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Seattle Eastside Condo Sales Were Booming in May
Looking for a condo in Seattle's Eastside cities of Bellevue, Redmond, Kirkland, etc? There are a few more choices, but they are going fast. If no other condos were to come up on the eastside, it would only take 1.4 months to sell all the available condos. Supply increased in May, but sales were also up. Condos on Seattle's Eastside are still hot! May condo sales were as as hot as April. In both April and May, 86% of all the available condos sold.
As I mentioned last month, condo owners suffered the most during the downturn, so we're pleased to see the market improve for them. We've had several sellers who have been waiting for a few years for values to increase to the point that they no longer are under water. Some of these sellers are now thinking about making a move!
Median pricing jumped up to $272,000 in May, which is exactly where we thought median pricing would be based on the huge amount of activity.
If you'd like to know more about the condo real estate market, please free to contact us. We're here to help!
May Real Estate on Seattle’s Eastside Was Frenzied and Fast Paced
Seattle Eastside Real Estate Sales Through May, 2013
Seattle Eastside real estate continues with its frenzied, fast pace. Sellers could not ask for anything better than the market we have on the eastside this year. If no other homes were to come on the market, it would only take two months to sell all the homes that were for sale in May, when 71% of the available homes sold. Most homes sold at the asking price, with many selling over full price because of the demand with multiple offers.
As typical of the late spring and early summer, more homes are coming on the market, but the supply is still incredibly low. We're far below the supply in May, 2012, when there were almost 500 more homes for sale.
This year, the pace of the sale has kept up with the increase in listings. The number of sales per month has increased from 587 in January to 944 in May.
What a difference a year makes! Here are the specifics for May, 2013 as compared to May 2012:
- 71.5% of the available homes sold this past May, 41% sold in May, 2012.
- Homes sold in 41 days, down from 74 days in May, 2012.
- In 2012 median pricing in May was $500,000. In 2013, May's median pricing was $565,000.
If you'd like to know more about the value of your home, please don't hesitate to contact us.
How Can You Make More Money Selling Your Seattle Eastside Home?
It's simple. Price your home right and it will sell quickly and for full price. Overprice your home, it will take longer to sell and it'll sell for less than full price. In today's hot real estate market, buyers know a good home when they see it because they run out to see everything as soon as it comes up for sale. If it's priced right, a home will attract multiple offers and sell for full price or more. If it doesn't sell quickly, given the shortage of supply, it's clear a house is overpriced and will need a price reduction to attract a buyer.
Two thirds of the sellers got it right during the first quarter of the year and sold their homes quickly and for full price or more. When you price your home, position yourself to be in that two thirds that sells for full price. If you do, you'll end up walking away with more money in your pocket.
Seattle Eastside Condo Sales Keep Popping!
Seattle-Eastside Condo Sales Through April, 2013
Condos on Seattle's Eastside are still hot! There's been a negligible increase in supply, while the number of sales have increased. In April, 86% of the available condos sold, so the fantastic market continues for condo sellers. Since condo owners suffered the most during the downturn, it's great to see the market improve for them.
We're starting to push up to the higher $200+ price median price, so prices are creeping higher. We expect that to continue.
If you'd like to know more about the condo real estate market, please free to contact us. We're here to help!
April Showers Brought More Real Estate Sales on Seattle’s Eastside
Seattle Eastside real estate sales keep climbing! Home sales have increased by 35% since January of this year.
Buyers don't despair. We're starting to see a significant increase in the number of homes for sale, which is good for buyers. Sellers still have the advantage in the marketplace, though, because the supply is still low when compared to previous years when 3000-4000 homes were for sale each month on Seattle's Eastside.
Will the market ease up for buyers if more homes come up for sale? More than likely if the supply increases, the market will still perform well for sellers, but it may not be as frenetic. It still will be a matter of time before there are any big changes to the marketplace, but it will be interesting to see how the rest of the year plays out. We believe more homes will come up for sale as typically happens each summer as the school year comes to a close. Will this change the marketplace dynamics between buyers and sellers? Probably not much at this point, because we're still on the low side of supply.
Here are the specifics for April, 2013 as compared to April, 2012:
- 80% of the available homes sold this past April, 41% sold in April, 2012.
- Homes sold in 48 days, down from 101 days in April, 2012.
- In 2012 median pricing in April was $485,000. In 2013, April's median pricing was $565,000. Wow, that's a huge jump in median pricing. We're still expecting median pricing to continue to work its way back up to the higher $500+ range, but much will depend on how many homes come on the market.
If you'd like to know more about the value of your home, please don't hesitate to contact us.
The Seattle-Eastside Condo Market is Back!
Seattle-Eastside Condo Sales Through March, 2013
The condo market has come roaring back! Seattle-Eastside Condo sales are skyocketing! About 89% of the condos for sale in March sold! Harder hit than single family resales, it's fabulous news for those condo home owners who were so battered by the real estate downturn.
Prices are still not at the peak prices of 2007, but price increases have been pretty typical. As I mentioned in last month's post, the mid $200's price range has been the median price range for months now. Median pricing jumped from $200,000 in March, 2012 to $238,000 in March of this year. The hottest price range for condo sales continues to be under $350,000.
Since almost every condo for sale this past month sold, now is a great time to sell. Buyers continue to look for good condos to buy. With the competition at an almost all time low, the chance of selling your condo has increased dramatically. Last year at this time, there were about twice as many condos for sale. A third of those condos sold, but today, almost all the condos for sale are sold. It's a huge difference from last year.
If you'd like to know more about the condo real estate market, please free to contact us. We're here to help!
Seattle Eastside March Real Estate Marched On!
Seattle Eastside Real Estate Sales Through March, 2013
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.
In This Hot Real Estate Market, Do You Still Need a Realtor?
Many homes are selling in a matter of days. So why do you need a Realtor?
In this hot Seattle Eastside real estate market, Realtors help you earn the most money for your home before it goes on the market, when an offer is negotiated, and after the offer is accepted.
Here's how Realtors help you make the most money:
Before you go on the market:
- Help you prepare your home for sale- recommending only those things that will help you make more money.
- Recommend good contractors who get the job done.
- Accurate pricing-the key to success. Having the latest pricing information, so you get the most for your home. In other words, setting a price the day before you go on the market. In today's market, pricing from a week ago may no longer net you the most money for your home.
- Stellar marketing with staging, well written descriptions, and fabulous professional photography.
- Be available to agents and buyers who have questions and want answers about your home.
Here's what we do when offers come in:
- Negotiate the offer(s).
- With the lack of inventory, many homes attract more than one buyer at the same time. It can be a delicate balancing act to manage the different agents/buyers. We must maintain a positive and honest working relationship with all buyers so that you, the seller, don't lose anyone during the negotiation phase. The ultimate goal is to secure the best offer for you. It may be the highest price, the best closing date, the best financing and inspection timeline or any combination of these terms.
After the offer is signed:
- First and foremost is making sure all the deadlines in the contract are properly met.
- The contract needs to be sent to escrow, the lender and the title company.
- Earnest money needs to be collected and verified.
- Proper receipt of the disclosure form is needed.
- Negotiating the inspection. This is a huge part of the transaction process. Buyers expect everything to be perfect and sellers know they are not seling a new home and no home is perfect. It can often be a very emotional time for both parties. Striking the right balance between these expections is important to keeping an offer together.
- Working with an appraiser. With prices going up because of the intense competition, appraisers have to scramble to justify increases in prices in a short period of time. A good Realtor will know about the homes that have sold and can help navigate through this process, etc.
- Following the transaction through closing, until you get your check!
Here's just a sample of issues that can come up during the time of the sale to closing:
- One party dies, loses their job or gets transferred.
- The buyer charges to much on their credit card, increasing their debt and no longer qualifying.
- The inspection does not reach a solution satisfactory to both parties and the offer falls apart.
- A question comes up on your title report, such as encroachment on your property. This must be resolved before the closing.
- The square footage of your home does not match county records, creating an uphappy buyer.
- Repair work required by an inspection is not performed properly.
Every home, seller, and buyer is unique. Therefore, every transaction is unique. Some transactions are very smooth and everything goes like clockwork. Much of the time these transactions go smoothly because the Realtor has anticipated any issues and has handled them efficiently to minimize any stress during the transaction. Most sellers don't think about it, but a lot of the work a Realtor does takes place before the sign goes in the yard and after an offer is signed.
Sometimes things happen that are out of anyone's control and a Realtor who is experienced and knowledgeable will be able to guide you from the beginning to the end. It really doesn't matter whether it's a hot market or a slow market. Experience is an invaluable commodity when buying or selling a home.
The Seattle-Eastside Condo Market is Steady and Strong!
Condo Sales on Seattle's Eastside Through February, 2013
A few more condos for sale and a few more sales in February than in January! We crossed the threshold and are now back at over 300 condos for sale, the first month since last November. There were 311 condos for sale with 237 or 76% of them selling. The January pace of condos sales held steady into February.
Median pricing increased from $181,000 in February, 2012 to $247,000. Seattle-Eastside condo owners can be assured that median pricing for condos is firmly established in the mid $200,000's, since this has been the median price point since last May. How much higher prices will go depends on the supply and demand. If our supply remains low, as it has been for many months, and the demand remains high, expect the median price to increase.
The majority of condos that sold in February were priced under $350,000.
Buyers continue to look for good condos to buy. With the competition at an almost all time low, the chance of selling your condo increases dramatically. If you're thinking of making a move, now is a great time to do so.
If you'd like to know more about the condo real estate market, please free to contact us. We're here to help!
If You Had a “For Sale” Sign in Your Yard in February on Seattle’s Eastside You Probably Sold Your Home!
Seattle-Eastside Real Estate Sales Through February, 2013
Did February's real estate sales top January? They sure did! Seventy-four percent of the homes on the market sold! Homes continue to sell with multiple offers and for over full price.
The number of homes dropped only a bit from January, and was the lowest number of homes for sale in over 20 years. Sales skyrocketed though, climbing from 605 to 713 homes. This number doesn't sound like a lot, until you consider the fact that only 968 homes were for sale.
The hot market continues, but two areas of Seattle's eastside were on fire. South Bellevue and Issaquah and East Bellevue and Redmond, near Microsoft. If a home had a "for sale" sign in the yard in these areas, it sold last month!
Sellers still need to price their homes for the market or the buyers will not come. Buyers will pay more than full price if there's competition from other buyers and the house is a well maintained with a market value price tag on it. Homes don't sell for more than full price if they are overpriced when they go on the market. But if buyers see the value of the home and there's more than one buyer, that's when a home sells for more than full price. Sellers must attract the buyers with a good value if they truly expect to attract multiple buyers and sell for at least full price and possibly more!
Buyers, since the ball is in the seller's court in 2013, you have to be prepared. Work with a Realtor who knows market value and whether it's worth paying more for a home if there are multiple offers. Find out if your Realtor has worked in this kind of seller's market before and how they handle multiple offers. Get pre-approved by your lender and have it in writing to present with your offer. Make a simple, clean offer. Include a good earnest money check to accompany the offer. Pre-inspect the house if the seller allows it, so you can be assured of an inspection, but not have it be part of the offer. It's one less contingency that you and the seller will have to sort out when comparing the offers and puts your in a better position.
The hottest selling price range was for homes priced under $350,000. Right behind it were the homes priced between $500-750,000. Fifty three homes sold for over $1,000,000 this past month. There's less than 2 months worth of inventory for all homes priced below $750,000!
The strong real estate market should continue. In the Seattle Times, Dick Conway, an economic forecaster said:
…. robust job creation by the likes of Boeing, Amazon and other major companies headquartered here should create more demand for new housing, which in turn will create construction jobs, and hunger for more housing.
Here are the specifics for February, 2013 as compared to February, 2012:
- 74% of the available homes sold this past February, 33% sold in February, 2012.
- Homes continued to sell quickly, in 79 days, which is down from 119 days in February, 2012.
- In 2012 median pricing in February was $447,000. In 2013, February's median pricing was $525,000. Median pricing has been a solid $500,000+ for months now and should continue to be for the next few months
If you'd like more information specific to your home, don't hesitate to contact us.
*The absorption rate is the percentage calculated by dividing the number of sales by the number of homes for sale.
