Rebound in Seattle/Eastside real estate? Wait until 2012

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.) There’s a lot of empty space east of Seattle, Bellevue and other parts of King County.  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!  It’s certainly not conducive to building a home.

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 it’s not going to be an easy “walk” to get there.

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Now we’re at the end of the first month of 2012, what’s happening with Seattle-Eastside Real Estate? There are differences from what I wrote in 2009 that actually bode well for the Bellevue, Kirkland, Redmond, Sammamish, etc areas:

Builders are buying land now.  We have a client who was approached by no less than 4 builders last year when his property was not even listed for sale.  Within the same week, he received several builder solicitations.  He’s not the only homeowner with land who has been approached.  Builders are actually looking to beef up their inventory of land so they can build again.

The number of homes on the market has reached the lowest level since February, 2007.  In all of King County there are approximately 7500 homes and condos for sale.

The geography hasn’t changed and I believe it will take millions of years before it does and the economy is still performing at a far better pace in the Seattle area than in other parts of the country.  Amazon, Microsoft, and other companies are hiring.

What does your crystal ball say?

What's in 2012's Crystal Ball for Eastside Real Estate?

What’s on the horizon for 2012?  As I was driving to a meeting recently, I heard a piece on KPLU about the expected improvement in the Puget Sound economy.

Dick Conway, an economic forecaster. had spoken at the 40th Anniversary Economic Forecast Conference in Seattle.

Here are five reasons Conway thinks the future is bright:

1. Boeing is showing strong employment, with the 737 MAX  and the 787 being built here, the labor peace pact, and strong bonuses.  Overall, it is a very nice scenario for the Puget Sound Economy.
2. Job growth in the region is generally outpacing the nation. The strength of both Boeing and Microsoft causes a “multiplier effect,” bringing more jobs with them.
3. Retail sales numbers have been a pleasant surprise.  Conway predicts a 5.9 percent increase in 2012 and a bit more than 3 percent growth in 2013.
4. Foreign exports are leading the recovery and Washington state is the nation’s top exporter, thanks again to Boeing. (Microsoft is also a factor here.)
5. The Puget Sound is home to many strong local companies.

Matthew Gardner had a fairly optimistic view for 2012 real estate in the Seattle area:

When combined with improving economic conditions, I would not be surprised to see several markets exhibit modest price growth in 2012. That said and, as we all know, real estate is all about location; therefore I do not expect that price recovery will be equal across all markets.

He tempers this line of thinking with the two elephants in the room:  the expected supply of distressed sales that will hit the market and the difficulty of obtaining financing:

If this is actually the case, then why aren’t prices higher? Well, there are still a number of anchors that are holding us back. The first of which is the shadow inventory in the shape of distressed homes. Many foreclosures have been trading at below market value and, in some cases, below replacement cost. This naturally holds down values.

Secondly, and equally as important, are the continued issues with obtaining financing for the purchase of a new home. It remains remarkably difficult to get a mortgage, which has led to an unusually high percentage of proposed purchases falling through.

With the new year and promising economic news, we expect Seattle-eastside real estate to be the strongest since 2007.  Home sales should be steady even as inventory rises into the summer.  Prices, of course, may stay about where they are for now.  The key to pricing will be the supply of homes on the market.  The more homes, the more competition for buyers and the more flexible sellers will need to be about pricing.  With fewer homes on the market and steady demand, prices should stabilize.  If prices do go up, most likely it will be in the areas that are close-in, areas which are considered desirable locations.  Expect distressed sales to temper the pricing this year.  The number of homes for sale and pricing will vary from neighborhood to neighborhood.  The eastside is filled with real estate micro-markets and they don’t perform in the same way.

If there are any price increases, they will be minimal, but if there are increases, we will be shouting this from the rooftops!  Because we watch market trends so carefully, our sellers will be among the first to know about any price increases.  You will, however, hear us shouting that 2012 is expected to be our best market in the last 4 years.

Our predictions:

• Prices should not drop further.
• Some homes will be the “hot” ones because of price and condition.  These homes will sell quickly and some will have multiple offers.
• Other homes and neighborhoods will move more slowly because of price and location.
• Local companies, such as Amazon and Microsoft, will continue to move people to the area.
• The supply of homes for sale will increase as the year heads to spring and summer, however, there are some homeowners who will choose to hold for a number of years.  The supply should not increase as dramatically as it has in the last few years.
• Distressed sales will continue to  be a significant part of the supply and will continue to affect pricing statistics.  However, pricing will be stronger for those homes that aren’t distressed sales.
• There will be a more balanced market between buyers and sellers.
• The wide range of activity indicates a normal, active real estate market on Seattle’s eastside.

What do you think will happen real estate in cities such as Bellevue, Kirkland, and Redmond?  Will prices go up, down or stay the same?  Do you see a good market in your area? 

How Many Homes Sold on Seattle’s Eastside in December, 2011?

We have to go back before the bubble burst to February 2007 to find so few homes for sale on Seattle’s eastside!  There’s a healthy number of homes for sale on the eastside, 1897 at the close of December, so there are good choices for buyers.  With fewer homes on the market, it spurs the competition among buyers for the best homes and should help stabilize prices. In some neighborhoods, there aren’t any homes for sale right now.

Pricing is becoming more affordable for a new set of buyers who are coming to the market for the first time.  A mortgage payment that would have bought a home for $500,000 in 2008, would now cover the purchase of a home in the mid-$600,000s!

Here’s a snapshot of Seattle-Eastside real estate in December, 2011 compared to 2010:

•  24% fewer homes were on the market.
• The time it took to sell a home went from 129 days to 111 days this past December.
• Sales prices were 8% below the seller’s original asking price, while in 2010 they averaged 10% below the asking price.
• Eighteen percent of the homes for sale this December received offers and sold, while only 14% received offers in 2010.
• 338 homes sold in 2011, while in December 2010, 351 homes received offers.

The actual number of homes sold did not change much, which, surprisingly, is almost always the case.   The difference was not in the number of sales, but in the number of homes for sale.  There were 597 fewer homes for sale at the end of 2011 than 2010.  When there are fewer homes for sale, there are fewer “for sale” signs out in neighborhoods.  The “sold” signs also pop up a lot faster.

When the supply increases, there’s increased competition and homes take longer to sell.   Most people think homes are not selling because there are more real estate signs and they stay posted in yards for a longer time. This is not the case.  Homes are selling, but there’s just more competition which makes it feel as if the market is slower.

The real difference then is the supply, the number of homes for sale.  If there’s a smaller supply the market will seem faster because these homes will sell faster.  If there is a larger supply, there is more competition and the market will seem slower because it takes longer to sell a home.  In both markets, though, the number of homes that sell does not vary all that much.  It is the Supply that varies and changes what we think is happening in the real estate market.  The above chart confirms this as you can see the supply changes far more dramatically than the number of sales, which are shown at the bottom of each month.

In my next piece, I’ll  talk about how Seattle-eastside real estate should play out for the coming year.  Have a great 2012 and hope you are able to make it through this week’s snow.

Since real estate is neighborhood specific, if you’d like more information about your home, contact us, we’re here to help.

*The numbers are a result of the real estate sales activity that happened that particular month only.  In order to see a trend, it is important to look at a number of months together.  One month is only indicative of that particular month’s sales.

The Seattle-Eastside real estate market ends 2011 in better shape than we’ve seen in the last four years.  There’s a more evenly balanced market between buyers and sellers, which the market is a fairly “normal” one in which some homes sit on the market and the good ones that show well and are priced well sell quickly.  In a balanced market, there is no  “one size fits all.” We see all kinds of things happening with homes, depending on the price, condition, sellers and buyer motivation.  The supply of homes is down more than it has been for 4 years, which is helping to balance out the supply of homes with the demand from buyers.

There’s a lot of yellow on the above map, indicating a balanced market in which it takes 4-6 months for a home to sell.   Yellow is the dominant color with the usual hot spots in some Seattle neighborhoods in “red,” indicating a faster moving market.

Here on the eastside, East Bellevue and Redmond near Microsoft is the “hot” area and is shown in red.  Red means homes are selling at a faster rate,  in under 3 months.   This area finished the year with more than one third of the listed homes selling in December.  Not all that long ago there were over 200 homes for sale!  In December there were only 125 homes for sale and 42 of these homes received offers. The number of homes for sale in that area was incredibly low, prompting a faster market with a high absorption rate (supply to sales) and a short market time.

The rest of the eastside has experienced one of the better years since the market meltdown.  It’s a much more normal real estate market than 1, 2, or 3 years ago.  I expect this year to be even better!

The cities below are grouped together to follow our MLS areas (multiple listing service) because our statistics are reported in this manner.  The cities are listed in order from the highest to the lowest in demand which is determined by the number of homes sales compared to the number of homes for sale. (Again, it’s that absorption rate) If there is a greater demand, then there is a higher percentage of home sales.

How was real estate market in your Seattle-Eastside city in December, 2011?

1. Redmond/East Bellevue

The odds of selling a home were 36%*

Median sales price increased (y-o-y)**from $420,000 to $455,000

125 homes were for sale

A total of 42 homes sold

Days on the market: 104

2. Kirkland

The odds of selling a home were 19%

Median sales price increased from $498,000 to $510,000

167 homes were for sale

A total of 57 homes sold

Days on Market:  101

2. (TIE) South Bellevue/Issaquah

The odds of selling a home were 19%

Median price decreased from $560,000 to $505,000

242 homes were for sale

A total of 58 homes sold

Days on market: 123

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

The odds of selling a home were 17%

Median sales price increased from $440,000 to $463,000

There were 527 homes for sale

A total of 116 homes sold

Days on the market: 103

4.  Redmond/Education Hill/ Carnation

The odds of selling a home were 16%

Median sales price decreased from $530,000 to $515,000

207 homes were for sale

A total of 66 homes sold

Days on Market: 115

4. (TIE) Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The odds of selling a home were 16%

Median sales price decreased from $393,000 to $339,000

421 homes were for sale

A total of 96 homes sold

Days on Market: 127

5. West Bellevue

The odds of selling a home were 10%.

Median sales price increased from $950,000 to $998,000

127 homes were for sale

A total of 15 homes sold

Days on Market: 95

In many of the areas where there was a higher demand, the median sales price for the month increased in December, 2011 from December 2010.  Prices did not go up last year.  When I compare 12/11 to 12/10, the median price of homes that sold in some areas was higher in 2011 than 2010.  If we take the whole year, pricing was down overall.

With the lower supply, I expect pricing to be more stable this year at the very least.  Competition is still there, but it is far less than it was in the middle of last year when more homes were for sale.

Will prices increase?  Only time will tell and if they do, it will be a minimal increase.  Read my soon to be published post about predictions for 2012.

If you’d like more specific information about your neighborhood or home, feel free to contact either Brooks or myself.

*(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, so if 10 out of 100 homes sold, the odds of selling would be 10/100 or 10%)

** (y-o-y)  median pricing is comparing year over year numbers.

At the start of 2012, there are less than 8000 homes for sale in King County!  Compare this number to the start of the last three years:

• 2011:  10,008 homes for sale
• 2010:    9726 homes for sale
• 2009:  11,363 homes for sale

The old law of supply and demand is at work here and is starting to favor sellers more than it has for years.  There’s a 3.6 months supply of homes for sale in King County.  This means there’s a balanced market between buyers and sellers with the market tipping towards the sellers.  (Less than 3 months of inventory indicates a sellers market.)

On Seattle’s Eastside, the market is looking really strong, particularly around the Microsoft area of East Bellevue and Redmond.  The number of homes for sale has dropped dramatically.

What should buyers and sellers expect in the first quarter of 2012 on Seattle’s eastside?

Fabulous interest rates.

A more positive real estate market.

The market will continue to be affected by short sales and foreclosures.

Home prices are not up nor will they go up.  There is no indication on the immediate horizon that indicates anything about price increases.  On the flip side, the lack of supply of homes for sale helps to stabilize the market and prices.  Fewer homes means more competition, which helps pricing.

The real estate market will vary neighborhood by neighborhood.  One size does not fit all.

Location matters.  Homes close to economic centers that offer a good commute, good schools, and good amenities will be more in demand.

Condition matters.  Homes should go on the market in the best possible condition to command the best price.

Some home sales will be good deals depending on the available competition, the condition of the home, and the seller’s motivation.

Some homes will sell for full price, in a matter of days, and with multiple offers This, too, will depend on the same factors mentioned in my previous statement.

It is important to know your area.  Buyers and sellers should both be aware of the competition, pricing, and condition of nearby homes to determine the value of a specific home.

Homes need to be priced right or they will not sell.  I heard a seller say the other day, “I’m not going to give away the farm.”  If you, as a home seller, have far more money into your home than it’s worth and you have no interest or are financially unable to price your home to meet the market, then this is not be the time to sell your home.

Gee, it sounds like a normal real estate market to me!  What do you see happening in your market place?

Seattle Eastside Condo Sales Through November, 2011

There were more condo sales on the eastside with 156 sales over last year’s 125!  There also were 21% fewer condos on the market than in 2010.  More sales and fewer condos for sale is a good thing!

There were 867 condos for sale in November, with 156 of them receiving offers.  Average market time was 118 days, one of the shortest market times of the year.  Condos sold within 91% of the original asking price.

The median sales price declined by 11% from $250,000 to $233,000.  Remember, though, this number includes median prices for all condos, including bank foreclosures and short sales.

Is this decline a true measure of the marketplace?

• The sales numbers for November only reflect the sales that happened last month.  Looking at several months of activity will give us a more accurate read on the market, so it will be important to watch the activity over the next few months.)
• Distressed property sales bring the overall median pricing down.

Real estate, including condos has become more affordable because of the drop in value.   This is the reality of the situation and is a boon to buyers who are hoping to make a move.

How are condos selling in your area?

If you lived in Kirkland and had your home for sale last month, the odds of it selling in November were 31%, the strongest absorption rate to be found on the eastside.*  The homes in East Bellevue and Redmond areas around Microsoft had a 29% chance of selling.  Chances of selling ranged from 11-22.5% in the other eastside cities.

Homes in East Bellevue and Redmond near Microsoft sold the fastest on Seattle’s eastside.  On average, homes there sold in 2 months.   Market time for the other eastside cities, ranged from 3 to 4 months.

This is reasonable market time, indicating a balanced market between buyers and sellers.  A balanced market means there’s a more normal market.  Some homes sold quickly and others stayed on the market for a long time.   Some homes sold for full price and others sold at steep discounts.

The November Real Estate Map Showing a More Balanced Market Between Buyers and Sellers

The cities below are grouped together to follow our MLS areas (multiple listing service).  This is how our statistics are reported.

How was real estate market in your Seattle-eastside city in November, 2011?

1. Kirkland

The odds of selling a home were 31%.*

Median price decreased  (y-o-y)** from $530,000 to $477,000.

188 homes were for sale.

A total of 58 homes sold.

Days on Market:  105

2. Redmond/East Bellevue

The odds of selling a home were 29%.

Median sales price decreased to $418,000 from $527,000.

163 homes were for sale

A total of 48 homes sold.

Days on the market: 60

3. South Bellevue/Issaquah

The odds of selling a home were 22.5%.

Median price increased from $538,000 to $550,000.

267 homes were for sale.

A total of 60 homes sold.

Days on market: 98

4. Redmond/Education Hill/ Carnation

The odds of selling a home were 22%

Median pricing decreased from $540,000 to $530,000.

247 homes were for sale.

A total of 54 homes sold.

Days on Market: 104

4. (tie) Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The odds of selling a home were 22%.

Median price was down from $451,000 to $394,000.

481 homes were for sale.

A total of 105 homes sold.

Days on Market: 114

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

The odds of selling a home were 18%.

Median sales price decreased from $460,000 to $441,000.

There were 580 homes for sale.

A total of 104 homes sold.

Days on the market: 119

6. West Bellevue

The odds of selling a home were 11%.

Median pricing decreased to $950,000 from $1,035,000.

127 homes were for sale.

A total of 14 homes sold.

Days on Market: 91

How Many Homes Sold on Seattle's Eastside in November, 2011?

If you read the news about Seattle real estate, it could make you crazy!  It’s hard to determine what’s true and what is hype.  There’s some tough news that dominates and then there is some news that is actually good.  You know how it is, bad news always travels faster than good news, no matter what the topic.  Our real estate news is a mixed bag, but it’s good to know it’s not all bad news.   So let’s deal with the “bad” news first, since that seems to be most people’s hot button. And, by the way, if you read beyond the headlines, it may not be as bad as it seems.

True, our prices are down.  That’s the elephant in the room.  The “king” of the bad news.  There is no getting around it.  But if you look at the pricing issue more closely, it’s not as dire as it seems.  Take out the distressed sales and prices for individual home sellers are down, but not as much.

• Bank-owned houses accounted for 20 percent of all King County sales in November, up from 14 percent a year earlier. Those houses sold for a median price of $177,000, down 18 percent from $216,000 in November 2010.

• The median price of short-sales houses dropped 17 percent, from $305,000 to $260,000.

• But other, “nondistressed” sales saw a much smaller price decline — 2.5 percent, from $399,000 to $389,000.*

Prices are down, but depending on the area, not as badly as one would think.  The eastside is one of the areas where it is not as bad because people are still moving here for jobs and buying homes.  If you look at the chart above, over 400 homes have sold on Seattle’s eastside each month this year.  This November saw higher sales  than last November.

The good news for Seattle-eastside real estate:

•  24% fewer homes were on the market in November this year than in 2010.
• The time it takes to sell a home went from 106 days last November to 60 days this November.
• Sales prices on average were just 4% below the seller’s original asking price this year, while last year they averaged 7% below the asking price.
• Twenty-nine percent of the homes for sale this past November received offers and sold, while only 19% received offers in 2010
• There’s no getting around that, but with less homes on the market, it spurs the competition among buyers for the best homes.
• Pricing is becoming more affordable for a new set of buyers who are coming to the market for the first time.

Truthfully, the actual number of homes sold did not change all that much.  Last year 435 homes sold.  This year 458 sold.  The difference?  There was much more competition last year because there were 342 more homes on the market.

So remember,  look at all the facts, not just the headlines when talking about real estate.  Review the data that applies to your specific neighborhood to make a decision about the market.

What’s happening in your neighborhood?  Is there any good news mixed in with all the negativity about the real estate market?

*The numbers are a result of the real estate sales activity that happened that particular month only.  In order to see a trend, it is important to look at a number of months together.  One month is only indicative of that particular month’s sales.

Here on the eastside, the market is doing well for the good homes, but not for all homes.  These are the homes that are the best of the competition in terms of price, condition, style, floor plan and location.

One reason why the good homes are selling with multiple offers:

Less than 9000 properties are for sale in King County, for the first time in years.  Supply is dwindling fast.  If you compare the number of homes for sale with this time last year,  3000 fewer homes are on the market.   As the year heads to a close, more sellers will take their homes off the market. 

I expect to see December and January be good markets for sellers because of the decrease in competition.  Quality homes will go fast, and possibly with multiple offers.

Does this mean it’s a bad market for buyers?  No, there are still a lot of good homes for sale.  Plus, it’s the most affordable market we’ve had in the Seattle area 17 years.  With the lower interest rates, a mortgage is starting to rival rental costs.

So if you snooze, you can lose.  Do you homework.  Determine what’s most important to you.  Is it the location, is it the good floor plan or a combination of many factors?  Know the prices of homes in the area. Learn what’s selling and for what price.  Know your wants and needs, study the market by visiting homes, and learn what sells well in the area.

If you do all these things.  You won’t snooze and lose.  You’ll know which homes work best for you and which are the best values.  You can then jump in and buy a good home and not lose.

Homes in East Bellevue and Redmond near Microsoft sold the fastest on Seattle’s eastside in October.  Homes sold in under 2 months, at 59 days.    Market time for the other eastside cities, ranged from 99-117 days or just shy of 4 months.  This is a reasonable market time as it shows a more of a balanced market between buyers and sellers.  It’s actually a normal market and is better for “both sides of the table.”

The odds of selling a home in the Redmond and East Bellevue areas stood at 30%, which also was the strongest absorption rate to be found on the eastside.*  Chances of selling ranged from 19-26% in the other eastside cities.

The Redmond and East Bellevue area near Microsoft comes out on top for market time and a higher absorption rate because of more affordable housing, good jobs, an easier commute and good schools.  With the main Microsoft campus in Redmond right on the Bellevue line, there are lots of jobs right there.  In addition, there’s easier freeway and bus access to Seattle than in the outlying suburbs.

The higher price point in West Bellevue means fewer buyers can afford to live there.  Affordability issues increase the market time.  Longer market time here is a function of pricing, not desirability.  West Bellevue is considered to be one of the best locations on the eastside.

Two of the areas had an increase in the median pricing, Redmond and East Bellevue and Redmond and Education Hill.  Changes in median pricing, however, need to be looked at over a period of months since the median price for this month reflects the sales for this month only.

Why is market time important?  It’s one indication of the desirability and affordability of an area.  Both are key to future growth and appreciation.  People like to live in convenient areas with good schools and affordable housing.

The cities below are grouped together to follow our MLS areas (multiple listing service) and shows how our statistical information is  reported.  How did your city do this past month?

Which Seattle-eastside city had the fastest selling homes in October, 2011?

1. Redmond/East Bellevue

The odds of selling a home were 30%.*

Median sales price increased (y-o-y)** to $435,000 from $427,000.

193 homes were for sale

A total of 58 homes sold.

Days on the market: 56

2. Kirkland

The odds of selling a home were 26%.

Median price decreased from $592,000 to $501,000.

234 homes were for sale.

A total of 60 homes sold.

Days on Market:  99

3. Redmond/Education Hill/ Carnation

The odds of selling a home were 19%

Median pricing increased from $541,000 to $580,000.

321 homes were for sale.

A total of 62 homes sold.

Days on Market: 100

4.Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The odds of selling a home were 22%.

Median price was down from $377,000 to $370,000.

540 homes were for sale.

A total of 117 homes sold.

Days on Market: 101

5. South Bellevue/Issaquah

The odds of selling a home were 24%.

Median price decreased from $580,000 to $500,000.

338 homes were for sale.

A total of 81 homes sold.

Days on market: 104

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

The odds of selling a home were 23%.

Median sales price decreased from $500,000 to $460,000.

There were 650 homes for sale.

A total of 158 homes sold.

Days on the market: 108

7. West Bellevue

The odds of selling a home were 22.5%.

Median pricing decreased from $985,000 to $878,000.

128 homes were for sale.

A total of 31 homes sold.

Days on Market: 117