A Slight Shift in The Condo Market on Seattle’s Eastside?

Has there been a shift in the Seattle Eastside condominium market? What could be a shift is shown by the big jump in inventory to 375 available condos from 288 in April and the slight decline in sales over the last couple of months.  Seattle Eastside condo sales are still fabulous, although more condos sold in March and April than in May. 

The pattern we saw in 2013 is playing out once again.  The real estate market is always at its most frenetic during the first quarter of the year.  As the year progresses, more property becomes available, giving buyers more choices.  Add in our usually gorgeous summer weather when people spend more time playing and traveling than searching for homes, and we'll see a strong market through the summer, but not as crazy as the spring.

In May 68% of the condos sold, a very solid number and in many years over the last decade, this number would have been phenomenal.  Given the past couple of years with sales off the charts, 68% is a very respectable and healthy number of sales. 

Median pricing for condos was similar to March and stood at $270,000.  Condos took 30 days to sell on average and sold for 99% of the asking price. 

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 June 13, 2014 at 6:02 pm
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, King County Real Estate, Market Statistics, Real Estate | Tagged , , , ,

Real Estate Sales Marched Through March on Seattle’s Eastside

It's a pretty crazy real estate market out there on Seattle's eastside.  The fever pitch of the real estate market is running high right now.  Buyers and their agents are having to be far more creative with their offers to be the buyer who wins the house.  Pre-inspections are the norm, something that has been very common place in Seattle's market.  Buyers are willing to bring more money to the table if needed to make a sale happen.  Many listing agents are holding offer review, often for a week, to give good exposure to a home.  Buyers then have an opportunity to look at the home more than one time, pre-inspect if they so choose, and plan their offer strategy.   It's a competitive market, but it gives an opportunity for a buyer to make a more educated decision.

Appraisers are having to be more creative to find comparable sales to demonstrate value.  However, it's often hard to dispute the value of sales simply because there are so many mulitiple offers.  it's not just one buyer who steps up to the plate to buy a house, it's usually a number of buyers.   I've heard of all kinds of numbers of buyers bidding on one house, 3, 5, 7, 9, and on.

So how was real estate in March on Seattle's eastside?  Median pricing was just up over $600,000, only the second time in years, and I mean years.  Homes sold briskly as  71% of the available homes sold last month with an average market time of 54 days. If no other homes had come up on the market, it would have only taken a month and a half to sell off all the inventory of homes.  As I said, there is a fever pitch to the real estate market.

If you'd like more information about the real estate market and the value of your home, con't hesitate to contact us.

Posted on April 15, 2014 at 7:46 pm
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, King County Real Estate, Market Statistics, Real Estate | Tagged , , , , , , , , ,

Seattle Eastside Condo Sales Were Still Strong in February

The positive Seattle Eastside condo market continued through February!  Seventy percent of the available condos sold last month in, on average, 2 months time.  The median price for condos increased from $247,000 in 2013 to $263,000 this past February.  There's a strong demand with little supply, which translates to higher prices. 

Since condos were harder hit than single family homes during the downturn, this is welcome news.  Many more condo owners are finding that they are no longer underwater and are now able to make a move. 

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 March 21, 2014 at 9:15 pm
The Beaupain Team | Category: Bellevue, WA, Eastside Real Estate, For Buyers, For Sellers, King County Real Estate, Market Statistics, Real Estate | Tagged , , , ,

Seattle’s Eastside Rained Real Estate in February

It's unusual that both January and February of 2013 and 2014 started out with a similar supply of homes for sale. Both years began with a very short supply.  The lack of inventory experienced in 2013 continued into 2014.

Even though the supply of homes for sale was the similar,  the number of sales were less this year than last.  This February 558 homes sold, whereas in 2013,there were 658 sales.  It's suprising, given the positive attitude of the real estate market and the low unemployment rate in the Seattle area (see #115)  This year's fewer sales could be with the low inventory, prices have risen and buyers are becoming more selective with a home purchase that could cost more this year than last.   Some agents think the Superbowl had an affect on lower sales in February.  When people are busy with major events, and the Superbowl was major for Seattle, real estate can get put on the back burner. March sales figures will be more telling in that regard.

If a house comes up for sale that's a great home, though, look out!  Usually there's more than one buyer for a terrific home. The houses that sell really capture the hearts of the buyers, and often more than one buyer at a time.  We just sold a home to a buyer who was competing with two other buyers for a house.  Our buyer got the house, which they love, but paid more than full price by to win house over the other buyers.  With competing offers, often the only way to get a house is to pay more than any of the other buyers and include your first born!

The press reported that home prices dropped both in January or February this year.  Yet, home prices have jumped since  February, 2013.  Median pricing this February was $676,000 over last year's median pricing of $567,000.

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.

 

Posted on March 21, 2014 at 9:14 pm
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, King County Real Estate, Market Statistics, Real Estate, Seattle real estate | Tagged , , , , , , , , ,

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 , , , , , , , , ,

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 , , ,

Are Distressed Sales a Big Part of the Real Estate Market on Seattle’s Eastside?

Not only is the Seattle Eastside Real Estate market on a roll, the number of distressed sales (bank owned and short sales) has declined dramatically.  In the 3rd quarter, only 18% of the homes sold on the eastside were distressed sales.   Seattle and the rest of King County also had numbers that were on the lower side when compared to previous quarters.

Actually, it would be great if more distressed homes came on the market. We need more homes to sell.  King County and, subsequently, the eastside are at a record low number of homes for sale.  Because of this lack of inventory, distressed sales are needed on the market and, unlike previous years, would not have a detrimental affect on home prices.   At this point, it would be a good thing for the market by offering buyers more choices. 

So bring those homes for sale on the market.  Bring them on!

Posted on November 15, 2012 at 4:40 pm
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, King County Real Estate, King County, WA, Market Statistics, Real Estate, 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 Strong Real Estate Market Continued Through July on Seattle’s Eastside

How hot was the Seattle Eastside real estate market in July?

The market was still hot, even if our summer has only been hot the last couple of weeks!

Ironically, it looks like July was almost a mirror image of June. Real estate stats for the two months are almost the same.   The exact same number of homes were for sale in both June and July!  We never see this.

Did the number of homes for sale increase? No

Did the number of buyers decrease?  Sales increased by one!

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

Even though the media has reported that real estate prices increased by 7% from July, 2011, truthfully, prices have not increased by that much on Seattle's Eastside, which encompasses the cities of Bellevue, Redmond, Kirkland, Issaquah, Woodinville, Sammamish.  If prices were up by 7%, we would be heading towards a market similar to what existed before the market crash.  I recently posted an article explaining what the actual increase in pricing is for eastside homes.  Check it out because it gives a realistic explanation as to what is truly happening with market pricing.

With a 38% chance of getting a home sold in July, 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. 

How did this past July compare to July of 2011?

  • 38% of the available homes sold this past July,  21% sold in June, 2011.
  • Homes sold in 64 days, which is down from 90 days in June, 2011.
  • Last year median pricing was at $504,000.  This year, median pricing was $517,000.
  • Homes sold within 2% of the original asking price.  Last year homes sold within 4% of the asking price.

All these statistics point to the positive.  More homes sold in a shorter amount of time, and the median price was slightly higher than last year. 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.

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How hot was the Seattle Eastside real estate market in July?

The market was still hot, even if our summer has only been hot the last couple of weeks!

Ironically, it looks like July was almost a mirror image of June. Real estate stats for the two months are almost the same.   The exact same number of homes were for sale in both June and July!  We never see this.

Did the number of homes for sale increase? No

Did the number of buyers decrease?  Sales increased by one!

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

Even though the media has reported that real estate prices increased by 7% from July, 2011, truthfully, prices have not increased by that much on Seattle's Eastside, which encompasses the cities of Bellevue, Redmond, Kirkland, Issaquah, Woodinville, Sammamish.  If prices were up by 7%, we would be heading towards a market similar to what existed before the market crash.  I recently posted an article explaining what the actual increase in pricing is for eastside homes.  Check it out because it gives a realistic explanation as to what is truly happening with market pricing.

With a 38% chance of getting a home sold in July, 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. 

How did this past July compare to July of 2011?

  • 38% of the available homes sold this past July,  21% sold in June, 2011.
  • Homes sold in 64 days, which is down from 90 days in June, 2011.
  • Last year median pricing was at $504,000.  This year, median pricing was $517,000.
  • Homes sold within 2% of the original asking price.  Last year homes sold within 4% of the asking price.

All these statistics point to the positive.  More homes sold in a shorter amount of time, and the median price was slightly higher than last year. 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 August 16, 2012 at 5:19 am
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, King County Real Estate, Market Statistics, Real Estate | Tagged , , , , ,