There were no sellers’ market in July. “Red” indicates a sellers’ market with homes selling in less than 3 months. If you look at the map above, all the Seattle markets are either a buyer’s market or a balanced market between buyers and sellers.
There’s a mix on Seattle’s eastside. Some markets are buyers’ markets such as West Bellevue and the Sammamish plateau cities of Sammamish, North Bend, Preston, and Fall City. Homes in these real estate markets took on average over 6 months to sell. The majority of Seattle Eastside real estate was a balanced market with homes selling between 3-6 months.
The state of the real estate market is a huge contrast from just three months ago when there was no “green” on the map at all.
King Snohomish Counties Real Estate Market 4-30-10
Clearly, the tax credit did its magic during that time.Is it the economy, job situation or is it the lack of urgency with interest rates slated to be low for a long time that is keeping buyers from making a home purchase? I’ve heard opinions about all three reasons as the cause for the slow moving real estate market. What do you think?
The map is divided into the numbered areas as defined by our Northwest Multiple Listing Service (NWMLS). Downtown Bellevue is area 520 and East Bellevue is area 530, as an example.
What do the colors mean?
Red means it’s a sellers’ market, a sellers’ advantage.
Yellow means a balanced market between buyers and sellers.
Green means it’s a buyers’ market.
If you take each area as shown on the map and look to the area number on the side of the map, it will tell you how long it would take to sell every home currently for sale if no other home came up on the market in that area.
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
July, 2010 1552 condos for sale 144 condos sold 9% odds of selling.
June, 2010 1487 condos for sale 131 (was 154) condos sold 9% (was 10) % odds of selling.
May, 2010 1425 condos for sale 117 (was 125) condos sold 8% (was 13%) odds of selling.*
July, 2009 1441 condos for sale 159 condos sold, 11% odds of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close. Some of the reasons sales fail are the buyer and seller don’t agree on the building inspection, the condo does not appraise for the sales price or the buyer’s financing does not come through.
How did July, 2009 stack up to July, 2010 in your neighborhood?
(Click on the cities below to see real estate trends for the past 5 years. You’ll find the median pricing for each city and whether the number of homes for sale and the number of sales went up or down. 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.)
Median pricing increased from $499,000 to $548,000.
The number of homes for sale increased by 1% and sales decreased by 5%.
Although real estate numbers are mostly down on Seattle’s eastside, 3 areas, similar to last month, showed an increase in median prices while the others all showed a reduction. Most likely, this was a result of more high end sales than seen previously this year. Many of the first time buyers bought because of the tax credit, so there are fewer first time home buyers making entry level purchases.
The high end real estate market is performing better than it was earlier this year. In July, West Bellevue had a 37% increase in the median pricing, a direct result of the homes that sold that month. This number greatly influenced the trend in the eastside showing the median pricing to increase in July. Median pricing is a function of the actual homes that sell during that particular month.
So I’d recommend not getting too excited if the median pricing went up this past month in your neighborhood. It will be important to see if the trend continues and it’s not just because more high end homes are selling.
Seattle-Eastside Residential Real Estate Sales, July 2010
The odds of selling a home on the Eastside in July, 2010 ranged from a low of 11.5% to a high of 17%, with an average 14% absorption rate.(The absorption rate is the number of homes for sale in a month divided by the actual number of homes sold that month.)
July, 2010 3468 homes for sale 501 homes sold 14% odds of selling.
June, 2010 3360 homes for sale 475 (was 503) homes sold 14%(was 15%) odds of selling.*
May, 2010 3209 homes for sale 492 homes sold 15% odds of selling.*
July, 2009 3819 homes for sale 516 homes sold 13.5 % odds of selling.
June, 2009 3859 homes for sale 563 homes sold 15% odds of selling.
*Adjusted from previous month’s numbers to reflect the actual number of homes sold and closed. Each month some sales fall apart and don’t close. A lower number of home sales may be reported at a later date to show the actual number of sales that did close.
For the past few months, the absorption rate for all the Seattle-eastside areas has been in the teens, hovering around 13-15%. May, June, and July all had similar absorption rates. Since May of 2009, the number of homes that have sold each month has not varied all that much, with the exception of March and April of this year. March and April had higher sales because of the tax credit.
Where we see more of a difference is in the number of homes for sale on Seattle’s eastside. Last year there were 3819 homes for sale in July, 2009. This year there are 10% less homes on the market. But even with less homes on the market, the odds of selling are about the same.
We have the lowest interest rates since 1971. Plus, our Seattle eastside real estate market is clearly a buyers’ market again, since the absorption rate is so low. It’s very obvious when shown on a map of the area. I’ll post a map of the Seattle eastside showing where buyers and sellers markets are located later this week. The reality is, however, that most of the real estate markets are buyers’ markets right now.
So why are real estate sales so sluggish? My guess is the “fear factor.” People are still worried about the economy. Plus, with interest rates predicted to remain low for the foreseeable future, there’s also no sense of urgency to buy.
Why do you think the Seattle eastside real estate market is slower?
July, 2009 Seattle-Eastside real estate market compared to July, 2010:
The average asking price of pending homes (recently sold homes) went from $558,397 to $573,617. (This does not show what the homes actually sold for.)
This week, there were 14,414 King County homes (houses and condos) for sale.
Two weeks ago may have been the peak of the number of homes for sale this year when 14,639 homes were on the market.
Home sales on Seattle’s Eastside: down 13%.
Number of homes for sale on Seattle’s Eastside: down 10%
Best odds of selling: Carnation and Redmond, from downtownto north and east, with 17% of the homes getting accepted offers. Ironically, last month this area had the worst odds of selling at 9%.
Worst odds of selling: West Bellevue, with 11.5% of the homes getting accepted offers.
Biggest increase in sales from last year: A 5% increase in South Bellevue home sales, which is the biggest increase.
Smallest increase in sales from last year: Kirkland, with a 3% increase. There were only two areas with an increase in the number of home sales on Seattle’s eastside.
Decline in real estate sales from last year: There was a decline in 5 out of the 7 Seattle-eastside areas with the largest decline in home sales in West Bellevue with a 31% decline in the number of homes sold.
The peak of homes for sale in 2008: July, 4370 homes.
The peak of homes for sale in 2009: June, 3859 homes.
The number of eastside homes for sale at the start of 2010: 2584 homes
The number of eastside homes for sale in July, 2010: 3468 homes.
Rate of home sales that failed and did not close: 6%
For a picture of King County sales, check out The Seattle Times. The headline states sales are down, but prices are up. Keep in mind the headline may not represent each area. Prices are up slightly in some areas, down in others, and sales are down in 5 out of 7 eastside areas.
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
June, 2010 1487 condos for sale 154 condos sold 10 % odds of selling.
May, 2010 1425 condos for sale 117 (was 125) condos sold 8% (was 13%) odds of selling.*
April, 2010 1437 condos for sale 281 (was 316) condos sold 19.5%(was 22%) odds of selling.*
June, 2009 1491 condos for sale 161 condos sold, 11% odds of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close. Some of the reasons sales fail are the buyer and seller don’t agree on the building inspection, the condo does not appraise for the sales price or the buyer’s financing does not come through.
In this month’s post I’ve included the condo real estate statistics for April to show the sharp contrast with May and June of this year. Seattle-eastside condo sales dropped like a stone from the high of 281 in April to 117 in May and 154 in June. We’re seeing a lull in Seattle area condo sales, which is partly seasonal as people are out playing in the sunny weather.
But have condo buyers forgotten there are still good deals after the tax credit? Don’t forget, there’s a huge number of condos available on Seattle’s eastside as we’re at the high point in Seattle-eastside condos for sale so far this year. There are some great choices out there. Plus, the added bonus is interest rates are at a 30 year low.
There’s no “red” on the Seattle-eastside real estate map, which means there were no seller’s markets in June, 2010. The Seattle-eastside real estate market has turned “yellow” for a market balanced between buyers and sellers, and “green.” “Green” on the map indicates a buyer’s market. It’s not surprising to me that certain areas stay as a balanced real estate market longer than some others.
Which Seattle-eastside areas have remained stronger as a balanced market between buyers and sellers?
East Bellevue and Redmond near Microsoft (530 on the map)
It’s traditionally one of the strongest areas, because homes are so close to jobs at Microsoft. The neighborhoods abut the main Microsoft campus and are an easy commute to downtown Bellevue, the economic hub of the eastside. Plus, housing can be found from the $200′s and $300′s to million+ dollar waterfront. Housing in many neighborhoods is in the affordable range for the area.
South Bellevue and Issaquah (500 on the map)
The area south of I-90 is a big drawing card for Seattle commuters. Again, there’s a variety of home styles and ages, good schools, and a fabulous commute either to eastside economic centers or downtown Seattle.
Sammamish, Issaquah, Preston, Fall City, and North Bend. (540 on the map)
Another area that’s consistently one of the strongest is the plateau areas of Sammamish, Issaquah, Preston, Fall City, and North Bend. The different eastside cities here have a huge variety of homes from estates to acreage to newer construction and town homes. Good schools and some good values keep the area strong.
King & Snohomish County Real Estate Maps, 6-30-10
There are still great homes and condos out there to buy and interest rates are at historic lows. The loss of the tax credit may not make much of a difference when calculating the savings in monthly payments over time.
The odds of selling a home on the Eastside in June, 2010 ranged from a low of 9% to a high of 23%, with an average 15% absorption rate. For the past few months, the absorption rate for all the Seattle-eastside areas had been in the double digits. This month, downtown Redmond and Carnation are in the single digits, at 9%. It’s a stark contrast to April, 2010 with its low of 20% to a high of 35%, averaging a 27% absorption rate.
June’s real estate activity is more similar to May, when the numbers started looking more like last year’s real estate rather than the highs of April, 2010. It’s ironic, in a sense, the tax credit did offer buyers a true incentive to buy, but if one looks at the total picture, there still may be many opportunities to “get a deal.” With the lowest interest rates in 30 years and the higher number of homes on the market, it’s becoming more of a buyer’s market again. ( I’ll be posting the map showing the different markets later this week.) Plus, summer is the time to play outside for Seattleites, so there are usually less buyers competing for homes.
(The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
June, 2010 3360 homes for sale 503 homes sold 15 % odds of selling.
May, 2010 3209 homes for sale 492 (was 563) homes sold 15% (was 17.5%) odds of selling.*
June, 2009 3859 homes for sale 563 homes sold 15% odds of selling.
*Adjusted from previous month’s numbers to reflect the actual number of homes sold and closed. Each month some sales fall apart and don’t close. A lower number of home sales may be reported at a later date to show the actual number of sales that did close.
June, 2009 Seattle-Eastside real estate market compared to June, 2010:
Surprisingly, the average list price of pending homes (recently sold) went from $547,381 to $553,772.
As of this past week, there were 14,235 King County homes (houses and condos) for sale.
Is this the peak of the real estate market for the number of homes for sale this year?
Home sales on Seattle’s Eastside: down 20%, which follows a much smaller drop of 7% in May.
Number of homes for sale on Seattle’s Eastside: down 11%
Best odds of selling: Redmond, near Microsoft, and East Bellevue.
Worst odds of selling: Carnation and Redmond, from downtownto north and east, with 9% of the homes getting accepted offers.
Biggest increase in sales from last year: A very small 3% increase in East Bellevue and Redmond, near Microsoft, home sales.
Smallest increase in sales from last year: Same as above. This area had the only increase in Seattle-eastside home sales in June.
Decline in real estate sales from last year: There was a decline in 6 out of the 7 Seattle-eastside areas. Redmond and Carnation had the largest decline in home sales with a 43% decline in the number of homes sold. This area also had the largest decline in home sales last month.
The peak of homes for sale in 2008: July, 4370 homes.
The peak of homes for sale in 2009: June, 3859 homes.
The number of eastside homes for sale at the start of 2010: 2584 homes
The number of eastside homes for sale now: 3360 homes.
Rate of home sales that failed and did not close: 13%
The sun is out now in Seattle (although a little late today), which tends to slow Seattle Eastside real estate sales. The number of home sales could remain on the lower side in the near future for two reasons. One is the slow down after the tax credit rush and the sunny weather and summer vacations. People in Seattle like to play outside in the sun.
The slower home sales is ironic, given the high number of homes for sale, which means lots of choices and the screamingly low interest rates. I believe there are some great deals out there for buyers right now.
Seattle-eastside Real Estate Sales 2010-1st quarter
The eastside sales here include South Bellevue and Issaquah all the way up to the Snohomish County line and from Lake Washington out to North Bend, Duvall, and Carnation.
If you look at the real estate statistics above:
Almost half of these Seattle-eastside real estate sales were below $500,000.
Over 80% of the eastside home sales were below $750,000.
Twenty-seven home sales were below $250,000.
Thirty-six home sales out of the 1119 were priced above $1,500,000.
Only 2% of the sales were above $2,000,000. Out of 1119 home sales, only 18 were priced above this $2,000,000 mark.
24% of eastside sales were short sales or bank owned properties, contrary to what many think. Most of the homes were sold by the actual home owner.
The sweet spot in Seattle-eastside real estate is between $250-500,000, with many of the homes priced between $350-500,000. Pre-2008, the sweet spot was the $500-750,000 price point.
How did May, 2009 stack up to May, 2010 in your neighborhood?
(Click on the cities below to see real estate trends for the past 5 years. You’ll find the median pricing for each city and whether the number of homes for sale and the number of sales went up or down. 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.)
Median pricing decreased from $569,895 to $519,950.
The number of homes for sale decreased by 17% and sales decreased by 18%.
When compared to May, 2009, only one area of Seattle’s eastside showed an increase in median prices. West Bellevue had the highest with a 17% increase in sales prices. Last month the area had the most significant decrease in pricing. The return of some strength to the high end market is a good sign. The high end was the least affected by the tax credit.
Most other Seattle-eastside neighborhoods experienced a reduction in sales prices.
Home sales also took a dip in most areas of the eastside. Two areas, Kirkland and the plateau area of Sammamish, had increased home sales, but only in the single digits.
Seventeen percent less homes are for sale on the eastside this year than last year.
Has your area seen a drop in home sales since the expiration of the tax credit?
The odds of selling a home on the Eastside in May, 2010 ranged from a low of 12% to a high of 20%, with an average 16.5% absorption rate. Contrast this with April, 2010 odds with a low of 20% to a high of 35%, averaging a 27% absorption rate.
May’s numbers look more like May of last year than they do of April of this year. This month may mark the back to reality of Seattle-eastside real estate or maybe not. We’ll need to see how the rest of the year plays out as so many people rushed to buy and sell before the end of the tax credit. There are still buyers who want to buy and the sellers who need to sell, although this may be a time of adjustment.
(The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
May, 2010 3209 homes for sale 529 homes sold 16.5% odds of selling.
April, 2010 3084 homes for sale 770 (was 847) homes sold 25%(was 27.5%) odds of selling.*
May, 2009 3841 homes for sale 547 homes sold 14% odds of selling.
*Adjusted from previous month’s numbers to reflect the actual number of homes sold and closed. Each month some sales fall apart and don’t close. A lower number of home sales may be reported at a later date to show the actual number of sales that did close.
May, 2009 Seattle-Eastside real estate market compared to May, 2010:
We are back to reality with Seattle-Eastside home sales. The tax stimulus pushed both home buyers and sellers to act more quickly this year, so the high number of home sales in April may have contributed to the drop in number of eastside home sales in May.
The end of the tax stimulus had a greater impact on lower priced homes compared to higher priced homes.
The average list price of properties that are pending went from $512,060 to $646,545. This is an unprecedented change month to month.
As of this past week, there are 13,615 King County homes (houses and condos) for sale.
The median price was down by .9%, an insignificant drop.
Home sales on Seattle’s Eastside: down 7% The first down month in 2010.
Number of homes for sale on Seattle’s Eastside: down 17%
Best odds of selling: Sammamish plateau areas of Sammamish, Issaquah, North Bend, and Fall City with the best odds of selling as 20.5% of the Sammamish homes got offers.
Worst odds of selling: Woodinville, Bothell, Kenmore, Duvall, and North Kirkland with 12% of the homes getting accepted offers.
Biggest increase in sales from last year: A small 6% increase in Sammamish home sales was the highest increase in Seattle-eastside real estate sales. Quite a contrast to the double and triple digit increases we’ve seen the last few months. As an example, there was 102% increase in the number of Kirkland homes sold in April, 2010 when compared to April, 2009.
Smallest increase in sales from last year: Kirkland home sales increased by 3%
Decline in real estate sales from last year: There was a decline in 5 out of the 7 Seattle-eastside areas, unlike the last few months when every eastside neighborhoodexperienced an increase in home sales.Redmond and Carnation had the largest decline in home sales with an 18% decline in the number of homes sold.
The peak of homes for sale in 2008: July, 4370 homes.
The peak of homes for sale in 2009: June, 3859 homes.
The number of eastside homes for sale at the start of 2010: 2584 homes
The number of eastside homes for sale now: 3209 homes.
Rate of home sales that failed and did not close: 10%
Seattle Eastside real estate tends to slow down a bit when the sun comes out, which hopefully is any day now! The number of home sales could remain on the lower side in the near future for two reasons. One is the slow down after the tax credit rush which we are now seeing and the upcoming (think positively) sunny weather and summer vacations. People in Seattle like to play outside in the sun. There are a number of people who are “gearing up” to make a move, so we may see stronger eastside real estate sales when summer comes to an end.
Ironically, when people ask me when is the best time time to sell a home, I tell them spring and fall are usually the best times. However, homes sell each month and the ones that show the best and are priced competitively will be the ones to get the offer.
King Snohomish Counties Real Estate Market 4-30-10
What do the numbers on the map mean?
The map is divided into the numbered areas as defined by our Northwest Multiple Listing Service (NWMLS). Downtown Bellevue is area 520 and East Bellevue is area 530, as an example.
What do the colors mean?
Red means it’s a sellers’ market, a sellers’ advantage.
Yellow means a balanced market between buyers and sellers.
Green means it’s a buyers’ market.
If you take each area as shown on the map and look to the area number on the side of the map, it will tell you how long it would take to sell every home currently for sale if no other home came up on the market in that area.
The first time in years, literally, that there were no buyers’ markets on the King-Snohomish County, Washington map of real estate. Last month, there was one area, Vashon Island, which is now coming up as a balanced market.
The two hottest selling markets on the eastside in April, 2010?
The first is Redmond, near Microsoft, East Bellevue and the second is the plateau area which includes Sammamish, parts of Issaquah, North Bend, and Fall City.
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
April, 2010 1437 condos for sale 316 condos sold, 22% odds of selling.
March, 2010 1356 condos for sale, 241 (was 281) condos sold, 18% (was 21%) odds of selling.*
April, 2009 1315 condos for sale 155 condos sold, 12% odds of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close.Seventeen percent of condo sales originally reported in March failed to close. Some of the reasons sales fail are the buyer and seller don’t agree on the building inspection, the condo does not appraise for the sales price or the buyer’s financing does not come through.
Seattle-eastside condo sales were popping the past two months with the strongest sales seen in years. With the 2010 tax credit behind us, we should continue to see people who need to make a move out there buying and selling their home. We may see a little of a lull in Seattle area condo sales, but I expect condo sales to get back to business as usual.
How did April, 2009 stack up to April, 2010 in your neighborhood?
(Click on the cities below to see real estate trends for the past 5 years. You’ll find the median pricing for each city and whether the number of homes for sale and the number of sales went up or down. 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.)
Median pricing decreased from $554,950 to $514,995.
The number of homes for sale decreased by 11% and sales increased by 32%.
When compared to April, 2009, only one area of Seattle’s eastside showed an increase in median prices. This area encompasses Woodinville, Bothell, Kenmore, and Duvall.
The most significant decrease in pricing was in West Bellevue, just like last month. Home values in West Bellevue dropped by 23%. The other Seattle-eastside neighborhoods experienced a reduction in sales price, but not by as much.
Home sales, on the other hand, continued to be strong all over the eastside. Sales increases ranged from 18% in the Woodinville area to 102% in Kirkland, the only area with a triple digit increase in home sales this month.
Eighteen percent less homes are for sale on the eastside this year than last year.
What’s happening in your area? Are home sales strong? Do you expect it to continue?
The odds of selling a home on the Eastside in April, 2010 ranged from a low of 20% to a high of 35%, with an average 27% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
April, 2010 3084 homes for sale 847 homes sold 27.5% odds of selling.
March, 2010 2923 homes for sale 695 (was 778) homes sold 24% (was 27%) odds of selling.*
April, 2009 3600 homes for sale 477 homes sold 13% odds of selling.
*Adjusted from previous month’s numbers to reflect the actual number of homes sold and closed. Each month some sales fall apart and don’t close. A lower number of home sales may be reported at a later date to show the actual number of sales that did close.
April, 2009 Seattle-Eastside real estate market compared to April, 2010:
Home sales continued on a roll in all Seattle-Eastside cities.
As of this past week, there are 13,102 King County homes (houses and condos) for sale.
Overall, the Seattle eastside number of homes for sale continues to rise as the year progresses with only a few dips in numbers for sale since the first of the year.
The median price was down by 5%. (Keep in mind this is comparing last April’s numbers to this April and is not an indication of the total drop in price for the year.)
Home sales on Seattle’s Eastside: up 47%!
Number of homes for sale on Seattle’s Eastside: down 18%
Best odds of selling: Redmond, near Microsoft, and East Bellevue with the greatest odds of selling as 35% of the homes got offers.
Worst odds of selling: West Bellevue, with 20% of the homes getting accepted offers.
Biggest increase in sales from last year: There was 102% increase in the number of Kirkland homes sold this April than last April. Kirkland was the only area with a triple digit increase this month.
Smallest increase in sales from last year: Woodinville, Bothell, Kenmore, Duvall with an 18% increase in home sales over last year.
Decline in real estate sales from last year: None on the eastside.More homes sold in all areas of Seattle’s eastside this April than April, 2009.
The peak of homes for sale in 2008: July, 4370 homes.
The peak of homes for sale in 2009: June, 3859 homes.
The number of eastside homes for sale at the start of 2010: 2584 homes
The number of eastside homes for sale now: 3084 homes.
Rate of home sales that failed and did not close: 13%
Seattle Eastside home sales should continue to be strong in May. My team and I are getting phone calls from both buyers and sellers who still want to make a move, but may have not been ready to do so simply for the tax credit.
What’s happening in real estate in your area? Are homes selling? Do you think you’ll see a change in real estate because the tax credit is gone?
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
March, 2010 1356 condos for sale, 281 condos sold, 21% odds of selling.
February, 2009 1333 condos for sale 161 (was 194) condos sold 12 %(was 14%) odds of selling.*
March, 2009 1300 condos for sale 107 condos sold, 7% odds of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close.Seventeen percent of condo sales originally reported in March failed to close. Some of the reasons sales fail are the buyer and seller don’t agree on the building inspection, the condo does not appraise for the sales price or the buyer’s financing does not come through.
Seattle-eastside condo sales were up by 120 or 57%, the best sales record in several years.
How did March, 2009 stack up to March, 2010 in your neighborhood?
(Click on the cities below to see real estate trends for the past 5 years. You’ll find the median pricing for each city and whether the number of homes for sale and the number of sales went up or down. 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.)
Median pricing increased from $481,450 to $529,450.
The number of homes for sale decreased by 21% and sales increased by 18%.
When compared to March, 2009, three areas of Seattle’s eastside showed an increase in median prices including South Bellevue and Issaquah, Redmond and Carnation, and Kirkland. South Bellevue and Issaquah home prices remained steady for the third month in a row, which is the only area on the eastside to experience a consistent upswing in pricing.
The most significant decrease was in pricing was in West Bellevue, where median home values dropped by 22%. Most Seattle-eastside neighborhoods experienced a reduction in sales price.
Home sales, on the other hand, continued to be strong all over the eastside. Sales increases ranged from 18% in Redmond and Carnation to 154% on the plateau, Sammamish and Issaquah.
Twenty-one percent less homes are for sale on the eastside than last year. Although over 200 more homes are for sale than in February, which is typical for this time of year.
Seattle eastside home sales should continue to be strong through April. We’ll see what happens after that time, however, I don’t expect much to change for the higher price ranges. And nothing may change at all. We could continue to have a strong real estate market.
The odds of selling a home on the Eastside in March, 2010 ranged from a low of 18% to a high of 34%, with an average 27% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
March, 2010 2923 homes for sale 778 homes sold 27% odds of selling.
February, 2010 2706 homes for sale 506 (was 599) homes sold now 18% (was 22%) odds of selling.*
March, 2009 3711 homes for sale 305 homes sold 8% odds of selling.
*Adjusted from previous month’s numbers to reflect the actual number of homes sold and closed. Each month some sales fall apart and don’t close. A lower number of home sales may be reported at a later date to show the actual number of sales that did close.
March, 2009 Seattle-Eastside real estate market compared to March, 2010:
Home sales were up in all Seattle-Eastside cities, a trend which we’ve seen since the first of the year.
Last week, we hit 12,726 properties for sale in King County, exactly 3000 more properties than the first week in January.
This week we saw the first significant drop in the number of King County properties for sale as the number dropped by 120 to 12,606. There’s only been one other week this year where the amount of homes for sale dropped and that was only by 8 homes.
On Seattle’s eastside the number of homes for sale continues to rise as over 200 more homes came on the market this past month.
The median price was down by 7%, the same as last month. (Keep in mind this is comparing last March’s numbers to this March and is not an indication of the total drop in price for the year.)
Home sales on Seattle’s Eastside: up 85%!
Number of homes for sale on Seattle’s Eastside: down 21%
Best odds of selling: Redmond, near Microsoft, and East Bellevue with the greatest odds of selling. Thirty-four percent of the homes got offers.
Worst odds of selling: West Bellevue, with only 18% of the homes getting accepted offers.
Biggest increase in sales from last year: The plateau cities of Sammamish and Issaquah, plus Fall City and North Bend, with 154% increase in the number of home sales from last year.
Smallest increase in sales from last year: Redmond and Carnation, with an 18% increase in home sales over last year.
Decline in real estate sales from last year: None on the eastside.More homes sold in all areas of the eastside this March than compared to March, 2009.
The peak of homes for sale in 2008: July, 4370 homes.
The peak of homes for sale in 2009: June, 3859 homes.
The number of eastside homes for sale at the start of 2010: 2584 homes
The number of eastside homes for sale now: 2923 homes.
Rate of home sales that failed and did not close: 16%
What have you seen happening in your area? Are real estate sales popping?
Seattle-eastside real estate is starting to see “red.” Red is a sellers’ market, which means the average market time to sell a Seattle eastside home in the areas marked in red is from 3-6 months.
I sell a lot homes in the “hottest Seattle eastside area, which we call area 530, East Bellevue and the Redmond neighborhoods around Microsoft. Homes sales were hopping this past month, with sales often happening in two weeks or less. If you live in any of the areas marked in “red” and your home is not selling, it’s priced too high compared to competition. If your home is overpriced, you’re helping to sell other homes and they’re selling at your expense.
Seattle proper remains the “hottest” area overall, but if you’re looking to buy on the eastside, all the areas are either a real estate market that’s balanced between buyer and seller (yellow) or in “red,” a sellers’ market.
Buyers markets were absent in March. There’s no green (for a buyers market) left on this map, with the exception of Vashon Island, so the buyers’ markets we’ve been experiencing over the last few years were no where to be seen in in March.
Will the map show the same colors next month? I believe April will also be a very strong month for Seattle-eastside real estate.
Which King/Snohomish County Areas Are Selling Faster?
What do the numbers on the map mean?
The map is divided into the numbered areas as defined by our Northwest Multiple Listing Service (NWMLS). Downtown Bellevue is area 520 and East Bellevue is area 530, as an example.
What do the colors mean?
Red means it’s a sellers’ market, a sellers’ advantage.
Yellow means a balanced market between buyers and sellers.
Green means it’s a buyers’ market.
If you take each area as shown on the map and look to the area number on the side of the map, it will tell you how long it would take to sell every home currently for sale if no other home came up on the market in that area.
King and Snohomish County WA Real Estate, February, 2010
The truly “hot” Seattle real estate areas in February, 2010, those in red, are in the core neighborhoods of Seattle itself. However, almost all of the map is in “yellow”, which means the average market time for a home to sell in other Seattle areas is between 3-6 months. This means we’ve had another month with a very balanced, “normal” Seattle real estate market. A normal real estate market is when supply and demand balance out to be 3-6 months to get a home sold. A balanced market is not a reflection of home values, but a reflection of the real estate sales activity.
On most of Seattle’s eastside, home prices are down, but sales have gone up dramatically, anywhere from 52% to 193%, depending on the neighborhood. Prices are lower in most eastside areas, fewer homes have been on the market compared to last year, and more homes are selling.
Will the colors on the Seattle real estate map stay the same in the coming months? It’s hard to answer this question now, but I do know the number of homes coming up for sale is growing pretty quickly. The increase in the number of Seattle-eastside homes and condos for sale could impact the total number of properties that sell and the market time to get a sale. With the April 30th deadline for the home buyer tax credit, much will depend on how many homes are on the market and the interest rates. Check my March eastside blog posts next month to find out what will happen.
What’s your prediction for Seattle-eastside real estate in the coming months? Will “yellow,” representing a balanced real estate market between home buyers and sellers still be the predominant color on the map?
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What do the numbers on the map mean?
The map is divided into the numbered areas as defined by our Northwest Multiple Listing Service (NWMLS). Downtown Bellevue is area 520 and East Bellevue is area 530, as an example.
What do the colors mean?
Red means it’s a sellers’ market, a sellers’ advantage.
Yellow means a balanced market between buyers and sellers.
Green means its a buyers’ market.
If you take each area as shown on the map and look to the area number on the side of the map, it will tell you how long it would take to sell every home currently for sale if no other home came up on the market in that area.
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
February, 2010 1333 condos for sale, 194 condos sold, 14% odds of selling.
January, 2010 1217 condos for sale, (now 121) 141 condos sold, (now 10%) 12% odds of selling.*
February, 2009 1195 condos for sale 85 condos sold, 7% odds of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close.Fifteen percent of condo sales originally reported in January failed to close. Some of the reasons sales fail are the buyer and seller don’t agree on the building inspection, the condo does not appraise for the sales price or the buyer’s financing does not come through.
There’s been a 9% increase in the number of Seattle-Eastside condos for sale but the number of home sales jumped up dramatically. There were 73 more condos sold on Seattle’s eastside in February than in January. The sales numbers are still behind the peak of sales in September and October of 2009, but they’re inching closer to those numbers, which is a good sign.
More condos are coming up on the market as Seattle-eastside home sellers traditionally put their homes on the market in the spring. The push to get a home or condo on the market is compounded by the 2010 home buyer tax credit deadline of April 30th.
There are 45 days left to usethe home buyer tax credit into 2010. If you’d like to move and take advantage of the tax credit, you need to get a move on!
How did February, 2009 stack up to February, 2010 in your neighborhood?
(Click on the cities below to see real estate trends for the past 5 years. You’ll find the median pricing for each city and whether the number of homes for sale and the number of sales went up or down. 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.)
Median pricing decreased to $474,950 from $524,900.
The number of homes for sale decreased by 27% and sales increased by 90%.
Median home prices in February, 2010 increased only in one Seattle-Eastside area, which includes Woodinville, North Kirkland, Bothell, and Duvall, when comparing 2-09 to 2-10. Although, if you look at the full year, prices in that area did not increase. Remember, this post only compares the month of February’s numbers to last February and does not include the entire year’s activity and information. South Bellevue and Issaquah home prices remained steady for the second month in a row, which is a very strong sign for those neighborhoods.
Most of the other Seattle-eastside neighborhoods experienced a reduction in sales price. The most significant decrease was in Kirkland, where median home values dropped by 21%. Sales in Kirkland, however, are up by 106%. I think Kirkland home buyers are feeling that real estate prices are more manageable in Kirkland and are more willing to buy a home in Kirkland now.
The increase in the number of home sales ranged from 52% in West Bellevue to 193.5% in South Bellevue and Issaquah. However, with the exception of West Bellevue, the increase in Seattle-eastside real estate sales was no less than 90% more than last February’s home sales.
The number of homes for sale in all Seattle-eastside neighborhoods was lower than last February with an average of 25% less homes for sale. This number will not be as low come March as more Seattle-eastside homes have been coming up for sale since the beginning of the month. Stay tuned for next month’s report, when I’ll have all the real estate data for the month.
I anticipate Seattle-eastside home sales to continue at this strong pace during the month of March as home buyers scramble to use the 2010 home buyer tax credit.
Seattle-Eastside Residential Real Estate Statistics-Feb 2010
The odds of selling a home on the Eastside in February, 2010 ranged from a low of 16.5% to a high of 29%, with an average 22% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
February, 2010 2706 homes for sale 599 homes sold, 22% odds of selling.
January, 2010 2588 homes for sale, (n0w 477) 539 homes sold, (now 18%) 20% odds of selling.*
February, 2009 3574 homes for sale, 264 homes sold, 7% odds of selling.
*Adjusted from previous month’s numbers to reflect the actual number of homes sold and closed. Each month some sales fall apart and don’t close. A lower number of home sales may be reported at a later date to show the actual number of sales that did close. (see explanation below)
February, 2009 Seattle-Eastside real estate market compared to February, 2010:
Home sales were up in all Seattle-Eastside cities.
The number of homes for sale has begun its “spring creep up”. The year started out at the lowest point in three years. We’re now seeing more on the market. Expect to see a jump in homes for sale with the March report coming next month.
The median price was down by 7%. (Keep in mind this is comparing last February’s numbers to this February and is not an indication of the total drop in price for the year.)
Home sales on Seattle’s Eastside: up 103%!
Number of homes for sale on Seattle’s Eastside: down 25%
Best odds of selling: Redmond, near Microsoft, and East Bellevue with the greatest odds of selling. Twenty-nine percent of the homes got offers.
Worst odds of selling: West Bellevue with only 16.5% of the homes getting accepted offers.
Biggest increase in sales from last year: South Bellevue with 193% increase in the number of home sales from last year.
Smallest increase in sales from last year: West Bellevue, with a 52% increase in home sales over last year.
Decline in real estate sales from last year: None on the eastside.More homes sold in all areas of the eastside this February than last February, which is no big surprise.
The peak of homes for sale in 2008: July, 4370 homes.
The peak of homes for sale in 2009: June, 3859 homes.
The number of eastside homes for sale at the start of 2010: 2584 homes
The number of eastside homes for sale now: 2706 homes.
Everyone who has wanted to sell on Seattle’s eastside in the last few years seems wants to sell in the next 60 days, including me.
I know some home sellers Angie Bondurant, my business partner, and I will be representing have been madly getting their homes ready to sell. I bet contractors on Seattle’s eastside are busier than they’ve been in a long time. The contractor I use has gone from working on a rental home I plan to sell to a client’s home. As home seller wanna-bes, we’re all in the same boat, scrambling to meet the looming deadline of April 30th. We’re hoping to catch that home buyer who wants to get the benefit of the 2010 home buyer tax credit. (By the way, I don’t think the market will fall apart after April 30th, 2010, but those thoughts will be for another post)
Right now, the number of homes and condos for sale in King County is doing it’s normal spring time creep up (yes, it’s spring here in Seattle). So far, the number of properties for sale isn’t unusually high.
How did January, 2009 stack up to January, 2010 in your neighborhood?
(Click on the cities below to see real estate trends for the past 5 years. You’ll find the median pricing for each city and whether the number of homes for sale and the number of sales went up or down. 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.)
Median pricing increased to $524,990 from $484,950.
The number of homes for sale decreased by 21.5% and sales increased by 73%.
Median home prices in January, 2010 increased only in one Seattle-Eastside area, Redmond, when comparing 1-09 to 1-10. If you look at the full year, prices in that area did not increase. South Bellevue and Issaquah home prices remained steady when compared January, 2009.
All other eastside areas showed a decline in pricing. The most significant decrease was in West Bellevue, where median home values dropped by almost a third. Sales in West Bellevue continued to increase from last year, although the increase was lower than what was seen in December, ’09.
Redmond, near Microsoft, and East Bellevue are booming with home sales once again, after a couple of slow months. But again, the statistics do not show prices up in this area, although home sales certainly are up!
With the extension of the home buyer tax credit, smaller numbers of homes for sale, low interest rates, real estate activity should be brisk in the first part of the year. For these reasons, if you want to sell your home and move in 2010, do it now, rather than later in 2010.
There’s a “normal” real estate market in the Seattle area. What’s a normal real estate market? It’s a real estate market in which the market is evenly balanced between both buyers and sellers, which is a good thing.
Much like December, Seattle in January was “yellow,” on the map. “Yellow” means it would take 3-6 months to sell all of the available homes if no other homes come on the market. This is a good balance of homes for sale. Prices are still down and fewer homes are on the market than most of 2009, but more homes are selling.
Since it’s a normal real estate market, the best homes will “pop,” selling quickly while the overpriced homes will sit on the market through a price reduction or two before they sell or not sell at all. Some homes have sold in less than a week because they are great ones that are priced right and shine above the competition.
The map is divided into the numbered areas as defined by our Northwest Multiple Listing Service (NWMLS). Downtown Bellevue is area 520 and East Bellevue is area 530, as an example.
What do the colors mean?
Red means it’s a sellers’ market, a sellers’ advantage.
Yellow means a balanced market between buyers and sellers.
Green means its a buyers’ market.
If you take each area as shown on the map and look to the area number on the side of the map, it will tell you how long it would take to sell every home currently for sale if no other home came up on the market in that area.
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
January, 2010 1217 condos for sale, 141 condos sold, 12% odds of selling.
December. 2009 1174 condos for sale, 125 (now 106) condos sold, 11% (now 9%) odds of selling.*
January, 2009 1066 condos for sale 87 condos sold, 8% odds of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close.Fourteen percent of condo sales originally reported in December failed to close. Some of the reasons sales fail are the buyer and seller don’t agree on the building inspection, the condo does not appraise for the sale price or the buyer’s financing does not come through.
In January, there was a slight increase both in the number of Seattle-Eastside condos for sale and the number of sales. However, the sales numbers are still behind the peak of sales in September and October.
There are less than 80 days left to use the home buyer tax credit into 2010. If you’d like to move and take advantage of the tax credit, you need to get “moving” on this.
The odds of selling a home on the Eastside in January, 2010 ranged from a low of 12% to a high of 28%, with an average 21% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
January, 2010 2588 homes for sale, 539 homes sold, 27% odds of selling.
December, 2009 2584 homes for sale, 419(now 358) homes sold 16%(Now 14%) odds of selling.*
January, 2009, 3144 homes for sale 248 homes sold 9% odds of selling.
*Adjusted from previous month’s numbers to reflect the actual number of homes sold and closed. Each month some sales fall apart and don’t close. A lower number of home sales may be reported at a later date to show the actual number of sales that did close. (see explanation below)
January, 2009 Seattle-Eastside real estate market compared to January, 2010:
Home sales were up in all Seattle-Eastside cities.
The number of homes for sale dropped to the lowest number since February, 2007.
The median price was down by 1.8%. (Keep in mind this is comparing last January’s numbers to this January and is not an indication of the total drop in price for the year.)
Home sales on Seattle’s Eastside: up 76%!
Number of homes for sale on Seattle’s Eastside: down 27%
Best odds of selling: Redmond, near Microsoft, and East Bellevue are back on top as the areas with the greatest odds of selling. Twenty eight percent of the homes got offers. Last month the area had the worst odds on the eastside.
Worst odds of selling: West Bellevue with only 12% of the homes getting accepted offers.
Biggest increase in sales from last year: Redmond, near Microsoft, and East Bellevue with 103% increase in the number of home sales from last year.
Smallest increase in sales from last year: West Bellevue, with a 35% increase in home sales over last year.
Decline in real estate sales from last year: None on the eastside.
The peak of homes for sale in 2008: July, 4370 homes.
The peak of homes for sale in 2009: June, 3859 homes.
The number of eastside homes for sale at the start of 2010: 2584 homes
The number of eastside homes for sale now: 2588 homes.
Rate of home sales that failed: 15%
Why home sales fail to close:
This can be the result of inspections in which buyers and sellers do not agree, an appraisal that does not justify the sales price, lenders who do not package the loan properly or the great number of short sales that are out there.
Short sales are sales in which the selling price for a property is less than the price owed to the bank, so the seller is “short.” Many of these offers do not stay together because it often takes months for a short sale to get approved by the bank. There’s no guarantee the bank will accept an offer. I’ve heard only 4% of the short sales actually close in King County. Since there’s a huge number on the market, if you’re someone willing to take a chance and accept that your offer may never be looked at or accepted, then a short sale may be a way to go. With the extension of the home buyer tax credit, home buyers have more time to go after short sales. However, months may still be needed to get the short sale closed, if it is to close at all. Since most buyers truly want to purchase a home and close on it, I would recommend NOT making offers on short sales. I’d also recommend reading as much as you can about short sales before attempting to make an offer on a short sale. This way you’ll be prepared if you choose to go the route of a short sale.
View from Lake Washington Blvd NE in Kirkland this morning at 9 AM. The fog was definitely here in Kirkland this morning. It was hard to see the big lake out there.
Seattle-Eastside Condo Real Estate Sales, Dec 2009
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
December. 2009 1174 condos for sale, 125 condos sold, 11% odds of selling.
November, 2009 1289 condos for sale 140 (now 126)condos sold, 11% (now 10%) odds of selling.
December, 2008 1150 condos for sale 70 condos sold 6% odds of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close.Thirteen percent of condo sales originally reported in October failed to close.
The number of condos for sale also dropped by 115 units, which is 9% decrease in the number of condos available for sale on Seattle’s eastside. The eastside condo sales remained about the same as November. The year finished out with sales happening, but not as many as September and October. Those months were affected by the 2009 first time home buyer’s tax credit.
December, 2009 Seattle real estate finished the year off on a more positive note. With so much of the Seattle area real estate market showing “yellow,” there was a solid return to a real estate market more evenly balanced between buyers and sellers. This is more like the real estate market we saw in the 1990′s.
There was still a significant increase in real estate sales from December, 2008, with West Bellevue leading the way on Seattle’s eastside. The number of West Bellevue home sales shot up by 279%! Because home prices in West Bellevue tend to be among the most expensive on Seattle’s eastside and in the Seattle area in general, this signaled more of return to confidence in the real estate market. Prices for high end homes have dropped to the point that buyers were more comfortable buying. Since most of these sales had nothing to do with the first time home buyer credit, this signaled a strong change in buyer confidence and willingness to buy.
The year ended with the lowest number of homes on the market for all of 2009. The amount of properties for sale was similar to what was available in 2007. This does not mean the market will return to 2007 real estate activity, but it is a good thing to see that there were, and are, less properties for sale in the Seattle area.
What’s in store for 2010?
I expect the extension and expansion of the 2010 home buyer credit to continue to spur real estate sales on. I also expect it to bring more home sellers into the market, so competition could increase again. The number of properties for sale is a huge factor in pricing and market time. The first part of 2010 should be pretty active for both home buyers and sellers. After April 30th when the home buyer tax credit goes away, much will depend on how many homes are on the market and the interest rates.
As I’ve mentioned before, be prepared for any and everything with real estate sales in the coming months. There’s no “one size fits all.” Home sales will depend on the price point, location, the home’s condition, the competition, and/or a combination of these things. Some homes will sell quickly and for a good price, others will still undergo significant price reductions to meet market expectations, and others will sell, but for less than one would expect. This, actually, is what we expect to see in a normal, more balanced real estate market.
What do the numbers on the map mean?
The map is divided into the numbered areas as defined by our Northwest Multiple Listing Service (NWMLS). Downtown Bellevue is area 520 and East Bellevue is area 530, as an example.
What do the colors mean?
Red means it’s a sellers’ market, a sellers’ advantage.
Yellow means a balanced market between buyers and sellers.
Green means its a buyers’ market.
If you take each area as shown on the map and look to the area number on the side of the map, it will tell you how long it would take to sell every home currently for sale if no other home came up on the market in that area.
The odds of selling a home on the Eastside in December 2009 ranged from a low of 11% to a high of 20%, with an average 16% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
December, 2009 2584 homes for sale, 419 homes sold 16% odds of selling.
November, 2009 2943 homes for sale 503 (now 457)homes sold 17% (now 15.5%) odds of selling.*
December, 2008 3413 homes for sale 207 homes sold 6% odds of selling.
*Adjusted from previous month’s numbers to reflect the actual number of homes sold and closed. (see explanation below) Each month some sales fall apart and don’t close. A lower number of home sales may be reported at a later date to show the actual number of sales that did close.
December, 2008 Seattle-Eastside real estate market compared to December, 2009:
Several important trends this month:
Home sales were up in all Seattle-Eastside cities.
The number of homes for sale dropped to the lowest number since March, 2007. This is a huge factor in our real estate market. For most of the past two years, there’s been a large number of homes on the market. In 2005 and 2006, when the real estate market was booming, we saw the numbers of homes for sale on the eastside in the 2000-3000 range.
The median prices were down by 3%.
Home sales on Seattle’s Eastside: up 81%!
Sales prices: down 3%.
Number of homes for sale: down 24%.
Best odds of selling: For the third month in a row, the cities of Sammamish, Issaquah, Fall City, Snohomish, and North Bend, with 20% of the homes selling.
Worst odds of selling: West Redmond, near Microsoft, and East Bellevue with 13% odds of homes selling.
Biggest increase in sales from last year: West Bellevue, with 279% more home sales, which translates to 34 home sales in 2009 vs. 9 home sales in 2008.
Smallest increase in sales from last year: East Bellevue/Redmond area around Microsoft with a 6% increase in sales over last year.
Home sales in Bellevue and Redmond were tops for several years and have now dropped off when compared to other eastside cities.
Decline in real estate sales from last year: None on the eastside.
The peak of homes for sale in 2008: July, 4370 homes.
The peak of homes for sale in 2009: June, 3859 homes.
The number of homes for sale at the start of 2010: 9726 homes
Rate of home sales that failed this month: 9%
Why home sales fail to close:
This can be the result of inspections in which buyers and sellers do not agree, an appraisal that does not justify the sales price, lenders who do not package the loan properly or the great number of short sales that are out there.
Short sales are sales in which the selling price for a property is less than the price owed to the bank, so the seller is “short.” Many of these offers do not stay together because it often takes months for a short sale to get approved by the bank. There’s no guarantee the bank will accept an offer. I’ve heard only 4% of the short sales actually close in King County. Since there’s a huge number on the market, if you’re someone willing to take a chance and accept that your offer may never be looked at or accepted, then a short sale may be a way to go. With the extension of the home buyer tax credit, home buyers have more time to go after short sales. However, months may still be needed to get the short sale closed, if it is to close at all. Since most buyers truly want to purchase a home and close on it, I would recommend NOT making offers on short sales. I’d also recommend reading as much as you can about short sales before attempting to make an offer on a short sale. This way you’ll be prepared if you choose to go the route of a short sale.
My team and I are closing on a short sale this week. The original offer was written in August. There were two lienholders, two banks with mortgages on the property, which complicated the process. Short sales can happen, but a buyer has to expect a rocky ride through the sales process, if the banks actually respond to the offer. Be ready for most anything and most of all, be patient and not under any time constraints.
How did December, 2009 stack up to December, 2008 in your neighborhood?
(Click on the cities below to see real estate trends for the past 5 years. You’ll find the median pricing for each city and whether the number of homes for sale and the number of sales went up or down. 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.)
The number of homes for sale decreased by 20% and sales increased by 87.5%.
Median home prices increased in December, 2009 from December, 2008 in two eastside areas: South Bellevue/Issaquah and Woodinville/Duvall/North Kirkland/Bothell. In all the other eastside areas, median pricing was down, with the most significant decrease in Kirkland. However, the more positive tone in the real estate market is mirrored by the huge increase in the high end real estate market of West Bellevue. Sales were popping there in December with a huge increase over last year.
Since the number of homes for sale on Seattle’s eastside stands at the lowest number since March, 2007, it bodes well for Seattle real estate. With the extension of the home buyer tax credit, smaller numbers of homes for sale, low interest rates, real estate activity should be brisk in the first part of the year. For those reasons, if you want to sell your home and move in 2010, do it now, rather than later in 2010.
My team and I are starting the year by seeing direct evidence of the lower number of homes for sale in King County. One of our most recent offers was for a buyer whose offer was one of three for the same home!
I do expect the number of homes on Seattle’s eastside to climb as the year progresses, so if you’re planning to move, the earlier the better.
The number of properties for sale was lower in King, Snohomish, and Pierce Counties, the counties which surround the Seattle area, back in 2007. We have to go back to the week of June 5th, 2007 to find a similar number of homes on the market in King County. During that week there were 9856 homes on the market. Interestingly, if you go back to April of 2006, there were about 5000 properties for sale, about half of what is for sale right now in King County.
Weekly King, Snohomish, and Pierce County Listing Count 01-4-10
King Snohomish County Monthly Supply - November 2009
King-Snohomish County Real Estate Map - October 2009
King Snohomish County Months Supply-November 2008
The November, 2009 Seattle real estate map looks a lot different than October and really different than last November. More of the eastside of Seattle was in the “yellow,” a real estate market more evenly balanced between buyers and sellers, in October than in November, 2009. The increase in real estate sales in the Seattle area in October was so huge, that the real estate market settled down a bit in November.
There was such huge increase in Seattle-Eastside home sales in October 2009 with 100%+ increase in many neighborhoods. This past November, the increase in Seattle area home sales was an average of 50% more than last November. This is still a terrific increase in Seattle home sales, but not off the charts like October. Kirkland had the highest increase with 148% more homes selling this year than last. The smallest increase at 9% was in area 530, the East Bellevue and Redmond area near Microsoft.
The number of homes for sale is at the lowest point in almost three years. We have not seen so few homes for sale since March, 2007.
As I’ve been mentioning, be prepared for any and everything with real estate sales in the coming months. There’s no “one size fits all.” Home sales will depend on the price point, location, the home’s condition, the competition, and/or a combination of these things. Some homes will sell quickly and for a good price, others will still undergo significant price reductions to meet market expectations, and others will sell, but for less than one would expect. This, actually, is what we expect to see in a normal, more balanced real estate market.
What do the numbers on the map mean? The map is divided into the numbered areas as defined by our Northwest Multiple Listing Service (NWMLS). Downtown Bellevue is area 520 and East Bellevue is area 530, as an example.
What do the colors mean?
Red means it’s a sellers’ market, a sellers’ advantage.
Yellow means a balanced market between buyers and sellers.
Green means its a buyers’ market.
If you take each area as shown on the map and look to the area number on the side of the map, it will tell you how long it would take to sell every home currently for sale if no other home came up on the market in that area.
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
November, 2009 1289 condos for sale 140 condos sold, 11% odds of selling.
October, 2009 1363 condos for sale 239 (now 207) condos sold 17% (now 15%) odds of selling.*
November, 2008 1243 condos for sale 85 condos sold 7% odds of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close.Thirteen percent of condo sales originally reported in October failed to close.
The number of condos for sale also dropped by 74 units, which is 6% decrease in the number of condos available for sale on Seattle’s eastside. The number of Seattle Eastside condo sales dropped from the last couple of months to numbers more similar to what we saw in the summer.
With only about 10 out of 100 condos selling, it’s a great time to buy. There’s not much competition with other buyers. With the extension and expansion of the home buyer tax credit into 2010, there’s the added benefit of a tax credit, but only if you buy before the end of April, 2010.
How did November, 2009 stack up to November, 2008 in your neighborhood?
(Click on the cities below to see real estate trends for the past 5 years. You’ll find the median pricing for each city and whether the number of homes for sale and the number of sales went up or down. 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.)
The number of homes for sale decreased by 21% and sales increased by 19%.
Last month I reported an increase in home prices in the Redmond/Education Hill/Carnation area and was surprised since all the other cities had lower median home prices. This month, however, almost all the median home prices in the different Seattle eastside cities remained the same as November, 2008. This is good news as prices may have stabilized. Since the number of homes for sale on Seattle’s eastside stands at the lowest number since March, 2007, it bodes well for Seattle real estate. With the extension of the home buyer tax credit, smaller numbers of homes for sale, low interest rates, real estate activity should be brisk in the first part of the year. For those reasons, if you want to sell your home and move in 2010, do it now, rather than later in 2010.
The odds of selling a home on the Eastside in November 2009 ranged from a low of 13.5 % to a high of 23%, with an average 17% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
November, 2009 2943 homes for sale 503 homes sold 17 % odds of selling.
October, 2009 3240 homes for sale 644(now 561) homes sold 19%(now 17%) odds of selling.*
November, 2008 3645 homes for sale 238 homes sold 6.5% odds of selling.
*Adjusted from previous month’s numbers to reflect the actual number of homes sold and closed. (see explanation below) Each month some sales fall apart and don’t close. A lower number of home sales may be reported at a later date to show the actual number of sales that did close.
November, 2008 Seattle-Eastside real estate market compared to November, 2009:
Several important trends this month:
Home sales were up in all Seattle-Eastside cities.
The number of homes for sale dropped to the lowest number, below 3000 homes, since March, 2007. This is a very important factor in our real estate market. For most of the past two years, there’s been a large number of homes on the market. In 2005 and 2006, when the real estate market was booming, we saw the numbers of homes for sale on the eastside in the 2000-3000 range.
The median prices were UP slightly, by 2%.
Home sales on Seattle’s Eastside: up 50.5%, a terrific increase in sales, although a much smaller increase than in October, when the increase was over 100%.
Sales prices: UP 2.1%.
Number of homes for sale: down 22%.
Best odds of selling: For the second month in a row, the cities of Sammamish, Issaquah, Fall City, Snohomish, and North Bend, with 23% of the homes selling.
Worst odds of selling: Woodinville, North Kirkland, Bothell, Kenmore and Duvall, with 13% odds of homes selling.
Biggest increase in sales from last year: Kirkland, with 148% more home sales.
Last month, numbers like this were more common in all the eastside cities. Not so this month with Sammamish, Issaquah, etc. coming in with the second highest increase at 77%.
Smallest increase in sales from last year: Again it’s the East Bellevue/Redmond area around Microsoft, with the smallest increase this month, only 9%.
Home sales in Bellevue and Redmond have been so strong in comparison to other eastside areas for so long. Now other Seattle-Eastside neighborhoods are catching up.
Decline in real estate sales: None on the eastside.
The peak of homes for sale in 2008: July, 4370 homes.
The peak of homes for sale in 2009: June, 3859 homes.
Rate of home sales that failed this month: 13%
Why home sales fail to close:
This can be the result of inspections in which buyers and sellers do not agree, an appraisal that does not justify the sales price, lenders who do not package the loan properly or the great number of short sales that are out there.
Short sales are sales in which the selling price for a property is less than the price owed to the bank, so the seller is “short.” Many of these offers do not stay together because it often takes months for a short sale to get approved by the bank. There’s no guarantee the bank will accept an offer. I’ve heard only 4% of the short sales actually close in King County. Since there’s a huge number on the market, if you’re someone willing to take a chance and accept that your offer may never be looked at or accepted, then a short sale may be a way to go. With the extension of the home buyer tax credit, home buyers have more time to go after short sales. However, months may still be needed to get the short sale closed, if it is to close at all. Since most buyers truly want to purchase a home and close on it, I would recommend NOT making offers on short sales. I’d also recommend reading as much as you can about short sales before attempting to make an offer on a short sale. This way you’ll be prepared if you choose to go the route of a short sale.
My team and I are closing on a short sale this week. The original offer was written in August. There were two lienholders, two banks with mortgages on the property, which complicated the process. Short sales can happen, but a buyer has to expect a rocky ride through the sales process, if the banks actually respond to the offer. Be ready for most anything and most of all, be patient and not under any time constraints.
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
October, 2009 1363 condos for sale 239 condos sold 17% odds of selling
September, 2009 1407 condos for sale (now 210) 236 condos sold (now 15%) 17% odds of selling.
October, 2008 1351 condos for sale 116 condos sold 9% odds of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close.
More Seattle Eastside condos are selling than earlier this year, although the absorption rate is still under 20%.
How did October, 2009 stack up to October, 2008 in your neighborhood?
(Click on the cities below to see real estate trends for the past 5 years. You’ll find the median pricing for each city and whether the number of homes for sale and the number of sales went up or down. 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.)
Median pricing increased by 6% to $449,995 from $472,425.
The number of homes for sale decreased by 16% and sales increased by 190%.
The increase in sales was huge all over the Eastside. Surprising, but maybe not so surprising, the increase in sales was the smallest in the area that has traditionally been the strongest over the last few years, the East Bellevue/Redmond area near Microsoft. This could be the result of a few factors. One is Microsoft is not hiring as many people and is also doing some layoffs. Also, with the area so strong in home sales over the years, other areas are starting to catch up more in the number of sales.
Two areas saw an increase in median pricing from last year, downtown Redmond and Carnation and South Bellevue and Issaquah. This is a real surprise, since every area has shown a decline in prices. This may be an anomaly, so I’ll check it out next month.
The odds of selling a home on the Eastside in October 2009 ranged from a low of 14% to a high of 26%, with an average 20% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
October, 2009 3240 homes for sale 644 homes sold 19% odds of selling.
September, 2009 3518 homes for sale (now 606) 668 homes sold (now 17%) 20% odds of selling.*
October, 2008 4097 homes for sale 257 homes sold 6% odds of selling.
*Adjusted from previous month’s numbers to reflect the actual number of homes sold and closed. Some sales from each month fall apart and don’t close, hence a lower number of sold homes may be reported at a later date.
October, 2008 Seattle-Eastside real estate market compared to October, 2009:
Sales were up a huge, and I mean huge, amount in most of the Seattle-Eastside cities. The number of homes for sale and the median prices were down in all neighborhoods with the exception of South Bellevue/Issaquah and downtown Redmond/Union Hill. In both of these areas the median price increased from last October to this October.
Home sales on Seattle’s Eastside: up 118%!!!!
Sales prices: down 12%.
Number of homes for sale: down 22%.
Best odds of selling: and it’s not Redmond, near Microsoft, and East Bellevue! This month, the plateau areas of Sammamish, Issaquah, Fall City, Snohomish, and North Bend are the top home sales areas with 26% of the homes selling.
Worst odds of selling: West Bellevue with 12% odds of homes selling.
Biggest increase in sales from last year: Downtown Redmond, Union Hill, Redmond Ridge, Carnation, 190% more home sales.
Smallest increase in sales from last year: East Bellevue/Redmond area around Microsoft goes from the top home sales area to the area with the smallest increase this year from last October, only 53%. Home sales in Bellevue and Redmond have been so strong in comparison to other eastside areas for so long. Now other Seattle-Eastside neighborhoods are catching up.
Decline in real estate sales: None on the eastside, all areas had huge increases in the number of home sales ranging from 52% to 190%.
The peak of homes for sale in 2008: July, 4370 homes.
The peak of homes for sale in 2009: June, 3859 homes.
Rate of home sales that failed this month: 11%
Why home sales fail to close:
This can be the result of inspections in which buyers and sellers do not agree, an appraisal that does not justify the sales price, lenders who do not package the loan properly or the great number of short sales that are out there.
Short sales are sales in which the selling price for a property is less than the price owed to the bank, so the seller is “short.” Many of these offers do not stay together because it often takes months for a short sale to get approved by the bank. There’s no guarantee the bank will accept an offer. I’ve heard only 4% of the short sales actually close in King County. Since there’s a huge number on the market, if you’re someone willing to take a chance and accept that your offer may never be looked at or accepted, then a short sale may be a way to go. With the extension of the home buyer tax credit, home buyers have more time to goafter short sales. However, months may still be needed to get the short sale closed, if it is to close at all. Since most buyers truly want to purchase a home and close on it, I would recommend NOT making offers on short sales. I’d also recommend reading as much as you can about short sales before attempting to make an offer on a short sale. This way you’ll be prepared if you choose to go the route of a short sale.
King-Snohomish County Real Estate Sales Activity-September 2009
Seattle/Eastside real estate is more balanced. The number of homes for sale is down, which is a good thing, and the number of home sales are up, another good thing, all over greater Seattle. What’s not up are home prices.
From all the real estate activity we’re now seeing, it appears we’ve bottomed out. More home buyers feel it’s safe to go out and buy a home. The stock market has come back to twice what it was in March and more high end homes are selling. Both point to a renewed confidence in Seattle area real estate.
The map shows a market more balanced between buyers and sellers than we had even earlier this summer, never mind last year. However, pockets remain in which buyers still have more of an advantage as evidenced by the “green” areas still on the map. Buyers markets still exist in parts of King and Snohomish County. The strongest areas for selling a home are in Seattle proper.
However, in all areas, be prepared for any and everything with real estate sales in the coming months. There is no “one size fits all.” Home sales will depend on the price point, location, the home’s condition, the competition, and/or a combination of these things. Some homes will sell quickly and for a good price, others will still undergo significant price reductions to meet market expectations, and others will sell, but for less than one would expect.
What do the numbers on the map mean? The map is divided into the numbered areas as defined by our Northwest Multiple Listing Service (NWMLS). Downtown Bellevue is area 520 and East Bellevue is area 530, as an example.
What do the colors mean?
Red means it’s a sellers’ market, a sellers’ advantage.
Yellow means a balanced market between buyers and sellers.
Green means its a buyers’ market.
If you take each area as shown on the map and look to the area number on the side of the map, it will tell you how long it would take to sell every home currently for sale if no other home came up on the market in that area.
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
September, 2009 1407 condos for sale 236 condos sold 17% odds of selling.
August, 2009 1429 condos for sale 206(now 178) condos sold 14%(now 12) odds of selling.
September, 2008 1458 condos for sale 151 condos sold 11% odds of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close.
More Seattle Eastside condos are selling. The trend continues as sales numbers are more than double January and February of this year.
Sales don’t close for a variety of reasons: In September, 2% of the condo sales failed to close. Some sales are falling apart and not closing because of inspection, financing issues, and appraisal issues.
A sale could fail because an appraisal came in lower than the selling price, an inspection happened in which both buyer and seller couldn’t agree or a lender didn’t put the loan package together properly. Unfortunately, there are other reasons sales fail to close, such as short sales in which a seller is selling a condo for less than is owed on the property. If the bank doesn’t agree to sell the condo at the price established between the buyer and seller, the deal could be off.
My team and I worked on a condo sale that almost fell apart because of the FHA spot approval. The condo complex did not meet FHA spot approval guidelines because of the lack of a condo reserve study. The buyer had to redo their loan and was able to qualify for conventional financing. It was a little hairy for a while, but the sale closed.
As the year comes to a close, look to see if the absence of FHA spot approvals and the end of the $8000 first time home buyer tax credit affect the number of condo sales. I suspect the entry level condo sales, those under 300k, will slow down.
How did September, 2009 stack up to September, 2008 in your neighborhood?
(Click on the cities below to see real estate trends for the past 5 years. You’ll find the median pricing for each city and whether the number of homes for sale and the number of sales went up or down.)
Number of King County Homes & Condos for Sale, 09-28-09
Less is more as they say. This week, there are 2638 less homes and condos for sale, 16% less, than one year ago. Add this to the fact that only 31 new properties have come on the market in the entire county over the past two weeks and this is good news for the real estate market. Buyers still have a lot of choices and sellers have less competition. We have a healthier, more balanced real estate market. I’m hoping the trend with less homes coming on the market will continue.
The chart above not only shows the information for King County, but also for Pierce and Snohomish County. If you follow the top line across, it shows the date, total number of listings, weekly change (increase or decrease), and change in numbers and percent from one year ago. (In case you’re wondering, STI represents homes that are “sold subject to inspection” and CTG represents homes “sold to buyers who still have homes to sell.” Neither category is included in this list.)
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
August, 2009 1429 condos for sale 206 condos sold 14% chance of selling.
July, 2009 1441 condos for sale 203 (now 171) condos sold 14% (now 12%) chance of selling
August, 2009 1495 condos for sale 159 condos sold 10% chance of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close.
More Seattle Eastside condos are selling. Numbers are more than double the figures from January and February of this year. But still, some sales are falling apart and not closing because of inspection, financing issues and appraisal issues.
Sales don’t close for a variety of reasons: an appraisal that came in lower than the selling price, an inspection that both buyer and seller couldn’t agree upon or a lender who didn’t put the loan package together properly. Unfortunately, there are other reasons sales fail to close, such as short sales in which a seller is selling a condo for less than is owed on the property and the bank does not agree to sell the property at the price agreed upon between the buyer and seller.
Important news for all condo buyers:FHA spot approvals will be going away. If a unit in a condo association could meet designated FHA guidelines and the whole complex is not approved, then an offer and approval for this spot FHA loan must be approved by the lender by October 1st, only two weeks away. FHA financing allows for a borrower to put just 3.5% down.
The chances of selling a home on the Eastside in August 2009ranged from a low of 15% to a high of 28%, with an average 19% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
August, 2009 3604 homes for sale 683 homes sold 19% chance of selling.
July, 2009 3819 homes for sale 631 (now 538) homes sold* 19%(now 14%) chance of selling.*
August, 2008 4346 homes for sale 433 homes sold 9% chance of selling.
*Adjusted from previous month’s numbers to reflect the actual number of homes sold and closed. Some sales from each month fall apart and don’t close, hence a lower number of sold homes may be reported at a later date.
(Click on the cities below to see real estate trends for the past 5 years. You can see the median pricing for each city and whether the number of homes for sale and the number of sales went up or down. If you look at the charts, you’ll notice the total number of homes for sale and the number of homes sold can vary slightly from the above chart. The information for the charts is gathered at slightly different times so can vary slightly. Regardless, the charts show the same trends.)
(click on city names for a chart showing the latest stats in the area)
How did August, 2009 stack up to August, 2008 in your neighborhood?
Median pricing decreased by 10% from $599,950 to $542,250.
The number of homes for sale decreased by 12% and sales increased by 27%.
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Thoughts on the August 2009 Seattle Eastside real estate market:
Is there a change in the Seattle-Eastside real estate market? You bet! The key indicator is homes are not only selling, but more homes in the high end are selling. This means that buyers in all price ranges are less afraid to go out and buy. This uptick in real estate sales is not just the result of first time buyers looking for the $8000 tax credit, but for home buyers in every price range.
Most eastside homes had 19% chance of selling. Nineteen out of 100 homes had offers last month and are now pending. Home sales on Seattle’s Eastside were up 42% and prices were down 8.5% overall.
Several areas had a huge increase in the number of homes sold:
West Bellevue 129%
Kirkland 83%
South Bellevue 55%
Best odds of selling: once again it’s Redmond, near Microsoft, and East Bellevue with a 28% chance of a home selling.
Most difficult odds of selling: West Bellevue, with a 13% chance of selling a home. Yet, West Bellevue had the biggest sales increase from last year, a whopping 128% more homes sold this August than last year.
Last month the median sales price in Kirkland and West Bellevue both were up over July, 2008. Looking at August’s median pricing, every neighborhood experienced a decline in median pricing combined with a strong uptick in home sales.
If you look at the chart above, it’s clear the number of homes for sale is less than last year when the peak of homes for sale happened in July of 2008. I’m hoping this year we hit the peak of homes for sale on Seattle’s Eastside back in July, when 13,835 homes were for sale. So far, this is holding true and the number of homes for sale on Seattle’s eastside keeps dropping each month.
It’s still looking like a lot of home sales fail to close. There’s a high fallout rate with sales, as you can see from July’s numbers alone, almost a 100 home sales did not close! Given that originally 631 sales were reported for the month in July and 538 sales were reported a month later, 15% of July’s sales failed. This is a high number of failed sales and could be the result of inspections in which buyers and sellers do not agree, an appraisal that does not justify the sales price, lenders who do not package the loan properly or the great number of short sales that are out there.
Short sales are sales in which the selling price for a property is less than the price owed to the bank, so the seller is “short.” Many of these offers do not stay together because it often takes months for a short sale to get approved by the bank. There is no guarantee the bank will ever look at an offer or approve and accept it. I’ve heard that only 4% of the short sales actually closed in King County. Since there are a huge number on the market, if you are someone who’s willing to take a chance on a property, are willing to accept that your offer may never be looked at or accepted, then a short sale may be a way to go. However, since most buyers truly want to purchase a home and close on it, I would recommend NOT making offers on short sales.
Here’ s what the local news media, The Seattle PI and The Seattle Times reported about August real estate activity. The Times echoed my thoughts above as to the fact that the higher end of the real estate market has new life.
Real estate is getting brighter in Seattle, literally and figuratively. Real estate is turning yellow in Seattle, King, and Snohomish Counties. Yellow stands for a more balanced market between buyers and sellers, a balance between supply and demand. The demand for homes, the number of homes sold in July when compared to the amount (supply) of homes for sale was more balanced. There was a healthy turnover of homes, as homes were selling and not as many new listings have come up for sale.
King Snohomish County Months Supply of Homes for Sale-July 2009
The map was very different for July, 2008, when most every area of King and Snohomish Counties was green, representing a buyer’s market. No big surprise, last year the supply of homes was much greater than the demand to buy those homes.
The chances of selling a home on the Eastside in June 2009ranged from a low of 13% to a high of 23%, with an average 17% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers are rounded off to the nearest whole number, unless the number is exactly .5% between two numbers.
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
June, 2009 3859 homes for sale, 675 homes sold 17% chance of selling.
May, 2009 3841 homes for sale 557 homes sold 14% (16%) chance of selling.*
June, 2008 4305 homes for sale 478 homes sold 11% chance of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of homes sold and closed. Some of the sales from each month originally reported fall out and do not close.
(You can still find the MLS charts by clicking on each of the cities below. Those charts have some of the same information as the chart above, but also show the real estate trends for the last 5 years which includes median pricing for each city and whether the number of homes for sale and the number of sales are up or down. If you look at the charts by city, you’ll notice the total number of homes for sale and the number of homes sold can vary slightly from those charts to the chart above. The information for the charts is gathered at slightly different times so will vary slightly. Regardless of the exact numbers, it’s clear the charts show the same trends, which is the most important piece of information.)
(click on city names for a chart showing the latest stats in the area)
Median pricing decreased by 21% from $671,035 to $529,950.
Inventory decreased by 5% and sales increased by 43%.
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Thoughts on the June 2009 Seattle Eastside real estate market:
Most eastside homes had 17% chance of selling. Seventeen out of 100 homes had offers last month and are now pending.
It looks like 11% of the home sales fell out of escrow, as the absorption rate for May dropped by 2%. Originally, there were 624 pending sales, so 67 offers did not stay together. This is a high number of failed sales and could be the result of inspections in which buyers and sellers do not agree, an appraisal that does not justify the sales price or lenders who do not package the loan properly. If a lender doesn’t put the buyers information together correctly or doesn’t understand all that will be required, then the loan may not be approved.
Best odds of selling:once again it’s Redmond, near Microsoft, and East Bellevue with a 23% chance.
Most difficult odds of selling: West Bellevue, with a 13% chance of selling a home. Yet, West Bellevue had the biggest increase from last year with the chance of getting a home sold.
The number of homes for sale is still less than last year, but the home sales were up in almost every part of the eastside.
Both The Seattle Times and KPLU had good stories about the more positive Seattle area real estate market.
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.) If you click on the “view larger version” of the map below, you’ll notice a lot of empty space east of Monroe down to Fall City. 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!
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.
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.
The year 2012 seems like a long way off, but we’re halfway through 2009. It’s around a really long corner and but it’s not going to be an easy “walk” to get there.
This past Saturday, I showed a home I had listed on Finn Hill, which is in Kirkland. The showing went well, the people were great, and I was done showing by 10:40 in the morning. It was a gorgeous, sunny day, the kind you wish you could bottle and keep in Seattle year round.
Since it was so beautiful, it was fun to be out driving around on such a gorgeous day. I noticed a sign that said “plant sale” taped to a stop sign. I decided to follow the “plant sale” sign. The sign led me further north on Finn Hill to the next town, Kenmore. When I found the house with the sale, I expected to find a few plants, but nothing like what was there. Behind a wooden fence, is a huge garden, with a huge nursery on about two acres! Who would have thought! I found “Taking Root,” the fabulous garden and nursery created by Kathy Norsworthy.
Beautiful Plants from Kenmore's Taking Root
Photo from Kathy Norsworthy of "Taking Root"
There’s a huge variety of plants, over 300. Everything you could ever think of was there. Plants for sun, plants for shade, veggies, sedums, perennials, annuals, shrubs, and more than 49 varieties of hostas. Every time I asked about a particular plant, Kathy found several for me. Her mission is “helping to grow beautiful gardens, one at a time.” Many of the plants were just $5.00. So all you gardeners looking for some great plants should get in touch with Kathy. Kathy’s email address is knowsbetter1@comcast.net. Contact her as she is only open certain days. This week she is open today, July 2nd and tomorrow, July 3rd from 9 to 5 PM.
After stopping at “Taking Root”, I wandered down Juanita Drive and stopped at a stand to buy some bing cherries.
Selling Bing Cherries
It’s cherry season in Washington State and this is a recording breaking season for the bing cherry crop. Summer is the time for fresh bing cherries from Yakima Valley, which is just over the Cascade Mountains from Seattle. So take advantage of this season’s bounty. We are so lucky to have such wonderful plants and fruit available to us in the Northwest.
Sometimes you find the most interesting things when you least expect it.
Popular Price Ranges for May's Home Sales on Seattle's eastside
The sales prices for homes on Seattle’s Eastside is similar to the popular price ranges for home sales early this year, as shown by the chart below. The total number of sold homes varies by just a few percent from winter, 2009 to May, 2009. In May, 89% of home sales on the eastside were priced under $1,000,000, 79% under $750,000 and 49%, almost half, were under $500,000. So if your home is priced under $500,000, is a resale, and is vacant, you’ve got the best chance of selling. ( numbers at the bottom of the chart were rounded off, hence the discrepancy in the actual total numbers. All numbers were compiled by Windermere Real Estate from Northwest Multiple Listing data)
the most popular price ranges for homes sales on Seattle’s eastside, winter, 2009
Seattle-Eastside Condo Real Estate Statistics, May 2009
(pended means the number of condos that got offers this month)
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
1441 condos for sale 177 condos sold 12% chance of selling.
May represented the highest number of condo sales on Seattle’s eastside since June, 2008. The number of condos for sale increased dramatically this month, with the addition of 126 more condos for sale, whereas only 15 more condos sold in May than in April. There was a much bigger jump in the condos for sale than in the number of condos that sold.
Real estate activity, in general, is picking up. It will be interesting to watch how the fluctuating interest rates affect the sales of condos on Seattle’s eastside and in the real estate market overall. We have to remember that rates are still wonderfully low, even if they go up.
I’m having a bad real estate day because of an appraisal and I was just about to rip my hair out until I read Kris Berg’s excellent piece which did make me laugh about the “fun” we are having with appraisals these days. Kris has a great way of getting serious issues across to her readers, but with a light touch. The HVCC, The Home Evaluation Code of Conduct, is not a humorous situation for consumers and the real estate industry, but it’s probably better for me to laugh a little, since I really want to scream.
As of May 1st, the appraisal industry had to meet new Freddie Mac guidelines called The Home Evaluation Code of Conduct, subtitled “Enhancing The Independence of Appraisers“.The debate about the new home valuation code of conduct has been going on since it was first announced last year and is going on to this day. Before the financial meltdown, there were appraisers who needed to be run out of the appraisal business for appraising properties for exorbitant prices, but the reality is there is now a new set of problems created by these new appraisal guidelines. The appraisals or home valuation system has not been fixed, it just has new problems. In today’s real estate world, a request for an appraisal is sent to an independent clearing house and the next appraiser on the list is selected to do the job. This system has been designed to “enhance the independence of appraisers,” as mentioned above.
Now that this “new and improved system” has been in place for just over 30 days, I’ve had the good fortune to see how it works in reality. Take the latest appraisals I’ve had on two of my recent sales. For those of you in the Seattle area, you’ll understand how far flung the different areas are that each appraiser had to drive to in order to complete assigned appraisals. Appraiser #1 scheduled his appraisal late in the day for a home I’d sold in Redmond, Washington. He had to come late in the day, because he was coming from an appraisal on Vashon Island. Vashon Island, the last time I looked, is southwest of Seattle proper in Puget Sound, while Redmond is located east of Seattle across Lake Washington from downtown. Between ferries, bridges, and highway travel, the appraiser may have to travel 1 1/2 hours (on a good day) between these two appraisal appointments. Appraiser #2 called to appraise a listing of mine in Kirkland, Washington, again on the eastside of Seattle. This appraiser was coming from an appointment in Maple Valley, which is a city much further south and east of Seattle.
This map shows the location of the places the two appraisers had to go to do their job. If you click on “view larger map”, you’ll be able to see the location of these cities. Oh, I forgot, Vashon Island, which is in a different county, doesn’t show up on the map because it’s so much farther south of the Seattle! If you look for Maple Valley that, too, does not show up on this map. Maple Valley happens to be south of Issaquah.
Silly me, when I have a client who wants to look for a home on Vashon Island, I refer the client to a Realtor who knows the island. The same goes for Maple Valley. I could show homes in all of the far flung regions of Seattle/KIng County, but I don’t, because it’s a disservice to my clients. I don’t know about the different school systems and how they affect the value of the homes in each of the cities, counties or islands in the area. I don’t know about the different builders in the area, the different neighborhoods, the shops, parks, etc, etc. Don’t appraisers need that same knowledge to evaluate properties? How can appraisers know all of these areas well and give an accurate appraisal for a home? It’s a problem happening all over the country right now.
The second problem I’ve seen come up with appraisals is a little box checked by the appraiser. As part of the appraisal report, the bank wants to know if the real estate market is appreciating, remaining stable or declining. Recently, two appraisers have checked the box labeling the Seattle/Eastside market as “declining.” What a shock, this is a market where home prices have gone down! I wonder who or where appraisers are checking anything but “declining” in that box. In each case, because of this checked box, the underwriter required a second appraisal.
The lending/appraisal industry was far from perfect before, but these “improvements have and are wreaking havoc with home prices and the entire loan process. If appraisers are not really familiar with a city or neighborhood, there is no way that the majority of appraisals will be accurate. This could hurt consumers, both home buyers and home sellers, if properties are not accurately evaluated. The appraisal process needs an industry watch dog and stricter guidelines, but having the appraiser who’s next in line complete an appraisal in an area he/she knows nothing about dilutes the whole appraisal process. It’s a sad state of events for real estate. I’m hoping the government will see the light and make reasonable changes to this system in the near future.
What problems have you seen since the change in real estate appraisals? My guess is the examples above are only the tip of the iceberg.
Denise Stephens from Hope-link asked that I post this press release because Hope-link is in need of more volunteers:
Prospective volunteers can learn more at orientation in Bellevue, Bothell, Redmond or Carnation. Bellevue, Wash. – Hopelink, a 38-year-old nonprofit agency helping families, senior citizens and people with disabilities in east and north King County, needs more volunteers at its centers in Redmond, Bellevue, Kirkland, Shoreline, Bothell and Carnation. Hopelink relies upon volunteers for such jobs as sorting food in its food banks, helping adults learn to read or do basic math or study for the GED exams, delivering food to homebound clients, or answering phones and helping with administrative tasks. In April alone, more than 700 volunteers donated over 6,000 hours to help Hopelink programs and clients.
Hopelink continues to need new volunteers over age 16 and volunteers between the ages of 12 and 16 with parent/guardian supervision. We welcome anyone interested to an orientation meeting to learn more about Hopelink and its many volunteer opportunities. Space is limited and orientation sessions start promptly, so please arrive early. • Wednesday, June 3, 2009, at Hopelink’s Bellevue center in the Learning Center conference room, 14812 Main St., in Bellevue. (Note: this is a new location for the Bellevue orientations.) Parking is limited on site.
Please contact the Volunteer Coordinator at volunteer@hope-link.org for information about off site parking options. This location is served by Metro routes 221 and 247. An afternoon orientation will start promptly at 1:00 p.m. and end at 2:30 p.m. An evening orientation will start promptly at 7:00 p.m. and end at 8:30 p.m. • Thursday, June 4, 2009, from 10:00 to 11:30 a.m. at Hopelink’s Bothell center, 18220 96th Ave. NE in Bothell. • Tuesday, June 9, 2009, from 5:00 to 6:30 p.m. at Hopelink’s Redmond center. The orientation will be held in the Rainier Room conference room of the Family Resource Center complex (where Hopelink is located), Building A, 16225 NE 87th St., in Redmond. The Redmond volunteer orientation is a new addition to the schedule. • Wednesday, June 10, 2009, from 2:00 to 3:30 p.m. at Hopelink’s Carnation center, 31957 Commercial Street in Carnation.
For more information, go to www.hope-link.org/takeaction/volunteer. For information on how young people between middle school and high school age can help Hopelink, please visit http://youthlink.hope-link.org/ Since 1971, Hopelink has helped homeless and low income families, children, seniors and people with disabilities make lasting change in their lives. Hopelink promotes self-sufficiency by helping people meet their needs for food, shelter, homelessness prevention, family development, transportation and adult literacy. For more information on Hopelink and its services, call 425.869.6000 or visit www.hope-link.org.
The Newsweek that arrived at my door this week is different. The Newsweek of old is gone. Newsweek’s table of contents is now entitled a “New Week”. Newsweek is working hard to get it. The May 25th issue heralds the reinvention of the magazine. Jon Meachum talked about the “new’ Newsweek” online this past week:
“the first issue of a reinvented and rethought NEWSWEEK—represents our best effort to bring you original reporting, provocative (but not partisan) arguments and unique voices. We know you know what the news is. We are not pretending to be your guide through the chaos of the Information Age. If you are like us, you do not need, or want, a single such Sherpa. What we can offer you is the benefit of careful work discovering new facts and prompting unexpected thought.”
“One of those changes is in technology, and because of it young people in the news business have been able to exact a kind of inadvertent revenge. They seized on an information-delivery system that their elders initially found puzzling or unpersuasive. They created online outlets from the ground up. Now that this is where the action is, they are quite properly part of the action, not because we made room for them, but because they invented room for themselves.
Throughout the country there seems to be an understanding that this is and ought to be a time of reinvention, in the economy, in education, in the office. But no one seems eager to reinvent on an individual level. Yet never has there been a time when fresh perspective and new ideas were more necessary. The linear path, the ladder, emphasizes stability, but too often at the expense of innovation and mobility.”
Ms Quindlen is going out on top with her last “Last Word” column. I will miss her terrific insights, but as she said, look forward to seeing her work possibly elsewhere.
Chris Brogan, President of New Marketing Labs, wrote a piece on his blog entitled The Next Media Manifesto. in which he states:
“Paper isn’t dead: it’s on demand.
Collaboration rules.”
His list of suggestions for the development of a new media company is a list bloggers and traditional news media outlets should be required to read. He covers everything needed for today’s media outlets to survive and be relevant. But it’s today’s list of everything. I’m sure he’d be one of the first to agree the media, like Ms. Quindlen states, the economy, education, and the office should continually evolve and stay relevant by reinventing themselves.
Here in Seattle, The Seattle Times is looking to reinvent itself with a pilot project for hyper-local news. Recognizing the need to provide the news no longer covered regularly by The Seattle Times, it’s partnering with local blog, Kirkland Views. Rob Butcher of Kirkland Views does an excellent job with hyper-local reporting from Kirkland’s City Hall to community events. The blog has filled a niche traditional media no longer meets in the Kirkland area. The Times, recognizing the niche needed to be filled, is doing a smart thing by partnering with Kirkland Views.
The Seattle PI.com, as a web only news source, plans to cover local news more thoroughly with a combination of bloggers and web writers. (full disclosure, I write posts for the SeattlePI.com real estate professionals blog)
the new Newseek marching orders are very similar to the marching orders at SeattlePI.com. “I just think there’s not a lot of room in this universe for duplication of effort,” she said. However, she added that SeattlePI.com has staked out some beats that it intends to cover aggressively: health, education, real estate, transportation, Amazon, Microsoft, crime, courts, and local government.
When media outlets get the new dynamic of journalism, there’s more hope for the future of these media outlets, but it’s a very different future. The reinvention of news media is the collaboration between different sources and formats, such as video and social networking. But more importantly, it’s the collaboration between journalists who are paid to write and the public who wants to contribute.
The traditional media outlets must reinvent themselves, find a new niche and allow their readers to participate with an active voice to survive. Here’s wishing Newsweek, The Seattle Times, Kirkland Views, The Seattle PI.com, and Anna Quindlen thrive in our “new world.” Chris Brogan, keep sending those great ideas.
Seattle Eastside April 2009 condo real estate statistics
April, 2009 1315 condos for sale,177 sold, 13% chance of selling a condo
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
(pended means the number of condos that got offers this month)
Much good news for the Seattle-Eastside condo sales during April, 2009. April represented the highest number of condo sales on Seattle’s eastside since June, 2008. Only 15 more condos were offered for sale, but 67 more sold in April than in March. I’m sure the first time home buyer credit is spurring on all the activity.
The media was hopping with news stories about the increase in April, 2009 real estate sales in the Seattle area. Local TV stations KOMO and KING5, both had reports on the more positive real estate market. The Seattle Times, Seattle PI.com, and BizJournals all had stories with the same theme.
The chances of selling a home on the Eastside in April 2009ranged from a low of 10% to a high of 23%, with an average 16% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers will be rounded off to the nearest whole number, unless the number is exactly .5% between two numbers.
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
April, 2009 3600 homes for sale 573 homes sold 16% chance of selling.
March, 2009 3711 homes for sale 372 homes sold 10% chance of selling.
April, 2008 4017 homes for sale 489 homes sold 12% chance of selling
(This monthly Seattle/Eastside real estate report now includes the chart above because it’s clear and easy to read. You can still find the MLS charts by clicking on each of the cities below. Those charts have some of the same information as the chart above, but also show the real estate trends for the last 5 years, including median pricing for each city and whether the number of homes for sale and the number of sales are up or down. If you look at the charts by city, you’ll notice the total number of homes for sale and the number of homes sold can vary slightly from the chart above. This is because the information for the charts is gathered at slightly different times. Regardless of the exact numbers, it’s clear the charts show the same trends, which is the most important piece of information.)
(click on city names for a chart showing the latest stats in the area)
Median pricing decreased by 14% from $652,450 to $554,950.
Inventory decreased by 9% and sales decreased by 5%.
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Thoughts on the April 2009 Seattle Eastside real estate market:
Ok, everyone, take a deep breath. Things are looking up! Seattle -Eastside homes are selling. Every eastside area had a double digit absorption rate, for the first time in months.
All areas saw some very positive changes this past month. The positive changes are in bold print. Everycity had some positive change in the real estate activity. The number of homes for sale, the inventory, was down in every city, except one. The number of homes sold was up in all cities except two!
The stand-out area, which is often the case, is the area in East Bellevue and Redmond, close to Microsoft. This area’s absorption rate was the last to slow down and is the first to come back to life. Twenty-three percent of the homes for sale sold there last month.
Are real estate prices increasing on Seattle’s Eastside? No, the number of sales has increased dramatically though.
April had the most number of home sales since June of last year. In King County overall, six of the last ten weeks have had the most number of sales since July, 2007.
In some areas on Seattle’s Eastside, we are seeing a more balanced market between buyers and sellers.
Seattle Eastside March 2009 condo real estate statistics
March, 2009 1300 condos for sale, 123 sold, 9.5% chance of selling.
March, 2008 1288 condos for sale 175 sold 13.5% chance of selling.
(pended means the number of condos that got offers this month)
The good news is 36 more condos sold this past month than in February. There were, however, 105 more condos to choose from. I’m expecting more condos to come on the market per the typical spring real estate selling season. The chances of selling a condo increased slightly this month from February, as more buyers seem to have that spring time bug and are out shopping around.
Competition will remain fierce. Since there are many options in each price range, sellers will need to be realistic both in their asking price and what they’re willing to take for a final sales price. The good news is more people are buying and the realistic news is prices are not going up at this time.
The chances of selling a home on the Eastside in March 2009ranged from a low of 6.5 % to a high of 15%, with an average 10% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers will be rounded off to the nearest whole number, unless the number is exactly .5% between two numbers.
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
March, 2009 3711 homes for sale 372 homes sold 10% chance of selling.
March, 2008 3637 homes for sale 493 homes sold 13% chance of selling
I’ve changed the format of this monthly Seattle/Eastside real estate report to include the trendgraphix chart above. This chart is clear and easy to read, so you can get the real estate data quickly. For those of you who want to get more detail, you can still read the MLS charts by clicking on each area below. The charts have some of the same information, but also show the real estate trend for the last 5 years, the median pricing, and whether the number of homes for sale and the number of sales are up or down. If you look at the charts by area, you will notice the total number of homes for sale and the number of homes sold can vary slightly from the trendgraphix chart above to the MLS-Windermere graphs. Some of this may be a result of when the information for the charts are gathered . Regardless of the exact numbers, it’s clear the charts show the same trends, which is the most important piece of information.)
(click on each area name for a chart showing the latest stats in the area)
Sellers had an 8% chance of getting a home sold, THE SAME as last month and DOWN from 14.5% last year. Median home prices were DOWN from $579,500 to $513,025. Inventory was down by 6% and sales were down by 35% from last year.
Sellers had a 15% chance of getting a home sold, UP from 10% last month, and DOWN from 19% last year. Median sales price decreased from $539,000 to $499,000, a decrease of 8%. Inventory was up 4% and sales were down 24%.
Sellers had an 11% chance of getting a home sold, UP from7% last month and DOWN from 12% last year. Median price decreased by 21% from $659,900 to $519,900. Inventory was up 1% and sales were down 7%.
Sellers had a 10% chance of selling a home, last month and DOWN from 12% last year. Median price was down to $450,000 from $525,000, a 14% decrease. Inventory was up by 4% from last year and sales were down by 16%.
Sellers had 6.5% chance of selling a home, DOWN from12% last month and DOWN from 9% last year. Median price decreased by29%, from $699,999 to $499,000. Inventory was up by 4% and sales were down by 33%.
Sellers had a 9% chance of selling a home, The SAME as last month, and UP from 5% last year. Median pricing decreased by 5% from $1,250,000 to $1,185,000. Inventory increased by 1 % and sales increased by 57%.
Sellers had a 11% chance of selling a home, UP from 10% from last month, and DOWN from 15% last year. Median pricing decreased by 20% from $600,000 to $481,975. Inventory increased by .3% and sales increased by 29%.
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Thoughts on the March 2009 Seattle Eastside real estate market:
Most of the real estate sales activity is happening below the $750,000 range. Out of the 247 sales on the eastside in March, 210, or 85%, were below $750,000.
Forty-eight percent of the sales were below $500,000.
The chances of selling a home on the eastside increased from February to March in all areas except Kirkland.
More homes are selling as the number of sales in just the first week in April increased by 37% more than most of the past 6 weeks.
Both West Bellevue and Redmond, north of downtown, had an increase in the number of sales from last year to this year.
Redmond, north of downtown, had a more balanced real estate market last month than any other area on the eastside. With the number of home sales increasing by 29%, the sales activity represented a more balanced market.
Other eastside areas are still more of a seller’s market.
More sales are beginning to happen, but prices are not going up.
The chances of selling a home on the Eastside in February 2009ranged from a low of 7 % to a high of 10%, with an average 9% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers will be rounded off to the nearest whole number, unless the number is exactly .5% between two numbers.
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
February 2009 3556 homes available 308 homes sold 9% chance of selling.
January 2009 3294 homes available 325 homes sold 10% chance of selling.
February 2008 3303 homes available 453 homes sold 14% chance of selling.
Seattle/Eastside real estate Feb-2009
(chart includes Mercer Island homes, which are not included in my numbers above the chart)
Sellers had an 8% chance of getting a home sold, DOWN from 11% last month and DOWN from 16.5% last year. Median home prices were DOWN from $599,950 to $522,250. Inventory was down by 5% and sales were down by 52% from last year.
Sellers had a 10% chance of getting a home sold, DOWN from 11% last month, and DOWN from 16% last year. Median sales price decreased from $599,000 to $457,475, a decrease of 24%. Inventory was up 10% and sales were down 27%.
Sellers had an 7% chance of getting a home sold, DOWN from11% last month and UP from 8% last year. Median price decreased by 12% from $659,000 to $579,950. Inventory was up 2% and sales were down 49%.
Sellers had a 10% chance of selling a home, THE SAME as last month and DOWN from 12% last year. Median price was down to $381,450 from $549,950, a 30% decrease. Inventory was up by 16% from last year and sales were down by 6%.
Sellers had 8% chance of selling a home, DOWN from 11% last month and DOWN from 12.5% last year. Median price decreased by 3%, to $687,000 from $711,250. Inventory was up by 1% and sales were down by 38.5%.
Sellers had a 9% chance of selling a home, UP from 7% last month, and the same as last year. Median pricing increased by $1000 from $999,000 to $1,000,000. Inventory increased by 26 % and sales increased by 19%.
Sellers had a 10% chance of selling a home, UP from 9% from last month, and DOWN from 16% last year. Median pricing decreased by 21% from $694,970 to $542,900. Inventory increased by 18.5% and sales decreased by 24%.
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Thoughts on February’s real estate market:
Most eastside neighborhoods experienced a decline in sales and an increase in the number of homes for sale. The only exception was West Bellevue. More homes sold in West Bellevue in February this year than last year and the median price was up by just a hair.
Similar to last month all eastside areas, except the plateau area of Sammamish, Snoqualmie, Fall City, Issaquah, and North Bend, had an increase in the number of homes for sale when compared to last year. There were 40 less homes available to buy on the plateau this February than last. On the eastside, the plateau is the only area that had fewer homes for sale.
The number of homes for sale is up this week. The total number of properties ( single family homes and condos) for sale in King County increased to 13,038 on March 9th. Expect more homes to come on the market over the next couple of months.
Home prices are clearly shifting. For the first time in years more homes sold in the $350-500,000 range than in the $500-750,000 range.
This past month there were more home sales happening below the $500,000 mark. Seventy one homes sold in the $350-500,000 range, while 63 sold between $500-750,000. There were also 37 home sales below $350,000. Two years ago, it was impossible to find homes in this price range.
The chances of selling a home on the Eastside in January 2009ranged from a low of 7% to a high of 11%, with an average 10% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers will be rounded off to the nearest whole number, unless the number is exactly .5% between two numbers.
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
January 2009 3294 home available 325 homes sold 10% chance of selling.
December 2008 3169 homes available 243 homes sold, 8% chance of selling.
January 2008 2963 homes available 346 homes sold, 12% chance of selling.
Sellers had 11 % chance of getting a home sold, the same as last month and DOWN from13 % last year. Median home prices were DOWN, from $619,900 to $535,000. Inventory was down by 4% and sales were down by 24% from last year.
Sellers had a 11% chance of getting a home sold, the same as last month, and DOWN from 15% last year. Median sales price decreased from $567,250 to $480,000, a decrease of 15%. Inventory was up 20% and sales were down 14%.
Sellers had an 11% chance of getting a home sold, UP from 6% last month and UP from 8% last year. Median price decreased by 11% from $630,000 to $559,900. Inventory was up 1% and sales were down 58%.
Sellers had a 10% chance of selling a home, UP from 7% last month and DOWN from 14% last year. Median price was down to $438,200 from $459,950, a 5% decrease. Inventory was up by 27% from last year and sales were down by 9%.
Sellers had a 11% chance of selling a home, UP from 6% last month and UP from 10% last year. Median price decreased by 21%, to $521,440 from $652,250. Inventory was up by 2% and sales were down by 10.5%.
Sellers had a 7% chance of selling a home, UP from 3% last month, and the same as last year. Median pricing decreased by 10% to $937,500 from $1,027,500. Inventory increased by 43 % and sales decreased by 43%.
Sellers had a 9% chance of selling a home, UP from 7% from last month, and DOWN from 12% last year. Median pricing decreased by 27% from $664,925 to $484,950. Inventory increased by 17% and sales decreased by 13%.
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Some thoughts on January’s real estate market:
No big surprise again, all eastside areas experienced a reduction in both pricing and sales.
Most eastside neighborhoods had similar chances of having a home sell in January.
All areas, except the plateau area of Sammamish, Snoqualmie, Fall City, Issaquah, and North Bend, had an increase in the number of homes for sale when compared to last year. There were fewer homes available to buy on the plateau this January than last, about 30 less homes
The chances of selling in the core neighborhoods of Kirkland, area 560, was actually a little better than last year, but only by 1%. The same thing is true for (area 500), South Bellevue and parts of Issaquah. Sellers had a 4% greater chance of getting their home sold this January than last.
The number of homes for sale on the eastside is creeping up slightly. As of February 16th, there are 12,678 homes available, whereas 2009 started with 11,363 homes for sale. This is the typical pattern each year. As spring progresses, more people think about moving. I anticipate more homes coming on the market in the next few months. If you’re thinking of moving, your chances of getting your home sold are far better with less competition now, so it’s best not to wait. Those of you who are thinking of waiting until school is over, should be thinking about putting your home on the market in March or April, so you can get moved in the summer. If you wait until school is over, then you may not have your home sold and your move complete by the time the next school year starts.
As I’ve been saying for the past year, this is a market for realistic sellers. If you want to make a move, be prepared to have your home in show condition and priced right. If you’re planning a move into a new home, since it clearly is a buyer’s market, you can negotiate in your favor then. Homes are selling, as you see above, but it usually is the homes that are the best value that get sold.
Contact a Realtor well before you want to sell to make sure you’ll be ready when you do want to sell. As always, if the market or your situation means it’s best for you to stay put, then that’s what you should do.
Sellers had a 12% chance of selling a condo on Seattle’s Eastside in October, 2008. ( click on 2008 year to date statistics in the link above for a chart showing the condo report)
October, 2008 1324 condos for sale, 153 condos sold, 12% chance of selling.
September, 2008 1414 condos for sale, 173 condos sold, 12% chance of selling.
October, 2007 1121 condos for sale, 202 condos sold, 18 % chance of selling.
The number of condos/ town homes for sale on the Eastside is dropping from its summer high. The chance of selling a condo, however, has remained pretty constant throughout the year with 12-13% of the available condos selling each month.
Median pricing was down this month by about 13%, dropping from $345,416 to $300,215. Inventory is up by 18% from last October and sales have dropped by 24%.
I’ve seen some great condos sell and all of the ones that have sold were well priced and showed well, the key to success in this market. Sellers must be ahead of the curve in pricing or they stay among the pack of available condos.
The chances of selling a home on the Eastside in October 2008ranged from a low of 6% to a high of 11%, with an average 8% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers will be rounded off to the nearest whole number, unless the number is exactly .5% between two numbers.
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
October 2008 3975 homes available, 320 sold, 8% chance of selling.
September 2008 4117 homes available, 513 sold, 12% chance of selling.
October 2007 3398 homes available, 461 sold, 14% chance of selling.
Sellers had a 9 % chance of getting a home sold, DOWN from 14% last month and DOWN from 17% last year. Median home prices were essentially the same, from $559,000 to $559,194. Inventory was up by 13% and sales were down by 40% from last year.
Sellers had a 11% chance of getting a home sold, the SAME as last month, and DOWN from 14 % last year. Median sales price decreased from $609,950 to $484,725, a decrease of 20.5%. Inventory was up 13% and sales were down 10%.
Sellers had an 8% chance of getting a home sold, the same as last month, and DOWN from 12% last year. Median price decreased by 14% to $569,900 from $664,950. Inventory was up 5% and sales were down 32%.
Sellers had a 9% chance of selling a home, DOWN from 12% last month and DOWN from 13% last year. Median price was down to $533,925 from $549,250, a 3% decrease. Inventory was up by 17.5% from last year and sales were down by 17%.
Sellers had a 6% chance of selling a home, DOWN from 9% last month and DOWN from 11% last year. Median price increased by 8%, to $709,475 from $657,475. Inventory was up by 17% and sales were up down by 41%.
Sellers had a 6% chance of selling a home, DOWN from 8% last month, and DOWN from 10% last year. Median pricing decreased by 6% to $1,399,000 from $1,492,000. Inventory increased by 45.5% and sales decreased by 9%.
Sellers had a 7% chance of selling a home, DOWN from 17% from last month, and DOWN from 16% last year. Median pricing decreased by 21% (oops, typo of 421% before!) from $599,475 to $472,425. Inventory increased by 24% and sales decreased by 44%.
October has been the toughest month to get a home sold on the eastside so far this year. This is not a big surprise, given the volatility of the economy, the bailout, and the pre-election jitters. Most neighborhoods saw the chances of selling drop to the single digits, with the exception being the East Bellevue and Redmond area around Microsoft. Eleven percent of the homes for sale in that area received offers last month, while it was toughest to get a home sold in Kirkland as only 6% of the homes sold.
Every area on the eastside experienced a decline in the number of sales when compared to October of last year. Ironically, most of this September’s sales were higher than September of last year. The number of homes for sale on the Eastside has dropped back below 4000 homes for the first time this year.
Median prices have dropped back, in many cases, to 2006 levels. In some areas, such as East Bellevue and Redmond around Microsoft, the median price has dropped below $500,000 for the first time since the beginning of 2006. Even though the number of sales are down, the median price continues to jump up or down. In Kirkland, the toughest area for a sale last month, prices went up almost 8%, while in Sammamish, sales were down, but prices remained stable. As I’ve mentioned in the past, it’s important to look at trends in each area over a few months. Prices and sales go up and down in each area and there isn’t always a correlation between the two.
Will things continue to drop or will they stabilize? Having the election behind us and giving the country a more optimistic focus than we have seen in a long time, it will be interesting to follow. It take a few months after the election before we see any changes.
But if you follow Forbes magazine, Seattle is looked at as the number one city to bounce back.
The chances of selling a home on the Eastside in September 2008ranged from a low of 8% to a high of 17.5%, with an average 12% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers will be rounded off to the nearest whole number, unless the number is exactly .5% between two numbers. (Revised numbers)
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
September 2008 4117 homes available, 513 sold, 12% chance of selling.
August 2008 4240 homes available, 503 sold, 12% chance of selling.
July 2008 4332 homes available, 543 sold, 12.5% chance of selling.
September 2007 3529 homes available, 443 sold, 12% chance of selling.
Sellers had a 14% chance of getting a home sold, UP from 13% last month and DOWN from 15% last year. Median home prices were down by 14%, from $602,500 to $519,000. Inventory was up by 10% and sales up by 1.5% from last year.
Sellers had a 17.5% chance of getting a home sold, DOWN from 19% last month, and DOWN from 19 % last year. Median sales price decreased from $575,000 to $550,000, a decrease of 5%. Inventory was up 24% and sales were up 16%.
Sellers had a 11% chance of selling a home, THE SAME as last month and UP from 10% last year. Median price decreased by 5% to $594,500 from $627,250. Inventory was up 7% and sales were up 19%.
Sellers had a 12% chance of selling a home, UP from 11% last month and DOWN from 13% last year. Median price was down to $459,950 from $495,000, a 7% decrease. Inventory was up by 19% from last year and sales were up by 15%.
Sellers had a 9% chance of selling a home, THE SAME as last month and DOWN from 12.5% last year. Median price increased by 2%, to $695,000 from $679,975. Inventory was up by 20% and sales were up by 17%.
Sellers had a 8% chance of selling a home, UP from 6% last month, and THE SAME as last year. Median pricing decreased by 15% to $1,314,000 from $1,550,000. Inventory increased by 49.5% and sales increased by 53%.
Sellers had a 17% chance of selling a home, UP from 14% from last month, and UP from 11% last year. Median pricing decreased by 4.5% from $549,950 to $525,000. Inventory increased by 11% and sales increased by 58.5%!
Most eastside neighborhoods showed similar real estate activity in September as in August. The chances of selling a home hardly varied with the exception of the Redmond’s Education and Novelty Hill areas and Carnation. The area experienced a 3% increase over August activity. This area also saw the largest increase in sales from last September, 58% more homes sold.
Homes in West Bellevue had only an 8% chance of selling. However, West Bellevue had a huge increase in inventory, almost 50%, resulting in 53% more sales this year than last year at this time.
All the eastside areas dropped in median pricing, with the exception of Kirkland, which was up 2% this month.
The chances of selling a home on the eastside have not varied much in most neighborhoods over the past few months. However, in almost all neighborhoods, prices are down and inventory and sales are up.
I was curious to know how may condos were for sale on Seattle’s Eastside in this price range and if any had sold. I checked the MLS and right now there are two condos priced above $5 million, both new construction in downtown Bellevue.
The most expensive condominium home is the penthouse at Bellevue Towers. It’s priced at $9.2 million with 6397 square feet, 4 bedrooms, and 4.5 baths.
The runner-up is priced at $5.2 million and is located in The Bravern, just a few blocks away. This condominium home is 3923 square feet and has 3 bedrooms and 3. 5 baths.
How many condominiums on the Eastside are priced between $4-5 million? 2
between $3-4 million? 4
between $2-3 million? 11
between $1-2 million? 75
How many condominiums have sold in the last 6 months for more than $5 million? none
between $4-5 million? none
between $3-4 million? 3 pending
between $2-3 million? none
between $1-2 million? 29
Is the high end really above $2 million on the Eastside, not $5 million? The number of condominiums available above $2 million drops dramatically from the condos available between $1-2 million. Seventeen condos are priced above $2 million. There are 75 condos between $1-2 million and 29 are pending or closed sales. Above the $5 million range, there haven’t been any sales and only 3 condos have sold between $2-5 million in the last six months.
We all know most people cannot afford the million dollar range of homes or condos, but it looks as if there is a high end real estate market between $1-2 million and an “ultra high end” when we talk about the Seattle/Eastside condo market.
Microsoft gets it. The Seattle Times gets it. The Eastside Transportation Association gets it. Ron Simsgets it. Each one of these organizations/people are doing something about better transportation and/or voicing their opinion about transportation systems that will work in King County and on the Eastside.
Microsoft is already doing it. It has a world class shuttle/bus/car system to meet the commuting needs of its employees, cutting down on the number of single car trips and, ultimately, reducing the carbon footprint of Microsoft.
The Seattle Times has come out against the Sound Transit ballot measure. The newspaper, too, recognizes the need for better transportation. The Times doesn’t believe this ballot measure will solve our transportation problems, partly because of its exorbitant cost and, partly, because of the many years it will take to complete the light rail system without any relief to our existing transportation problems. From The Seattle Times editorial:
“Buses are cheaper than rail and more flexible. Proposition 1 slights them: The two center lanes on the Interstate 90 bridge, which now serve buses and Mercer Islanders, become rail-only. Buses are kicked out. Buses will also be kicked out of Seattle’s downtown transit tunnel.
Finally, it is said that Proposition 1 is not about us, but our grandchildren. So it is. It is a proposal to extend two costly rail lines and to oblige our grandchildren to pay for them. The sales tax is raised to 9.5 percent. It is a lot, and it goes on for a very long time.”
The Sound Transit plan is very long term, but does not prepare King County and the eastside for today’s commuter needs. I can’t imagine what a mess will exist on our roads for the next decade if this plan gets passed.
Sellers had a 13% chance of selling a condo on Seattle’s Eastside in July of 2008. ( click on 2008 year to date statistics in the link above for a chart showing the condo report)
August, 2008 1456 condos for sale, 195 condos sold, 13% chance of selling.
July, 2008 1476 condos for sale, 187 condos sold, 12.7% chance of selling.
August, 2007 1002 condos for sale, 309 condos sold, 37% chance of selling.
Throughout the summer months, the chances of selling a condo have been pretty similar with about 12-13% of the condos receiving offers and selling each month. The number of available condos is only slightly less than last month. Still, the condo prices have gone up a bit, with a 2% increase this month. Each area on the Eastside of Seattle varies, however, and in some areas the competition is very stiff and values are lower. The best of the best are selling. Those condos that are overpriced are sitting on the market and helping the other condos to sell first.
The chances of selling a home on the Eastside in August 2008ranged from a low of 6% to a high of 19%, with an average 12% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers will be rounded off to the nearest whole number, unless the number is exactly .5% between two numbers.
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
August 2008 4240 homes available, 503 sold, 12% chance of selling.
July 2008 4332 homes available, 543 sold, 12.5% chance of selling.
August 2007 3336 homes available, 643 sold, 19% chance of selling.
Sellers had a 13% chance of getting a home sold, UP from 12% last month and DOWN from 21% last year. Median home prices were up by 4%, from $549,250 to $572,000. Inventory was up by 19% and sales declined by 22% from last year.
Sellers had a 19% chance of getting a home sold, UP from 16% last month, and DOWN from 25 % last year. Median sales price decreased from $582,475 to $549,000, a decrease of 6%. Inventory was up 43% and sales were down 12%.
Sellers had a 11% chance of selling a home, DOWN from 14% last month and DOWN from 20% last year. Median price decreased by 8.5% to $592,475 from $647,800. Inventory was up 14% and sales were down 38%.
Sellers had a 11% chance of selling a home, DOWN from 15% last month and DOWN from 16% last year. Median price was down to $478,062 from $502,500, a 5% decrease. Inventory was up by 30% from last year and sales declined by 14%.
Sellers had a 9% chance of selling a home, DOWN from 10% last month and DOWN from 14% last year. Median price declined by 11%, from $649,950 to $585,000. Inventory was up by 29% and sales were down by 14.5%.
Sellers had a 6% chance of selling a home, UP from 5%, and DOWN from 19% last year. Median pricing decreased by 37% to $999,950 from $1,582,500. Inventory increased by 73% and sales declined by 42%.
Sellers had a 14% chance of selling a home, the same as last month, and DOWN from 26% last year. Median pricing decreased by 8% from $650,000 to $599,950. Inventory increased by 19% and sales dropped by 34.5%.
July and August’s market activity was very similar, with most neighborhoods seeing the same chances for selling in both months. However, the top area for sales on the Eastside, with the largest increase in chances from last month, was the East Bellevue/West Redmond/Microsoft area. The chances of selling your home in South Bellevue, North Kirkland, Woodinville, Kenmore, Bothell, and Duvall dropped by few percentage points. For the first time this year, West Bellevue’s median price dipped below $1,000,000. We’ve not seen median pricing in West Bellevue below $1,000,000 since 2006.
To determine the most realistic view of the market, look at several months worth of data. Pay particular attention to the amount of homes for sale in your area. Regardless of what’s happened in the previous months, make sure you know the actual competition in your area before establishing a sales price and going on the market.
Be the best home out there and your home will sell. People are still relocating, changing jobs, needing more space, reasons that still exist for making a move.
The chances of selling a home on the Eastside in July 2008ranged from a low of 5% to a high of 16%, with an average 12.5% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.) Numbers will be rounded off to the nearest whole number, unless the number is exactly .5% between two numbers.
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
July 2008 4332 homes available, 543 sold, 12.5% chance of selling
June 2008 4154 homes available, 635 sold, 15.2 % chance of selling.
May 2008 4349 homes available, 522 sold, 12% chance of selling.
July 2007 3253 homes available, 773 sold, 23.8% chance of selling.
Sellers had a 12% chance of getting a home sold, DOWN from 17% last month and DOWN from 22% last year. Median home prices were up by 1%, from $569,800 to $575,000. Inventory was up by 18% and sales declined by 33.5% from last year.
Sellers had a 16% chance of getting a home sold, DOWN from 23% last month, and DOWN from 34% last year. Median sales price decreased from $599,000 to $574,990, a decrease of 4%. Inventory was up 70% and sales were down 20%.
Sellers had a 14% chance of selling a home, UP from 12.5% last month and DOWN from 23% last year. Median price decreased by 19% to $604,950 from $749,975. Inventory was up 24% and sales were down 24.5%.
Sellers had a 15% chance of selling a home, DOWN from 15.5% last month and DOWN from 26% last year. Median price was down to $475,000 from $550,000, a 14% decrease. Inventory was up by 35% from last year and sales declined by 23%.
Sellers had a 10% chance of selling a home, DOWN from 16.5% last month and DOWN from 22% last year. Median price declined by 25%, from $757,475 to $569,000. Inventory was up by 25% and sales were down by 38%.
Sellers had a 5% chance of selling a home, DOWN from 9.5%, and DOWN from 19% last year. Median pricing decreased by 29% to $1,354,975 from $1,748,000. Inventory increased by 85% and sales declined by 50%.
Sellers had a 14% chance of selling a home, UP (barely) from 13% last month, and DOWN from 22% last year. Median pricing decreased by 15% from $644,435 to $549,375. Inventory increased by 18% and sales dropped by 25%.
The activity for May is included at the top of this article because July’s market performance is very similar to the market performance in May. June was a stronger month for sales for most of the Eastside neighborhoods than July has been. South Bellevue, and Education Hill, Carnation, and Union Hill areas were all stronger performing areas, but only by a fraction. Every other area of the Eastside showed less of an absorption rate than in June. West Bellevue, Medina and Clyde Hill, our most expensive areas, were hit the hardest with the biggest decline in activity and pricing.
To determine the most realistic view of the market, look at several months worth of data. Pay particular attention to the amount of homes for sale in your area. Regardless of what’s happened in the previous months, make sure you know the actual competition in your area before establishing a sales price and going on the market.
Remember sellers, it’s price and condition in this market. Homes are selling, but as we all know, there’s competition. Be the best home out there and your home will sell.
Sellers had a 13.6% chance of selling a condo on Seattle’s Eastside in June of 2008. ( click on 2008 year to date statistics in the link above for a chart showing the condo report)
June, 2008 1427 condos for sale, 194 condos sold, 13.6% chance of selling.
May, 2008 1472 condos for sale, 211 condos sold, 14% chance of selling.
June, 2007 840 condos for sale, 382 condos sold, 45.5% chance of selling.
The absorption rate, the chance of getting your home sold, did not vary much from May to June of this year. Inventory is actually down slightly, but the chances of selling were almost the same during the past two months.
Condo values on the Eastside continue to go up, but last month the increase was negligible at only .5% from June of last year. The actual number of sales is down considerably, by almost 50%. This means the cream of the crop of condos are getting the offers and other condos are just sitting on the market. Pick your condo/town home purchase wisely.
The chances of selling a home on the Eastside in June 2008ranged from a low of 9.5% to a high of 23.2%, with an average 15.2% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
June 2008 4154 homes available, 635 sold, 15.2 % chance of selling.
May, 2008 4349 homes available, 522 sold, 12% chance of selling.
June 2007 3107 homes available, 841 sold, 27% chance of selling.
Sellers had a 16.7% chance of getting a home sold, UP from 12.7% last month and DOWN from 25.3% last year. Median home prices were down by 2.6%, from $604,475 to $589,000. Inventory was up by 17.5% and sales declined by 22.6% from last year.
Sellers had a 23.2% chance of getting a home sold, UP from 13.5% last month, and DOWN from 42.5% last year. Median sales price decreased from $624,500 to $549,500, a decrease of 12%. Inventory was up 80.4% and sales were down 1.3%.
Sellers had a 12.5% chance of selling a home, UP from 11.5% last month and DOWN from 24.9% last year. Median price decreased by 15.7% to $588,975 from $699,000. Inventory was up 25% and sales were down 37.4%.
Sellers had a 15.5% chance of selling a home, UP from 9.6% last month and DOWN from 26.8% last year. Median price was down to $498,875 from $522,475, a 4.5% decrease. Inventory was up by 37% from last year and sales declined by 20.9%.
Sellers had a 16.5% chance of selling a home, UP from 9.6% last month and DOWN from 23.5% last year. Median price declined by 4.5%, from $724,950 to $694,000. Inventory was up by 28% and sales were down by 10%.
Sellers had a 9.5% chance of selling a home, UP from 7.3%, and DOWN from 34% last year. Median pricing decreased by 13.7% to $1,294,750 from $1,500,000. Inventory climbed by 95.7% and sales declined by 45.5%.
Sellers had a 13.2% chance of selling a home, DOWN from 21.2% last month, and DOWN from 25.5% last year. Median pricing increased by 12.2% from $598,000 to $671,035. Inventory increased by 25.5% and sales dropped by 35%.
Inventory on Seattle’s Eastside dropped significantly from last month, by 195 homes, a 5% deline in inventory. All the eastside areas showed an increase in the absorption rate, the number of sales compared to the amount of homes for sale, except in the Education Hill, Union Hill, Carnation area. This area was the highest performing area last month, with the sales activity declining this month. West Redmond/East Bellevue had the best absorption rate of the Eastside once again. May was the only month this year that the area east of 405 and south of highway 908 was not the best performing area on the eastside.
To determine the most realistic view of the market, look at several months worth of data. Pay particular attention to the amount of homes for sale in your area. Regardless of what’s happened in the previous months, make sure you know the actual competition in your area before establishing a sales price and going on the market.
Remember sellers, it’s price and condition in this market. Homes are selling, but as we all know, there’s competition.
The Fip Video Camera is a really cool, easy to use tool that easily works for videos of anything, including real estate. The Seattle Times had a great article about the camera, which is inexpensive and easy to use. Remember when “easy to use cameras” first came out and the expression was, “Push here dummy” Well, the same high level of skill applies to the Flip Video Camera!
I’m beginning to experiment with YouTube videos and plan to use them a lot more in marketing neighborhoods, parks, schools, all the amenities in an area people like to see and know about when they’re buying a home.
Just for fun, this is one of the YouTubes I did of last night’s Kirkland Washington’s Fourth of July fireworks show. Enjoy!
Hold on! Could it actually be sunny on the Fourth of July? Could it be great weather to celebrate the outdoors? It could be wonderful. But now I’m hearing it could be damp and rainy. I’m heading to my 23rd Fourth of July in the Seattle area and have seen more cool and damp holidays than I care to remember. I’ve heard more than once that around Seattle, “Summer begins on July 5th.” This week, starting with this past weekend, it appears that summer has arrived in full swing. Let’s hope it stays this way for the fourth.
Here’s where you can spend your Fourth of July in the Seattle area:
If you want to travel across the lake, there are the two grandaddies of all the holiday celebrations:
Come down to Eliot Bay to view the 44th annual Ivar’s fireworks show.
Fish and Fireworks is a special opportunity to watch the fireworks show from the Aquarium, enjoy the fish and sea life, and avoid the crowds and traffic.
Seattle’s Seafair Marathon ran by yesterday from Seattle through the Eastside cities of Bellevue and Kirkland. The runners showed lots of grit, guts, sweat, humor, and appreciation. Pretty impressive, given that I was seeing this when the runners were hitting their 23rd mile and the temperature kept climbing to one of our hottest days of the year.
Volunteering to help with the race, I was responsible for directing the cars crossing the course as they headed into Houghton Beach Park along Kirkland’s Lake Washington Boulevard.
Whe the runners came, it happened really fast. Shortly after 9 AM the first three runners came by right on each others heels. The men were the Kenyans, who were the men to beat. I read later that they ran the race together like this until mile 24, when number 7, Edward Kiptum broke from the group to win the race by 33 seconds.
At 9:35, the first woman runner ran by.
The winning woman was not far behind at that point.
9:45 a steady stream of runners had crossed mile 22.
The runners/walkers were incredibly polite and appreciative. Countless people thanked me for volunteering and picking up the water cups others threw down on the ground.
One runner yelled, “You guys are brilliant.” I responded, “No, you guys are.” He shot back with “Right now, I’m not so sure it was so brilliant to sign up.”
Another runner from the Marathon Maniacs team said, “Oh, you’re taking my picture? Sorry my hair is messed up,” as he doffed his cap and showed his bald head. (Picture before he took his cap off!)
Then there were the two women with Statue of Liberty hats.
When I shouted encouragement to people, several shot back about the hill in Bellevue. I’ll never look at Bellevue Way heading south from Kirkland in quite the same way anymore!
Congratulations to all who ran, walked, and volunteered. A race well done!
The Seafair Marathon is crossing the 520 bridge with most of the route on the eastside of Seattle this year for the first time. This Sunday, the 29th, the marathon begins at 7 AM in Husky Stadium and treats the runners to fabulous views of Lake Washington as they run across the bridge to the eastside cities of Bellevue and Kirkland. The race heads as far south as Enatai and swings back up through Bellevue’s Bridle Trails to Rose Hill on over to the Kirkland Highlands, through East and West of Market, along Lake Washington Boulevard back down to the Bellevue Downtown Park and the finish line. There’s a 1/2 marathon which will cross the bridge and circle through Bellevue.
Give those Team in Training members a big cheer. These will be the runners in purple jerseys. They’re running to raise money for The Leukemia and Lymphoma Society and blood borne cancers. These runners have been training and raising money for the past 6 months. I participated in a 1/2 marathon for Team in Training a few years back up in Anchorage, Alaska. It was a wonderful and rewarding experience.
Expect to see world class runners coming through your neighborhood!
Sellers had a 14% chance of selling a condo on Seattle’s Eastside in May of 2008. ( click on 2008 year to date statistics in the link above for a chart showing the condo report)
May, 2008 1472 condos for sale, 211 condos sold, 14% chance of selling.
April, 2008 1392 condos for sale, 222 condos sold, 15.9% chance of selling.
May, 2007 761 condos for sale, 376 condos sold, 49% chance of selling.
Condo values on the Eastside continue to go up. Last month prices increased over 5% from May of last year. The actual number of sales is down considerably, which means the cream of the crop is getting the offers and the other condos are just sitting on the market. Pay attention to the competition in the area and price or buy accordingly.
The chances of selling a home on the Eastside in May 2008ranged from a low of 7.3% to a high of 21%, with an average 12% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
May 2008 4349 homes available, 522 sold, 12 % chance of selling.
April, 2008 3985 homes available, 512 sold, 12.8% chance of selling.
May 2007 2823 homes available, 871 sold, 30.9% chance of selling.
Sellers had a 12.7% chance of getting a home sold, DOWN from 15.4% last month and DOWN from 29.8% last year. Median home prices were up by 3.1%, from $596,450 to $614,900. Inventory was up by 36.8% and sales declined by 41.7% from last year.
Sellers had a 13.5% chance of getting a home sold, DOWN from 19% last month, and DOWN from 63.8% last year. Median sales price decreased from $619,000 to $559,950, a decrease of 9.5%. Inventory was up 128% and sales were down 51.5%.
Sellers had a 11.5% chance of selling a home, Up from 10.6% last month and DOWN from 29.1% last year. Median price increased by 1.5% to $699,475 from $689,075. Inventory was up 48% and sales were down 41.4%.
Sellers had a 9.6% chance of selling a home, DOWN from 12.5% last month and DOWN from 24.9% last year. Median price was down to $499,950 from $525,000, a 4.8% decrease. Inventory was up by 47% from last year and sales declined by 43.3%.
Sellers had a 9.6% chance of selling a home, UP from 8.46% last month and DOWN from 31.3% last year. Median price declined by 15.1%, from $799,950 to $679,000. Inventory was up by 55.4% and sales were down by 52.3%.
Sellers had a 7.3% chance of selling a home, DOWN from 9.03%, and DOWN from 29% last year. Median pricing decreased by 11.4% to $1,325,000 from $1,495,000. Inventory climbed by 103.2% and sales declined by 48.9%.
Sellers had a 21,2% chance of selling a home, UP from 14% last month, and DOWN from 33% last year. Median pricing decreased by .08% from $654,950 to $650,000. Inventory increased by 60.9% and sales dropped by 3.2%.
County wide, inventory is up from January’s numbers. On the eastside 2963 homes were on the market in January and now there are 4349 homes for sale, a 32% increase. The median price was up in four areas on the eastside in April, but only in two areas in May.
To determine the most realistic view of the market, look at several months worth of data. Pay particular attention to the amount of homes for sale in your area. Regardless of what’s happened in the previous months, make sure you know the actual competition in your area before establishing a sales price and going on the market.
Remember sellers, it is price and condition in this market. Homes are selling, but as we all know, there is competition.
On Monday Metropolitan King County officials and Port of Seattle Commissioners met to sign the paperwork for the complicated deal between the Port of Seattle, King County, and the BNSF railroad. The Port will buy the BNSF tracks from the railway and allow King County to keep the right of way in the public domain.
But what’s the future of the rail line? What’s the future of a trail? I’ve added links to the some of the news articles about the deal and will highlight some of the key issues raised in each article. It’s interesting to compare what’s reported in each article. The different newspapers do not see the issues in exactly the same light. This is not surprising since the issues surrounding the trail and/or rail line are still unclear and very much up in the air.
Several constants in this saga are:
The BNSF is selling the rail line to the Port for $107 million dollars.
The Port has granted King County an easement to develop a trail on 32 miles of the corridor.
Federal law requires the train line be “rail banked”, kept for possible future use as a train line. The tracks will remain in place. This will keep the line available for public use and ownership.
The port will receive $1.9 million dollars from King County for the use of an easement for a hiking/biking trail along the Renton to Woodinville stretch of the rail line and the 7 mile spur from Woodinville to Redmond.
The Everett Herald had an interesting story summarizing Monday’s inking of the deal. The Herald reflected the Snohomish County Council point of view.
“ Snohomish County wants leverage sooner and is working to keep the rails in place for commuter trains all the way to tech job centers on the east side of Lake Washington.
“We think we can have the rails and the trails,” Somers (Snohomish County Council Chairman) said.
Somers is pushing for a deal with a private company called GNP Railway to provide daily commuter trains on the route from Snohomish to Bellevue as soon as next year. The county is negotiating with the company chairman Tom Payne.
“If we can team up with Tom Payne and get status with the federal government, the port and King County have to deal with us.”
Snohomish County wants rail.
“The port isn’t interested in long-term ownership of the corridor, so questions to be worked out include who would ultimately own the corridor and run commuter rail over it, said Port Commissioner John Creighton. “We’re holding the corridor now, but if Sound Transit determines it can make use of the corridor, we would like to sell it to Sound Transit, get our money out, and invest it in our core business.”
Both The Seattle P-I and The Seattle Times weighed in with their take on the future for the rail/trail. The Seattle P-I’s article was the most comprehensive summary of the story. Here are some additional issues raised in the P-I article:
Previously, a study was done to the tune of $800,000 by The Puget Sound Regional Council. This study stated:
“In May 2007 the Puget Sound Regional Council published a study that found Sound Transit and the state Department of Transportation’s strategy of using a series of rapid buses to serve commuters was more feasible than developing high capacity rail transit along the Eastside rail corridor.”
A new survey is being conducted and will be completed by February, 2009. The cost for this study is $340,000, after $800,000 has already been spent to say the commuter line is not viable in King County! Part of the money for the study is being paid by the Discovery Institute, which has a vested interest in seeing the commuter line developed, since this very group is hoping to develop the commuter line. This second study is being conducted with funds from a source that hopes to gain from the outcome of the study. Hmm….
It’s important to have thorough and impartial studies completed, studies which demonstrate the actual cost per rider and the full cost of developing the trail and rail line. It’s important to have the proper public process for the trail and/rail line. Whatever is decided must be the result of careful, thorough analysis and not just a band-aid solution resulting from the failure of Proposition 1.
Sellers had a 15.9% chance of selling a condo on Seattle’s Eastside in April of 2008. ( click on 2008 year to date statistics in the link above for a chart showing the condo report)
April, 2008 1392 condos for sale, 222 condos sold, 15.9% chance of selling.
March, 2008 1277 condos for sale, 208 condos sold, 16% chance of selling.
April, 2007 621 condos for sale, 377 condos sold, 60% chance of selling.
Condo values on the Eastside continue to go up. Last month prices increased over 7% from last year and this month prices are up 12.6%. This is not to say it’s easy to sell a condo. Clearly, the actual number of sales is down considerably, by 41%.
Pricing a condo for sale should be based on the amount of competition and the most recent sales. Sales from even a few months ago are out of date. Understanding the competition when you go on the market is the key to a successful sale. Pricing must be competitive so a condo stands out from the pack.
The chances of selling a home on the Eastside in April 2008ranged from a low of 8.46% to a high of 19%, with an average 12.8% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
April, 2008 3985 homes available, 512 sold, 12.8% chance of selling.
March, 2008 3637 homes available, 493 sold, 13.5% chance of selling.
April, 2007 2444homes available, 734 sold, 30.0% chance of selling.
Sellers had a 15.4% chance of getting a home sold, UP from 14.5% last month and DOWN from 29.4% last year. Median home prices were down by 6.2%, from $637,000 to $597,639. Inventory was up by 48.8% and sales declined by 22% from last year.
Sellers had a 19% chance of getting a home sold, DOWN from 21.7% last month, and DOWN from 46.0% last year. Median sales price increased from $569,000 to $608,998. Inventory was up 110% and sales were down from 63 sales to 55 homes, a 12.7% decline.
Sellers had a 10.6% chance of selling a home, DOWN from 12.3% last month and DOWN from 25.9% last year. Median price decreased by 19% to $600,000 from $741,150. Inventory was up 54.5% and sales were down almost 36.7%.
Sellers had a 12.5% chance of selling a home, a minimal change from 12.3% last month and DOWN from 37% last year. Median price was down to $484,450 from $514,950, a 5.9% decrease. Inventory was up by 60.1% from last year and sales declined by 45.9%.
Sellers had a 8.46% chance of selling a home, DOWN from 10.7% last month and DOWN from 30.5% last year. Median price declined by .03%, from $710,000 to $707,950. Inventory was up by 62.6% and sales were down by 54.8%.
Sellers had a 9.03% chance of selling a home, UP from 7.26%, and DOWN from 28.3% last year. Median pricing increased by 42% to $1,399,000 from $985,000. Inventory climbed by 106.2% and sales declined by 34.1%.
Sellers had a 14.0% chance of selling a home, DOWN slightly from 14.8% last month, and DOWN from 20.9% last year. Median pricing increased by 13.1% from $577,015 to $652,450. Inventory increased by 71% and sales dropped by 14.5%.
County wide, inventory is up from January’s numbers. On the eastside 2963 homes were on the market in January and now there are 3985 homes for sale, a 26% increase. The chances of selling in the different eastside areas varied very little from March’s numbers. However, if sales were down in an area, there was no absolute correlation with median price. Even if sales were down, the median price could still go up. The median price was up from last April in four of the eastside areas and down in three of the areas.
If you are trying to get a feel of the market in a particular area, look at several months worth of data. This will give the most realistic view of the market. Pay particular attention to the increase in inventory in your area. Sellers. regardless of what’s happened in a previous month, make sure you understand how much actual competition there is in your area before establishing a sales price and going on the market.
Remember sellers, it is price and condition in this market. Homes are selling, but as we all know, competition for the buyer is fierce.
Seattle Eastside April 2009 condo real estate statistics
Eastside Real Estate Buzz
