Buyers Bought Homes, Not Just Turkey, in November on Seattle’s Eastside

More home sellers take their homes off the market in November, thinking buyers have gone shopping for presents instead of for homes. The roller coaster pattern you see in the chart with inventory and sales is typical of most years.  The supply of homes for sale tends to drop off as winter comes to Seattle.  The number of homes sold in November also dropped from previous months, but there was still a healthy number of real estate sales on Seattle's eastside.  Almost half of the homes for sale, 46%, sold in November. 

Median pricing for November sales was $555,000.  Median pricing has remained above $550,000 since April of this year.  Homes sold in about 5 weeks, which is a short sales time. Homes  were not selling within a matter of days as we saw in the spring, but a 5 week time frame is probably a healthier time period for the market.  It means the market is still fast and strong, but not as frenetic.

But back to the roller coaster pattern you see in the chart above.  Since the number of homes for sale is so low, and probably will continue to be in December,  if you're thinking of making a move in 2014, think about it early in the year.  Inventory in January should continue this trend and be very low, but creeping up as the month progresses.  Competition will be less because of this lack of supply, increasing the chances for a quick sale and a strong price.

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

  • 46.5% of the available homes sold this past November,  41.5% sold in November, 2012.
  • Homes sold in 43 days, down from 67 days in October, 2012. 
  • In 2012 median pricing in November was $525,000.  In 2013, November's median pricing was $555,000.

 

If you'd like to know more about the value of your home or are thinking about a move, please don't hesitate to contact us.

Enjoy your holidays and have a Happy New Year!

 

Posted on December 11, 2013 at 10:34 pm
The Beaupain Team | Category: Bellevue Real Estate, Eastside Real Estate, For Buyers, For Sellers, Market Statistics, Real Estate | Tagged , , , , ,

Seattle Eastside March Real Estate Marched On!

 

Finally, there were a few more homes for sale on Seattle's eastside in March, the first month since August of last year!

Did this increase in inventory dampen the number of sales?  So far, nothing has slowed down the rate of sales.  In fact, the rate of home sales in Bellevue, Kirkland, Redmond, and other eastside cities was higher in March than February.   Seventy-eight percent of the homes on the market sold!  There is still more than one buyer for each home, so multiple offers remain the norm.

It's been hopping out there in the real estate market on the eastside.  We're starting to see some Eastside buyers behave like Seattle buyers.  This past weekend, a buyer pre-inspected one of our listings before making an offer.  Rumor had it that there were going to be at least 4 offers on the table and this particular buyer wanted to come to that table with a very clean, straightforward offer.  Buyers in Seattle have pre-inspected homes for years when the market has been hot.  It's not something we've seen as much on the eastside, but we wouldn't be surprised if it continues. 

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

  • 78% of the available homes sold this past March,  44% sold in March, 2012.
  • Homes sold in 62 days, down from 109 days in March, 2012. 
  • In 2012 median pricing in March was $470,000.  In 2013, March's median pricing was $560,000.  We're expecting median pricing to continue to work its way back up to the higher $500+ range, particularly since inventory is still so low.

The Seattle Times reported  a 17% increase in pricing from March, 2012 on the eastside.

       It was the biggest monthly percentage gain since April 2012, when King County’s median home price started rising after 19 months of decline.

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

Posted on April 8, 2013 at 7:14 pm
The Beaupain Team | Category: Bellevue Real Estate, Bellevue, WA, Eastside Real Estate, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County, WA, Kirkland, Market Statistics, Real Estate, Redmond, Seattle, Seattle real estate | Tagged , , , , , , , , ,

Seattle Eastside Real Estate in October, 2012? Fabulous!

 

How did this past October's Seattle eastside real estate compare to October of 2011?  Can you say FABULOUS! This October was a fabulous real estate market in every way, fewer homes for sale, more sales, shorter market times, and a clear trend of increasing home values.

Here are the specifics:

  • 51% of the available homes sold this past October,  21% sold in October, 2011. Over half the homes on the market sold!
  • Homes sold in 62 days, which is down from 97 days in October, 2011.  Homes are selling fast!
  • Last year median pricing in September was at $469,000.  This year, median pricing was $515,000.
  • Homes sold within 4% of the original asking price.

 

Did the number of sales increase? 

Yes, by a whopping 47%!

Did prices continue to increase? 

Yes, they've continued to increase.  Median pricing for the Seattle eastside has been $500,000 and above every month since May of this year, which clearly indicate a strong trend. 

How does all this information impact you, if you're a seller?  This is the best time to sell your home in 5 years!

Know how quickly homes in your area are selling.  If your home is on the market for longer than the competition, your home is overpriced. If you have a lot of showings and your home does not sell, it's overpriced.  If you have very few showings, then your home is overpriced.  Since there are so few homes on the market, if your home is priced right and shows well, it will sell.  If it's not, then it will sit there.  In this market your home should be selling, if not, then look at your asking price.   Even though there is not a lot for sale, buyers will still not overpay for a house. 

How does this information impact you as a buyer?

Prepare yourself and become familiar with what you can buy for the money in your favorite locations. Take your time to do this.  When you're comfortable with what's available, then it's easy to make a quick decision when the right house comes up.   Expect multiple offers, if the house is a good one.  Be prepared with a preapproval letter to accompany your offer.  If it's a well priced home that shows beautifully, expect it to sell quickly and for close to, if not, full price. 

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

Posted on November 7, 2012 at 10:09 pm
The Beaupain Team | Category: Bellevue Real Estate, Eastside Real Estate, For Buyers, For Sellers, King County Real Estate, Kirkland, Market Statistics, Real Estate | Tagged , , , , , ,

August Real Estate Keeps Moving on Seattle’s Eastside

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

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

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

Did the number of homes for sale increase?

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

Did the number of sales increase? 

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

Did prices continue to increase? 

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

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

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

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

How did this past August compare to August of 2011?

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

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

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

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

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

How does this information impact you as a buyer?

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

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

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

The Seattle-Eastside Condo Market is Amazing!

Our amazing Seattle-Eastside real estate continues! How low can the supply of eastside condos go?  In July there were only 463 condos for sale all over the Eastside, less than half the number of condos for sale in July of 2011!  The supply is low and the prices have dropped considerably over the last few years as evidenced by the chart below. These market conditions bode well for buyers.  Prices are at the bottom and with the low supply, they should begin rising.  Unfortunately for the sellers who bought from 2007 on, it's still a tough market as pricing is well below the high experienced during that time.

Not only was the supply at the lowest I can remember, the number of sales were at the high so far for the year. There were 463 condos for sale and 236 of them sold!  I've been in real estate on Seattle's eastside for 25 years and I've never seen anything like the lack of supply in the market we're experiencing now.  In previous reports I mentioned if the supply of condos stayed on the low side, to expect the positive market to continue in Bellevue, Kirkland, Redmond, and the other cities east of Seattle. This was how the real estate market performed in July.

The chart beow shows the trend in pricing from 2008-2012 for condo sales on the eastside.  Each blue bar represents a month during the years that are represented below.  The red line that is drawn across each year shows where the median point is in pricing for the year.In 2008, the median pricing for condo sales on the eastside was $337,064.  So far this year, the median pricing for sales is at $221,631.  If you look at 2012, pricing has jumped up for the last two months,  but on average, it's still lower than previous years.

Time on the market has also dropped to an average of 90 days to sell vs.109 days in June of 2011.

If you have any questions about the condo market, please feel free to contact us. 

 

Posted on August 15, 2012 at 1:59 pm
The Beaupain Team | Category: Bellevue Real Estate, Eastside Real Estate, For Buyers, For Sellers, Issaquah Real Estate, Kirkland, Market Statistics, Real Estate, Redmond, Sammamish, WA Real Estate | Tagged , , , , , , , ,

Did July’s Real Estate Prices Really Go Up By 7% on Seattle’s Eastside?

 

The Seattle media had screaming headlines recently about the 7% increase in King County real estate prices this July when compared to last July.  Were the newspaper headlines right? As I've mentioned before, yes and no.

What did the media get correct when they said prices had gone up from July, 2011 to 2012?

They were only comparing the sales from July, 2011 to July, 2012.  The median price was based on the sales that happened only in those two months.   This could mean more expensive homes sold in 2012 than in 2011 or it could mean prices were higher.  It is hard to know based on this one month.    A snapshot of one month's real estate sales does not make a trend.  It only shows how sales compared for those two months, so the Seattle Times was correct in stating the prices had gone up in from July, 2011 to 2012 by 7%.  However, this is not the full picture.

How can you more accurately tell if real estate prices are going up, down or staying the same?

It's important to look at a pattern for a period of time, such as you can see in the chart above. 

What does the chart show?

The chart is a compilation of all the home sales on the eastside, including such cities as Bellevue, Kirkland, Redmond, Woodinville, Sammamish, Issaquah and more. The NWMLS (Northwest Multiple Listing Areas) for these eastside cities are represented by area numbers 500-600 displayed at the top of the chart.

Windermere Real Estate compiled the data from each month and developed this chart to show median pricing for the past 5 years.  If you look at the bottom of the chart, you'll see the years 2008-2012.  Each blue bar above the years represents a month during each of the years.  The red line going across the chart shows the median price point for each year.  It was highest in 2008, when the median pricing for the year stood at $623,733 and had gone down consistently through the end of 2011, when the median pricing for the eastside stood at $502,784.

This year the chart shows the median pricing is creeping up, but here on the eastside and in other parts of King County, it's not up by 7%, but by about 3% so far for the year.  The median for this year is at $518,309.

This is a much more accurate picture of real estate values on the eastside, not just a measure of one month's sales.  Are you seeing similar trends in your area?

If you have questions about the value of your home, please feel free to contact us and we can take a closer look at the data for your home.

Posted on August 13, 2012 at 11:02 pm
The Beaupain Team | Category: Bellevue Real Estate, Eastside Real Estate, For Buyers, For Sellers, Issaquah, WA, Kirkland, Redmond, Sammamish, WA, Windermere Real Estate | Tagged , , , , ,

Strong Signs Continue for a Positive Real Estate Market on Seattle’s Eastside

How hot was the Seattle Eastside real estate market in June?  In May I mentioned the market stats over the next few months would dictate whether Seattle-eastside real estate will remain a hot seller's market.  In May I asked the following questions about Seattle eastside real estate Now I'm asking those same questions about June's real estate market.

How did the real estate market do in June?

Did the number of homes for sale increase?  Yes, by 85 homes, which is not a huge increase, but an increase just the same.

Did the number of buyers decrease?  Sales decreased by 52 homes, which, truthfully, is not a big decline.

Did prices continue to increase?  Yes,  they have continued to increase, but only slightly.  

The Seattle Times stated that prices increased by 10% from June, 2011 to June, 2012.  Truthfully, prices have not increased by 10% on Seattle's Eastside, which encompasses the cities of Bellevue, Redmond, Kirkland, Issaquah, Woodinville, Sammamish.  If that were the case we would be heading towards a market similar to what existed before the market crash.  We really aren't seeing that right now.  Prices have gone up, but on the eastside it really closer to a 2% increase from last year.   Remember, to get an accurate read on price increases or decreases, it's important to track the prices over the year. 

With a 40% chance of getting a home sold in June, Seattle eastside home sellers had great odds of getting their home sold. The odds have dropped slightly over the last few months from March's high.  But since March, the odds of selling a home on the eastside have been consistently over 40%. 

How did this past June compare to June of 2011?

  • 40% of the available homes sold this past June, 20% sold in June, 2011.
  • Homes sold in 70 days, which is down from 94 days in June, 2011.
  • Median pricing remained almost the same.  Last year median pricing was at $514,000.  This year, median pricing was $513,000.
  • Homes sold within 4% of the original asking price.  Last year homes sold within 7% of the asking price.
  • 10% more homes sold this year.

All these statistics point to the positive.  Homes are selling in a shorter amount of time, with less of a price reduction and prices have stayed fairly stable when compared to June of 2011.

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

Posted on July 19, 2012 at 5:43 pm
The Beaupain Team | Category: Bellevue Real Estate, Eastside Real Estate, For Buyers, For Sellers, King County Real Estate, Market Statistics, Real Estate, Windermere Real Estate | Tagged , , , , ,

Were June Condo Sales on Seattle’s Eastside Still Hot?

What an amazing condo market on Seattle's Eastside!  Since June of 2011, the number of condos for sale has continued to drop, and drop by alot.    Last June there were 1139 condos for sale and this June there are less than 500!  What a huge difference! 

Not only are there fewer condos for sale, but the sales have been very strong, especially since February.  The condo market has been even stronger over the past two months.  Approximately 42% of the available condos sold in June.    If the supply of condos stays on the low side, expect this positive market to continue in Bellevue, Kirkland, Redmond, and the other cities east of Seattle.

Median pricing was $235,000 this past month, whereas last year the median pricing for the month stood at $250,000.  Don't worry too much about pricing for one month's worth of sales.  As we always say, you must follow the trend over a period of months to measure any true increases or decreases in value.  One month's real estate prices are only a reflection of the sales that happened that particular month.

Time on the market has also dropped to an average of 90 days to sell vs. 118 days in June of 2011.

So get our there and find a great home, but do your homework before getting in the car to look at properties.  Check out the commute, the neighborhood, schools and anything else that is of importance to you before you start looking for a home.  If you do that, you can target the right location to look for a home.  You can then look for a home that works for you in a the right location. 

Remember location, location, location is the primary rule of real estate.  In today's world, location can mean many different things to people based on job location, commutes, and area amenities. Determine what it means to you and then go for the condos in that particular location. 

If you have any questions about the condo market, please feel free to contact us. 

 

Posted on July 19, 2012 at 5:38 pm
The Beaupain Team | Category: Bellevue Real Estate, Eastside Real Estate, For Buyers, For Sellers, King County Real Estate, Market Statistics, Real Estate, Windermere Real Estate | Tagged , , , , , , , ,

May Was a Strong Real Estate Market on Seattle’s Eastside

With a 46% chance of getting a home sold in May, home sellers in Bellevue, Kirkland, Redmond and other eastside cities had great odds of getting their home sold. We saw a slight uptick in the number of homes for sale, but that did not change the fast paced nature of the market.  When almost half of the homes for sale are selling, a few more listings doesn't make that much difference.

But if many more listing come on the market will that change the balance of the market between buyers and sellers? Time will tell, but historically when the demand outstrips the supply, we have a fast paced sellers market.  If the supply increases, the competition between listings could heat up and we could have a good market, but not as fast paced.  The market would be more balanced between buyers and sellers.  The market balance in the upcoming months will hinge on the supply of available homes and the number of buyers.

The market is great, but 54% of the homes did not sell. One of the necessary elements necessary for a quick, well priced sale was more than likely missing for many of these homes.  The homes that did not sell may have needed to be better priced or have sharper photos, smart staging and/or marketing.  These homes may not have gotten the attention from the  savvy buyers if one of the key elements for a successful sale was missing.  They focused on those homes that are well priced and show well.

How did this past May compare to May of 2011?

  • 46% of the available homes sold this past May, 24% sold in May, 2012.
  • Homes sold in 58 days, which is down from 76 days in May, 2012.
  • Median pricing remained the same at $500,000.  This is very good news!
  • Homes sold within 96% of the original asking price.  Last year homes sold within 92% of the asking price.
  • 23% more homes sold this year.

The market stats over the next few months will dictate whether Seattle-eastside real estate will remain a hot seller's market.

Will the number of listings increase?

Will the number of buyers decrease?

Will prices continue to increase slightly?

Stayed tuned to to see how our eastside real estate market turns out!  Check in with us next month.

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

Posted on June 13, 2012 at 12:37 am
The Beaupain Team | Category: Bellevue Real Estate, Eastside Real Estate, For Buyers, For Sellers, Issaquah Real Estate, Market Statistics, Real Estate | Tagged , , , , , , , ,

Was May The Best for Condo Sales on Seattle’s Eastside in the Last 5 Years?

Even fewer condos were on the market in May on Seattle eastside and sales were still strong.  There were 6 fewer sales, but because there were fewer condos for sale, a slightly higher percentage sold. Slightly over 44% of the available condos sold in May, which could very well be the best odds of selling a condo in the last 5 years on Seattle’s eastside!  We expect this positive market to continue in Bellevue, Kirkland, Redmond, and the other cities east of Seattle.  But if many more condos come up on the market, then the odds of selling may dip slightly.  It is that old law of supply and demand.

It’s a great time not only to sell a condo, but to buy one, as the prices have not been this low since early in the last decade. But be careful out there.  Just because something is a fabulous price  doesn’t mean it really is a great deal or a great place to live.   Buying a condo also means you’re buying into an association.   It’s important to check the association rules, regulations and financial statements.

Last month my post about the condo market listed a number of questions sellers should ask before selling.  Many of these same questions should be asked by a buyer when planning to purchase a condominium. When you find a condo you like, you can make an offer because one of the conditions of all offers is for you, as the buyer, to have time to review all this information.  Condo buyers receive a copy of a “resale certificate as a condition of the offer.  This document has tons of information about the condo and the association, but that’s for another blog post!

Posted on June 11, 2012 at 9:31 pm
The Beaupain Team | Category: Bellevue Real Estate, Eastside Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Market Statistics, Real Estate, Uncategorized | Tagged , , , , , , , , ,