 pm

King-Snohomish County Real Estate Map-October 2008

King-Snohomish County Real Estate Map - October 2009

The real estate maps show a market more balanced between buyers and sellers than we had last year. That’s no big surprise. Only a few pockets remain in which buyers still have more of an advantage as evidenced by the “green” areas still on the map. But the balance is tipping to a more even market between buyers and sellers all over King and Snohomish Counties.

There’s been a huge increase in Seattle-Eastside home sales since last October, a whopping 100%+ increase in many neighborhoods. The number of homes for sale is down to the lowest numbers we’ve seen since February and the number of home sales are skyrocketing when compared to last year. Home prices are not going anywhere and may have stopped going down.

As I mentioned last month, be prepared for any and everything with real estate sales in the coming months. There’s no “one size fits all.” Home sales will depend on the price point, location, the home’s condition, the competition, and/or a combination of these things. Some homes will sell quickly and for a good price, others will still undergo significant price reductions to meet market expectations, and others will sell, but for less than one would expect.

What do the colors mean?

Red means it’s a sellers’ market, a sellers’ advantage.

Yellow means a balanced market between buyers and sellers.

Green means its a buyers’ market.

What Were The Odds of Your Seattle-Eastside Condo Selling in October, 2009?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on November 11, 2009 at 12:35 pm

Seattle-Eastside Condo Sales, October 2009

October, 2009 1363 condos for sale 239 condos sold 17% odds of selling

September, 2009 1407 condos for sale (now 210) 236 condos sold (now 15%) 17% odds of selling.

October, 2008 1351 condos for sale 116 condos sold 9% odds of selling.

*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close.

More Seattle Eastside condos are selling than earlier this year, although the absorption rate is still under 20%.

Important news for all condo buyers:

With the extension and extension of the home buyer tax credit to include not only first time buyers, but many move up buyers, I’m hoping the number of condo sales on Seattle’s eastside will increase in the near term.

The plateau: Sammamish, Issaquah, North Bend, and Fall City

How Did 10-09 Home Sales Stack Up In Your Seattle-Eastside Neighborhood?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle, Seattle real estate, WA, WA real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on November 10, 2009 at 12:04 pm

How did October, 2009 stack up to October, 2008 in your neighborhood?

The odds of selling a home were 26%.

Median sales price decreased by 9% from $559,000 to $509,000.

The number of homes for sale dropped by 33% and sales were up by 119% from last year.

The odds of selling a home were 19%.

Median sales price decreased to $445,000 from $484,725, a decrease of 9%

The number of homes for sale dropped by 23.5% and sales were up by 53%.

Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The odds of selling a home were 23%.

Median price increased by 4% to $592,500 from $569,900.

The number of homes for sale dropped by 21% and sales were up 156%.

The odds of selling a home were 16%.

Median price was down to $429,975 from $533,925, a 19.5% decrease.

The number of homes for sale declined by 15% and sales were up by 89%.

The odds of selling a home were 18%.

Median price decreased by 29.5%, from $709,475 to $500,000.

The number of homes for sale declined by 23% and sales were up by 142%.

The odds of selling a home were 14%.

Median pricing decreased by 18% from $1,399,000 to $1,150,000.

The number of homes for sale decreased by 16% and sales increased by 100%.

The odds of selling a home were 23%

Median pricing increased by 6% to $449,995 from $472,425.

The number of homes for sale decreased by 16% and sales increased by 190%.

The increase in sales was huge all over the Eastside. Surprising, but maybe not so surprising, the increase in sales was the smallest in the area that has traditionally been the strongest over the last few years, the East Bellevue/Redmond area near Microsoft. This could be the result of a few factors. One is Microsoft is not hiring as many people and is also doing some layoffs. Also, with the area so strong in home sales over the years, other areas are starting to catch up more in the number of sales.

Two areas saw an increase in median pricing from last year, downtown Redmond and Carnation and South Bellevue and Issaquah. This is a real surprise, since every area has shown a decline in prices. This may be an anomaly, so I’ll check it out next month.

Bellevue home sales, Bellevue Real Estate, buying a home on Seattle’s eastside, Issaquah home sales, Kirkland Home Sales, Kirkland real estate, Redmond home sales, Redmond real estate, Sammamish home sales, Sammamish real estate, Seattle Eastside real estate, Seattle real estate 10-09, selling a home on Seattle’s eastside, Woodinville home sales

The Odds of Selling Your Seattle-Eastside Home in October, 2009

In Bellevue Real Estate, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Real Estate News, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Woodinville, WA Real Estate, market statistics, real estate on November 9, 2009 at 2:54 pm

Seattle Eastside Real Estate Sales, October 2009

The odds of selling a home on the Eastside in October 2009 ranged from a low of 14% to a high of 26%, with an average 20% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)

October, 2009 3240 homes for sale 644 homes sold 19% odds of selling.

September, 2009 3518 homes for sale (now 606) 668 homes sold (now 17%) 20% odds of selling.*

October, 2008 4097 homes for sale 257 homes sold 6% odds of selling.

*Adjusted from previous month’s numbers to reflect the actual number of homes sold and closed. Some sales from each month fall apart and don’t close, hence a lower number of sold homes may be reported at a later date.

_____________________________________________________________

October, 2008 Seattle-Eastside real estate market compared to October, 2009:

Sales were up a huge, and I mean huge, amount in most of the Seattle-Eastside cities. The number of homes for sale and the median prices were down in all neighborhoods with the exception of South Bellevue/Issaquah and downtown Redmond/Union Hill. In both of these areas the median price increased from last October to this October.

Home sales on Seattle’s Eastside: up 118%!!!!

Sales prices: down 12%.

Number of homes for sale: down 22%.

Best odds of selling: and it’s not Redmond, near Microsoft, and East Bellevue! This month, the plateau areas of Sammamish, Issaquah, Fall City, Snohomish, and North Bend are the top home sales areas with 26% of the homes selling.

Worst odds of selling: West Bellevue with 12% odds of homes selling.

Biggest increase in sales from last year: Downtown Redmond, Union Hill, Redmond Ridge, Carnation, 190% more home sales.

Smallest increase in sales from last year: East Bellevue/Redmond area around Microsoft goes from the top home sales area to the area with the smallest increase this year from last October, only 53%. Home sales in Bellevue and Redmond have been so strong in comparison to other eastside areas for so long. Now other Seattle-Eastside neighborhoods are catching up.

Decline in real estate sales: None on the eastside, all areas had huge increases in the number of home sales ranging from 52% to 190%.

The peak of homes for sale in 2008: July, 4370 homes.

The peak of homes for sale in 2009: June, 3859 homes.

Rate of home sales that failed this month: 11%

Why home sales fail to close:

This can be the result of inspections in which buyers and sellers do not agree, an appraisal that does not justify the sales price, lenders who do not package the loan properly or the great number of short sales that are out there.
Short sales are sales in which the selling price for a property is less than the price owed to the bank, so the seller is “short.” Many of these offers do not stay together because it often takes months for a short sale to get approved by the bank. There’s no guarantee the bank will accept an offer. I’ve heard only 4% of the short sales actually close in King County. Since there’s a huge number on the market, if you’re someone willing to take a chance and accept that your offer may never be looked at or accepted, then a short sale may be a way to go. With the extension of the home buyer tax credit, home buyers have more time to goafter short sales. However, months may still be needed to get the short sale closed, if it is to close at all. Since most buyers truly want to purchase a home and close on it, I would recommend NOT making offers on short sales. I’d also recommend reading as much as you can about short sales before attempting to make an offer on a short sale. This way you’ll be prepared if you choose to go the route of a short sale.

Bellevue Real Estate, Eastside real estate, King County Real Estate, Kirkland real estate, Redmond real estate, Sammamish real estate, Seattle real estate, Seattle/Eastside real estate, Snohomish County real estate, Woodinville real estate

Seattle Real Estate is More Balanced

King-Snohomish County Real Estate Sales Activity-September 2009

Seattle/Eastside real estate is more balanced. The number of homes for sale is down, which is a good thing, and the number of home sales are up, another good thing, all over greater Seattle. What’s not up are home prices.

From all the real estate activity we’re now seeing, it appears we’ve bottomed out. More home buyers feel it’s safe to go out and buy a home. The stock market has come back to twice what it was in March and more high end homes are selling. Both point to a renewed confidence in Seattle area real estate.

The map shows a market more balanced between buyers and sellers than we had even earlier this summer, never mind last year. However, pockets remain in which buyers still have more of an advantage as evidenced by the “green” areas still on the map. Buyers markets still exist in parts of King and Snohomish County. The strongest areas for selling a home are in Seattle proper.

However, in all areas, be prepared for any and everything with real estate sales in the coming months. There is no “one size fits all.” Home sales will depend on the price point, location, the home’s condition, the competition, and/or a combination of these things. Some homes will sell quickly and for a good price, others will still undergo significant price reductions to meet market expectations, and others will sell, but for less than one would expect.

What do the colors mean?

Red means it’s a sellers’ market, a sellers’ advantage.

Yellow means a balanced market between buyers and sellers.

Green means its a buyers’ market.

Bellevue condo sales, Bellevue Real Estate, buying a condo on Seattle's eastside, Redmond condo sales, Redmond real estate, Seattle Eastside real estate, Seattle-eastside condo sales, selling a condo on Seattle's eastside

The Odds of Selling Your Seattle/Eastside Condo in September, 2009

In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Woodinville, WA Real Estate, real estate on October 12, 2009 at 7:19 pm

Seattle Eastside Condo Sales Sept 2009

September, 2009 1407 condos for sale 236 condos sold 17% odds of selling.

August, 2009 1429 condos for sale 206(now 178) condos sold 14%(now 12) odds of selling.

September, 2008 1458 condos for sale 151 condos sold 11% odds of selling.

*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close.

More Seattle Eastside condos are selling. The trend continues as sales numbers are more than double January and February of this year.

Sales don’t close for a variety of reasons: In September, 2% of the condo sales failed to close. Some sales are falling apart and not closing because of inspection, financing issues, and appraisal issues.

A sale could fail because an appraisal came in lower than the selling price, an inspection happened in which both buyer and seller couldn’t agree or a lender didn’t put the loan package together properly. Unfortunately, there are other reasons sales fail to close, such as short sales in which a seller is selling a condo for less than is owed on the property. If the bank doesn’t agree to sell the condo at the price established between the buyer and seller, the deal could be off.

My team and I worked on a condo sale that almost fell apart because of the FHA spot approval. The condo complex did not meet FHA spot approval guidelines because of the lack of a condo reserve study. The buyer had to redo their loan and was able to qualify for conventional financing. It was a little hairy for a while, but the sale closed.

Important news for all condo buyers: FHA spot approvals will be going away soon. Come November, FHA spot approvals will be gone.

As the year comes to a close, look to see if the absence of FHA spot approvals and the end of the $8000 first time home buyer tax credit affect the number of condo sales. I suspect the entry level condo sales, those under 300k, will slow down.

Bellevue condo sales. Redmond condo sales, buying a Seattle-eastside condo, eastside condo sales, Seattle Eastside real estate, Seattle-eastside condo sales, selling a Seattle-eastside condo

How did 9-09 Home Sales stack up in your Seattle/Eastside neighborhood?

In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Woodinville, WA Real Estate, market statistics, real estate on October 12, 2009 at 7:13 pm

How did September, 2009 stack up to September, 2008 in your neighborhood?

The plateau: Sammamish, Issaquah, North Bend, and Fall City

The chances of selling a home were 22%.

Median sales price decreased by 5% from $519,000 to $493,995.

The number of homes for sale declined by 25% and sales were up by 30% from last year.

The chances of selling a home were 32.5%.

Median sales price decreased to $499,500 from $550,000, a decrease of 9%

The number of homes for sale dropped by 30% and sales were up by 31%.

Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The chances of selling a home were 15%.

Median price decreased by 5% to $594,500 to $564,900.

The number of homes for sale dropped by 19% and sales were up 11%.

The chances of selling a home were 19%.

Median price was down to $399,975 from $459,950, a 13% decrease.

The number of homes for sale declined by 11% and sales were up by 33%.

The chances of selling a home were 15%.

Median price decreased by 21%, from $695,000 to $549,950.

The number of homes for sale declined by 20% and sales were up by 47%.

The chances of selling a home were 17%.

Median pricing decreased by 23% from $1,314,000 to $1,012,000.

The number of homes for sale decreased by 13% and sales increased by 92%. WOW!

The chances of selling a home were 18.5%

Median pricing decreased by 14% from $525,000 to $449,950.

The number of homes for sale decreased by 3% and sales decreased by 6%.

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Bellevue home sales, Bellevue Real Estate, buying a home on Seattle's eastside, Redmond home sales, Redmond real estate, Seattle Eastside real estate, Seattle real estate-Sept 09, selling a home on Seattle's eastside

The Odds of Selling Your Seattle/Eastside Home in September, 2009

In Bellevue Real Estate, For Buyers, For Sellers, King County Real Estate, Redmond, Sammamish, WA Real Estate, WA real estate, Woodinville, WA Real Estate, market statistics, real estate on October 12, 2009 at 6:05 pm

Seattle-Eastside Real Estate Sales September 2009

The odds of selling a home on the Eastside in September 2009 ranged from a low of 15% to a high of 32.5%, with an average 19% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)

September, 2009 3518 homes for sale 668 homes sold 19% odds of selling.

August, 2009 3604 homes for sale 683 (now 604) homes sold 19 (now 18)% odds of selling.

September, 2008 4240 homes for sale 433 (now 373) homes sold 10 (now 9)% odds of selling.*

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September, 2009 Seattle Eastside real estate market:

Sales were up, the number of homes for sale and the median prices were down in all neighborhoods, except for the Redmond/Carnation area.

Home sales on Seattle’s Eastside: up 29%

Sales Prices: down 11%.

Number of homes for sale: down 17%.

Best odds of selling: Redmond, near Microsoft, and East Bellevue, 32.5% chance.

Worst odds of selling: South Bellevue/Issaquah, a 15% chance.

Biggest increase in sales from last year: West Bellevue, 92% more home sales.

Smallest increase in sales from last year: Sammamish, Issaquah plateau, 30%

Decline in real estate sales: Redmond/Carnation, -6%

The peak of homes for sale in 2008: July, 4370 homes.

The peak of homes for sale in 2009: July, 3819 homes.

Failure rate for home sales: 12%

Why home sales fail to close:

This can be the result of inspections in which buyers and sellers do not agree, an appraisal that does not justify the sales price, lenders who do not package the loan properly or the great number of short sales that are out there.
Short sales are sales in which the selling price for a property is less than the price owed to the bank, so the seller is “short.” Many of these offers do not stay together because it often takes months for a short sale to get approved by the bank. There’s no guarantee the bank will accept an offer. I’ve heard that only 4% of the short sales actually closed in King County. Since there are a huge number on the market, if you’re someone willing to take a chance on a property, are willing to accept your offer may never be looked at or accepted, then a short sale may be a way to go. However, since most buyers truly want to purchase a home and close on it, I would recommend NOT making offers on short sales.

For more of a picture of Seattle’s real estate market, check on the articles in The Seattle Times, The Seattle PI, and KING 5.

Active Listings in King County, King County, King County homes for sale, Windermere Real Estate

How Many Homes and Condos are For Sale in King County?

Number of King County Homes & Condos for Sale, 09-28-09

Less is more as they say. This week, there are 2638 less homes and condos for sale, 16% less, than one year ago. Add this to the fact that only 31 new properties have come on the market in the entire county over the past two weeks and this is good news for the real estate market. Buyers still have a lot of choices and sellers have less competition. We have a healthier, more balanced real estate market. I’m hoping the trend with less homes coming on the market will continue.

The chart above not only shows the information for King County, but also for Pierce and Snohomish County. If you follow the top line across, it shows the date, total number of listings, weekly change (increase or decrease), and change in numbers and percent from one year ago. (In case you’re wondering, STI represents homes that are “sold subject to inspection” and CTG represents homes “sold to buyers who still have homes to sell.” Neither category is included in this list.)

Bellevue, Bellevue condo towers, Bellevue Real Estate, Jimmy Choo, John Howie Steak, Neiman Marcus, Salvatore Ferragamo, Schnitzer West, The Bravern, Wild Ginger

A Sneak Peek At Bellevue’s The Bravern Residences

In Bellevue Real Estate, Bellevue, WA, Dining on the Eastside, Exploring the Eastside, For Buyers, not real estate on September 25, 2009 at 2:05 pm

You can shop to your heart’s content at The Bravern’s Neiman Marcus, Salvatore Ferragamo, Jimmy Choo and more. (There’s already a Facebook Fan Page for Jimmy Choo in Bellevue.) You can dine at several fabulous restaurants such as John Howie Steak and Wild Ginger. You can go to the spa at Elizabeth Arden’s Red Door, but you can’t move into one of The Bravern Residences just yet. The two residence towers are still under construction and should be ready for occupancy the first of next year.

Last week Forum XXII, the eastside real estate network, of which I am a member, was invited to take a hard hat tour of the Towers, courtesy of Schnitzer West, the developer, and Neiman Marcus.

Forum XXII Hard Hat Tour

For our tour, we started at the top, the penthouse.

View Looking South From The Penthouse at The Bravern

The penthouse occupies the entire top floor, the 30th, of each of the two towers. It’s sold as a shell and can be completed to the buyer’s individual specifications. Entirely surrounded by windows and a huge patio areas, there’s essentially a 360 degree view from Mt. Rainier, the Cascades, to Lake Washington and the Olympics. The penthouses will be one of the rare homes were you can see both the sun rise and set.

Construction Crew Busy Working

The Bravern also a 25,000 square foot community room with its own fireplace and catering kitchen. Outside is a glass enclosed sitting area complete with a fireplace. The garden area, which was recently planted, has areas to barbecue and a unique fountain.

The Private Gardens of The Bravern

I’m looking forward to seeing the towers when they’re completed next year.

balanced real estate market, Bellevue Real Estate, Bothell real estate, Eastside real estate, Issaquah Real Estate, Kenmore real estate, King County Real Estate, Kirkland real estate, Redmond real estate, Sammamish real estate, Seattle real estate, Seattle/Eastside real estate, Snohomish County real estate, Windermere Real Estate, Woodinville real estate

Seattle/Eastside Real Estate Is Looking Good!

In Bellevue Real Estate, For Homeowners, For Sellers, Issaquah Real Estate, King County Real Estate, Real Estate News, Redmond, Sammamish, WA Real Estate, Seattle real estate, Windermere Real Estate, Woodinville, WA Real Estate, market statistics, real estate on September 16, 2009 at 2:40 pm

King Snohomish County Real Estate, August 2009

Seattle/Eastside real estate is looking good. The “green” is almost gone from King and Snohomish County real estate. It’s been almost 15 years since I can remember such a balanced, healthy real estate market. A balanced market is when the real estate market is not skewed towards buyers or sellers, but is balanced between both.

A number of my colleagues, including myself, made a move in 1994, the last time I can think of such a balanced market. The market was healthy then and is healthy now. There’s a reasonable supply of homes and a good number which are now selling each month. We’re seeing homes sell quickly, if they are priced right and show well. There are some homes that sell with multiple offers, but rarely for full price.

What do the colors mean?

Red means it’s a sellers’ market, a sellers’ advantage.

Yellow means a balanced market between buyers and sellers.

Green means its a buyers’ market.

If you take each area as shown on the map and look to the area number on the side of the map, it will tell you how long it would take to sell every home currently for sale if no other home came up on the market in that area. This number is shrinking each month, which is a good thing. Buyers still have a great selection and sellers can sell for a realistic price. There’s a renewed confidence in Seattle/Eastside real estate.

$8000 first home buyer credit, buying a condo on Seattle's eastside, buying a condo on the eastside, condo sales, Eastside real estate, FHA spot approval, Seattle/Eastside, Seattle/Eastside condo sales, Seattle/Eastside real estate, selling a condo on Seattle's eastside, selling a condo on the eastside

What Were The Chances of Your Seattle/Eastside Condo Selling in August, 2009?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Mortgages, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA, Woodinville, WA Real Estate, real estate on September 15, 2009 at 10:09 am

Seattle/Eastside Condo Sales, August 2009

August, 2009 1429 condos for sale 206 condos sold 14% chance of selling.

July, 2009 1441 condos for sale 203 (now 171) condos sold 14% (now 12%) chance of selling

August, 2009 1495 condos for sale 159 condos sold 10% chance of selling.

*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close.

More Seattle Eastside condos are selling. Numbers are more than double the figures from January and February of this year. But still, some sales are falling apart and not closing because of inspection, financing issues and appraisal issues.

Sales don’t close for a variety of reasons: an appraisal that came in lower than the selling price, an inspection that both buyer and seller couldn’t agree upon or a lender who didn’t put the loan package together properly. Unfortunately, there are other reasons sales fail to close, such as short sales in which a seller is selling a condo for less than is owed on the property and the bank does not agree to sell the property at the price agreed upon between the buyer and seller.

Important news for all condo buyers: FHA spot approvals will be going away. If a unit in a condo association could meet designated FHA guidelines and the whole complex is not approved, then an offer and approval for this spot FHA loan must be approved by the lender by October 1st, only two weeks away. FHA financing allows for a borrower to put just 3.5% down.

The absence of FHA spot approvals and the end of the $8000 first time home buyer tax credit could affect the number of condo sales in the future.

Bellevue Real Estate, Issaquah Real Estate, King County Real Estate, Kirkland real estate, Redmond real estate, Sammamish real estate, Seattle, Seattle real estate, Seattle/Eastside real estate, Woodinville real estate

What Were The Chances of Selling Your Seattle/Eastside Home in August, 2009?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Woodinville, WA, Woodinville, WA Real Estate, real estate on September 14, 2009 at 2:02 pm

Seattle-Eastside Real Estate Activity August 2009

The chances of selling a home on the Eastside in August 2009 ranged from a low of 15% to a high of 28%, with an average 19% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)

Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:

August, 2009 3604 homes for sale 683 homes sold 19% chance of selling.

July, 2009 3819 homes for sale 631 (now 538) homes sold* 19%(now 14%) chance of selling.*

August, 2008 4346 homes for sale 433 homes sold 9% chance of selling.

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(Click on the cities below to see real estate trends for the past 5 years. You can see the median pricing for each city and whether the number of homes for sale and the number of sales went up or down. If you look at the charts, you’ll notice the total number of homes for sale and the number of homes sold can vary slightly from the above chart. The information for the charts is gathered at slightly different times so can vary slightly. Regardless, the charts show the same trends.)

(click on city names for a chart showing the latest stats in the area)

How did August, 2009 stack up to August, 2008 in your neighborhood?

The plateau: Sammamish, Issaquah, North Bend, and Fall City

The chances of selling a home were 19%.

Median sales price decreased by 10% from $572,000 to $515,000.

The number of homes for sale declined by 22% and sales were up by 21% from last year.

The chances of selling a home were 28%.

Median sales price decreased to $475,000 from $549,000, a decrease of 13.5%

The number of homes for sale dropped by 23% and sales were up by 12%.

Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The chances of selling a home were 17%.

Median price decreased by 15% to $499,500 from $592,475.

The number of homes for sale dropped by 15% and sales were up 55%.

The chances of selling a home were 18%.

Median price was down to $425,000 from $478,062, an 11% decrease.

The number of homes for sale declined by 17% from last year and sales were up by 50%.

The chances of selling a home were 21%.

Median price decreased by 10.5%, from $649,950 to $581,919.

The number of homes for sale declined by 15% and sales were up by a whopping 83%.

The chances of selling a home were 15%.

Median pricing decreased by 10% from $999,950 to $899,475.

The number of homes for sale decreased by 12% and sales increased by a truly whopping 129%.

The chances of selling a home were 21%

Median pricing decreased by 10% from $599,950 to $542,250.

The number of homes for sale decreased by 12% and sales increased by 27%.

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Thoughts on the August 2009 Seattle Eastside real estate market:

Is there a change in the Seattle-Eastside real estate market? You bet! The key indicator is homes are not only selling, but more homes in the high end are selling. This means that buyers in all price ranges are less afraid to go out and buy. This uptick in real estate sales is not just the result of first time buyers looking for the $8000 tax credit, but for home buyers in every price range.

Most eastside homes had 19% chance of selling. Nineteen out of 100 homes had offers last month and are now pending.
Home sales on Seattle’s Eastside were up 42% and prices were down 8.5% overall.

Several areas had a huge increase in the number of homes sold:

West Bellevue 129%

Kirkland 83%

South Bellevue 55%

Best odds of selling: once again it’s Redmond, near Microsoft, and East Bellevue with a 28% chance of a home selling.
Most difficult odds of selling: West Bellevue, with a 13% chance of selling a home. Yet, West Bellevue had the biggest sales increase from last year, a whopping 128% more homes sold this August than last year.
Last month the median sales price in Kirkland and West Bellevue both were up over July, 2008. Looking at August’s median pricing, every neighborhood experienced a decline in median pricing combined with a strong uptick in home sales.
If you look at the chart above, it’s clear the number of homes for sale is less than last year when the peak of homes for sale happened in July of 2008. I’m hoping this year we hit the peak of homes for sale on Seattle’s Eastside back in July, when 13,835 homes were for sale. So far, this is holding true and the number of homes for sale on Seattle’s eastside keeps dropping each month.
It’s still looking like a lot of home sales fail to close. There’s a high fallout rate with sales, as you can see from July’s numbers alone, almost a 100 home sales did not close! Given that originally 631 sales were reported for the month in July and 538 sales were reported a month later, 15% of July’s sales failed. This is a high number of failed sales and could be the result of inspections in which buyers and sellers do not agree, an appraisal that does not justify the sales price, lenders who do not package the loan properly or the great number of short sales that are out there.
Short sales are sales in which the selling price for a property is less than the price owed to the bank, so the seller is “short.” Many of these offers do not stay together because it often takes months for a short sale to get approved by the bank. There is no guarantee the bank will ever look at an offer or approve and accept it. I’ve heard that only 4% of the short sales actually closed in King County. Since there are a huge number on the market, if you are someone who’s willing to take a chance on a property, are willing to accept that your offer may never be looked at or accepted, then a short sale may be a way to go. However, since most buyers truly want to purchase a home and close on it, I would recommend NOT making offers on short sales.

Here’ s what the local news media, The Seattle PI and The Seattle Times reported about August real estate activity. The Times echoed my thoughts above as to the fact that the higher end of the real estate market has new life.

King County Real Estate, Seattle real estate, Snohomish County real estate

The Seattle Area Real Estate Market Is Getting Brighter

Real estate is getting brighter in Seattle, literally and figuratively. Real estate is turning yellow in Seattle, King, and Snohomish Counties. Yellow stands for a more balanced market between buyers and sellers, a balance between supply and demand. The demand for homes, the number of homes sold in July when compared to the amount (supply) of homes for sale was more balanced. There was a healthy turnover of homes, as homes were selling and not as many new listings have come up for sale.

King Snohomish County Months Supply of Homes for Sale-July 2009

The map was very different for July, 2008, when most every area of King and Snohomish Counties was green, representing a buyer’s market. No big surprise, last year the supply of homes was much greater than the demand to buy those homes.

King-Snohomish County Supply of Homes-July 2008

buying a condo east of Seattle, Seattle Eastside real estate, Seattle real estate, Seattle-eastside condo sales, selling a condo east of Seattle

What Were The Chances of Selling Your Seattle/Eastside Condo in July, 2009?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, King County, WA, market statistics, real estate on August 12, 2009 at 9:11 pm

Eastside Condo Sales July 2009

July, 2009 1441 condos for sale 203 condos sold 14% chance of selling

June, 2009 1491 condos for sale 189 (now 171) condos sold 13% (now 12%) chance of selling*

July, 2009 1495 condos for sale 154 condos sold 10% chance of selling.

*Adjusted from previous month’s original numbers to reflect the actual number of homes sold and closed. Some of the sales originally reported last month failed and did not close.

More Seattle Eastside condos are selling. However, 10% of the sales didn’t close that were reported as pending in June. When first reported in June. there were 189 sales. The month of June ended with 171 sales, which means 18 condo sales fell apart and did not close.

Sales don’t close for a variety of reasons: an appraisal that came in lower than the selling price, an inspection that both buyer and seller couldn’t agree upon or a lender who didn’t put the loan package together properly. Unfortunately, there are other reasons sales fail to close, such as short sales in which a seller is selling a condo for less than is owed on the property and the bank does not agree to sell the property at the price agreed upon between the buyer and seller.

This is the first time since May of 2008 that over 200 condos sold on the Eastside. The amount of condos for sale has also dropped from last month’s high. Let’s hope that June was the peak with the number of condos for sale on Seattle’s Eastside.

Bellevue Real Estate, Eastside real estate, Issaquah Real Estate, Kirkland real estate, Redmond real estate, Sammamish real estate, Seattle, Seattle Eastside, Seattle real estate, Woodinille real estate

What Were The Chances of Selling Your Seattle/Eastside Home in July, 2009?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics on August 12, 2009 at 9:03 pm

Eastside Residential Real Estate July 2009

The chances of selling a home on the Eastside in July 2009 ranged from a low of 13% to a high of 27%, with an average 16.5% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)

Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:

July, 2009 3819 homes for sale, 631 homes sold 16.5% chance of selling.

June, 2009 3859 homes for sale, 675 ( now 599) homes sold 17%( now 15%) chance of selling.*

July, 2008 4370 homes for sale 494 homes sold 11% chance of selling.

*Adjusted from previous month’s original numbers to reflect the actual number of homes sold and closed. Some sales from each month fall apart and don’t close, hence a lower number of sold homes may be reported.

_____________________________________________________________

(click on city names for a chart showing the latest stats in the area)

How did July, 2009 stack up to July, 2008 in your neighborhood?

The plateau: Sammamish, Issaquah, North Bend, and Fall City

The chances of selling were 18%.

Median sales price decreased by 9% from $575,000 to $525,000.

The number of homes for sale declined by 21% and sales were up by 24% from last year.

The chances of selling were 27%.

Median sales price decreased to $470,000 from $574,990 a decrease of 18%.

The number of homes for sale dropped by 21% and sales were up by 40%. (77 vs. 55 sales)

Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The chances of selling were 15%.

Median price increased by 2% to $617,000 from $604,950

The number of homes for sale dropped by 14% and sales were even with last year as 80 sales happened July-08 and July-09.

The chances of selling were 16%.

Median price was down to $460,000 from $475,000, a 3% decrease.

The number of homes for sale declined by 9% from last year and sales were up by 6%.

The chances of selling were 14%.

Median price increased by 5%, from $569,000 to $599,000.

The number of homes for sale declined by 11% and sales were up by 27.5%.

The chances of selling were 13%.

Median pricing decreased by 46% from $1,748,000 to $950,000.

The number of homes for sale decreased by 4.5% and sales increased by 165%.

The chances of selling were 17%

Median pricing decreased by 9% from $549,375 to $499,000.

the number of homes for sale decreased by 7% and sales increased by 33%.

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Thoughts on the July 2009 Seattle Eastside real estate market:

Most eastside homes had 16.5% chance of selling. Sixteen to 17 out of 100 homes had offers last month and are now pending.
It looks like 11% of the home sales fell out of escrow, as the absorption rate for June dropped by 2% from 17 to 15%. Originally, there were 675 pending sales, so 76 offers did not stay together. This is a high number of failed sales and could be the result of inspections in which buyers and sellers do not agree, an appraisal that does not justify the sales price, lenders who do not package the loan properly or the great number of short sales that are out there. Short sales are sales in which the selling price for a property is less than the price owed to the bank, so the seller is “short.” Many of these offers do not stay together because it often takes months to resolve a sale between the buyer, seller, and the bank.
Best odds of selling: once again it’s Redmond, near Microsoft, and East Bellevue with a 27% chance.
Most difficult odds of selling: West Bellevue, with a 13% chance of selling a home. Yet, West Bellevue had the biggest increase from last year with the chance of getting a home sold, a whopping 165% more homes sold this July than last year, 45 vs. 17.
In a couple of areas prices actually went up this month from last year, quite an unusual occurrence these days. West Bellevue and Kirkland had a slightly higher median price this past July than July, 2008.
Overall, the number of homes for sale is less than last year. I’m hoping we hit the peak of homes for sale on Seattle’s eastside back in July, when 13,835 homes were for sale. Home sales were up 22% and prices were down 7%.

Bellevue Real Estate, Eastside real estate, Kirkland real estate, Redmond real estate, Seattle, Seattle Eastside, Seattle real estate

What Were The Chances of Selling Your Seattle/Eastside Home in June, 2009?

In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Sammamish, WA Real Estate, Woodinville, WA Real Estate, real estate on July 14, 2009 at 12:02 pm

Seattle/Eastside Real Estate, June 2009

The chances of selling a home on the Eastside in June 2009 ranged from a low of 13% to a high of 23%, with an average 17% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers are rounded off to the nearest whole number, unless the number is exactly .5% between two numbers.

Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:

June, 2009 3859 homes for sale, 675 homes sold 17% chance of selling.

May, 2009 3841 homes for sale 557 homes sold 14% (16%) chance of selling.*

June, 2008 4305 homes for sale 478 homes sold 11% chance of selling.

*Adjusted from previous month’s original numbers to reflect the actual number of homes sold and closed. Some of the sales from each month originally reported fall out and do not close.

_____________________________________________________________

(You can still find the MLS charts by clicking on each of the cities below. Those charts have some of the same information as the chart above, but also show the real estate trends for the last 5 years which includes median pricing for each city and whether the number of homes for sale and the number of sales are up or down. If you look at the charts by city, you’ll notice the total number of homes for sale and the number of homes sold can vary slightly from those charts to the chart above. The information for the charts is gathered at slightly different times so will vary slightly. Regardless of the exact numbers, it’s clear the charts show the same trends, which is the most important piece of information.)

(click on city names for a chart showing the latest stats in the area)

The plateau: Sammamish, Issaquah, North Bend, and Fall City

The chances of selling were 21%.

Median sales price decreased by 15% from $589,000 to $499,950.

Inventory was down by 12% and sales were up by 13% from last year.

The chances of selling were 23%.

Median sales price decreased to $499,950 from $549,500 a decrease of 9%.

Inventory was down 11% and sales were down 1%. (74 vs. 75 sales)

Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The chances of selling were 14.5%.

Median price decreased by 4% from $610,000 to $588,975

Inventory was down by 15.5% and sales were up 24%.

The chances of selling were 18%.

Median price was down to $419,950 from $498,875, a 15% decrease.

Inventory was down by 15% from last year and sales were up by 12.5%.

The chances of selling were 15%.

Median price decreased by18%, from $724,950 to $596,925.

Inventory was down by 12% and sales were down by 6%.

The chances of selling were 13%.

Median pricing decreased by34% from $1,294,750 to $849,000.

Inventory decreased by 2% and sales increased by 57%.

The chances of selling were 19%

Median pricing decreased by 21% from $671,035 to $529,950.

Inventory decreased by 5% and sales increased by 43%.

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Thoughts on the June 2009 Seattle Eastside real estate market:

Most eastside homes had 17% chance of selling. Seventeen out of 100 homes had offers last month and are now pending.
It looks like 11% of the home sales fell out of escrow, as the absorption rate for May dropped by 2%. Originally, there were 624 pending sales, so 67 offers did not stay together. This is a high number of failed sales and could be the result of inspections in which buyers and sellers do not agree, an appraisal that does not justify the sales price or lenders who do not package the loan properly. If a lender doesn’t put the buyers information together correctly or doesn’t understand all that will be required, then the loan may not be approved.
Best odds of selling:once again it’s Redmond, near Microsoft, and East Bellevue with a 23% chance.
Most difficult odds of selling: West Bellevue, with a 13% chance of selling a home. Yet, West Bellevue had the biggest increase from last year with the chance of getting a home sold.
The number of homes for sale is still less than last year, but the home sales were up in almost every part of the eastside.

Both The Seattle Times and KPLU had good stories about the more positive Seattle area real estate market.

rebound in Seattle real estate, Seattle, Seattle area geography, Seattle real estate

Rebound in Seattle/Eastside real estate? Wait until 2012

In Bellevue Real Estate, For Homeowners, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA Real Estate, real estate opinion on July 8, 2009 at 2:11 am

A rebound in Seattle real estate? Yes, but not just yet, and it will probably be a small rebound, IMHO. Both Yahoo, via the Plugged in Finance blog and Businessweek had articles projecting a faster return to a more positive real estate market for Seattle than for many other parts of the country. Seattle ended up on the top 10 real estate rebound lists on both Yahoo and Businessweek.

Why a rebound in Seattle? Seattle’s chances are among the best in the country and for the same reasons the Seattle/Eastside area was so strong for most of the last two decades. It’s our economy and our geography.

First, the geography. (Bear with me for this brief geography lesson. This brings me back to my roots as a social studies teacher who loves geography.) If you click on the “view larger version” of the map below, you’ll notice a lot of empty space east of Monroe down to Fall City. This is where the foothills of the Cascade Mountain range begins. It looks like there”s lots of open space out there, and there is, but it gets pretty steep!

Couple this with strict land use regulations, protecting salmon streams as an example, and even less land is available for development. It’s double-edged sword. We need to maintain a healthy balance between people and nature, to maintain our wildlife, our trees, and our quality of life. But the natural elements of the Seattle area, Puget Sound, Lake Washington, and the Cascade Mountains do provide a challenge to our growth. Less land to develop=higher prices , but it won’t happen for a few years and increases should still be modest.

The economy in the Seattle area is hurting like the rest of the country. But there”s a strong economic base that will re-emerge as things start to turn around. The old stand-bys, Microsoft, Starbucks, and Boeing are struggling now, but should bounce back.

Another thing to watch is the number of homes for sale, the housing inventory. We’re still at higher numbers, but things are starting to balance out. If you look at the maps, you’ll see the Seattle real estate market of 2009 is far more balanced than the Seattle real estate market of 2008. (A balance market is when the number of homes for sale in an area is less than a 6 months supply. Yellow on the attached maps indicates a balanced market in the area.

Builders are NOT buying land right now. Over the years, builders would have huge amounts of land tied up for future building. This is no longer the case. It can take a couple of years to develop a site and to start building homes. With less land available for building and less land owned by builders and ready to be built out, existing homes will be more in demand in the future.

On yesterday’s “Morning Edition” on NPR Station, KPLU, John Maynard interviewed Richard Hagar about another issue, the influx of new people moving to Washington State, the majority of whom are moving to King County. Some of these people rent and some buy condos and homes. The in-migration of people will only help our real estate and economy over time.

The year 2012 seems like a long way off, but we’re halfway through 2009. It’s around a really long corner and but it’s not going to be an easy “walk” to get there.

Open houses, real estate, Seattle real estate, Windermere Real Estate

Sharing Real Estate Information, It’s What It’s All About

In Bellevue Real Estate, For Buyers, For Sellers, King County, WA, Real Estate News, Seattle real estate, Windermere Real Estate, real estate, real estate opinion on June 25, 2009 at 9:57 pm

Windermere announced its company website will now include all open houses, not just Windermere Real Estate’s open houses. This is a good thing. Consumers expect to get quality information about the real estate market from a real estate website. Sharing all the data makes perfect sense.

A top quality website enhances the customer experience, which ultimately should be the goal. It’s not only a benefit for the real estate company and every buyer and seller, it’s a benefit for Windermere agents, buyers, and sellers. It’s a win-win situation for all.

The traditional real estate companies are so well versed in the home buying and selling process, providing all the real estate data online provides true full service to the consumer.

buying a home on Seattle's eastside, Eastside real estate, popular price ranges for homes on Seattle's eastside, real estate, Seattle real estate, Seattle-eastside real estate. selling a home on Seattle' s eastside

Which Homes Are Selling on Seattle’s Eastside?

Popular Price Ranges for May's Home Sales on Seattle's eastside

The sales prices for homes on Seattle’s Eastside is similar to the popular price ranges for home sales early this year, as shown by the chart below. The total number of sold homes varies by just a few percent from winter, 2009 to May, 2009. In May, 89% of home sales on the eastside were priced under $1,000,000, 79% under $750,000 and 49%, almost half, were under $500,000. So if your home is priced under $500,000, is a resale, and is vacant, you’ve got the best chance of selling. ( numbers at the bottom of the chart were rounded off, hence the discrepancy in the actual total numbers. All numbers were compiled by Windermere Real Estate from Northwest Multiple Listing data)

the most popular price ranges for homes on Seattle's eastside

the most popular price ranges for homes sales on Seattle’s eastside, winter, 2009

buying an Eastside condo, real estate, Seattle real estate, Seattle-eastside condo sales, selling an eastside condo

What Were The Chances of Selling Your Seattle-Eastside Condo in May, 2009?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Real Estate News, Redmond, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA Real Estate, market statistics, real estate on June 17, 2009 at 3:11 pm

Seattle-Eastside Condo Real Estate Statistics, May 2009

(pended means the number of condos that got offers this month)

1441 condos for sale 177 condos sold 12% chance of selling.

May represented the highest number of condo sales on Seattle’s eastside since June, 2008. The number of condos for sale increased dramatically this month, with the addition of 126 more condos for sale, whereas only 15 more condos sold in May than in April. There was a much bigger jump in the condos for sale than in the number of condos that sold.

Real estate activity, in general, is picking up. It will be interesting to watch how the fluctuating interest rates affect the sales of condos on Seattle’s eastside and in the real estate market overall. We have to remember that rates are still wonderfully low, even if they go up.

King County Real Estate, MLS, NWMLS, Seattle Eastside real estate, Seattle real estate, Snohomish County real estate, Windermere Real Estate

What A Difference A Year Makes In Seattle-Eastside Real Estate

In Bellevue Real Estate, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, King County Real Estate, King County, WA, Sammamish, WA, Sammamish, WA Real Estate, Seattle, Seattle real estate, WA real estate, Woodinville, WA, market statistics, real estate on June 15, 2009 at 3:15 pm

The Seattle area real estate market is going from green to yellow. The map colors have changed on these real estate maps, representing a shift in the real estate market.

King Snohomish County Months Supply Area Map May 2009

King Snohomish County Months Supply Area Map-May 2008

Here’s what these maps show:

Each NWMLS (Northwest Multiple Listing Service) real estate area in the two counties is shown on the maps. For example, if you look at the eastside, you’ll see an area labeled 530, which is East Bellevue and parts of Redmond, and 560, which is Kirkland.

Every area of the NWMLS is then evaluated by looking at the number of homes for sale and the number of homes that sell each month in that area. If there’s an overabundance of homes for sale compared to the number of homes selling, then it’s a buyers’ market. If there are a reasonable number of homes selling each month compared to the number of homes on the market, then it’s a balanced market between buyer and seller. Lastly, if the number of homes is selling well compared to how many are for sale, then it’s a sellers’ market.

What do the colors on the maps represent?

Green represents a buyers’ market.
Yellow represents a balanced market between buyer and seller.
Red represents a sellers’ market.

Along the sides of the maps, each real estate area is listed with the number of months it would take to sell all the homes currently for sale in the area. Let’s look at area 530 again. In area 530, if no other home comes on the market, it would take about 4.4 months for the homes to sell. In Kirkland, area 560, if no other home comes on the market, it would take 8.1 months to sell the homes for sale. East Bellevue and Redmond near Microsoft are color coded in yellow. With 4.4 months of inventory, it has a more balanced market. Kirkland is colored green. It’s a buyer’s market because it would take 8.1 months to sell the homes on the market.

Looking at 2009′s map, it’s clear how much the Seattle area real estate market has changed to a more balanced market. Most King and Snohomish county real estate areas are colored yellow, showing a balance between buyers and sellers.

May of 2008 was very definitely a buyers’ market and a buyers’ market only. In May of 2008, green for a buyers’ market was the predominant color on the map. In May of 2009, yellow is the dominant color, representing a more balanced real estate market.

Bellevue Real Estate, Bothell real estate, Kenmore real estate, Kirkland real estate, Sammamish real estate, Seattle Eastside real estate, Seattle real estate, Woodinville real estate

What Were The Chances Of Selling Your Seattle/Eastside Home in May, 2009?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, Sammamish, WA Real Estate, Woodinville, WA Real Estate, market statistics, real estate on June 10, 2009 at 2:06 pm

Seattle/ Eastside Residential Real Estate, May 2009

The chances of selling a home on the Eastside in May 2009 ranged from a low of 12% to a high of 23%, with an average 16% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers are rounded off to the nearest whole number, unless the number is exactly .5% between two numbers.

Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:

May, 2009 3841 homes for sale 624 homes sold 16% chance of selling.

April, 2009 3600 homes for sale 497 homes sold 17% chance of selling.

May, 2008 4305 homes for sale 478 homes sold 11% chance of selling.

_____________________________________________________________

(You can still find the MLS charts by clicking on each of the cities below. Those charts have some of the same information as the chart above, but also show the real estate trends for the last 5 years, including median pricing for each city and whether the number of homes for sale and the number of sales are up or down. If you look at the charts by city, you’ll notice the total number of homes for sale and the number of homes sold can vary slightly from those charts to the chart above. The information for the charts is gathered at slightly different times. Regardless of the exact numbers, it’s clear the charts show the same trends, which is the most important piece of information.)

(click on city names for a chart showing the latest stats in the area)

The plateau: Sammamish, Issaquah, North Bend, and Fall Ciy

The chances of selling were 17%.

Median sales price decreased by 15% from $614,900 to $524,950.

Inventory was down by 15% and sales were up by 15% from last year.

The chances of selling were 23%.

Median sales price decreased to $515,000 to $559,950 a decrease of 8%.

Inventory was down 16% and sales were up 43%.

Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The chances of selling were 17%.

Median price decreased by 11.5% from $699,475 to $619,000.

Inventory was down by 18.5% and sales were up 25%.

The chances of selling were 17%.

Median price was down to $459,500 from $499,950, an 8% decrease.

Inventory was down by12% from last year and sales were up by 58%.

The chances of selling were 12%.

Median price decreased by12%, from $679,000 to $599,950.

Inventory was down by 10% and sales were up by 16%.

The chances of selling were 18%.

Median pricing decreased by17% from $1,325,000 to $1,097,975.

Inventory decreased by 2 % and sales increased by 143.5%.

The chances of selling were 17%

Median pricing decreased by 12% from $650,000 to $569,895.

Inventory decreased by 8% and sales decreased by 25%.

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Thoughts on the May 2009 Seattle Eastside real estate market:

May is the second month in a row for the odds of selling a Seattle/Eastside home falling in double digit range.
Most eastside neighborhoods had 17% odds of homes selling. Seventeen out of 100 homes had offers accepted last month and are now pending.
Best odds of selling: Redmond, near Microsoft, and East Bellevue with a 23% chance.
Most difficult odds of selling: Kirkland with a 12% chance.
The stand-out area, which is often the case, is East Bellevue and Redmond, close to Microsoft. This area’s absorption rate was the last to slow down and is the first to come back to life. Twenty-three percent of the homes for sale sold there in both April and May.
The biggest increase in the chances of getting a home sold: West Bellevue.
The number of homes for sale is down and home sales were up all over the eastside.
Are real estate prices increasing on Seattle’s Eastside? No, the number of sales has increased dramatically, but not the prices.

$8000 first time home buyer tax incentive, Bellevue Real Estate, buying a condo on Seattle’s eastside, Issaquah Real Estate, Kirkland real estate, Redmond real estate, Sammamish real estate, selling a condo on Seattle’s eastside, Woodinville real estate

What Were The Chances of Selling Your Seattle-Eastside Condo in April, 2009?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA, Woodinville, WA Real Estate, financing, market statistics, real estate on May 19, 2009 at 5:52 pm

TG Chart Eastside Condo April 2009 Seattle Eastside April 2009 condo real estate statistics

April, 2009 1315 condos for sale,177 sold, 13% chance of selling a condo

(pended means the number of condos that got offers this month)

Much good news for the Seattle-Eastside condo sales during April, 2009. April represented the highest number of condo sales on Seattle’s eastside since June, 2008. Only 15 more condos were offered for sale, but 67 more sold in April than in March. I’m sure the first time home buyer credit is spurring on all the activity.

The other piece of good news is HUD, the office of Housing and Urban Development, announced the $8000 first time home buyer tax credit can be used towards a buyer’s down payment. This is a boon to first time buyers. The actual workings of the program have not been released yet, but I will report on it as soon as I hear about it. If you have a lender you trust, you can also contact them to get more information about the program. Remember, the tax incentive must be used before December 1st, 2009. To be safe, if you plan to use it, you should consider buying before the end of October, so your home or condo purchase will close in time for you to be eligible for the credit.

Bellevue Real Estate, buying a home in Seattle, buying a home on Seattle’s eastside, Issaquah Real Estate, Kirkland real estate, Redmond real estate, Seattle Eastside real estate, Seattle real estate, selling a home in Seattle, selling a home on Seattle’s eastside, Woodinville real estate

What Were The Chances of Selling Your Seattle/Eastside Home in April, 2009?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, Kirkland, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA, Woodinville, WA Real Estate, financing, real estate on May 15, 2009 at 7:32 am

Seattle Eastside Resiential Real Estate Activity April 2009

Seattle Eastside Real Estate Activity April 2009

The media was hopping with news stories about the increase in April, 2009 real estate sales in the Seattle area. Local TV stations KOMO and KING5, both had reports on the more positive real estate market. The Seattle Times, Seattle PI.com, and BizJournals all had stories with the same theme.

The chances of selling a home on the Eastside in April 2009 ranged from a low of 10% to a high of 23%, with an average 16% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers will be rounded off to the nearest whole number, unless the number is exactly .5% between two numbers.

Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:

April, 2009 3600 homes for sale 573 homes sold 16% chance of selling.

March, 2009 3711 homes for sale 372 homes sold 10% chance of selling.

April, 2008 4017 homes for sale 489 homes sold 12% chance of selling

_____________________________________________________________

(This monthly Seattle/Eastside real estate report now includes the chart above because it’s clear and easy to read. You can still find the MLS charts by clicking on each of the cities below. Those charts have some of the same information as the chart above, but also show the real estate trends for the last 5 years, including median pricing for each city and whether the number of homes for sale and the number of sales are up or down. If you look at the charts by city, you’ll notice the total number of homes for sale and the number of homes sold can vary slightly from the chart above. This is because the information for the charts is gathered at slightly different times. Regardless of the exact numbers, it’s clear the charts show the same trends, which is the most important piece of information.)

(click on city names for a chart showing the latest stats in the area)

The plateau: Sammamish, Issaquah, North Bend, and Fall Ciy

Median sales price decreased by 12% from $597,639 to $524,000.

Inventory was down by 12% and sales were down by 12% from last year.

Median sales price decreased from $608,998 to $500,000 a decrease of 18%.

Inventory was down 6% and sales were up 15%.

Woodinville/Bothell/Kenmore/Duvall/North Kirkland

Median price increased by 8% from $600,000 to $649,900.

Inventory was down by 15% and sales were up 70%.

Median price was down to $399,950 from $484,450, a 17% decrease.

Inventory was down by 6% from last year and sales were up by 44%.

Median price decreased by 8%, from $707,950 to $649,000.

Inventory was down by 8% and sales were up by 9.5%.

Median pricing decreased by21% from $1,399,000 to $1,100,000.

Inventory increased by 5 % and sales increased by 18.5%.

Median pricing decreased by 14% from $652,450 to $554,950.

Inventory decreased by 9% and sales decreased by 5%.

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Thoughts on the April 2009 Seattle Eastside real estate market:

Ok, everyone, take a deep breath. Things are looking up! Seattle -Eastside homes are selling. Every eastside area had a double digit absorption rate, for the first time in months.
All areas saw some very positive changes this past month. The positive changes are in bold print. Everycity had some positive change in the real estate activity. The number of homes for sale, the inventory, was down in every city, except one. The number of homes sold was up in all cities except two!
The stand-out area, which is often the case, is the area in East Bellevue and Redmond, close to Microsoft. This area’s absorption rate was the last to slow down and is the first to come back to life. Twenty-three percent of the homes for sale sold there last month.
Are real estate prices increasing on Seattle’s Eastside? No, the number of sales has increased dramatically though.
April had the most number of home sales since June of last year. In King County overall, six of the last ten weeks have had the most number of sales since July, 2007.
In some areas on Seattle’s Eastside, we are seeing a more balanced market between buyers and sellers.
The $8000 buyers credit will now be available for a down payment. This is great news, which should help bolster the real estate market even more.

Bellevue Real Estate, buying a condo on Seattle's eastside, Issaquah Real Estate, Kirkland real estate, Redmond real estate, Sammamish real estate, selling a condo on Seattle's eastside, Woodinville real estate

What Were The Chances of Selling Your Seattle Eastside Condo in March, 2009?

In Bellevue Real Estate, For Buyers, For Sellers, Issaquah, WA, King County Real Estate, Kirkland, Real Estate News, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Woodinville, WA Real Estate, market statistics, real estate on April 16, 2009 at 1:39 pm

Seattle Eastside March 2009 condo real estate statistics

March, 2009 1300 condos for sale, 123 sold, 9.5% chance of selling.

March, 2008 1288 condos for sale 175 sold 13.5% chance of selling.

(pended means the number of condos that got offers this month)

The good news is 36 more condos sold this past month than in February. There were, however, 105 more condos to choose from. I’m expecting more condos to come on the market per the typical spring real estate selling season. The chances of selling a condo increased slightly this month from February, as more buyers seem to have that spring time bug and are out shopping around.

Competition will remain fierce. Since there are many options in each price range, sellers will need to be realistic both in their asking price and what they’re willing to take for a final sales price. The good news is more people are buying and the realistic news is prices are not going up at this time.

Bellevue Real Estate, buying a home in Seattle, buying a home on Seattle's eastside, Issaquah Real Estate, Kirkland real estate, Redmond real estate, Seattle Eastside real estate, Seattle real estate, selling a home in Seattle, selling a home on Seattle's eastside, Woodinville real estate

What Were The Chances of Selling Your Seattle/Eastside Home in March, 2009?

In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Real Estate News, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Woodinville, WA Real Estate, market statistics, real estate on April 16, 2009 at 12:33 pm

Seattle Eastside March Real Estate Statistics

The chances of selling a home on the Eastside in March 2009 ranged from a low of 6.5 % to a high of 15%, with an average 10% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers will be rounded off to the nearest whole number, unless the number is exactly .5% between two numbers.

Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:

March, 2009 3711 homes for sale 372 homes sold 10% chance of selling.

March, 2008 3637 homes for sale 493 homes sold 13% chance of selling

_____________________________________________________________

I’ve changed the format of this monthly Seattle/Eastside real estate report to include the trendgraphix chart above. This chart is clear and easy to read, so you can get the real estate data quickly. For those of you who want to get more detail, you can still read the MLS charts by clicking on each area below. The charts have some of the same information, but also show the real estate trend for the last 5 years, the median pricing, and whether the number of homes for sale and the number of sales are up or down. If you look at the charts by area, you will notice the total number of homes for sale and the number of homes sold can vary slightly from the trendgraphix chart above to the MLS-Windermere graphs. Some of this may be a result of when the information for the charts are gathered . Regardless of the exact numbers, it’s clear the charts show the same trends, which is the most important piece of information.)

(click on each area name for a chart showing the latest stats in the area)

The plateau: Sammamish, Issaquah, North Bend, and Fall City

Sellers had an 8% chance of getting a home sold, THE SAME as last month and DOWN from 14.5% last year. Median home prices were DOWN from $579,500 to $513,025. Inventory was down by 6% and sales were down by 35% from last year.

Sellers had a 15% chance of getting a home sold, UP from 10% last month, and DOWN from 19% last year. Median sales price decreased from $539,000 to $499,000, a decrease of 8%. Inventory was up 4% and sales were down 24%.

Woodinville/Bothell/Kenmore/Duvall/North Kirkland

Sellers had an 11% chance of getting a home sold, UP from7% last month and DOWN from 12% last year. Median price decreased by 21% from $659,900 to $519,900. Inventory was up 1% and sales were down 7%.

Sellers had a 10% chance of selling a home, last month and DOWN from 12% last year. Median price was down to $450,000 from $525,000, a 14% decrease. Inventory was up by 4% from last year and sales were down by 16%.

Sellers had 6.5% chance of selling a home, DOWN from12% last month and DOWN from 9% last year. Median price decreased by29%, from $699,999 to $499,000. Inventory was up by 4% and sales were down by 33%.

Sellers had a 9% chance of selling a home, The SAME as last month, and UP from 5% last year. Median pricing decreased by 5% from $1,250,000 to $1,185,000. Inventory increased by 1 % and sales increased by 57%.

Sellers had a 11% chance of selling a home, UP from 10% from last month, and DOWN from 15% last year. Median pricing decreased by 20% from $600,000 to $481,975. Inventory increased by .3% and sales increased by 29%.

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Thoughts on the March 2009 Seattle Eastside real estate market:

Most of the real estate sales activity is happening below the $750,000 range. Out of the 247 sales on the eastside in March, 210, or 85%, were below $750,000.
Forty-eight percent of the sales were below $500,000.
The chances of selling a home on the eastside increased from February to March in all areas except Kirkland.
More homes are selling as the number of sales in just the first week in April increased by 37% more than most of the past 6 weeks.
Both West Bellevue and Redmond, north of downtown, had an increase in the number of sales from last year to this year.
Redmond, north of downtown, had a more balanced real estate market last month than any other area on the eastside. With the number of home sales increasing by 29%, the sales activity represented a more balanced market.
Other eastside areas are still more of a seller’s market.
More sales are beginning to happen, but prices are not going up.
The great interest rates and the $8000 buyer tax credit may be starting to kick in.

For more on March, 2009 Seattle Eastside real estate statistics, you can check articles from the Ballard Tribune and the Eastside Business Journal.

2009 real estate, 2009 Seattle/Eastside real estate, Eastside real estate, Seattle/Eastside real estate

Are Homes Selling On Seattle’s Eastside?

Wondering what homes are selling on Seattle’s Eastside? A burning question many people are asking. Here’s the answer to that question:

Which Seattle/Eastside Homes Are Selling?

The comments above list the key points presented on the chart. In the first two months of 2009, 86% of the Seattle/Eastside real estate sales occurred below the 750k range and of those sales, 64% were below 500k. The market is shifting dramatically as prices decline and more homes and condos are priced below the 500k benchmark.

As I’ve mentioned in recent blog posts, more sales are happening below the 500k mark than we’ve seen in years. In previous years, the majority of homes sold in the 500-750k price range. You’ll can see evidence of this price shift in the above chart. During the first two months of the year, 36% more properties sold on Seattle’s Eastside priced below 500k than priced between 500-750k, which, in the recent past, used to represent the largest number of home sales.

(area 500-600 are the NWMLS numbers used for the Seattle/Eastside real estate)

Bellevue Real Estate, Kirkland real estate, Redmond real estate, Seattle/Eastside real estate

What Were The Chances of Selling Your Seattle/Eastside Home in February, 2009?

In Bellevue Real Estate, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Real Estate News, Redmond, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA Real Estate, market statistics, real estate on March 13, 2009 at 2:07 pm

The chances of selling a home on the Eastside in February 2009 ranged from a low of 7 % to a high of 10%, with an average 9% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers will be rounded off to the nearest whole number, unless the number is exactly .5% between two numbers.

Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:

February 2009 3556 homes available 308 homes sold 9% chance of selling.

January 2009 3294 homes available 325 homes sold 10% chance of selling.

February 2008 3303 homes available 453 homes sold 14% chance of selling.

Seattle/Eastside real estate Feb-2009

(chart includes Mercer Island homes, which are not included in my numbers above the chart)

_____________________________________________________________

(click on each area name for a chart showing the latest stats in the area)

The plateau: Sammamish, Issaquah, North Bend, and Fall City

Sellers had an 8% chance of getting a home sold, DOWN from 11% last month and DOWN from 16.5% last year. Median home prices were DOWN from $599,950 to $522,250. Inventory was down by 5% and sales were down by 52% from last year.

Sellers had a 10% chance of getting a home sold, DOWN from 11% last month, and DOWN from 16% last year. Median sales price decreased from $599,000 to $457,475, a decrease of 24%. Inventory was up 10% and sales were down 27%.

Woodinville/Bothell/Kenmore/Duvall/North Kirkland

Sellers had an 7% chance of getting a home sold, DOWN from11% last month and UP from 8% last year. Median price decreased by 12% from $659,000 to $579,950. Inventory was up 2% and sales were down 49%.

Sellers had a 10% chance of selling a home, THE SAME as last month and DOWN from 12% last year. Median price was down to $381,450 from $549,950, a 30% decrease. Inventory was up by 16% from last year and sales were down by 6%.

Sellers had 8% chance of selling a home, DOWN from 11% last month and DOWN from 12.5% last year. Median price decreased by 3%, to $687,000 from $711,250. Inventory was up by 1% and sales were down by 38.5%.

Sellers had a 9% chance of selling a home, UP from 7% last month, and the same as last year. Median pricing increased by $1000 from $999,000 to $1,000,000. Inventory increased by 26 % and sales increased by 19%.

Sellers had a 10% chance of selling a home, UP from 9% from last month, and DOWN from 16% last year. Median pricing decreased by 21% from $694,970 to $542,900. Inventory increased by 18.5% and sales decreased by 24%.

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Thoughts on February’s real estate market:

Most eastside neighborhoods experienced a decline in sales and an increase in the number of homes for sale. The only exception was West Bellevue. More homes sold in West Bellevue in February this year than last year and the median price was up by just a hair.
Similar to last month all eastside areas, except the plateau area of Sammamish, Snoqualmie, Fall City, Issaquah, and North Bend, had an increase in the number of homes for sale when compared to last year. There were 40 less homes available to buy on the plateau this February than last. On the eastside, the plateau is the only area that had fewer homes for sale.
The number of homes for sale is up this week. The total number of properties ( single family homes and condos) for sale in King County increased to 13,038 on March 9th. Expect more homes to come on the market over the next couple of months.
Home prices are clearly shifting. For the first time in years more homes sold in the $350-500,000 range than in the $500-750,000 range.
This past month there were more home sales happening below the $500,000 mark. Seventy one homes sold in the $350-500,000 range, while 63 sold between $500-750,000. There were also 37 home sales below $350,000. Two years ago, it was impossible to find homes in this price range.

buying a home, real estate, Seattle Eastside real estate, Seattle real estate

Multiple Offers For Homes on Seattle’s Eastside?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, real estate, real estate opinion on March 9, 2009 at 1:12 pm

The Seattle press has been talking about the latest real estate statistics as they usually do at the beginning of each month. This month’s Seattle Times article highlighted a multiple offer situation for a home in Seattle.

Are multiple offers happening on Seattle’s Eastside? Yes. My team sold a home in which our buyer’s offer was one of three offers. Our buyer’s offer was accepted.

Why was this home one that three buyers wanted at the same time? The home was originally listed at $625,000. It was reduced to $574,950 and then finally to $550,000. At that price it was a screaming deal. Here are the specs on the home:

Newer style, two story-11 years old.
Great location with easy freeway access.
2330 square feet with 3 bedrooms, den, and bonus.
5 piece master bath.

The competition in the immediate area for the same price:

$549,900 1967 square feet, 3 bedrooms, 2.5 baths, built in 2001, Approx 363 smaller than the home we sold.

$549,999 2620 square feet, 4 bedrooms, 2.5 baths, new construction. Built close to the freeway, so noisy location.

$550,000 2440 square feet 3/2.5 mid-entry built in 1976 with a view. Older home, different style.

$550,000 2240 square feet, 3/1 bath. Value in land, not the home.

The nearby competition was not as good a value as this home. The only home that was remotely close to the one we sold is the first home on the list above. It, too, is a newer style two story, but almost 400 square feet smaller for virtually the same price. The smaller home helped to sell the home the buyer’s bought because in comparison, the smaller home was not a great value.

Moral of the story: price your home ahead of the competition to get noticed and get the offers.

buying a home, real estate, Seattle, Seattle real estate, Seattle/Eastside real estate, selling a home

What Were The Chances of Selling Your Seattle/Eastside Home in January, 2009?

In Bellevue Real Estate, For Sellers, Issaquah Real Estate, Kirkland, Redmond, Sammamish, WA, Seattle real estate, Woodinville, WA, market statistics, real estate, real estate opinion on February 18, 2009 at 5:01 pm

The chances of selling a home on the Eastside in January 2009 ranged from a low of 7% to a high of 11%, with an average 10% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers will be rounded off to the nearest whole number, unless the number is exactly .5% between two numbers.

Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:

January 2009 3294 home available 325 homes sold 10% chance of selling.

December 2008 3169 homes available 243 homes sold, 8% chance of selling.

January 2008 2963 homes available 346 homes sold, 12% chance of selling.

_____________________________________________________________

(click on each area name for a chart showing the latest stats in the area)

The plateau: Sammamish, Issaquah, North Bend, and Fall City

Sellers had 11 % chance of getting a home sold, the same as last month and DOWN from13 % last year. Median home prices were DOWN, from $619,900 to $535,000. Inventory was down by 4% and sales were down by 24% from last year.

Sellers had a 11% chance of getting a home sold, the same as last month, and DOWN from 15% last year. Median sales price decreased from $567,250 to $480,000, a decrease of 15%. Inventory was up 20% and sales were down 14%.

Woodinville/Bothell/Kenmore/Duvall/North Kirkland

Sellers had an 11% chance of getting a home sold, UP from 6% last month and UP from 8% last year. Median price decreased by 11% from $630,000 to $559,900. Inventory was up 1% and sales were down 58%.

Sellers had a 10% chance of selling a home, UP from 7% last month and DOWN from 14% last year. Median price was down to $438,200 from $459,950, a 5% decrease. Inventory was up by 27% from last year and sales were down by 9%.

Sellers had a 11% chance of selling a home, UP from 6% last month and UP from 10% last year. Median price decreased by 21%, to $521,440 from $652,250. Inventory was up by 2% and sales were down by 10.5%.

Sellers had a 7% chance of selling a home, UP from 3% last month, and the same as last year. Median pricing decreased by 10% to $937,500 from $1,027,500. Inventory increased by 43 % and sales decreased by 43%.

Sellers had a 9% chance of selling a home, UP from 7% from last month, and DOWN from 12% last year. Median pricing decreased by 27% from $664,925 to $484,950. Inventory increased by 17% and sales decreased by 13%.

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Some thoughts on January’s real estate market:

No big surprise again, all eastside areas experienced a reduction in both pricing and sales.
Most eastside neighborhoods had similar chances of having a home sell in January.
All areas, except the plateau area of Sammamish, Snoqualmie, Fall City, Issaquah, and North Bend, had an increase in the number of homes for sale when compared to last year. There were fewer homes available to buy on the plateau this January than last, about 30 less homes
The chances of selling in the core neighborhoods of Kirkland, area 560, was actually a little better than last year, but only by 1%. The same thing is true for (area 500), South Bellevue and parts of Issaquah. Sellers had a 4% greater chance of getting their home sold this January than last.

The number of homes for sale on the eastside is creeping up slightly. As of February 16th, there are 12,678 homes available, whereas 2009 started with 11,363 homes for sale. This is the typical pattern each year. As spring progresses, more people think about moving. I anticipate more homes coming on the market in the next few months. If you’re thinking of moving, your chances of getting your home sold are far better with less competition now, so it’s best not to wait. Those of you who are thinking of waiting until school is over, should be thinking about putting your home on the market in March or April, so you can get moved in the summer. If you wait until school is over, then you may not have your home sold and your move complete by the time the next school year starts.

As I’ve been saying for the past year, this is a market for realistic sellers. If you want to make a move, be prepared to have your home in show condition and priced right. If you’re planning a move into a new home, since it clearly is a buyer’s market, you can negotiate in your favor then. Homes are selling, as you see above, but it usually is the homes that are the best value that get sold.

Contact a Realtor well before you want to sell to make sure you’ll be ready when you do want to sell. As always, if the market or your situation means it’s best for you to stay put, then that’s what you should do.

Molbak's, Poinsettia festival, Woodinville, Woodinville Washington

Woodinville’s Molbaks is Decked Out With Poinsettias Once Again

In Bellevue Real Estate, Exploring the Eastside, For Homeowners, Local news and information, Woodinville, WA, not real estate on December 18, 2008 at 2:49 pm

Woodinville, Washington’s Molbaks is decked out in its annual poinsettia finery with over 30 different types of poinsettias. The profusion of color, with variations of pinks, reds, and whites is just gorgeous. This is the perfect place to go on a gray, cold day. It’s bound to bring a lot of holiday cheer! Here’s hoping the snow will let up so you can get on over there.

molbaks poinsettia festival #5 molbaks poinsettia festival #2 molbaks poinsettia festival #3

molbaks poinsettia festival

American Red Cross, cold weather, cold weather home care, freezing temperatures, frozen water pipes, home maintenance, KIRO TV, protecting water pipes

Seattle/Eastside Weather Is Frightful

In Bellevue Real Estate, Bellevue, WA, For Homeowners, Home maintenance tips, Local news and information, real estate on December 17, 2008 at 12:36 pm

Winter-hanging icicles

Worried about Seattle’s below freezing temperatures? Worrried about possible freezing pipes? KIRO TV had an excellent story with information straight from The American Red Cross about how to protect your water pipes during this unusual cold snap.

condo buyers, condo buying, condo sellers, condo selling, condominium sales, condominiums, real estate, sales absorption rate, Seattle/Eastside, Seattle/Eastside real estate, town home sales. town home buyers, town homes

What Were The Chances of Selling a Seattle/Eastside Condo in October, 2008?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, WA real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on November 21, 2008 at 2:09 pm

Sellers had a 12% chance of selling a condo on Seattle’s Eastside in October, 2008. ( click on 2008 year to date statistics in the link above for a chart showing the condo report)

October, 2008 1324 condos for sale, 153 condos sold, 12% chance of selling.

September, 2008 1414 condos for sale, 173 condos sold, 12% chance of selling.

October, 2007 1121 condos for sale, 202 condos sold, 18 % chance of selling.

The number of condos/ town homes for sale on the Eastside is dropping from its summer high. The chance of selling a condo, however, has remained pretty constant throughout the year with 12-13% of the available condos selling each month.

Median pricing was down this month by about 13%, dropping from $345,416 to $300,215. Inventory is up by 18% from last October and sales have dropped by 24%.

I’ve seen some great condos sell and all of the ones that have sold were well priced and showed well, the key to success in this market. Sellers must be ahead of the curve in pricing or they stay among the pack of available condos.

The plateau: Sammamish, Issaquah, North Bend, and Fall City

Bellevue, Bellevue Real Estate, Carnation, Eastside real estate, Education Hill, home buyers, home sellers, home selling, Issaquah, King County Real Estate, Kirkland, Kirkland real estate, market statistics, Redmond, Redmond real estate, Sammamish, Sammamish real estate, Seattle, Seattle Eastside, Seattle real estate, union Hill, WA, WA real estate, Woodinville, Woodinville real estate

What Were The Chances of Selling Your Seattle/Eastside Home in October, 2008?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on November 20, 2008 at 4:46 pm

The chances of selling a home on the Eastside in October 2008 ranged from a low of 6% to a high of 11%, with an average 8% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers will be rounded off to the nearest whole number, unless the number is exactly .5% between two numbers.

Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:

October 2008 3975 homes available, 320 sold, 8% chance of selling.

September 2008 4117 homes available, 513 sold, 12% chance of selling.

October 2007 3398 homes available, 461 sold, 14% chance of selling.

_____________________________________________________________

(click on the each area name for a chart showing the latest stats in the area)

Sellers had a 9 % chance of getting a home sold, DOWN from 14% last month and DOWN from 17% last year. Median home prices were essentially the same, from $559,000 to $559,194. Inventory was up by 13% and sales were down by 40% from last year.

Sellers had a 11% chance of getting a home sold, the SAME as last month, and DOWN from 14 % last year. Median sales price decreased from $609,950 to $484,725, a decrease of 20.5%. Inventory was up 13% and sales were down 10%.

Woodinville/Bothell/Kenmore/Duvall/North Kirkland

Sellers had an 8% chance of getting a home sold, the same as last month, and DOWN from 12% last year. Median price decreased by 14% to $569,900 from $664,950. Inventory was up 5% and sales were down 32%.

Sellers had a 9% chance of selling a home, DOWN from 12% last month and DOWN from 13% last year. Median price was down to $533,925 from $549,250, a 3% decrease. Inventory was up by 17.5% from last year and sales were down by 17%.

Sellers had a 6% chance of selling a home, DOWN from 9% last month and DOWN from 11% last year. Median price increased by 8%, to $709,475 from $657,475. Inventory was up by 17% and sales were up down by 41%.

Sellers had a 6% chance of selling a home, DOWN from 8% last month, and DOWN from 10% last year. Median pricing decreased by 6% to $1,399,000 from $1,492,000. Inventory increased by 45.5% and sales decreased by 9%.

California desert, California desert real estate, Dinah Shore, Donald Wexler, Greta Garbo, Kenmore Undressed, mid-century modern, Palm Springs, Windermere Real Estate

Sellers had a 7% chance of selling a home, DOWN from 17% from last month, and DOWN from 16% last year. Median pricing decreased by 21% (oops, typo of 421% before!) from $599,475 to $472,425. Inventory increased by 24% and sales decreased by 44%.

October has been the toughest month to get a home sold on the eastside so far this year. This is not a big surprise, given the volatility of the economy, the bailout, and the pre-election jitters. Most neighborhoods saw the chances of selling drop to the single digits, with the exception being the East Bellevue and Redmond area around Microsoft. Eleven percent of the homes for sale in that area received offers last month, while it was toughest to get a home sold in Kirkland as only 6% of the homes sold.

Every area on the eastside experienced a decline in the number of sales when compared to October of last year. Ironically, most of this September’s sales were higher than September of last year. The number of homes for sale on the Eastside has dropped back below 4000 homes for the first time this year.

Median prices have dropped back, in many cases, to 2006 levels. In some areas, such as East Bellevue and Redmond around Microsoft, the median price has dropped below $500,000 for the first time since the beginning of 2006. Even though the number of sales are down, the median price continues to jump up or down. In Kirkland, the toughest area for a sale last month, prices went up almost 8%, while in Sammamish, sales were down, but prices remained stable. As I’ve mentioned in the past, it’s important to look at trends in each area over a few months. Prices and sales go up and down in each area and there isn’t always a correlation between the two.

Will things continue to drop or will they stabilize? Having the election behind us and giving the country a more optimistic focus than we have seen in a long time, it will be interesting to follow. It take a few months after the election before we see any changes.

But if you follow Forbes magazine, Seattle is looked at as the number one city to bounce back.

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California Desert Homes, Greta Garbo and Seattle/Eastside Real Estate

In Bellevue Real Estate, Bellevue, WA, architecture, real estate, real estate opinion on November 10, 2008 at 12:54 pm

James Lupori of Kenmore Undressed commented on my post in which I had said I’d been down in the California desert for some work (some) and some play (lots). I told him I hadn’t taken a lot of pictures, but thought I would share some of the differences with the architecture and real estate down there as compared to the Northwest.

In Seattle, people are more private about who owns what and where it is located. Most people know where Bill Gates’ home is, especially since the tour boats go by everyday in the summer. But there are many celebrities’ homes that are hidden away and private. There’s a different celebrity mentality in the desert, possibly because of the Hollywood “glamor” influence. Homes become associated either with the famous person who lived or lives in the home or the architect who designed it. There’s the Elizabeth Taylor house, the Frank Sinatra house, and the Bob Hope house, just to name a few.

There’s The Kaufmann House in Palm Springs, which I wrote about this past spring when it went to auction at Sotheby’s as an art piece and sold for $15 million.

The Kaufmanns were a Pittsburgh department store family who had, arguably, one of the most iconic mid-century homes built in the California desert. The Kaufmanns built the home in the 1940′s, but the home will forever be associated with them, even though it is on its 3rd (or 4th) owner!

While in the desert, I had the good fortune to be invited to The Dinah Shore house. This home is privately owned, but was opened for a party. Donald Wexler, an architect famous for his mid-century modern designs which decorate the Coachella Valley, created the home. (If you click on the link to Wexler, you can see photos of his work, including the Dinah Shore house.) With unbelievable spaces, clean lines, high ceilings, walls of glass framing the mountain views, and fabulous materials, the home is drop dead gorgeous. (I feel like I’m writing a real estate ad.)

In Seattle and on the eastside, there are some neighborhoods with the mid-century flair, but they are few and far between. I wrote a piece a couple of months ago about Hilltop in Bellevue, a unique neighborhood of mid-century homes built by Seattle architects in the late 40′s and early 50′s. Lake Hills, built in the 1950′s, in Bellevue is a huge neighborhood of mid-century homes. When it was built, it was one of the Eastside’s cutting edge suburban developments. The homes in Lake Hills share some of the same mid-century styling with big windows and clean lines, but on a much smaller scale.

Since it’s a private home, I was not able to take photos of the Dinah Shore house, but was able to take some photos of The Greta Garbo house. The Garbo house is now on the grounds of the La Quinta Resort, which is where the Windermere Real Estate Symposium was held. Garbo’s house is more typical of the Spanish style found in many of the 20th century desert homes. Spanish styling is incredibly popular, along with the mid-century dynamic in the California desert. What a great place for the party that was going on!

However, Spanish architecture is fairly rare in the Seattle area. Perhaps our cooler weather lends itself to other styles? Many Spanish style homes are oriented to the outdoors with large patios and courtyards. The Garbo house is divided into two buildings with a massive courtyard, fountain, and fireplace in the middle, which you can see in the first photo of the Garbo house above. The dining room and kitchen were in one building while the other living spaces were across the courtyard. We were only allowed into certain rooms, but we were still able to get a feel for the Moorish/Spanish style used in the home.

greta-garbo's-house Oh by the way, the desert is also famous for its mountains, but they are just a tad drier than the Cascades in the Northwest and not too many evergreens can be found! palm-springs mountain views

The plateau: Sammamish, Issaquah, North Bend, and Fall City

What Were The Chances Of Selling a Home on Seattle’s Eastside in September, 2008?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, Kirkland, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate, real estate opinion on October 15, 2008 at 10:05 pm

The chances of selling a home on the Eastside in September 2008 ranged from a low of 8% to a high of 17.5%, with an average 12% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers will be rounded off to the nearest whole number, unless the number is exactly .5% between two numbers. (Revised numbers)

Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:

September 2008 4117 homes available, 513 sold, 12% chance of selling.

August 2008 4240 homes available, 503 sold, 12% chance of selling.

July 2008 4332 homes available, 543 sold, 12.5% chance of selling.

September 2007 3529 homes available, 443 sold, 12% chance of selling.

_____________________________________________________________

(click on the each area name for a chart showing the latest stats in the area)

Sellers had a 14% chance of getting a home sold, UP from 13% last month and DOWN from 15% last year. Median home prices were down by 14%, from $602,500 to $519,000. Inventory was up by 10% and sales up by 1.5% from last year.

Sellers had a 17.5% chance of getting a home sold, DOWN from 19% last month, and DOWN from 19 % last year. Median sales price decreased from $575,000 to $550,000, a decrease of 5%. Inventory was up 24% and sales were up 16%.

Sellers had a 11% chance of selling a home, THE SAME as last month and UP from 10% last year. Median price decreased by 5% to $594,500 from $627,250. Inventory was up 7% and sales were up 19%.

Sellers had a 12% chance of selling a home, UP from 11% last month and DOWN from 13% last year. Median price was down to $459,950 from $495,000, a 7% decrease. Inventory was up by 19% from last year and sales were up by 15%.

Sellers had a 9% chance of selling a home, THE SAME as last month and DOWN from 12.5% last year. Median price increased by 2%, to $695,000 from $679,975. Inventory was up by 20% and sales were up by 17%.

Sellers had a 8% chance of selling a home, UP from 6% last month, and THE SAME as last year. Median pricing decreased by 15% to $1,314,000 from $1,550,000. Inventory increased by 49.5% and sales increased by 53%.

Sellers had a 17% chance of selling a home, UP from 14% from last month, and UP from 11% last year. Median pricing decreased by 4.5% from $549,950 to $525,000. Inventory increased by 11% and sales increased by 58.5%!

Most eastside neighborhoods showed similar real estate activity in September as in August. The chances of selling a home hardly varied with the exception of the Redmond’s Education and Novelty Hill areas and Carnation. The area experienced a 3% increase over August activity. This area also saw the largest increase in sales from last September, 58% more homes sold.

Homes in West Bellevue had only an 8% chance of selling. However, West Bellevue had a huge increase in inventory, almost 50%, resulting in 53% more sales this year than last year at this time.

All the eastside areas dropped in median pricing, with the exception of Kirkland, which was up 2% this month.

The chances of selling a home on the eastside have not varied much in most neighborhoods over the past few months. However, in almost all neighborhoods, prices are down and inventory and sales are up.

Bellevue Towers, condominiums, high end condos, High End Eastside condos, KPLU, MLS, real estate, Seattle, Seattle/Eastside, Seattle/Eastside condominiums, Seattle/Eastside real estate, The Bravern

What’s The Price Range for a High End Condo on Seattle’s Eastside and Are They Selling?

In Bellevue Real Estate, Bellevue, WA, Debra Sinick, For Buyers, For Homeowners, For Sellers, King County Real Estate, Kirkland, Real Estate News, Seattle real estate, market statistics, real estate, real estate opinion on October 2, 2008 at 3:56 pm

This morning KPLU had a story about high end condo real estate in Seattle and on the Eastside. Richard Hagar, the appraiser interviewed for the story, called condos priced above $5 million dollars as the high end, and, he says, these condos are in demand.

I was curious to know how may condos were for sale on Seattle’s Eastside in this price range and if any had sold. I checked the MLS and right now there are two condos priced above $5 million, both new construction in downtown Bellevue.

The most expensive condominium home is the penthouse at Bellevue Towers. It’s priced at $9.2 million with 6397 square feet, 4 bedrooms, and 4.5 baths.

The runner-up is priced at $5.2 million and is located in The Bravern, just a few blocks away. This condominium home is 3923 square feet and has 3 bedrooms and 3. 5 baths.

How many condominiums on the Eastside are priced between $4-5 million? 2

between $3-4 million? 4

between $2-3 million? 11

between $1-2 million? 75

How many condominiums have sold in the last 6 months for more than $5 million? none

between $4-5 million? none

between $3-4 million? 3 pending

between $2-3 million? none

between $1-2 million? 29

Is the high end really above $2 million on the Eastside, not $5 million? The number of condominiums available above $2 million drops dramatically from the condos available between $1-2 million. Seventeen condos are priced above $2 million. There are 75 condos between $1-2 million and 29 are pending or closed sales. Above the $5 million range, there haven’t been any sales and only 3 condos have sold between $2-5 million in the last six months.

We all know most people cannot afford the million dollar range of homes or condos, but it looks as if there is a high end real estate market between $1-2 million and an “ultra high end” when we talk about the Seattle/Eastside condo market.

What Were The Chances of Selling Your Seattle/Eastside Condo in August, 2008?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Real Estate News, Redmond, Sammamish, WA Real Estate, market statistics, real estate on September 18, 2008 at 3:25 pm

Sellers had a 13% chance of selling a condo on Seattle’s Eastside in July of 2008. ( click on 2008 year to date statistics in the link above for a chart showing the condo report)

August, 2008 1456 condos for sale, 195 condos sold, 13% chance of selling.

July, 2008 1476 condos for sale, 187 condos sold, 12.7% chance of selling.

August, 2007 1002 condos for sale, 309 condos sold, 37% chance of selling.

Throughout the summer months, the chances of selling a condo have been pretty similar with about 12-13% of the condos receiving offers and selling each month. The number of available condos is only slightly less than last month. Still, the condo prices have gone up a bit, with a 2% increase this month. Each area on the Eastside of Seattle varies, however, and in some areas the competition is very stiff and values are lower. The best of the best are selling. Those condos that are overpriced are sitting on the market and helping the other condos to sell first.

The plateau: Sammamish, Issaquah, North Bend, and Fall City

What Were The Chances of Selling Your Seattle/Eastside Home in August, 2008?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Real Estate News, Redmond, Seattle real estate, WA real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on September 18, 2008 at 2:49 pm

The chances of selling a home on the Eastside in August 2008 ranged from a low of 6% to a high of 19%, with an average 12% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers will be rounded off to the nearest whole number, unless the number is exactly .5% between two numbers.

Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:

August 2008 4240 homes available, 503 sold, 12% chance of selling.

July 2008 4332 homes available, 543 sold, 12.5% chance of selling.

August 2007 3336 homes available, 643 sold, 19% chance of selling.

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(click on the each area name for a chart showing the latest stats in the area)

Sellers had a 13% chance of getting a home sold, UP from 12% last month and DOWN from 21% last year. Median home prices were up by 4%, from $549,250 to $572,000. Inventory was up by 19% and sales declined by 22% from last year.

Sellers had a 19% chance of getting a home sold, UP from 16% last month, and DOWN from 25 % last year. Median sales price decreased from $582,475 to $549,000, a decrease of 6%. Inventory was up 43% and sales were down 12%.

Sellers had a 11% chance of selling a home, DOWN from 14% last month and DOWN from 20% last year. Median price decreased by 8.5% to $592,475 from $647,800. Inventory was up 14% and sales were down 38%.

Sellers had a 11% chance of selling a home, DOWN from 15% last month and DOWN from 16% last year. Median price was down to $478,062 from $502,500, a 5% decrease. Inventory was up by 30% from last year and sales declined by 14%.

Sellers had a 9% chance of selling a home, DOWN from 10% last month and DOWN from 14% last year. Median price declined by 11%, from $649,950 to $585,000. Inventory was up by 29% and sales were down by 14.5%.

Sellers had a 6% chance of selling a home, UP from 5%, and DOWN from 19% last year. Median pricing decreased by 37% to $999,950 from $1,582,500. Inventory increased by 73% and sales declined by 42%.

Sellers had a 14% chance of selling a home, the same as last month, and DOWN from 26% last year. Median pricing decreased by 8% from $650,000 to $599,950. Inventory increased by 19% and sales dropped by 34.5%.

July and August’s market activity was very similar, with most neighborhoods seeing the same chances for selling in both months. However, the top area for sales on the Eastside, with the largest increase in chances from last month, was the East Bellevue/West Redmond/Microsoft area. The chances of selling your home in South Bellevue, North Kirkland, Woodinville, Kenmore, Bothell, and Duvall dropped by few percentage points. For the first time this year, West Bellevue’s median price dipped below $1,000,000. We’ve not seen median pricing in West Bellevue below $1,000,000 since 2006.

To determine the most realistic view of the market, look at several months worth of data. Pay particular attention to the amount of homes for sale in your area. Regardless of what’s happened in the previous months, make sure you know the actual competition in your area before establishing a sales price and going on the market.

Be the best home out there and your home will sell. People are still relocating, changing jobs, needing more space, reasons that still exist for making a move.

The Seattle/Eastside area is still far more fortunate than many other areas of the country. For example, Southern California is looking at a 34% price drop from last year.

Bellevue, Bellevue high rise condos, Bellevue Real Estate, Bottega Veneta, Fifth Avenue, Hermes, Jimmy Choo, John Howie, Magnificent Mile, Microsoft, Neiman Marcus, Rodeo Drive, Seattle, Seattle Eastside, Seattle luxury brand shopping, The Bravern, The Red Door Spa, Wild Ginger

From My Inbox: The Bravern Continues on its Path to be Bellevue’s Rodeo Drive

In Bellevue Real Estate, Bellevue, WA, Exploring the Eastside, For Buyers, Local news and information on September 11, 2008 at 10:28 am

Another luxury brand has been snagged by The Bravern in Bellevue. The Eastside of Seattle is becoming the Seattle/Eastside’s answer to New York’s Fifth Avenue, Beverly Hills’ Rodeo Drive, and Chicago’s Magnificent Mile with the presence of Hermes, Jimmy Choo, The Red Door Spa, Bottega Veneta, and Neiman Marcus. The move on the part of all these shops to Bellevue’s Bravern is testament to the economic clout of Seattle’s Eastside. Here’s the notice I received from Margaret Nicoll about the latest Bravern happenings:

“French Luxury House To Open

First Northwest Store At The Bravern

BELLEVUE, WA (September 9, 2008)- The French luxury house of Hermès will open in The Shops at The Bravernin the fall of 2009. The Bravern will be Hermès’ first location (2,100 square feet) in the Pacific Northwest where the historic retailer joins a noteworthy line-up of firsts for the Pacific Northwest, including Neiman Marcus, Bottega Veneta, Jimmy Choo, Red Door Spa and DavidBartonGym. Schnitzer West has also announced Louis Vuitton and two local landmark restaurants, John Howie Steak and Wild Ginger, as part of the retail mix.

The Bravern is currently under construction and scheduled for completion in 2009. The 1.6 million square foot development in downtown Bellevue, WAwill include approximately 305,000 square feet of fashion-leading retail and restaurants anchored by a 125,000-square-foot Neiman Marcus, 455 Signature Residences in two elegant condominium towers and two office buildings, which have been fully leased to Microsoft. When finished, the five-acre site will feature a vibrant outdoor village with gracious arrival courts and European-style piazzas as well as include a 35-acre subterranean parking garage with 3,100 stalls. The Bravern will accommodate 2,300 Microsoft employees, approximately 1,000 homeowners and employ between 300 and 500 staff among the retail shops and services.”

condo buyers, condo buying, condo sellers, condo selling, condominium sales, condominiums, real estate, sales absdorption rate, Seattle/Eastside, Seattle/Eastside real estate, town home sales. town home buyers, town homes

What Were The Chances of Selling a Seattle/Eastside Condo in July, 2008?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, WA, WA real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on August 12, 2008 at 2:26 pm

Sellers had a 12.7% chance of selling a condo on Seattle’s Eastside in July of 2008. ( click on 2008 year to date statistics in the link above for a chart showing the condo report)

July, 2008 1476 condos for sale, 187 condos sold, 12.7% chance of selling.

June, 2008 1427 condos for sale, 194 condos sold, 13.6% chance of selling.

May, 2008 1472 condos for sale, 211 condos sold, 14% chance of selling.

July, 2007 918 condos for sale, 332 condos sold, 37% chance of selling.

The chances of selling a condo have been pretty consistent for the last three months, varying only by a percent. The number of available condos shrunk a little in June, but is now slightly over the number of condos available to buy in May.

Are condo prices still going up? Yes. However, this past month and in May, the increase in value was less than one percent. Increases in value have slowed down considerably, while the inventory and the chance of selling has stayed fairly constant. Cream puffs are selling, other condos are taking a very long time to sell. If you are buying, consider the best condo with the least amount of issues.

Is the condo located near employment, transportation, schools, shopping?

Is the condo in good condition?

Is the condo in a quiet location?

Does the condo have a strong amount in reserves?

Are the condo dues low?

Do the dues cover exterior maintanence, water, sewer, and garbage?

Anything else you should look for? Do let me know.

The plateau: Sammamish, Issaquah, North Bend, and Fall City

What Were The Chances of Selling Your Seattle/Eastside Home in July, 2008?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Local news and information, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle, Seattle real estate, WA, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on August 12, 2008 at 1:58 pm

The chances of selling a home on the Eastside in July 2008 ranged from a low of 5% to a high of 16%, with an average 12.5% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers will be rounded off to the nearest whole number, unless the number is exactly .5% between two numbers.

Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:

July 2008 4332 homes available, 543 sold, 12.5% chance of selling

June 2008 4154 homes available, 635 sold, 15.2 % chance of selling.

May 2008 4349 homes available, 522 sold, 12% chance of selling.

July 2007 3253 homes available, 773 sold, 23.8% chance of selling.

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(click on the each area name for a chart showing the latest stats in the area)

Sellers had a 12% chance of getting a home sold, DOWN from 17% last month and DOWN from 22% last year. Median home prices were up by 1%, from $569,800 to $575,000. Inventory was up by 18% and sales declined by 33.5% from last year.

Sellers had a 16% chance of getting a home sold, DOWN from 23% last month, and DOWN from 34% last year. Median sales price decreased from $599,000 to $574,990, a decrease of 4%. Inventory was up 70% and sales were down 20%.

Sellers had a 14% chance of selling a home, UP from 12.5% last month and DOWN from 23% last year. Median price decreased by 19% to $604,950 from $749,975. Inventory was up 24% and sales were down 24.5%.

Sellers had a 15% chance of selling a home, DOWN from 15.5% last month and DOWN from 26% last year. Median price was down to $475,000 from $550,000, a 14% decrease. Inventory was up by 35% from last year and sales declined by 23%.

Sellers had a 10% chance of selling a home, DOWN from 16.5% last month and DOWN from 22% last year. Median price declined by 25%, from $757,475 to $569,000. Inventory was up by 25% and sales were down by 38%.

Sellers had a 5% chance of selling a home, DOWN from 9.5%, and DOWN from 19% last year. Median pricing decreased by 29% to $1,354,975 from $1,748,000. Inventory increased by 85% and sales declined by 50%.

Sellers had a 14% chance of selling a home, UP (barely) from 13% last month, and DOWN from 22% last year. Median pricing decreased by 15% from $644,435 to $549,375. Inventory increased by 18% and sales dropped by 25%.

The activity for May is included at the top of this article because July’s market performance is very similar to the market performance in May. June was a stronger month for sales for most of the Eastside neighborhoods than July has been. South Bellevue, and Education Hill, Carnation, and Union Hill areas were all stronger performing areas, but only by a fraction. Every other area of the Eastside showed less of an absorption rate than in June. West Bellevue, Medina and Clyde Hill, our most expensive areas, were hit the hardest with the biggest decline in activity and pricing.

To determine the most realistic view of the market, look at several months worth of data. Pay particular attention to the amount of homes for sale in your area. Regardless of what’s happened in the previous months, make sure you know the actual competition in your area before establishing a sales price and going on the market.

Remember sellers, it’s price and condition in this market. Homes are selling, but as we all know, there’s competition. Be the best home out there and your home will sell.

Bellevue, Bellevue Washington, Bottega Veneta, downtown Bellevue, downtown Bellevue living, Jimmy Choo, King County, Neiman Marcus, Red Door Spa, Schnitzer West, Seattle, Seattle/Eastside real estate, The Bravern

From My Inbox: Luxury Continues to Come to Bellevue’s Bravern on Seattle’s Eastside

In Bellevue Real Estate, Bellevue, WA, Local news and information, Real Estate News, real estate on August 6, 2008 at 2:09 pm

The following is excerpted from a press release from Margaret Nicoll at Gruman-Nicoll and Tami Elwin at Schnitzer West:

Top-Rated Luxury Brand To Open

First Northwest Boutique at The Bravern

BELLEVUE, WA August 5, 2008 – When Schnitzer West opensThe Shops at The Bravern in September 2009, it will be home toBottega Veneta, rated the number one luxury brand in a recent survey conducted by the Luxury Institute. The Bravern will be Bottega Veneta’s first location in the Pacific Northwest where the leather goods purveyor joins a star-studded line-up of firsts for the region, including Neiman Marcus, Jimmy Choo and Red Door Spa.

“Bottega Veneta epitomizes the character of The Bravern in its commitment to fashion design, extraordinary craftsmanship and personal service,” says Tom Woodworth, senior investment director with Schnitzer West, developer of Bellevue’s only outdoor, upscale lifestyle shopping village.

“With the addition of retailers such as Neiman Marcus, Bottega Veneta, Louis Vuitton, Jimmy Choo and Red Door Spa, Schnitzer West has assembled a line-up that both validates the strength of the Pacific Northwest economy and will position The Shops at The Bravern and Bellevue among the top shopping destinations in the country,” says Maria Royer, principal with commercial brokers Real Retail in Seattle.

Currently under construction and scheduled for completion in 2009, The Bravern’s vibrant outdoor village will feature gracious arrival courts and European-style piazzas. The 1.6 million square foot development in downtown Bellevue, WAwill include approximately 305,000 square feet of fashion-leading retail and restaurants anchored by a 125,000-square-foot Neiman Marcus, 455 Signature Residences in two elegant condominium towers and two office buildings, which have been fully leased to Microsoft. When finished, the five-acre site will accommodate 2,300 Microsoft employees, approximately 1,000 homeowners and employ between 300 and 500 staff among the retail shops and services. The project also will include a 35-acre subterranean parking garage with 3,100 stalls.

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When I read the above press release, it is clear that even during this economic slowdown, Bellevue continues to be the stronger economic region of the Seattle/King County area. Luxury brands new to the area are choosing to move to the eastside, rather than to Seattle, because of this point.

condo buyers, condo buying, condo seller, condo selling, condominium sales, condominiums, monthly real estate statistics, real estate, Seattle real estate, Seattle/Eastside real estate, town home sales, town homes

What Were The Chances of Selling a Seattle/Eastside Condominium in June, 2008?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Local news and information, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on July 17, 2008 at 8:58 pm

Sellers had a 13.6% chance of selling a condo on Seattle’s Eastside in June of 2008. ( click on 2008 year to date statistics in the link above for a chart showing the condo report)

June, 2008 1427 condos for sale, 194 condos sold, 13.6% chance of selling.

May, 2008 1472 condos for sale, 211 condos sold, 14% chance of selling.

June, 2007 840 condos for sale, 382 condos sold, 45.5% chance of selling.

The absorption rate, the chance of getting your home sold, did not vary much from May to June of this year. Inventory is actually down slightly, but the chances of selling were almost the same during the past two months.

Condo values on the Eastside continue to go up, but last month the increase was negligible at only .5% from June of last year. The actual number of sales is down considerably, by almost 50%. This means the cream of the crop of condos are getting the offers and other condos are just sitting on the market. Pick your condo/town home purchase wisely.

The plateau: Sammamish, Issaquah, North Bend, and Fall City

Bellevue, Bellevue Real Estate, Carnation, Eastside real estate, Education Hill, home buyers, home sellers, home selling, Kirkland, Kirkland real estate, Redmond, Redmond real estate, Sammamish, Sammamish real estate, Seattle, Seattle Eastside, Seattle real estate, union Hill, Woodinville, Woodinville real estate

What were The Chances of Selling Your Seattle/Eastside Home in June, 2008?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, Kirkland, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, WA, WA real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on July 17, 2008 at 10:23 am

The chances of selling a home on the Eastside in June 2008 ranged from a low of 9.5% to a high of 23.2%, with an average 15.2% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)

Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:

June 2008 4154 homes available, 635 sold, 15.2 % chance of selling.

May, 2008 4349 homes available, 522 sold, 12% chance of selling.

June 2007 3107 homes available, 841 sold, 27% chance of selling.

_____________________________________________________________

(click on the each area name for a chart showing the latest stats in the area)

Sellers had a 16.7% chance of getting a home sold, UP from 12.7% last month and DOWN from 25.3% last year. Median home prices were down by 2.6%, from $604,475 to $589,000. Inventory was up by 17.5% and sales declined by 22.6% from last year.

Sellers had a 23.2% chance of getting a home sold, UP from 13.5% last month, and DOWN from 42.5% last year. Median sales price decreased from $624,500 to $549,500, a decrease of 12%. Inventory was up 80.4% and sales were down 1.3%.

Sellers had a 12.5% chance of selling a home, UP from 11.5% last month and DOWN from 24.9% last year. Median price decreased by 15.7% to $588,975 from $699,000. Inventory was up 25% and sales were down 37.4%.

Sellers had a 15.5% chance of selling a home, UP from 9.6% last month and DOWN from 26.8% last year. Median price was down to $498,875 from $522,475, a 4.5% decrease. Inventory was up by 37% from last year and sales declined by 20.9%.

Sellers had a 16.5% chance of selling a home, UP from 9.6% last month and DOWN from 23.5% last year. Median price declined by 4.5%, from $724,950 to $694,000. Inventory was up by 28% and sales were down by 10%.

Sellers had a 9.5% chance of selling a home, UP from 7.3%, and DOWN from 34% last year. Median pricing decreased by 13.7% to $1,294,750 from $1,500,000. Inventory climbed by 95.7% and sales declined by 45.5%.

Sellers had a 13.2% chance of selling a home, DOWN from 21.2% last month, and DOWN from 25.5% last year. Median pricing increased by 12.2% from $598,000 to $671,035. Inventory increased by 25.5% and sales dropped by 35%.

Inventory on Seattle’s Eastside dropped significantly from last month, by 195 homes, a 5% deline in inventory. All the eastside areas showed an increase in the absorption rate, the number of sales compared to the amount of homes for sale, except in the Education Hill, Union Hill, Carnation area. This area was the highest performing area last month, with the sales activity declining this month. West Redmond/East Bellevue had the best absorption rate of the Eastside once again. May was the only month this year that the area east of 405 and south of highway 908 was not the best performing area on the eastside.

Remember sellers, it’s price and condition in this market. Homes are selling, but as we all know, there’s competition.

Bellevue Real Estate, condo buyers, condo buying, condo real estate statistics, condo sellers, condo selling, Eastside real estate, Issaquah Real Estate, Kenmore real estate, Kirkland real estate, monthly condo real estate statistics, Redmond real estate, Seattle, Seattle real estate, Seattle/Eastside real estate, Woodinville, Woodinville real estate

What Were The Chances of Selling Your Seattle/Eastside Condo in May, 2008?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, Kirkland, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, WA real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on June 16, 2008 at 4:13 pm

Sellers had a 14% chance of selling a condo on Seattle’s Eastside in May of 2008. ( click on 2008 year to date statistics in the link above for a chart showing the condo report)

May, 2008 1472 condos for sale, 211 condos sold, 14% chance of selling.

April, 2008 1392 condos for sale, 222 condos sold, 15.9% chance of selling.

May, 2007 761 condos for sale, 376 condos sold, 49% chance of selling.

Condo values on the Eastside continue to go up. Last month prices increased over 5% from May of last year. The actual number of sales is down considerably, which means the cream of the crop is getting the offers and the other condos are just sitting on the market. Pay attention to the competition in the area and price or buy accordingly.

The plateau: Sammamish, Issaquah, North Bend, and Fall City

Bellevue Real Estate, Issaquah Real Estate, Kirkland, Kirkland real estate, Medina, Medina real estate, Redmond, Redmond real estate, Sammamish, Sammamish real estate, Seattle real estate, Seattle/Eastside real estate, Woodinville, Woodinville real estate

What Were The Chances of Selling Your Seattle/Eastside Home in May,2008?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on June 16, 2008 at 8:07 am

The chances of selling a home on the Eastside in May 2008 ranged from a low of 7.3% to a high of 21%, with an average 12% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)

Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:

May 2008 4349 homes available, 522 sold, 12 % chance of selling.

April, 2008 3985 homes available, 512 sold, 12.8% chance of selling.

May 2007 2823 homes available, 871 sold, 30.9% chance of selling.

_____________________________________________________________

(click on the each area name for a chart showing the latest stats in the area)

Sellers had a 12.7% chance of getting a home sold, DOWN from 15.4% last month and DOWN from 29.8% last year. Median home prices were up by 3.1%, from $596,450 to $614,900. Inventory was up by 36.8% and sales declined by 41.7% from last year.

Sellers had a 13.5% chance of getting a home sold, DOWN from 19% last month, and DOWN from 63.8% last year. Median sales price decreased from $619,000 to $559,950, a decrease of 9.5%. Inventory was up 128% and sales were down 51.5%.

Sellers had a 11.5% chance of selling a home, Up from 10.6% last month and DOWN from 29.1% last year. Median price increased by 1.5% to $699,475 from $689,075. Inventory was up 48% and sales were down 41.4%.

Sellers had a 9.6% chance of selling a home, DOWN from 12.5% last month and DOWN from 24.9% last year. Median price was down to $499,950 from $525,000, a 4.8% decrease. Inventory was up by 47% from last year and sales declined by 43.3%.

Sellers had a 9.6% chance of selling a home, UP from 8.46% last month and DOWN from 31.3% last year. Median price declined by 15.1%, from $799,950 to $679,000. Inventory was up by 55.4% and sales were down by 52.3%.

Sellers had a 7.3% chance of selling a home, DOWN from 9.03%, and DOWN from 29% last year. Median pricing decreased by 11.4% to $1,325,000 from $1,495,000. Inventory climbed by 103.2% and sales declined by 48.9%.

Sellers had a 21,2% chance of selling a home, UP from 14% last month, and DOWN from 33% last year. Median pricing decreased by .08% from $654,950 to $650,000. Inventory increased by 60.9% and sales dropped by 3.2%.

County wide, inventory is up from January’s numbers. On the eastside 2963 homes were on the market in January and now there are 4349 homes for sale, a 32% increase. The median price was up in four areas on the eastside in April, but only in two areas in May.

Remember sellers, it is price and condition in this market. Homes are selling, but as we all know, there is competition.

Bellevue Real Estate, condo buyers, condo buying, condo sales, condo sellers, condo selling, condominium sales, Issaquah Real Estate, monthly real estate statistics, Redmond real estate, Sammamish real estate, Seattle real estate, Seattle/Eastside real estate, Woodinville real estate

What Were The Chances of Selling a Condo on Seattle’s Eastside in April of 2008?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, Kirkland, Local news and information, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on May 14, 2008 at 6:04 pm

Sellers had a 15.9% chance of selling a condo on Seattle’s Eastside in April of 2008. ( click on 2008 year to date statistics in the link above for a chart showing the condo report)

April, 2008 1392 condos for sale, 222 condos sold, 15.9% chance of selling.

March, 2008 1277 condos for sale, 208 condos sold, 16% chance of selling.

April, 2007 621 condos for sale, 377 condos sold, 60% chance of selling.

Condo values on the Eastside continue to go up. Last month prices increased over 7% from last year and this month prices are up 12.6%. This is not to say it’s easy to sell a condo. Clearly, the actual number of sales is down considerably, by 41%.

Pricing a condo for sale should be based on the amount of competition and the most recent sales. Sales from even a few months ago are out of date. Understanding the competition when you go on the market is the key to a successful sale. Pricing must be competitive so a condo stands out from the pack.

Bellevue, Bellevue Real Estate, Eastside real estate, home buyers, home sellers, home selling, Issaquah, Issaquah Real Estate, King County, King County Real Estate, Kirkland, Kirkland real estate, monthly real estate statistics, Redmond, Redmond real estate, Sammamish, Sammamish real estate, Seattle real estate, Seattle/Eastside real estate, Seattle/Eastside real estate statistics, Woodinville, Woodinville real estate

What Were The Chances of Selling Your Seattle/Eastside Home in April, 2008?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Local news and information, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, WA, WA real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on May 12, 2008 at 7:50 am

The chances of selling a home on the Eastside in April 2008 ranged from a low of 8.46% to a high of 19%, with an average 12.8% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)

Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:

April, 2008 3985 homes available, 512 sold, 12.8% chance of selling.

March, 2008 3637 homes available, 493 sold, 13.5% chance of selling.

April, 2007 2444homes available, 734 sold, 30.0% chance of selling.

_____________________________________________________________

(click on the each area name for a chart showing the latest stats in the area)

The plateau: Sammamish, Issaquah, North Bend, and Fall City

Sellers had a 15.4% chance of getting a home sold, UP from 14.5% last month and DOWN from 29.4% last year. Median home prices were down by 6.2%, from $637,000 to $597,639. Inventory was up by 48.8% and sales declined by 22% from last year.

Sellers had a 19% chance of getting a home sold, DOWN from 21.7% last month, and DOWN from 46.0% last year. Median sales price increased from $569,000 to $608,998. Inventory was up 110% and sales were down from 63 sales to 55 homes, a 12.7% decline.

Sellers had a 10.6% chance of selling a home, DOWN from 12.3% last month and DOWN from 25.9% last year. Median price decreased by 19% to $600,000 from $741,150. Inventory was up 54.5% and sales were down almost 36.7%.

Sellers had a 12.5% chance of selling a home, a minimal change from 12.3% last month and DOWN from 37% last year. Median price was down to $484,450 from $514,950, a 5.9% decrease. Inventory was up by 60.1% from last year and sales declined by 45.9%.

Sellers had a 8.46% chance of selling a home, DOWN from 10.7% last month and DOWN from 30.5% last year. Median price declined by .03%, from $710,000 to $707,950. Inventory was up by 62.6% and sales were down by 54.8%.

Sellers had a 9.03% chance of selling a home, UP from 7.26%, and DOWN from 28.3% last year. Median pricing increased by 42% to $1,399,000 from $985,000. Inventory climbed by 106.2% and sales declined by 34.1%.

Sellers had a 14.0% chance of selling a home, DOWN slightly from 14.8% last month, and DOWN from 20.9% last year. Median pricing increased by 13.1% from $577,015 to $652,450. Inventory increased by 71% and sales dropped by 14.5%.

County wide, inventory is up from January’s numbers. On the eastside 2963 homes were on the market in January and now there are 3985 homes for sale, a 26% increase. The chances of selling in the different eastside areas varied very little from March’s numbers. However, if sales were down in an area, there was no absolute correlation with median price. Even if sales were down, the median price could still go up. The median price was up from last April in four of the eastside areas and down in three of the areas.

If you are trying to get a feel of the market in a particular area, look at several months worth of data. This will give the most realistic view of the market. Pay particular attention to the increase in inventory in your area. Sellers. regardless of what’s happened in a previous month, make sure you understand how much actual competition there is in your area before establishing a sales price and going on the market.

Remember sellers, it is price and condition in this market. Homes are selling, but as we all know, competition for the buyer is fierce.

Bellevue, Bellevue dining, Bellevue Towers, El Gaucho, green building, LEED certification, Purple Cafe and Wine Bar, sustainable design, Washington, Wild Ginger

Bellevue, Washington Condo Towers, Purple Cafe, Dining, and More

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Local news and information, real estate on April 23, 2008 at 8:01 am

I just received the April email newsletter from Bellevue Towers, The LEED certified high rise condos in Bellevue. The newsletter announced the restaurants coming to the complex.

(Photo taken a few months ago)

Purple Cafe and Wine Bar’sowners will open 3 different restaurants in the complex. The Bellevue Towers will be the home to the 4th Purple Cafe and Wine Bar, after Kirkland, Seattle, and Woodinville. Two other new concept restaurants will also open at the Towers, a coffee/dessert cafe, and a Latin/Mexican restaurant.

(Original Purple Cafe and Wine Bar in Woodinville.)

From the April Bellevue Towers email newsletter:

“One couple with three brilliant restaurant concepts that perfectly complemented the Bellevue Towers neighborhood. Larry and Tabitha Kurofsky, the Seattle husband and wife team behind the popular dining venue Purple Café and Wine Bar, plan to introduce three distinctive restaurant concepts to Bellevue and Bellevue Towers.The largest of the restaurants at Bellevue Towers will be a new Purple Café and Wine Bar, scheduled to open in November 2008.

Opening in early 2009, the second restaurant, Barrio, will be an upscale take on the traditional Mexican restaurant featuring a Latin-themed cocktail menu.

The yet-to-be-named third restaurant is another even newer concept that is still in the early stages of development. The Kurofskys envision a unique café and dessert lounge that will wake up with the neighborhood and continue to serve its needs throughout the evening. The café will offer fresh-baked goods, espresso and tea early in the morning; serve as a convenient lunch option throughout the afternoon; and transform into a dessert lounge serving sweet treats and cocktails into the evening.”

Downtown Bellevue will be destination dining spot for a wide variety of dining experiences over the next couple of years. These restaurants will join El Gaucho, Wild Ginger, and others in downtown Bellevue. The dynamics of downtown Bellevue will be completely different. It should prove to be fun and exciting. Another added benefit, with so much more available on the eastside, it ought to improve traffic heading into Seattle at night!

Add new tag, condominiums, condos, Eastside real estate, home buyers, home sellers, home selling, real estate, real estate market statistics, real estate update, Seattle/Eastside, Seattle/Eastside real estate

What Were The Chances of Selling a Condo on Seattle’ Eastside in March, 2008?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Local news and information, Real Estate News, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on April 10, 2008 at 3:43 pm

Sellers had a 16% chance of selling a condo on Seattle’s Eastside in March of 2008. ( click on 2008 year to date statistics in the link above for a chart showing the condo report)

March, 2008 1277 condos for sale, 208 condos sold, 16% chance of selling.

February, 2008 1230 condos for sale, 140 condos sold, 11% chance of selling.

March, 2007 535 condos for sale, 405 condos sold, 75% chance of selling.

The eastside certainly doesn’t follow expected trends. Even with the more than double the inventory, pricing is still 7.4% higher than last year. Usually, if there are more properties available and less sales, then the prices go down, but not on Seattle’s Eastside.

The plateau: Sammamish, Issaquah, North Bend, and Fall City

Add new tag, Bellevue, Bothell, Duvall, Eastside real estate, home buyers, home seller, home sellers, Issaquah, Kenmore, Kirkland, market statistics, monthly real estate update, Redmond, Sammamish, Seattle, Seattle/Eastside real estate, Woodinville

What Were The Chances of Selling Your Seattle/Eastside Home in March, 2008?

The chances of selling a home on the Eastside in March 2008 ranged from a low of 7.26% to a high of 21%, with an average 13.5% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)

Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:

March, 2008 3637 homes available, 493 sold, 13.5% chance of selling.

February, 2008 3303 homes available, 453 sold, 13.7% chance of selling.

March, 2007 2126 homes available, 826 sold, 38.8% chance of selling.

_____________________________________________________________

(click on the each area name for a chart showing the latest stats in the area)

Sellers had a 14.5% chance of getting a home sold, DOWN from 16.4% last month and DOWN from 40.4% last year. Median home prices were down by 2.4%, from $593,950 to $579,500. Inventory was up by 59.7% and sales declined by almost 42% from last year.

Sellers had a 21.7% chance of getting a home sold, UP from 15.6% last month, and DOWN from 58.8% last year. Median sales price decreased from $598,725 to $539,950. Inventory was up 127% and sales were down from 70 sales to 59 homes, a 15.7% decline.

Sellers had a 12.3% chance of selling a home, DOWN from 13.4% last month and DOWN from 40.7% last year. Median price decreased by 1.5% to $669,950 from $659,950. Inventory was up 60.6% and sales were down almost 51.2%.

Sellers had a 12.3% chance of selling a home, as 12.3% last month and DOWN from 35.1% last year. Median price was down to $525,000 from $540,450, a 2.9% decrease. Inventory was up by 57% from last year and sales declined by 44.9%.

Sellers had a 10.7% chance of selling a home, DOWN from 12.5% last month and DOWN from 28.2% last year. Median price declined by 2%, from $714,950 to $699,999. Inventory was up by 57.2% and sales were down by 40.2%.

Sellers had a 7.26% chance of selling a home, DOWN from 9%, and DOWN from 35.2% last year. Median pricing increased by 2.9% to $1,250,000 from $1,215,000. Inventory climbed by 136.9% and sales declined by 51.2%.

Sellers had a 14.8% chance of selling a home, DOWN from 15.8% last month, and DOWN from 48.9% last year. Median pricing decreased by 11.5% from $678,225 to $600,000. Inventory increased by103% and sales dropped by 38.5%.

King county wide, inventory is up from January’s numbers. On the eastside 2963 homes were on the market in January and now there are 3637 homes for sale.

As I mentioned in a previous post, if you’re considering a move, whether you’re buying or selling, it’s important to break the data down regarding the inventory and the absorption rate even further than what is reported above. The information here is a great snapshot for the eastside. But when looking at the price for a particular home, it’s best to look at the information in a smaller area than what’s shown above.

Also, look at several months worth of data. It’s interesting to see how things can fluctuate each month. For example, in West Bellevue, median price has been declining over the past few months and this month median pricing is up. If you look at several months worth of statistics, you’ll get a more realistic flavor of the market in a particular area. It obviously is still a tough market for sellers and a much better market for buyers. Pricing and condition is key in selling a home. It always has been, but now it’s even more critical.

Bellevue, CNN, Fortune Magazine, housing, live and launch, real estate, starting a business, Washington

Bellevue, Washington is Fortune Magazine’s #1 City For Business “Live and Launch”

In Bellevue Real Estate, Bellevue, WA, Exploring the Eastside, Local news and information on March 27, 2008 at 9:30 pm

Announced on CNN, Fortune Magazine listed Bellevue, Washington as #1, tops to live in and launch a business. The photo is a shot of Bellevue looking west towards downtown. Only a few of the cranes that hover over all the new construction, commercial and residential, can be seen.

According to The Downtown Bellevue blog:

“ The (Fortune magazine) rankings were based on the following: affordable housing, plentiful leisure activities, plentiful cultural options, job growth, sunny weather, short commute time, and good health care access.” The Northwest is a great place to live with the abundance of lakes, mountains, and culture.

Are there issues? Yes, not everyone would agree there’s affordable housing, short commutes, and lots of sun. But the reality is, if we are a dynamic, growing region with the prospect of economic growth, nothing is perfect. However, the whole package is pretty terrific and hard to beat when compared to other parts of the country. Sure, you can find less expensive real estate. It’s all over this country. But the natural beauty, the culture, the job growth, the level of educated citizens fueled by this job growth, is not as strong in these other areas.

Bellevue is an exciting place. People are looking to move to the downtown core and the Eastside in general.

What are your thoughts about Bellevue as the #1 place for small business growth?

Bellevue, condo living, Eastside, Jimmy Choo, luxury high rise, luxury shopping, Microsoft, Neiman Marcus, Seastar, Seattle, Seattle real estate Bellevue real estate, The Bravern, Wild Ginger

The Bravern: Luxury Condominium Living Comes to Bellevue, WA on Seattle’s Eastside

In Bellevue Real Estate, Bellevue, WA, For Buyers, Local news and information, Real Estate News, real estate on March 20, 2008 at 2:16 pm

Gorgeous, gorgeous, The Bravern is one of the premier condominium towers being built on Seattle’s Eastside. The Bravern is at the corner of NE 8th and 112th Ave NE, perhaps the new luxury corner of downtown Bellevue? Comprised of residential condominium towers, an office complex, and luxury shops anchored by Neiman Marcus and Jimmy Choo, The Bravern will be one of the premier destinations and addresses in Bellevue.

Here are some of the features of the complex:

24 hour concierge

7 floors of parking for homeowners with a private elevator

valet parking available

25,000 square foot private roof garden

Protected easterly views

Auto court, similar to the Fairmont Hotel in Seattle

Luxury shopping with the feel of a European Village

I attended an open house a couple of weeks ago and had a chance to see some of the floor plans and finish work of the model homes.

The office space has been leased to Microsoft. The retail space is filling up, although names of all the tenants are not yet public. Premier restauranteurs, such as John Howie of Seastar fame, will be opening restaurants. The first eastside outpost of the Seattle’s wildly popular Wild Ginger restaurant will also be in The Bravern. The Bravern should be a dynamic new addition to Seattle’s Eastside and downtown Bellevue.

Bellevue, buyers, condo sales, Issaquah, King County, Kirkland, real estate, real estate market statistics, Redmond, Seattle/Eastside, sellers

What Were The Chances of Selling a Condo on Seattle’s Eastside in February, 2008?

In Bellevue Real Estate, Bellevue, WA, Exploring the Eastside, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, King County, WA, market statistics on March 13, 2008 at 2:33 pm

Sellers had a 14% chance of selling a condo on Seattle’s Eastside in February of 2008. ( click on 2008 year to date statistics in the link above for a chart showing the condo report)

February, 2008 1230 condos for sale, 140 condos sold, 11% chance of selling.

January, 2008 1059 condos for sale, 149 condos sold, 14% chance of selling.

February, 2007 515 condos for sale, 328 condos sold, 63% chance of selling.

Again, inventory is over twice as high as last year. However, our median price continues to defy expectations. Last year, the median price was $320,639 and this year it is $327,818, a 2.2& increase.

Last month I said:

This number (the median price) may be an anomaly as pricing for all 2007 condos increased by 8%. The median price for any month is a reflection of the sales for that particular month, so last January’s sales may have included more entry level condos, which resulted in a huge increase in median pricing this year when more expensive condos sold. When we see February’s statistics, which will come out in March, we will have a better feel for the actual increase in pricing.

Now in February, we see this 2.2% increase in median pricing. Pricing has gone up, despite the increase in inventory and competition. But the increase is not as dramatic as the 8% reported previously.

The plateau: Sammamish, Issaquah, North Bend, and Fall City

Bellevue, buyers, Eastside Seattle real estate, home sales, Issaquah, Kirkland, real estate, Redmond, sellers, statistics, Woodinville

What Were The Chances of Selling a Home on Seattle’s Eastside in February, 2008?

In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Real Estate News, Sammamish, WA Real Estate, market statistics, real estate on March 13, 2008 at 11:26 am

The chances of selling a home on the Eastside in February 2008 ranged from a low of 9% to a high of 16.4%, with an average of a 13.7% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)

Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:

February, 2008 3303 homes available, 453 sold, 13.7% chance of selling.

January, 2008 2963 homes available, 346 sold, 11.6% chance of selling.

February, 2007 1910 homes available, 699 sold, 36% chance of selling.

_____________________________________________________________

(click on the each area name for a chart showing the latest stats in the area)

Sellers had a 16.4% chance of getting a home sold, UP from 13.3% last month and DOWN from 35.7% last year. Median home prices were down by 3.8%, from $623,495 to $599,900. Inventory was up by 65.4% and sales declined by almost 24% from last year.

Sellers had a 15.6% chance of getting a home sold, DOWN from 15.8% last month, and DOWN from 58% last year. Median sales price increased from $579,000 to $599,000. Inventory was up 168% and sales were down from 57 sales to 41 homes.

Sellers had a 13.4% chance of selling a home, UP from 7.2% last month and DOWN from 34.6% last year. Median price decreased by 2.4% to $659,000 from $675,000. Inventory was up 65% and sales were down almost 35.8%.

Sellers had a 12.3% chance of selling a home THE SAME as 12.3% last month and DOWN from 37.6% last year. Median price was up to $549,950 from $549,000, a .2% decrease. Inventory was up by 68% from last year and sales declined by 44.5%.

Sellers had a 12.5% chance of selling a home, UP from 9.8% last month and DOWN from 29.8% last year. Median price declined by 15%, from $839,925 to $711,250. Inventory was up by 51% and sales were down by 36%.

Sellers had a 9% chance of selling a home, UP from 7%, and DOWN from 29% last year. Median pricing dropped by 31% to $999,000 from $1,449,500. Inventory climbed by 101% and sales declined by 38%.

Sellers had a 15.6% chance of selling a home, UP from 12.4% last month, and DOWN from 44% last December. Median pricing increased by 6.8% from $650,950 to $694,970. Inventory increased by 85% and sales dropped by 35%.

Inventory is up from the numbers we saw early last year. January and February had the lowest inventory in 2007. September 2007 saw the highest inventory. There’s a yearly cycle showing a similar trend in the inventory. Inventory is generally the lowest at the beginning of a year, peaking either in the summer or fall:

June and July in 2004

October in 2005

September in 2006

September in 2007

If you are an active buyer or seller, it’s important to break the data down regarding the inventory and the absorption rate even further than what is reported above. For example, the numbers listed above for Woodinville, Duvall, and Bothell encompass a huge area with a variety of homes. When looking at the pricing for a particular home, it’s wise to target the information relevant to that home and price range.

If you are looking in Woodinville, as an example, then look more specifically at the numbers just for Woodinville. Look at the inventory and how homes are selling in a particular area and price range. If you want to buy or sell homes on large lots priced in the 600′s, then determine the amount of inventory and the absorption rate for these homes.

This holds true for all of the areas. Here is another example of a more specific analysis of the data: In West Redmond/East Bellevue, the inventory is actually down in the Redmond area from last fall’s peak. Buyers near Microsoft may encounter more competition for that reason. Here is an article I wrote on my Redmond blog describing the market conditions in that area.

Bottom line is competition is tough. There are some great homes available and in order to be the seller who snags the buyer, a home will need to stand out from the crowd as a great value and in great condition. Anticipate realistic pricing and longer market time.

Bellevue Tower-LEED built building.

Bellevue, Brooklyn, condo towers. Seattle, Eastside, Inman Real Estate Connect, NYC, real estate, Williamsburg

What 700k Buys in a New Condo Tower in Brooklyn and on Seattle’s Eastside

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, King County Real Estate, real estate on February 20, 2008 at 11:56 am

Here’s what you can buy in a new glass condo tower in Brooklyn and on the Eastside of Seattle.

On my way back from Inman News Real Estate Connect, I sat next to John who makes a monthly commute from NYC to Seattle meetings at The Cancer Care Alliance. John and I had a long talk about his experience with New York real estate. John purchased a condo in Williamsburg this past year and during our conversation I was able to find out what 700k will buy. I thought it would be interesting to compare Bellevue and Williamsburg, since both are located across a bridge from the “big city.”

First a bit of history about Williamsburg where he purchased a condo:

His condo is in a section of Brooklyn, Williamsburg, which lies across the East River from Manhattan and has traditionally been a working class community. Developers jumped on the gentrification bandwagon after the State of New York allocated money for a new park that will follow the East River. John made a purchase in a new glass tower which will be right by this new park. The park is scheduled to have play areas, walking/biking paths, and that all important dog park.

Besides its fabulous location, the complex, known as Northside Piers is one of the few all-glass residential buildings in the New York area.

With 10 foot high ceilings and floor to ceiling windows offering unobstructed views of the river, the building will be state-of the-art. John purchased his unit for $700,000 in February, 2007, almost a year ago. Each month prices go up making his unit worth considerably more before he has even taken occupancy. (The building is behind schedule and is still not complete.)

So what did $700,000 buy in this new glass tower in Williamsburg?

It bought a one bedroom unit with about 737 square feet, storage and a laundry area, top of the line finish work, and high end appliances, such as Subzero, Wolf, and Viking. The unit comes with spectacular views of the river and Manhattan. Parking is not included and there are only 170 spaces available for about $300-400 dollars a month in rent.

Homeowner’s dues or maintenance fees, as they are called in NYC, are $700 per month for a unit of this size. Fees give you a lot for the money: interior, exterior, and grounds maintenance, garbage, heat and A/C, hot water, and gas. Electricity and phone are not included.

Here is a New York moment:

The units also come with $6.00 a month in real estate taxes! Yes, you read it correctly, $6.00 a month or $72.00 a year for 25 years. At Inman News Connect we heard about this incentive created by Mike Bloomberg, New York’s Mayor. If new condominium complexes include 20% of the units for lower or middle income housing, the home owners who purchase units at market rate get a tax break. Overall, the units become more affordable with the low real estate taxes. (By the way, real estate taxes are usually much higher than Washington State, almost double.)

John thought his 700k would buy him a 400 square foot studio in Manhattan, so the Williamsburg condo is a fabulous deal.

Northside Piers
$700,000 1 bed/1 bath/ 737 sq ft/ parking not included/ $700 H.O. Dues/ $72 yr. real estate taxes.
What do you get in a “glass” tower/condo on the Eastside of Seattle?

Lincoln Tower
$679,000 1 bed/1 bath/719 sq ft/1 parking spot/ $352 H.O. Dues/views/ $3757 real estate taxes (originally 720k)
$699,000 1 bed/1 bath/757 sq ft/1 parking spot/ $370 H.O. Dues/views/ $3904 real estate taxes (originally 740k)

$609,900 1 bed/1bath 1200 sq ft/1 parking spot/$588 H.O. Dues/taxes TBD
$619,000 1 bed/1 bath/ 977 sq ft/1 parking spot/$487 H.O. Dues/taxes TBD
$719,000 1 bed/1.5 bath/ 1041 sq ft/is parking spot/$516 H. O. Dues/taxes TBD

Washington Square

$637,000 1 bed/1 bath/ 808 sq. ft/ 1 parking spot/ $299 H.O. Dues/taxes TBD
$641,000 1 bed/1 bath/ 926 sq. ft/ 1 parking spot/ $343 H.O. Dues/Taxes TBD

(Taxes are usually determined upon closing for new construction. It’s safe to say taxes will be similar to Lincoln Tower, which are the only resale condos listed here.)

The Bravern

Here is the new kid on the block. The Bravern is on NE 8th over by 112th Ave NE. I attended an open house for Realtors the other day and I’ll do a more detailed post about the complex. Studios have been predicted to start in the 400k range.

Downtown Bellevue prices are similar to an up-and-coming Brooklyn neighborhood with views of the city and the river. Bellevue is not downtown Seattle and Williamsburg is not Manhattan. Both areas are expensive, but better priced than the heart of the big city. The proximity to the “big city,” plus the more for your money value helps to drive interest to Bellevue and Williamsburg.

But the other reason for the burst in high rise condos on the Eastside that doesn’t compare directly to Williamsburg, is the growth of the job market on the Eastside. The Eastside is more the economic center of King County. People live in Bellevue because the downtown experience is becoming more dynamic, but also because they work on the eastside. Just take a look at traffic during rush hour. The reverse commute is far worse!

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buyers, Eastside Seattle real estate, home sales, real estate, sellers, statistics

What Were The Chances of Selling a Condo on Seattle’s Eastside in January, 2008?

In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Real Estate News, Sammamish, WA, Woodinville, WA Real Estate, market statistics, real estate on February 12, 2008 at 4:01 pm

Here are the condo stats for January, 2008.

Sellers had a 14% chance of selling a condo on Seattle’s Eastside in January of 2008. ( click on 2008 year to date statistics in the link above for a chart showing the condo report)

January, 2008 1059 condos for sale, 149 condos sold, 14% chance of selling.

December, 2007 949 condos for sale, 135 condos sold, 14% chance of selling.

January, 2007 507 condos for sale, 288 condos sold, 56% chance of selling.

This January inventory more than doubled from last year, while sales declined by almost half of what sold last January. However, the chances of selling a condo are the same as last month. Both inventory and sales increased this month, keeping the chances for selling at the same level.

Median pricing dipped a bit from last month by just a few thousand dollars. In December the median price for condo sales was at $344,414. This month it’s $341,249. Last year, even though the market was popping, the median price was $267,949.

So, we defy the trends again with a 27.4% increase in pricing in a “down” market? This number may be an anomaly as pricing for all of 2007 condos increased by 8%. The median price for any month is a reflection of the sales for that particular month, so last January’s sales may have included more entry level condos, which resulted in a huge increase in median pricing this year when more expensive condos sold. When we see February’s statistics, which will come out in March, we will have a better feel for the actual increase in pricing.

The plateau: Sammamish, Issaquah, North Bend, and Fall City

Bellevue, buyers, Issaquah, Kirkland, market statistics, Medina, Redmond, Sammamish, Seattle Eastside real estate, sellers, Woodinville

What Were The Chances of Selling a Home on Seattle’s Eastside in January, 2008?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Local news and information, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on February 9, 2008 at 6:05 pm

The chances of selling a home on the Eastside in January 2008 ranged from a low of 7% to a high of 15.8%, with an average of a 11.6% absorption rate. Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:

January, 2008 2963 homes available, 346 sold, 11.6% chance of selling.

December, 2007 2594 homes available, 295 sold, 9% chance of selling.

January, 2007 1895 homes available, 506 sold, 26.7% chance of selling.

_____________________________________________________________

(click on the each area name for a chart showing the latest stats in the area)

Sellers had a 13.3% chance of getting a home sold, UP from 12.2% last month and DOWN from 32.6% last year. Median home prices were down by .8%, from $624,900 to $619,900. Inventory was up by 55% and sales declined by almost 36.5% from last year.

Sellers had a 15.8% chance of getting a home sold, DOWN from 16.1% last month, and DOWN from 33.6% last year. Median sales price increased from $539,450 to $567,250. Inventory was up a whopping 112% and sales were exactly the same as last January, 36 homes.

Sellers had a 7.2% chance of selling a home, DOWN from 8.9% last month and DOWN from 21.3% last year. Median price decreased by 13.1% to $630,000 from $724,975. Inventory was up 51.6% and sales were down almost 48.3%.

Sellers had a 14% chance of selling a home, UP from 9.3% last month and DOWN from 25.7% last year. Median price was down to $459,950 from $499,950, an 8% decrease. Inventory was up by 50% from last year and sales declined by 18%.

Sellers had a 9.8% chance of selling a home, DOWN a hair from 10.2% last month and DOWN from 17.2% last year. Median price declined by 3%, from $672,475 to $652,250. Inventory was up by 38% and sales were down by 21%.

Sellers had an 7% chance of selling a home, DOWN from 9.7%, and DOWN from 21.6% last year. Median pricing dropped by 13% to $937,500 from $1,077,500. Inventory climbed by 78% and sales declined by 42%.

Sellers had a 12.4% chance of selling a home, DOWN ever so slightly from 12% last month, and DOWN from 32.8% last December. Median pricing increased by 2.5% from $648,950 to $664,925. Inventory increased by 59% and sales dropped by 40%.

This will continue to be a more realistic year. Here is the evaluation of the market from my January, 2008 article in which I summarized 2007 Seattle/Eastside real estate. The remarks still hole true for this month’s report:

“The market is softer for sellers, but not dead on the arrival of 2008 like in many areas of the country. Sellers need to be competitive with pricing and have a top notch marketing plan and presentation to capture a buyer’s attention and get the sale. Realistic sellers should not have a problem getting a home sold. Those who decide to sell should expect longer market times and flexibility in pricing.

Buyers have great choices, interest rates, negotiation opportunities, and a chance to think before jumping on a home in today’s market. Buyers, however, who plan to buy should stay put for at least 3-5 years. ” So this may not work for everyone.

Condo stats are coming soon!

BNSF railway, commute, King County, Proposition 1, rails to trails, Sound Transit, traffic, WA

Seattle’s Sound Transit on The BNSF Rail Line? Where is our Eastside Walking Trail?

In Bellevue Real Estate, King County, WA, Local news and information on February 3, 2008 at 3:47 pm

I took a moment to read yesterday’s Seattle Times. In The Eastside section, Ashley Bach reported on Sound Transit’s interest in the BNSF rail line. It sounds as if Sound Transit is very interested in the eastside’s BNSF rail line now that Proposition One has been defeated.

So, it’s hard to know where we are at. Is there a diesel train, light rail, a trail or a combination thereof coming to the Eastside? For my full article, you can check my Kirkland blog article about our latest rail news.

If you have any thoughts about the rail line or any information to add to the news, please feel free to comment.