The Seattle-Eastside Condo Market is Amazing!

Our amazing Seattle-Eastside real estate continues! How low can the supply of eastside condos go?  In July there were only 463 condos for sale all over the Eastside, less than half the number of condos for sale in July of 2011!  The supply is low and the prices have dropped considerably over the last few years as evidenced by the chart below. These market conditions bode well for buyers.  Prices are at the bottom and with the low supply, they should begin rising.  Unfortunately for the sellers who bought from 2007 on, it's still a tough market as pricing is well below the high experienced during that time.

Not only was the supply at the lowest I can remember, the number of sales were at the high so far for the year. There were 463 condos for sale and 236 of them sold!  I've been in real estate on Seattle's eastside for 25 years and I've never seen anything like the lack of supply in the market we're experiencing now.  In previous reports I mentioned if the supply of condos stayed on the low side, to expect the positive market to continue in Bellevue, Kirkland, Redmond, and the other cities east of Seattle. This was how the real estate market performed in July.

The chart beow shows the trend in pricing from 2008-2012 for condo sales on the eastside.  Each blue bar represents a month during the years that are represented below.  The red line that is drawn across each year shows where the median point is in pricing for the year.In 2008, the median pricing for condo sales on the eastside was $337,064.  So far this year, the median pricing for sales is at $221,631.  If you look at 2012, pricing has jumped up for the last two months,  but on average, it's still lower than previous years.

Time on the market has also dropped to an average of 90 days to sell vs.109 days in June of 2011.

If you have any questions about the condo market, please feel free to contact us. 

 

Posted on August 15, 2012 at 1:59 pm
The Beaupain Team | Category: Bellevue Real Estate, Eastside Real Estate, For Buyers, For Sellers, Issaquah Real Estate, Kirkland, Market Statistics, Real Estate, Redmond, Sammamish, WA Real Estate | Tagged , , , , , , , ,

How Was The Real Estate Market In Bellevue, Kirkland, Redmond, and Other Eastside Cities At The Start of 2012?

 

What a difference a month makes!  The January Real Estate Map shows a “Seller’s Advantage” in our market!

There’s a lot of  “red” on the above Seattle area real estate map!  There’s more “red” than we’ve seen in years, and I mean years.  What does the “red” mean?  It means it’s a seller’s market. The homes that are in the “red” areas sell in less than 3 months on average.  In January, most of the eastside was a seller’s market.  Mercer Island, West Bellevue, and Kirkland did not quite reach the threshold of a seller’s market, but Kirkland was almost there.  The real estate markets in these areas were more evenly balanced between the buyers and sellers as homes sold on average within 3-6 months.

This real estate market is pretty exciting to see after the tough markets of the last few  years.  But what this really means is that we have a more normal market on Seattle’s eastside. The good homes that are priced right and show well are the homes that are selling quickly and bringing the average market time down.  There are and still will be homes that aren’t priced well or don’t show well which will sit on the market and take longer to sell.

The chance of a home selling in the different eastside cities ranged from 15-30%. West Bellevue had the fewest sales when compared to the number of available homes, while the plateau cities of Sammamish, North Bend, and Fall City saw almost a third of the homes sell in one month!

The Seattle Times talked about the drop in median prices, but was careful to point out that data varies from city to city and neighborhood to neighborhood.

But King County is a big place, and the real-estate market isn’t the same in SeaTac as it is in Sammamish.
A closer look at the statistics reveals significant variations from neighborhood to neighborhood.

It’s good to see the Times recognizing the neighborhood differences, since too many times the media publishes data, which covers too broad an area.  This does not give an accurate picture of the real estate data.

The cities below are grouped together to follow our MLS areas (multiple listing service).  This is how our statistics are reported. 

How was real estate market in your Seattle-Eastside city in January, 2012?


1. The plateau:  Sammamish, Issaquah, North Bend, and Fall City

The odds of selling a home were 30%

Median sales price decreased from $496,000 to $465,000  (y-o-y)**

There were 469 homes for sale

A total of 86 homes sold

Days on the market: 123

 

2.  South Bellevue/Issaquah

The odds of selling a home were 28%

Median price decreased from $575,000 to $484,000

226 homes were for sale

A total of 35 homes sold

Days on market: 90

 

3. Kirkland

The odds of selling a home were 27%

Median sales price decreased from $534,000 to $522,000

155 homes were for sale

A total of 34 homes sold

Days on Market:  62

 

4. Redmond/East Bellevue

The odds of selling a home were 26%

Median sales price increased from $380,000 to $460,000

125 homes were for sale

A total of 32 homes sold

Days on the market: 94

 

5. Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The odds of selling a home were 25%

Median sales price decreased from $390,000 to $344,000

387 homes were for sale

A total of 64 homes sold

Days on Market: 115

 

6.  Redmond/Education Hill/ Carnation

The odds of selling a home were 21%

Median sales price decreased from $522,000 to $483,000

193 homes were for sale

A total of 30 homes sold

Days on Market: 112

 

5. West Bellevue

The odds of selling a home were 15%.

Median sales price increased from $650,000 to $1,230,000

118 homes were for sale

A total of 18 homes sold

Days on Market: 86

 

If you’d like more specific information about your neighborhood or home, feel free to contact either Brooks or me.

*(The odds of selling a home in each area is a result of the number of homes for sale divided by the actual number of home sales, so if 10 out of 100 homes sold, the odds of selling would be 10/100 or 10%)

** (y-o-y)  median pricing is comparing year over year numbers.

Posted on February 29, 2012 at 4:29 am
The Beaupain Team | Category: Bellevue Real Estate, Bellevue, WA, Eastside Real Estate, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, Market Statistics, Real Estate, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Woodinville, WA, Woodinville, WA Real Estate | Tagged , , , , , , , ,

Real Estate Sales on Seattle's Eastside Are The Best in Years!

Real Estate Activty on Seattle's eastside

Seattle-eastside real estate sales through August, 2011

The Seattle-eastside real estate market is only getting better and better!  August home sales beat July and were way ahead of last August.  This August was one of the best real estate markets in years!

Real estate sales were hopping.  Thirty-three percent more homes received accepted offers this August than August of 2010.  Almost 20% fewer homes were on the market, so less supply + more demand equaled more sales. In August, 22% of the homes for sale on Seattle’s eastside got offers.  This means out of the 2811 homes for sale, 609 homes sold.  On average, most homes sold within 85 days.

In King County, the number of homes for sale dropped below 10,000 for the first time since last May.  Here on the eastside, we’re also seeing the lowest number of homes for sale.   More than likely, the peak number of homes for sale was 2879 back in June.

Last month I questioned whether the surge in real estate sales would continue because of the volatility in the stock market.  With August sales numbers, we’re seeing the most robust market we’ve seen in a long time.  The stock market didn’t put a damper on eastside home sales.

Was your market affected by the stock market “roller coaster?”

Posted on September 12, 2011 at 4:29 pm
The Beaupain Team | Category: Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Market Statistics, Real Estate, Redmond, Sammamish, WA Real Estate, Woodinville, WA Real Estate | Tagged , , , ,

How Many Homes Sold in Your Seattle-Eastside Neighborhood in July, 2011?

[googlemaps http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=Bellevue,+WA&sll=37.0625,-95.677068&sspn=23.403932,58.271484&ie=UTF8&hq=&hnear=Bellevue,+King,+Washington&ll=47.610377,-122.200679&spn=0.310148,0.910492&z=10&output=embed&w=425&h=350]

How many homes sold in June, 2011 in your neighborhood?

It’s uncanny to see how similar July real estate sales on Seattle’s eastside were to June’s sales results.  On most of the eastside, the numbers varied only slightly from June.  Twenty-three percent of the homes for sale on the eastside sold, with the Redmond and Bellevue area around Microsoft leading the way with 38% of the homes selling.  In the majority of eastside neighborhoods, the chance of selling a home ranged between 20-23%.

The odds of selling a home in each area is a result of the number of homes for sale divided by the actual number of home sales, so if 10 out of 100 homes sold, the odds of selling would be 10/100 or 10%)

The plateau:  Sammamish, Issaquah, North Bend, and Fall City

The odds of selling a home were 20%.

Median sales price dropped: $539,950 to $519,000.

There were 771 homes for sale.

A total of 165 homes sold.

Redmond/East Bellevue

The odds of selling a home were 38%.

Median sales price increased from $422,475 to $429,950.

189 homes were for sale

A total of 85 homes sold.

South Bellevue/Issaquah

The odds of selling a home were 24%.

Median price decreased from $599,475 to $578,500.

380  homes were for sale.

A total of 110 homes sold.

Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The odds of selling a home were 23%.

Median price was down from $499,950 to $369,475.

598 homes were for sale.

A total of 158 homes sold.

Kirkland

The odds of selling a home was 23%.

Median price decreased from $549,900 to $541,500.

288 homes were for sale.

A total of 76 homes sold.

West Bellevue

The odds of selling a home were 20%.

Median pricing decreased from $1,299,000 to $1,074,475.

175 homes were for sale.

A total of 42 homes sold.

Redmond/Education Hill/ Carnation

The odds of selling a home were 20%

Median pricing increased from $548,000 to $549,000.

337 homes were for sale.

A total of 75 homes sold.

If you’d like more specific information about your neighborhood or home, feel free to contact me.



Posted on August 16, 2011 at 4:06 pm
The Beaupain Team | Category: Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Market Statistics, Real Estate, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA, Woodinville, WA Real Estate | Tagged , , , , , , , , , , ,

July, 2011 Seattle-Eastside Condo Sales-The Best for the Year?

Condo sales on Seattle's eastside

Seattle Eastside condo sales through July, 2011

July, 2011 condo sales hit the highest number of sales in more than a year.  There were 1063 condos for sale on the eastside, 76 less than June, and 250 of them received offers.  Twenty-three percent of the condos for sale had accepted offers, great odds when compared to the odds of selling just a year ago.   As you can see, there are so many less condos for sale now, almost 1/3 less, and more are selling this year than last.

Although, the odds of selling a condo are far stronger than the last few years, there are a number of the sales that didn’t come together.  I had reported 223 sales in June and looking at the chart now, I see there were only 195 condo sales.  This means 28 sales or 13% failed last month.

Sales fail for many reasons.  A condo may not pass inspection or an appraisal.  The buyer may not get financing or the condo complex itself may not fit financing guidelines.  There could be too high a proportion of renters as compared to home owners or there could be a pending lawsuit, both could affect the ability to obtain a loan on a condo in a particular complex.

August began with the economy and the volatile stock market hanging over our heads.  It’s too soon to see how this will affect our real estate market.  How are condo sales going in your area?


Posted on August 15, 2011 at 5:54 am
The Beaupain Team | Category: Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Market Statistics, Real Estate, Redmond, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA Real Estate | Tagged , , , , ,

Real Estate Sales Continued to be Strong on Seattle's Eastside in July, 2011

Real Estate Sales Activity on Seattle's Eastside

Seattle Eastside Real Estate Sales Through July, 2011

The chart above speaks for itself.  July real estate sales were going strong on Seattle’s eastside.  More homes sold in July than in any  month since May, 2010. 

Will this surge in real estate sales continue?  Since the news regarding the stock market from last week, it remains to be seen if August will hold up to the sales growth we’ve seen since December of last year.

The number of properties for sale in King County still remains low compared to the last few summers when King County had over 14,000 properties for sale.   As of August 8th, there were 11,091 properties for sale in King County.  Here on the eastside, there were 2863 available properties.   If you compare the number of homes for sale on the Eastside this July to last July, there were 17% less homes and condos on the market this year.

In July there were 2863 homes for sale and 646 of these homes received offers and sold.  The absorption rate, the number of homes that sold during a month compared to the number for sale, was 22%. 

But what’s also important to note is 12% of the sales from June failed.   I had reported 661 sales in June, but this month I see only 587 of them stayed together.

The bottom line is more homes are selling than previously, but it’s also hard to keep the sales together.  Failed sales can be the result of poor inspections,  trouble with the buyer’s financing, an appraisal that does not agree with the sales price or a buyer getting cold feet and backing out.

How is the real estate market doing in your area?  Do you see similar trends?

Posted on August 12, 2011 at 9:46 am
The Beaupain Team | Category: Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Market Statistics, Real Estate, Redmond, Sammamish, WA Real Estate, Seattle real estate, Windermere Real Estate, Woodinville, WA Real Estate | Tagged , , , , , ,

June was a Great Month for Seattle Eastside Condo Sales

June was a great month for Seattle eastside condos sales.  There were 223 condo sales, the most in any month for this year.   April of 2010 was a stronger month for sales, but the numbers were inflated by the end of the 2010 tax credit.  Buyers were scrambling to buy a condo before April, 30th, 2010. 

The number of sales this year show a more realistic picture of buyers wanting to get out there and buy without feeling any pressure because of a tax credit.
Real Estate Sales on Seattle's Eastside
Seattle-Eastside Condo Sales Through June, 2011

There were 1140 condos for sale on the eastside and 233 of them received offers.  This means that 20% of the condos for sale had accepted offers, pretty good odds, considering the odds over the last few years have been more like 10-14%.  But that also means that 80% of the condos did not sell, so price and condition are still extremely important to getting a condo sold.

Know the competition when putting a condo up for sale.   Make sure the market is monitored on a weekly basis to keep up with the changes in the competition.  It’s important to remain competitive the whole time the property is on the market and the market can change quickly.

If you plan to sell your condo in the near future, feel free to contact me if you have questions about what you need to do to get ready to sell. Every seller has to do a few things before putting a home on the market.   If your home is positioned properly, it can be one of the lucky ones to get an offer.


Posted on July 15, 2011 at 12:17 pm
The Beaupain Team | Category: Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Market Statistics, Real Estate, Redmond, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA Real Estate | Tagged , , , , ,

How Strong Were June, 2011 Real Estate Sales on Seattle's Eastside?

Home Sales on Seattle's Eastside Through June, 2011

Seattle-Eastside Real Estate Sales Through June, 2011

How strong were June, 2011 real estate sales on Seattle’s Eastside?  This summer’s real estate market is going to stay stronger than what we usually see during a Seattle summer. Traditionally, the highest number of homes for sale during a year comes near the end of July.  With this increased competition, it can make it more challenging to sell your home.  Although the number of eastside homes for sale has increased each month, the increase is nothing like the numbers we’ve seen during June of the last few years.

This year, the number of homes for sale is increasing, but at a much slower pace than last year.  In King County as a whole, there are 11,320 properties for sale.  Last year at the end of July, there were 14,639 properties on the market. This translates to 33% fewer homes on the market in King County this year.  On the eastside, there were 15% less homes for sale in June.  Since there’s still a great selection of homes for sale, the smaller number of available homes increases the odds of a home selling.

In fact, we had multiple offers on two listings this week alone.  I find we have a lot of showings on our listings, so buyers are definitely out there more than they usually are in the summer months.

The number of sales this past month dipped a little from the previous month, but only by 12 homes.  In May, we saw the highest number of homes sell in a month so far this year.  As a reminder, in April of last year, there’s a very high number of home sales.  This was artificially high as buyers tried to “cash in” on the tax credit.  This year, the sales numbers are not inflated by any other issue.  Real estate sales are fueled by the amount of job hiring in the area and by buyers who are more willing to move on with their lives, literally.

In June 2011, there were 2880 homes for sale and 661 of these homes had offers. The absorption rate, the number of homes that sold during a month compared to the number for sale, was 23%.  Almost one quarter of the Seattle eastside homes for sale sold in June.

How is the real estate market doing in your area?  Is it as strong as what we’re seeing here or is a little slower.

Posted on July 13, 2011 at 4:34 pm
The Beaupain Team | Category: Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Market Statistics, Real Estate, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle, Seattle real estate, Woodinville, WA, Woodinville, WA Real Estate | Tagged , , , , , , ,

How Many Real Estate Sales Were in Your Seattle Eastside Neighborhood in May, 2011?

[googlemaps http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=Bellevue,+WA&sll=37.0625,-95.677068&sspn=23.403932,58.271484&ie=UTF8&hq=&hnear=Bellevue,+King,+Washington&ll=47.610377,-122.200679&spn=0.310148,0.910492&z=10&output=embed&w=425&h=350]

How many homes sold in May, 2011 in your neighborhood?

May real estate sales are proof again that real estate is local. Seattle eastside real estate is doing relatively well when compared to the last few years and to other parts of the country.  Regardless of what the national news reports about real estate, Seattle area real estate sales are better than most parts of the country.

In most eastside areas, roughly 1/4-1/3 of the homes on the market sold.  In some areas of the eastside, such as East Bellevue, Redmond near Microsoft, and Kirkland, more than 30% of the available homes sold.   These areas tend to shine, particularly East Bellevue and Redmond, near Microsoft. These neighborhoods have a mix of housing styles and prices and are located close to good schools and jobs.  The areas that are further out tend to be on the slower end of the sales spectrum. More home buyers in today’s market are looking for the convenience of living close to amenities.

I also should qualify my statements regarding the market.  Prices are not up, but remained stable in some areas and lost ground in others.

Seattle’s eastside has a “normal” real estate market when considering the market over the last few years.  A “normal” market means everything is happening from homes selling the minute they hit the market to homes taking months to sell and at reduced prices. The “hot” homes are selling.  “Hot” homes are great values with a good price tag, are staged and ready to go.  The homes that are not “hot” are taking a long time to sell and go through several price reductions before getting an offer.

From the Seattle Times Eric Pryne:

While the rise in pending sales was more modest on the Eastside, King County’s priciest area, closed single-family sales in May actually were up 6 percent from the same month last year — bucking the countywide trend — while prices fell just 4 percent, less than half the countywide drop.

Windermere’s Deasy attributed that in part to hiring by major Eastside employers. “People will start to see houses sell before they have a chance to act on them,” he predicted.

Eastside condo sales also were up from May 2010, climbing 15 percent. Countywide, however, condo sales fell nearly 4 percent, and the median price — $215,000 — was down 14 percent.

(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, so if 10 out of 100 homes sold, the odds of selling would be 10/100 or 10%)

The plateau:  Sammamish, Issaquah, North Bend, and Fall City

The odds of selling a home were 22%.

Median sales price dropped: $559,880 to $487,000.

There were 752 homes for sale.

A total of 186 homes sold.

Redmond/East Bellevue

The odds of selling a home were 34%.

Median sales price decreased to $409,000 from $480,000.

189 homes were for sale

A total of 73 homes sold.

South Bellevue/Issaquah

The odds of selling a home were 29%.

Median price decreased from $624,975 to $538,000.

342 homes were for sale.

A total of 113  homes sold.

Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The odds of selling a home were 28%.

Median price was down from $451,126 to $375,000.

541 homes were for sale.

A total of 177 homes sold.

Kirkland

The odds of selling a home was 30%.

Median price decreased from $575,000 to $538,500.

282 homes were for sale.

A total of 94 homes sold.

West Bellevue

The odds of selling a home were 29%.

Median pricing increased from $1,280,000 to $1,350,000.

167 homes were for sale.

A total of 51 homes sold.

Redmond/Education Hill/ Carnation

The odds of selling a home were 21%

Median pricing decreased from $519,950 to $411,950.

325 homes were for sale.

A total of 74 homes sold.

If you’d like more specific information about your neighborhood or home, feel free to contact me.



Posted on June 15, 2011 at 3:49 pm
The Beaupain Team | Category: Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Market Statistics, Real Estate, Redmond, Sammamish, WA Real Estate, Woodinville, WA Real Estate | Tagged , , , , , , , , , , , , , , , , ,

How Many Condos Sold on Seattle's Eastside in May, 2011?

Seattle eastside condos sales dropped a bit from April’s high, but sales were still strong.  Condos are still selling better than they have in the last few years.  The number of condos for sale has increased slightly each month since January, but the number is still really low when compared to last year.
Condo Real Estate Sales on Seattle's Eastside

Seattle Eastside Condo Sales Through May, 2011

There were 1126 condos for sale on the eastside and 207 of them received offers.  Eighteen percent of the condos for sale had accepted offers.  May’s odds of selling were far better than any month during all of 2010.  But the odds were still slightly less than 20%, so it’s very competitive out there.  Price and condition are so important.

Buyers still have a lot of choices and are generally not in a rush to buy, so if you’re selling your condo, be careful to keep up with the changes in the market.  Make sure to get an update on any competition at least every 2 weeks. Too much happens during a month’s time to wait 30 days to look at the competition.   Your condo could get left behind,  if better priced homes are up for sale.

If you plan to sell your condo in the near future, feel free to contact me if you have questions about what you need to do to get ready to sell. Every seller has to do a few things before putting a home on the market.   If your home is positioned properly, it can be one of the lucky ones to get an offer.


Posted on June 14, 2011 at 4:34 pm
The Beaupain Team | Category: Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Market Statistics, Real Estate, Redmond, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA Real Estate | Tagged , , , , ,