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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!
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.
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.
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.
Strong Signs Continue for a Positive Real Estate Market on Seattle’s Eastside
How hot was the Seattle Eastside real estate market in June? In May I mentioned the market stats over the next few months would dictate whether Seattle-eastside real estate will remain a hot seller's market. In May I asked the following questions about Seattle eastside real estate. Now I'm asking those same questions about June's real estate market.
How did the real estate market do in June?
Did the number of homes for sale increase? Yes, by 85 homes, which is not a huge increase, but an increase just the same.
Did the number of buyers decrease? Sales decreased by 52 homes, which, truthfully, is not a big decline.
Did prices continue to increase? Yes, they have continued to increase, but only slightly.
The Seattle Times stated that prices increased by 10% from June, 2011 to June, 2012. Truthfully, prices have not increased by 10% on Seattle's Eastside, which encompasses the cities of Bellevue, Redmond, Kirkland, Issaquah, Woodinville, Sammamish. If that were the case we would be heading towards a market similar to what existed before the market crash. We really aren't seeing that right now. Prices have gone up, but on the eastside it really closer to a 2% increase from last year. Remember, to get an accurate read on price increases or decreases, it's important to track the prices over the year.
With a 40% chance of getting a home sold in June, 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. But since March, the odds of selling a home on the eastside have been consistently over 40%.
How did this past June compare to June of 2011?
- 40% of the available homes sold this past June, 20% sold in June, 2011.
- Homes sold in 70 days, which is down from 94 days in June, 2011.
- Median pricing remained almost the same. Last year median pricing was at $514,000. This year, median pricing was $513,000.
- Homes sold within 4% of the original asking price. Last year homes sold within 7% of the asking price.
- 10% more homes sold this year.
All these statistics point to the positive. 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.
Were June Condo Sales on Seattle’s Eastside Still Hot?
What an amazing condo market on Seattle's Eastside! Since June of 2011, the number of condos for sale has continued to drop, and drop by alot. Last June there were 1139 condos for sale and this June there are less than 500! What a huge difference!
Not only are there fewer condos for sale, but the sales have been very strong, especially since February. The condo market has been even stronger over the past two months. Approximately 42% of the available condos sold in June. If the supply of condos stays on the low side, expect this positive market to continue in Bellevue, Kirkland, Redmond, and the other cities east of Seattle.
Median pricing was $235,000 this past month, whereas last year the median pricing for the month stood at $250,000. Don't worry too much about pricing for one month's worth of sales. As we always say, you must follow the trend over a period of months to measure any true increases or decreases in value. One month's real estate prices are only a reflection of the sales that happened that particular month.
Time on the market has also dropped to an average of 90 days to sell vs. 118 days in June of 2011.
So get our there and find a great home, but do your homework before getting in the car to look at properties. Check out the commute, the neighborhood, schools and anything else that is of importance to you before you start looking for a home. If you do that, you can target the right location to look for a home. You can then look for a home that works for you in a the right location.
Remember location, location, location is the primary rule of real estate. In today's world, location can mean many different things to people based on job location, commutes, and area amenities. Determine what it means to you and then go for the condos in that particular location.
If you have any questions about the condo market, please feel free to contact us.
Was May The Best for Condo Sales on Seattle’s Eastside in the Last 5 Years?
Even fewer condos were on the market in May on Seattle eastside and sales were still strong. There were 6 fewer sales, but because there were fewer condos for sale, a slightly higher percentage sold. Slightly over 44% of the available condos sold in May, which could very well be the best odds of selling a condo in the last 5 years on Seattle’s eastside! We expect this positive market to continue in Bellevue, Kirkland, Redmond, and the other cities east of Seattle. But if many more condos come up on the market, then the odds of selling may dip slightly. It is that old law of supply and demand.
It’s a great time not only to sell a condo, but to buy one, as the prices have not been this low since early in the last decade. But be careful out there. Just because something is a fabulous price doesn’t mean it really is a great deal or a great place to live. Buying a condo also means you’re buying into an association. It’s important to check the association rules, regulations and financial statements.
Last month my post about the condo market listed a number of questions sellers should ask before selling. Many of these same questions should be asked by a buyer when planning to purchase a condominium. When you find a condo you like, you can make an offer because one of the conditions of all offers is for you, as the buyer, to have time to review all this information. Condo buyers receive a copy of a “resale certificate as a condition of the offer. This document has tons of information about the condo and the association, but that’s for another blog post!
The Real Estate Sales Numbers in Redmond, Kirkland, Bellevue Continue to Be Fabulous
This tells it like it is in the Seattle area real estate market. The entire region, with the exception of Vashon Island in yellow, is a sellers market, which is indicated by the color red. The top sales rate, not the most sales, once again goes to Redmond and East Bellevue near Microsoft. In March, 80% of the homes sold there, while 69% sold in April! The odds of selling a home were the lowest in other parts of Redmond and Carnation. But at 32%, the odds were still good. This is a testament to the positive economy in the Seattle area and on the eastside.
Microsoft is hiring and moving people around the country. We know this first hand as we’re working with three different buyers who are either moving into the Bellevue/Redmond area or moving out of state for Microsoft.
Multiple offers, a shortage of homes, a huge percentage of homes selling in a short amount of time. some price increases (although minimal) are happening all over the Seattle eastside real estate market. The Seattle Times recently published a very positive picture of the local real estate market.
The cities below are reported together to follow our MLS areas (multiple listing service) information.
1. Redmond/East Bellevue
The odds of selling a home were 69%!!!!!
Median sales price decreased from $430,000 to $428,000 (y-o-y)**
97 homes were for sale
A total of 67 homes sold
Days on the market: 70
2. South Bellevue/Issaquah
The odds of selling a home were 48%
Median price increased from $520,000 to $522,000
244 homes were for sale
A total of 118 homes sold
Days on market: 85
3. The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 44%
Median sales price increased from $467,000 to $472,000
There were 467 homes for sale
A total of 203 homes sold
Days on the market: 110
4. Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 42%
Median sales price increased from $383,000 to $385,000
397 homes were for sale
A total of 165 homes sold
Days on Market: 103
5. Kirkland
The odds of selling a home were 36%
Median sales price decreased from $550,000 to $430,000
132 homes were for sale
A total of 47 homes sold
Days on Market: 72
6. West Bellevue
The odds of selling a home were 34%.
Median sales price increased from $973,000 to $1,185,000
118 homes were for sale
A total of 40 homes sold
Days on Market: 107
7. Redmond/Education Hill/ Carnation
The odds of selling a home were 32%
Median sales price increased from $452,000 to $538,000!
219 homes were for sale
A total of 69 homes sold
Days on Market: 159
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.
Real Estate Sales in Bellevue, Kirkland, and Redmond, Etc Are Hot!
Red is busting out all over the map of Seattle Real Estate Sales! Red means it’s a sellers market in which homes, on average, are selling in less than 3 months! The numbers are really strong in all of the eastside cities, but top sales go to the 80% sales rate in Redmond and East Bellevue near Microsoft last month! Incredible odds! In every other area on the eastside over 40% of the homes sold.
Closed sales, the sales in which the new buyer now owns the house, are showing lower sales numbers because the homes that closed in March actually got offers in January or February. Expect the number of sales for each of the coming months to jump higher because March home sales will be closing in April and May.. Market time will continue to decrease as this faster sales market continues.
Pricing has still been dropping as you can see below, but should become more stable as the prices from these March sales becomes public. Some areas actually showed an increase in pricing, but remember, it is a representation of the sales that sold in March only.
Multiple offers, a shortage of homes, a huge percentage of homes selling in a short amount of time are all the buzz words for the Seattle eastside real estate market.
The cities below are reported together to follow our MLS areas (multiple listing service) information.
1. Redmond/East Bellevue
The odds of selling a home were 80%
Median sales price decreased from $476,000 to $427,000 (y-o-y)**
95 homes were for sale
A total of 76 homes sold
Days on the market: 135
2. Kirkland
The odds of selling a home were 57%
Median sales price decreased from $570,000 to $469,000
137 homes were for sale
A total of 53 homes sold
Days on Market: 83
3. West Bellevue
The odds of selling a home were 46%.
Median sales price increased from $888,000 to $1,000,000
117 homes were for sale
A total of 54 homes sold
Days on Market: 70
4. The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 44%
Median sales price decreased from $505,000 to $462,000
There were 436 homes for sale
A total of 193 homes sold
Days on the market: 127
4. (tie) South Bellevue/Issaquah
The odds of selling a home were 44%
Median price increased from $510,000 to $560,000
225 homes were for sale
A total of 98 homes sold
Days on market: 99
5. Redmond/Education Hill/ Carnation
The odds of selling a home were 43%
Median sales price increased from $411,000 to $472,000
193 homes were for sale
A total of 83 homes sold
Days on Market: 100
6. Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 42%
Median sales price decreased from $423,000 to $369,000
365 homes were for sale
A total of 151 homes sold
Days on Market: 100
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.
A Stampede for Homes in Bellevue, Kirkland and other Eastside Cities in March
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The chart tells it all! Look at the huge, and I mean huge, jump in sales over the past few months, a 56% increase in sales since January. Forty-six percent of the available homes sold in March. There’s a big stampede out there for homes in Bellevue, Kirkland, Redmond and other eastside cities. This stampede means there’s often more than one buyer for a home, causing multiple offer situations.
We’re starting to see a pattern with eastside real estate. Lots of homes are selling and homes are selling quickly because there’s such a huge demand. Almost 900 homes were added to the market in March, but with 771 sales, the number of homes for sale has stayed almost the same. There was a small drop of 52 homes for sale from February to March.
How did this past March compare to March of 2011?
- 46% of the available homes sold this past March. 23% sold in March, 2011.
- Homes sold in 109 days, which is down from 137 days in March, 2011.
- Median pricing was down to $470,000 from $500,000.
- Homes sold within 93% of the original asking price. Last year homes sold within 91% of the asking price.
- 24% more homes sold this year.
I expect to see this real estate data change as this fast paced market continues. Expect to see median home prices stay more level, market time to decline, and homes selling closer to the asking prices.
- The Seattle eastside market is not following the usual trends we see this time of year. Usually market trends follow more of what the chart shows for last year. The number of homes for sale usually increases each month until in peaks sometime in the summer. As the year comes to an end, the number of homes for sale usually drops. We’re not seeing this at all this year. This year, we see fewer homes for sale each month. The big news, though, is still in the number of homes that sell each month.
Not all homes sell in a heartbeat. You can’t just put a sign in the front yard and expect everyone to line up.
The homes that are positioned properly in terms of price and condition relative to the competition are the homes that sell quickly. Your home has to show well and be priced competitively in order to grab the attention of the buyers. - 46% of the available homes sold this past March. 23% sold in March, 2011.
