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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!
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.
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.










