How Fast Are Seattle Eastside Condos Selling?

Seattle Eastside condo inventory is amazingly low as we start the year.  The amount of condos for sale is actually very similar to what was available for sale in January, 2013.  It'd be difficult to find two years that start out so similarly.  There were 287 condos for sale this past January and 286 in January, 2013!

If all of the condos on the market in January were to sell, it would have only taken 1.4 months.  Condos have been selling within 96% of the asking price. 

Median pricing has gone from $210,000 to $275,000, a hefty jump.

So enjoy Valentine's Day and think about making your move earlier, rather than later next year. 

If you'd like more information about the condo market or your condo in particular, please feel free to contact us. We're here to help!

Posted on February 14, 2014 at 11:37 am
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, Market Statistics, Real Estate | Tagged , , , ,

A Fabulous Start to 2014 Real Estate on Seattle’s Eastside

Ironically this January started out just like last January, when there were not enough homes for sale to meet the demand from buyers.  Last year appreciation soared into the double digits for the first time in years because of this lack of inventory..

The difference between last year and this year?  Because of the lack of inventory last year, prices jumped up.  The median price for real estate sales on Seattle's eastside this past January was $600,000. In 2013?  Median pricing was $513,000.  Price per square foot for a home on the eastside went from $228 to $268. 

Eastside sellers, this is your time.  Buyers are lining up to buy the homes that show well and are priced well.  Buyers, it's not going to get less expensive in the future, so it's in your best interest to get out there and start looking now, rather than later This may sound like  hype, but it is the reality of the Seattle Eastside real estate market.  It's very simply the law of supply and demand that's at work here.

If you have questions about the value of your home in this market, don't hesitate to contact us.  We'd be happy to let you know how real estate is performing in your neighborhood. 

But while you are pondering real estate, enjoy Valentine's Day!

 

 

 

 

Posted on February 14, 2014 at 5:07 am
The Beaupain Team | Category: Bellevue, WA, Eastside Real Estate, For Buyers, For Homeowners, For Sellers, King County Real Estate, Kirkland, Market Statistics, Real Estate, Redmond | Tagged , , , , , , , , ,

Everything You’ve Ever Wanted to Know About Seattle Eastside Real Estate 2009-2013

Looking for a terrific picture of the state of real estate on Seattle's Eastside?  Here it is!  Since we're at the beginning of a new year, it's good to see where we've been over the last 5 years.  It gives a good indication of where we're headed for 2014.

The above chart highlights the most important trends in real estate over the last 5 years, from 2009-2013.  You can find median pricing, the number of homes on the market and the number of home sales per month and by year, and how long the supply would last, based on the number of home sales per month.  

Here's how each of the three sections of the chart are set up.  Each portion is divided by the years 2009-2013, as you can see along the bottom of the chart.  The blue bars show a different month in each of these years.  The red line shows the average for the year. 

The top portion of the chart has the information everyone seems to want to know first, the median pricing.   The fabulous news is how much higher median pricing is now than just a few years ago.  On the eastside, the average median price for a home sale was just under $600,000 at $596,848. 

The second chart demonstrates why prices have increased so dramatically.  It's the law of supply and demand.  The supply dropped considerably in 2012 and and 2013, thus increasing demand for this drastically decreased inventory of homes for sale, causing prices to jump.  With the amount of inventory at a low point at the start of 2014, we expect listings to move very quickly.  Our first listing of the year sold in 24 hours.  The home was not underpriced.  It was well priced, staged beautifully, and in excellent condition.  This type of home is very "hot" right now, as buyers are looking to find great homes. 

Another interesting detail to notice on the middle portion of the chart besides the decline in supply, is the number of home sales each year stays more constant, even as the supply changes.  The number of sales did increase in the last two years, but not nearly as dramatically as the decline in supply,  The increase in sales is a reflection of more buyers feeling comfortable making home purchases.

The lower section shows how much of a supply of homes there is available each month.  In 2009, when there were, on average 3400 homes for sale, it would have taken over 6 months to sell all the homes.  In 2013, when the Seattle Eastside real estate had so few homes for sale, it would have taken 1 1/2 months to sell all the available homes.

The take away from all of this is how terrific we find the real estate market to be at the end of 2013, which is the start of 2014 market.  We have low inventory plus many buyers equaling a high demand for homes, short market times, and increasing prices.  If you plan to make a move in 2014, consider doing so early in the year, when the inventory is at a low point.  Homes sell in every month on the eastside as you can see from this chart, the competition is far less when there are fewer homes for sale.

If you'd like more specific information regarding your home and/or you're thinking about making a move, feel free to contact us.  All the best in 2014!

 

Posted on January 31, 2014 at 8:35 pm
The Beaupain Team | Category: Bellevue, WA, Eastside Real Estate, For Buyers, For Homeowners, For Sellers, Issaquah, WA, Kirkland, Market Statistics, Real Estate, Redmond, Sammamish, WA, Woodinville, WA | Tagged , , , , , , , , , , ,

Condos are Selling Well During the Holiday Season on Seattle’s Eastside

Looking back at November Seattle Eastside Condo real estate, we continued to see a seller's market.  Inventory declined as the number of condos for sale dropped almost 20% from October.  But sales were still strong, as 60% of the available condos sold.  Not everyone just ate turkey in November!

I'm expecting to see similar results in December.  Sales will be strong, but not as high a number as the peak month of August when over 260 condo sold. Still, with such low inventory, the chances of selling a condo that's priced correctly and shows well are quite high.   Buyers are out looking and hoping to find a new home, even though it is the holiday season.

If you're thinking of selling next year, think about making a move early in the season.  The pattern you see in the above chart is a typical yearly pattern.  Fewer condos will be on the market the first few months of the year, so it's a great time to sell.  There's less competition.

So enjoy the holidays and think about making your move earlier, rather than later next year.  Happy Holidays!

If you'd like more information about the condo market or your condo in particular, please feel free to contact us. We're here to help!

 

Posted on December 12, 2013 at 10:34 am
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, Market Statistics, Real Estate, Seattle real estate | Tagged , , , ,

Buyers Bought Homes, Not Just Turkey, in November on Seattle’s Eastside

More home sellers take their homes off the market in November, thinking buyers have gone shopping for presents instead of for homes. The roller coaster pattern you see in the chart with inventory and sales is typical of most years.  The supply of homes for sale tends to drop off as winter comes to Seattle.  The number of homes sold in November also dropped from previous months, but there was still a healthy number of real estate sales on Seattle's eastside.  Almost half of the homes for sale, 46%, sold in November. 

Median pricing for November sales was $555,000.  Median pricing has remained above $550,000 since April of this year.  Homes sold in about 5 weeks, which is a short sales time. Homes  were not selling within a matter of days as we saw in the spring, but a 5 week time frame is probably a healthier time period for the market.  It means the market is still fast and strong, but not as frenetic.

But back to the roller coaster pattern you see in the chart above.  Since the number of homes for sale is so low, and probably will continue to be in December,  if you're thinking of making a move in 2014, think about it early in the year.  Inventory in January should continue this trend and be very low, but creeping up as the month progresses.  Competition will be less because of this lack of supply, increasing the chances for a quick sale and a strong price.

Here are the specifics for November, 2013 as compared to November, 2012:

  • 46.5% of the available homes sold this past November,  41.5% sold in November, 2012.
  • Homes sold in 43 days, down from 67 days in October, 2012. 
  • In 2012 median pricing in November was $525,000.  In 2013, November's median pricing was $555,000.

 

If you'd like to know more about the value of your home or are thinking about a move, please don't hesitate to contact us.

Enjoy your holidays and have a Happy New Year!

 

Posted on December 11, 2013 at 10:34 pm
The Beaupain Team | Category: Bellevue Real Estate, Eastside Real Estate, For Buyers, For Sellers, Market Statistics, Real Estate | Tagged , , , , ,

Were October Seattle Eastside Real Estate Sales Still Strong?

 

Real estate sales were still strong in October on Seattle's Eastside.  Fewer homes were for sale than in September, but sales increased (the red line shows the pending sales for each month)  October was far from the slowest month for sales.  There were fewer sales in five other months this year.  As you can see, April-August had the best run of real estate sales and October was just behind August for the number of sales. 

Here are the specifics for October, 2013 as compared to October, 2012:

  • 51% of the available homes sold this past October,  43% sold in October, 2012.
  • Homes sold in 41 days, down from 62 days in October, 2012. 
  • In 2012 median pricing in October was $515,000.  In 2013, October's median pricing was $572,000.

 

If you'd like to know more about the value of your home, please don't hesitate to contact us.

 

Posted on November 11, 2013 at 6:27 am
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Homeowners, For Sellers, Market Statistics, Real Estate, Windermere Real Estate | Tagged , , , , ,

Has The Seattle Eastside Real Estate Market Changed?

 

The Seattle Eastside real estate market is beginning to level off.  For the first time in months, only about half the homes for sale sold.  This is more typical of a balanced market between buyers and sellers, not the hot sellers' market we've seen over the last few months. 

The number of homes for sale is starting to look more like 2012's numbers, although there are more homes selling now than  in 2012.  The supply of available homes is is almost twice what it was in January of this year.   Homes are still selling well as the number of homes sold in August was among the largest this year.  When you compare inventory to previous years, we still have far fewer homes on the market.  This past August had the fewest number of homes for sale in any August ever!

Our market is a more evenly balanced market, between buyers and sellers.  This shift started to happen in July, but was more pronounced in August.  This means pricing is far more critical than it was this past spring when so few homes were on the market.  If a home is not priced right, buyers will pass and wait for another home to come on the market that's priced more competitively.  With more homes coming on the market, there are more choices for buyers and less wiggle room in pricing for sellers.

Median pricing was only $1000 greater than July's median pricing.   Generally, we've seen a much larger increase in pricing from one month to the next this year, so this is another indication the market is leveling off.

Here are the specifics for August, 2013 as compared to August, 2012:

  • 48% of the available homes sold this past August,  38% sold in August, 2012.
  • Homes sold in 32 days, down from 63 days in August, 2012. 
  • In 2012 median pricing in August was $518,000.  In 2013, August's median pricing was $575,000.

 

If you'd like to know more about the value of your home, please don't hesitate to contact us.

Posted on September 18, 2013 at 10:59 pm
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Homeowners, For Sellers, Market Statistics, Real Estate | Tagged , , , , ,

Seattle Eastside Condo Sales Sailed Through July

 

More condos were for sale in July than any month so far this year, but condo sales were still strong.

Median pricing dropped a bit from June to $272,000.  This does not reflect a drop in prices, but only that the median price of the condos sold in July was less than what sold in June.

We expect prices to continue to increase.  As an example of what's still happening in the market, we just sold a condo in Redmond in less than 2 days for 10% above the asking price! Not all condos or homes, for that matter, are selling over full price because of the increase in inventory.  Our listing was staged beautifully, professionally photographed, and priced realistically.  It immediately caught the buyer's attention and the seller received a fabulous offer.

Condos were on the market for less than 45 days.  It would have taken less than two months to sell all of the inventory available in July.

Since there still are a number of condo owners "under water" who are waiting for prices to increase even more, expect the market to remain strong, even if inventory increases.  We still have a shortage of condos for sale when compared to the demand.

If you'd like more information about the condo market or your condo in particular, please feel free to contact us. We're here to help!

Posted on August 16, 2013 at 6:48 pm
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, Market Statistics, Real Estate, Redmond | Tagged , , , , ,

July Brought Sunny Weather and Great Real Estate Sales on Seattle’s Eastside

More homes were for sale on Seattle's Eastside in July, the most number of homes we've had for sale so far this year.  The inventory is still below July of 2012, when there were 240+ more homes for sale.  Competition is a little stronger as we see more homes come on the market.  The good news is more homes are actually selling this year than last in most eastside neighborhoods.  As the number of homes for sale has increased, the actual number of sales has also increased. 

There's a very healthy turnover in the homes for sale as 1145 homes came on the market in July.  Pending sales stood at 901 homes, a new high since 2005. This represents a fabulous number of sales. 

I've seen some "for sale" signs up for a little longer than in the spring and there's been an increase in price reductions.  Still, there are some homes that are selling with mulitple offers.  Usually, these homes stand out from the competition with a great price, great condition and great marketing.   

The market is beginning a very slow re-balance between buyers and sellers, as the number of homes for sale increases.  That being said, don't be surprised to see anything and everything happen in this market.  Expect the good homes to sell in a heartbeat, while others take a little longer.  There are some reductions for the sellers who were still unrealistic as to what the market will bear.

Our listings continue to sell quickly and for strong prices.  Through July, all of them sold in less than a week!

The median price for sales was higher in June than July.  This does not mean prices have dropped, it just means the median price for all the homes sold in July happen to be slighty less than the median price for all the homes sold in June.  If we look at the full year, with the exception of July, there's been a steady increase in median pricing. 

As pricing continues to climb, fewer sellers will be underwater and more homes should be coming on the market.

Here are the specifics for July, 2013 as compared to July, 2012:

  • 60.9% of the available homes sold this past July,  37% sold in July, 2012.
  • Homes sold in 28 days, down from 65 days in July, 2012. 
  • In 2012 median pricing in July was $511,000.  In 2013, July's median pricing was $574,000.

 

If you'd like to know more about the value of your home, please don't hesitate to contact us.

Posted on August 15, 2013 at 2:27 am
The Beaupain Team | Category: For Buyers, For Sellers, Market Statistics, Real Estate, Windermere Real Estate | Tagged , , , , , , , ,

June Condo Sales on Seattle’s Eastside Were Still Smoking!

 

 

Seattle Eastside Condo Real Estate is still terrific!  Since so many of the available condos sold in June, like most months this year,  it seems like it's impossible to get a condo.  If you're are looking for a condo to buy, more are coming on the market each month, so there's a fresh supply available.  You've just got to be quick as they sell so quickly.  Condos are selling in just over a month!  In June of 2012, it took 3 months to sell a condo.  This is still a very fast paced market. 

Median pricing jumped up to $280,000 in June and I hope we can cross the threshold to $300,000 for a median price in the near future.  The good news is as the prices go up, more condos will come on the market as more sellers will be able to afford to sell.  Higher prices are great for sellers, but not all bad for buyers, since it means more condos should come on the market.

If you'd like to know more about the condo real estate market, please free to contact us.  We're here to help!

Posted on July 12, 2013 at 5:46 am
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, Market Statistics, Real Estate | Tagged , , , , ,