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.
How Was The Real Estate Market In Bellevue, Kirkland, Redmond, and Other Eastside Cities At The Start of 2012?
There’s a lot of “red” on the above Seattle area real estate map! There’s more “red” than we’ve seen in years, and I mean years. What does the “red” mean? It means it’s a seller’s market. The homes that are in the “red” areas sell in less than 3 months on average. In January, most of the eastside was a seller’s market. Mercer Island, West Bellevue, and Kirkland did not quite reach the threshold of a seller’s market, but Kirkland was almost there. The real estate markets in these areas were more evenly balanced between the buyers and sellers as homes sold on average within 3-6 months.
This real estate market is pretty exciting to see after the tough markets of the last few years. But what this really means is that we have a more normal market on Seattle’s eastside. The good homes that are priced right and show well are the homes that are selling quickly and bringing the average market time down. There are and still will be homes that aren’t priced well or don’t show well which will sit on the market and take longer to sell.
The chance of a home selling in the different eastside cities ranged from 15-30%. West Bellevue had the fewest sales when compared to the number of available homes, while the plateau cities of Sammamish, North Bend, and Fall City saw almost a third of the homes sell in one month!
But King County is a big place, and the real-estate market isn’t the same in SeaTac as it is in Sammamish.
A closer look at the statistics reveals significant variations from neighborhood to neighborhood.
It’s good to see the Times recognizing the neighborhood differences, since too many times the media publishes data, which covers too broad an area. This does not give an accurate picture of the real estate data.
How was real estate market in your Seattle-Eastside city in January, 2012?
1. The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 30%
Median sales price decreased from $496,000 to $465,000 (y-o-y)**
There were 469 homes for sale
A total of 86 homes sold
Days on the market: 123
2. South Bellevue/Issaquah
The odds of selling a home were 28%
Median price decreased from $575,000 to $484,000
226 homes were for sale
A total of 35 homes sold
Days on market: 90
The odds of selling a home were 27%
Median sales price decreased from $534,000 to $522,000
155 homes were for sale
A total of 34 homes sold
Days on Market: 62
4. Redmond/East Bellevue
The odds of selling a home were 26%
Median sales price increased from $380,000 to $460,000
125 homes were for sale
A total of 32 homes sold
Days on the market: 94
5. Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 25%
Median sales price decreased from $390,000 to $344,000
387 homes were for sale
A total of 64 homes sold
Days on Market: 115
6. Redmond/Education Hill/ Carnation
The odds of selling a home were 21%
Median sales price decreased from $522,000 to $483,000
193 homes were for sale
A total of 30 homes sold
Days on Market: 112
5. West Bellevue
The odds of selling a home were 15%.
Median sales price increased from $650,000 to $1,230,000
118 homes were for sale
A total of 18 homes sold
Days on Market: 86
If you’d like more specific information about your neighborhood or home, feel free to contact either Brooks or me.
*(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.
Last weekend my husband and I took an open house tour of zHome, a new green town home community in the Issaquah Highlands. zHome is the first carbon-neutral and zero energy multi-family complex in the US. The place was buzzing with activity. There were about 100 people on various tours. These are not your typical open house tours. The tours are quite informative.
The zHome team developers not only describe the energy saving features of the buildings, they talked about products that will help you go green, save energy and save money in your own home. You’ll leave there with a crash course in “green living” and more knowledgeable about how you can save some money in your own home.
The goal of zHome community:
zHome is a revolutionary, 10-unit town home development that uses smart design and cutting edge technologies to radically reduce its environmental impacts. zHome will prove that homes that use zero net energy and 60% less water, emit net zero carbon emissions, have clean indoor air and use only low-toxicity materials are possible and scalable to mainstream home production.
Below are some of the materials and features used in the community:
Besides the great materials and features above, I learned about materials and tools that any homeowner could use to go green and/or save money.Are you concerned with water leaks? Check out the Orion Water Meter. This handy little tool is a water leak detection device. Although the link is to a website from a particular utility district, there is information about the water meter.Would you like to save on your energy bill? (Who wouldn’t?) The “TED,” the The Energy Detective measures your energy usage, detects phantom loads, and where energy is wasted.
Solar panels in gray WA State? Apparently even when it’s cloudy, solar panels pick up some sun, something I did not know. I assume the gray days would make solar panels useless in our climate. I also did not know that the rain cleans the panels off on a regular basis, making them far more efficient than in some of the sunny, desert climates.
zHome tours are scheduled for the next two weekends. Happy touring!
The Seattle-eastside real estate market is only getting better and better! August home sales beat July and were way ahead of last August. This August was one of the best real estate markets in years!
Real estate sales were hopping. Thirty-three percent more homes received accepted offers this August than August of 2010. Almost 20% fewer homes were on the market, so less supply + more demand equaled more sales. In August, 22% of the homes for sale on Seattle’s eastside got offers. This means out of the 2811 homes for sale, 609 homes sold. On average, most homes sold within 85 days.
In King County, the number of homes for sale dropped below 10,000 for the first time since last May. Here on the eastside, we’re also seeing the lowest number of homes for sale. More than likely, the peak number of homes for sale was 2879 back in June.
Last month I questioned whether the surge in real estate sales would continue because of the volatility in the stock market. With August sales numbers, we’re seeing the most robust market we’ve seen in a long time. The stock market didn’t put a damper on eastside home sales.
Was your market affected by the stock market “roller coaster?”
How many homes sold in June, 2011 in your neighborhood?
It’s uncanny to see how similar July real estate sales on Seattle’s eastside were to June’s sales results. On most of the eastside, the numbers varied only slightly from June. Twenty-three percent of the homes for sale on the eastside sold, with the Redmond and Bellevue area around Microsoft leading the way with 38% of the homes selling. In the majority of eastside neighborhoods, the chance of selling a home ranged between 20-23%.
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%)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 20%.
Median sales price dropped: $539,950 to $519,000.
There were 771 homes for sale.
A total of 165 homes sold.
The odds of selling a home were 38%.
Median sales price increased from $422,475 to $429,950.
189 homes were for sale
A total of 85 homes sold.
The odds of selling a home were 24%.
Median price decreased from $599,475 to $578,500.
380 homes were for sale.
A total of 110 homes sold.
The odds of selling a home were 23%.
Median price was down from $499,950 to $369,475.
598 homes were for sale.
A total of 158 homes sold.
The odds of selling a home was 23%.
Median price decreased from $549,900 to $541,500.
288 homes were for sale.
A total of 76 homes sold.
The odds of selling a home were 20%.
Median pricing decreased from $1,299,000 to $1,074,475.
175 homes were for sale.
A total of 42 homes sold.
Redmond/Education Hill/ Carnation
The odds of selling a home were 20%
Median pricing increased from $548,000 to $549,000.
337 homes were for sale.
A total of 75 homes sold.
If you’d like more specific information about your neighborhood or home, feel free to contact me.