A Fabulous Start to 2014 Real Estate on Seattle’s Eastside

Ironically this January started out just like last January, when there were not enough homes for sale to meet the demand from buyers.  Last year appreciation soared into the double digits for the first time in years because of this lack of inventory..

The difference between last year and this year?  Because of the lack of inventory last year, prices jumped up.  The median price for real estate sales on Seattle's eastside this past January was $600,000. In 2013?  Median pricing was $513,000.  Price per square foot for a home on the eastside went from $228 to $268. 

Eastside sellers, this is your time.  Buyers are lining up to buy the homes that show well and are priced well.  Buyers, it's not going to get less expensive in the future, so it's in your best interest to get out there and start looking now, rather than later This may sound like  hype, but it is the reality of the Seattle Eastside real estate market.  It's very simply the law of supply and demand that's at work here.

If you have questions about the value of your home in this market, don't hesitate to contact us.  We'd be happy to let you know how real estate is performing in your neighborhood. 

But while you are pondering real estate, enjoy Valentine's Day!

 

 

 

 

Posted on February 14, 2014 at 5:07 am
The Beaupain Team | Category: Bellevue, WA, Eastside Real Estate, For Buyers, For Homeowners, For Sellers, King County Real Estate, Kirkland, Market Statistics, Real Estate, Redmond | Tagged , , , , , , , , ,

Everything You’ve Ever Wanted to Know About Seattle Eastside Real Estate 2009-2013

Looking for a terrific picture of the state of real estate on Seattle's Eastside?  Here it is!  Since we're at the beginning of a new year, it's good to see where we've been over the last 5 years.  It gives a good indication of where we're headed for 2014.

The above chart highlights the most important trends in real estate over the last 5 years, from 2009-2013.  You can find median pricing, the number of homes on the market and the number of home sales per month and by year, and how long the supply would last, based on the number of home sales per month.  

Here's how each of the three sections of the chart are set up.  Each portion is divided by the years 2009-2013, as you can see along the bottom of the chart.  The blue bars show a different month in each of these years.  The red line shows the average for the year. 

The top portion of the chart has the information everyone seems to want to know first, the median pricing.   The fabulous news is how much higher median pricing is now than just a few years ago.  On the eastside, the average median price for a home sale was just under $600,000 at $596,848. 

The second chart demonstrates why prices have increased so dramatically.  It's the law of supply and demand.  The supply dropped considerably in 2012 and and 2013, thus increasing demand for this drastically decreased inventory of homes for sale, causing prices to jump.  With the amount of inventory at a low point at the start of 2014, we expect listings to move very quickly.  Our first listing of the year sold in 24 hours.  The home was not underpriced.  It was well priced, staged beautifully, and in excellent condition.  This type of home is very "hot" right now, as buyers are looking to find great homes. 

Another interesting detail to notice on the middle portion of the chart besides the decline in supply, is the number of home sales each year stays more constant, even as the supply changes.  The number of sales did increase in the last two years, but not nearly as dramatically as the decline in supply,  The increase in sales is a reflection of more buyers feeling comfortable making home purchases.

The lower section shows how much of a supply of homes there is available each month.  In 2009, when there were, on average 3400 homes for sale, it would have taken over 6 months to sell all the homes.  In 2013, when the Seattle Eastside real estate had so few homes for sale, it would have taken 1 1/2 months to sell all the available homes.

The take away from all of this is how terrific we find the real estate market to be at the end of 2013, which is the start of 2014 market.  We have low inventory plus many buyers equaling a high demand for homes, short market times, and increasing prices.  If you plan to make a move in 2014, consider doing so early in the year, when the inventory is at a low point.  Homes sell in every month on the eastside as you can see from this chart, the competition is far less when there are fewer homes for sale.

If you'd like more specific information regarding your home and/or you're thinking about making a move, feel free to contact us.  All the best in 2014!

 

Posted on January 31, 2014 at 8:35 pm
The Beaupain Team | Category: Bellevue, WA, Eastside Real Estate, For Buyers, For Homeowners, For Sellers, Issaquah, WA, Kirkland, Market Statistics, Real Estate, Redmond, Sammamish, WA, Woodinville, WA | Tagged , , , , , , , , , , ,

Is Pricing Your Home Correctly Even More Critical?

 

The third quarter real estate sales results for the Seattle Eastside are in and there is a very clear story here.  Pricing is the key to a successful sale and these numbers prove this to be true.  If a home was priced right, it sold, on average, within 7 days for full price.  If a home stayed on the market for a few weeks, then a price change was warranted to attract a buyer.  The 30% of homes that did not sell for full price needed at least one price reduction to attract a buyer.  Homes that fell into this category sold within 95% of full price.  There was a "price to pay" for not pricing a home correctly out of the starting gate.  If a home was priced too high, buyers did not buy.  

The "Total Days on Market" chart demonstrates even more clearly how important pricing is to a successful home sale.  It's easy to see that for every month a home is on the market, the selling price is proportionately less. 

The third chart shows how may properties sold during a specific market time.  It's interesting to see that 73% of the home sold in 30 days.   The first chart shows that 70% of those homes sold for full price in less than a week. 

So if your home does not sell quickly, it's overpriced for the market.  Homes are still selling well and competition is slowing down as we experience the usual fall slump in inventory.  Be ready for the market with both price and condition and your home will be one of the ones that sells quickly and for a strong price.

Feel free to contact us to find out more about the market and specific pricing for your home.  We're here to help!

Posted on November 22, 2013 at 5:10 am
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Homeowners, For Sellers, Make More Money Selling Your Home, Real Estate | Tagged , ,

Top Ten Things to do to Winterize A Seattle Eastside Home

Even though we rarely get snow on Seattle's eastside, it can get pretty cold and wet here.  When the temperature is 48 degrees and it's damp outside, it always feels so much colder.    It's important to prepare for the cooler, wetter temperatures and the increased rain that happens in Seattle's winter.  Wintertime will pass much more smoothly and faster if you take care of the items listed below.  

Here are some a list of some of the important things to do to prepare your home for winter. 

Clean the gutters.

Caulk windows and flashing.

Weather strip doors.

Clean the fireplace and chimney, particularly if you plan to use the fireplace.

Get your furnace serviced and your heating ducts cleaned.

Install a carbon monoxide detector.  If you already have one, check the batteries.

Seal any entry points and cracks in your foundation.

Check your chimney cap.  Repair or replace it if needed.

Cover hose bibs and drain hoses.

If you have a sprinkler system, make sure it's drained.

If you complete the above items before the winter weather sets iin, it will help keep you warmer and more comfortable during the winter.  Plus, it will help maintain the integrity of your home and could potentally save you from some costly repairs.

Happy maintenance,  Can you think of other items to add to the this list?

 

 

 

Posted on November 19, 2013 at 4:54 am
The Beaupain Team | Category: For Buyers, For Homeowners, For Sellers, Home maintenance tips, Real Estate | Tagged , , ,

Seattle Eastside Condo Sales Are Still Going Strong

 

More condos sold in October than in September on Seattle's Eastside.  In fact, October was one of the best months for condo real estate this year.  There were 257 condo sales, 11 sales less than the top month of sales in August.  Turn over has been excellent as the number of new properties for sale each month has remained strong, but with so many selling, the number of available condos stays low.

The number of condos for sale dropped, which is typical of this time of year.  Many sellers think that fall is a slow time of year to sell, which is often not the case as this October demonstrates.

Median pricing dropped some this month back to $250,000.  Median pricing peaked in the high 270's range in July.  Pricing stayed fairly steady until October.  We'll know if the drop in pricing in October was just an anomaly when we see how November and December condo real estate pans out.  

If you'd like more information about the condo market or your condo in particular, please feel free to contact us. We're here to help!

 

 

Posted on November 13, 2013 at 7:30 am
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Homeowners, For Sellers, Real Estate, Windermere Real Estate | Tagged , , , ,

Were October Seattle Eastside Real Estate Sales Still Strong?

 

Real estate sales were still strong in October on Seattle's Eastside.  Fewer homes were for sale than in September, but sales increased (the red line shows the pending sales for each month)  October was far from the slowest month for sales.  There were fewer sales in five other months this year.  As you can see, April-August had the best run of real estate sales and October was just behind August for the number of sales. 

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

  • 51% of the available homes sold this past October,  43% sold in October, 2012.
  • Homes sold in 41 days, down from 62 days in October, 2012. 
  • In 2012 median pricing in October was $515,000.  In 2013, October's median pricing was $572,000.

 

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

 

Posted on November 11, 2013 at 6:27 am
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Homeowners, For Sellers, Market Statistics, Real Estate, Windermere Real Estate | Tagged , , , , ,

King County Assessor Lloyd Hara to host Town Hall Meeting in Kirkland, Washington

Are you questioning why your property taxes may have gone up?  Many people do.  Every year I get phone calls from neighbors and clients asking me why their taxes have increased.  Most people hope to contest King County's tax assessment if they think the property tax increase is unfair.  Before you decide to contest your taxes, it's a good to know how and why the taxes increase.   As a citizen and tax payer, you'll have an opportunity to meet Lloyd Hara, the King County Tax Assessor, at a town hall meeting. Mr. Hara will discuss the ins and outs of property taxes and how one can make an appeal. 

 

Below is a a copy of the press release regarding the Town Hall Meeting:

 

King County Assessor Lloyd Hara from the Department of Assessments will host a town hall meeting on Tuesday, November 12th from 6:00 PM to 7:30 PM to discuss property valuations, taxes and the services the Department of Assessments provides to assist King County property owners. The King County Board of Equalization and Tax Advisor’s Office will also present information on property valuation appeals.

 

Tuesday, November 12, 2013
6:00 p.m. – 7:30 p.m.
Kirkland City Hall – Peter Kirk Room
123 5th Ave, Kirkland, WA 98033

 

This town hall will be an opportunity for residents to learn more about their property assessments and values, senior and disabled exemptions, online services and the appeals process.

"We are beginning to see a recovery in the housing market in King County," said King County Assessor Lloyd Hara. "Though property values continue to decline in selected areas, there are also a number of areas where property values are increasing, including in the City of Seattle and the Eastside.”

Property taxes are mixed in King County for 2013, with property values and property taxes down for many. However, some property owners from will see their property values decline while their property taxes increase, and other property owners will see both their property values increase and property taxes increase.

If you would like more information, please visit the King County Assessor’s website at www.kingcounty.gov/assessor or contact Phillip Sit at 206/263-2261 or phillip.sit@kingcounty.gov.

 

Posted on November 4, 2013 at 6:30 pm
The Beaupain Team | Category: For Buyers, For Homeowners, For Sellers, King County Real Estate, King County, WA, Kirkland, Real Estate | Tagged , , ,

Donate Your Used Clothing This Saturday At Windermere/Yarrow Bay in Kirkland

Posted on October 31, 2013 at 4:30 am
The Beaupain Team | Category: For Homeowners, Kirkland, Local news and information, Not Real Estate, Windermere Real Estate | Tagged , , , , ,

Was The Seattle-Eastside Condo Market Still Strong in August?

 

Sixty percent of the available condos on Seattle's Eastside sold in August.   It's terrific to think that 2/3 of the August inventory sold.  The number of sales was none too shabby, but the market has slowed.  Earlier this year, 8 out of 10 condos sold in a given month.  But selling 6 out of 10 condos is still nothing to sneeze at.  It's still a very strong condo sales market. 

Median pricing stayed the same as July, $272,000. Median pricing seems to have stabilized as pricing for the last four months ranged from $269,000-$279,000.

Condos were on the market for 45 days.  If no other condos had come up for sale, it would have taken less than two months to sell all of the inventory available in August.

If you'd like more information about the condo market or your condo in particular, please feel free to contact us. We're here to help!

Posted on September 19, 2013 at 6:13 am
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Homeowners, For Sellers, Real Estate, Seattle real estate | Tagged , , , , ,

Has The Seattle Eastside Real Estate Market Changed?

 

The Seattle Eastside real estate market is beginning to level off.  For the first time in months, only about half the homes for sale sold.  This is more typical of a balanced market between buyers and sellers, not the hot sellers' market we've seen over the last few months. 

The number of homes for sale is starting to look more like 2012's numbers, although there are more homes selling now than  in 2012.  The supply of available homes is is almost twice what it was in January of this year.   Homes are still selling well as the number of homes sold in August was among the largest this year.  When you compare inventory to previous years, we still have far fewer homes on the market.  This past August had the fewest number of homes for sale in any August ever!

Our market is a more evenly balanced market, between buyers and sellers.  This shift started to happen in July, but was more pronounced in August.  This means pricing is far more critical than it was this past spring when so few homes were on the market.  If a home is not priced right, buyers will pass and wait for another home to come on the market that's priced more competitively.  With more homes coming on the market, there are more choices for buyers and less wiggle room in pricing for sellers.

Median pricing was only $1000 greater than July's median pricing.   Generally, we've seen a much larger increase in pricing from one month to the next this year, so this is another indication the market is leveling off.

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

  • 48% of the available homes sold this past August,  38% sold in August, 2012.
  • Homes sold in 32 days, down from 63 days in August, 2012. 
  • In 2012 median pricing in August was $518,000.  In 2013, August's median pricing was $575,000.

 

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

Posted on September 18, 2013 at 10:59 pm
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Homeowners, For Sellers, Market Statistics, Real Estate | Tagged , , , , ,