Condos

After a big jump in condo inventory back in May on Seattle's Eastside, the number of condos for sales continues to slowly creep up.  Pending condo sales were up slightly each of the past few months, but seemed to have peaked back in the spring.  Still, over 50% of the condos sold last month. The average market time was 36 days and median pricing war, $265,000.  The most active month so far this year was back in April, when 95% of the condos for sale sold!  It's still a good market. 

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 September 23, 2014 at 4:15 pm
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, Market Statistics, Real Estate, Seattle real estate | Tagged , , , ,

Seattle’s Eastside Rained Real Estate in February

It's unusual that both January and February of 2013 and 2014 started out with a similar supply of homes for sale. Both years began with a very short supply.  The lack of inventory experienced in 2013 continued into 2014.

Even though the supply of homes for sale was the similar,  the number of sales were less this year than last.  This February 558 homes sold, whereas in 2013,there were 658 sales.  It's suprising, given the positive attitude of the real estate market and the low unemployment rate in the Seattle area (see #115)  This year's fewer sales could be with the low inventory, prices have risen and buyers are becoming more selective with a home purchase that could cost more this year than last.   Some agents think the Superbowl had an affect on lower sales in February.  When people are busy with major events, and the Superbowl was major for Seattle, real estate can get put on the back burner. March sales figures will be more telling in that regard.

If a house comes up for sale that's a great home, though, look out!  Usually there's more than one buyer for a terrific home. The houses that sell really capture the hearts of the buyers, and often more than one buyer at a time.  We just sold a home to a buyer who was competing with two other buyers for a house.  Our buyer got the house, which they love, but paid more than full price by to win house over the other buyers.  With competing offers, often the only way to get a house is to pay more than any of the other buyers and include your first born!

The press reported that home prices dropped both in January or February this year.  Yet, home prices have jumped since  February, 2013.  Median pricing this February was $676,000 over last year's median pricing of $567,000.

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.

 

Posted on March 21, 2014 at 9:14 pm
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, King County Real Estate, Market Statistics, Real Estate, Seattle real estate | 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 , , , ,

Cooler Weather Brings a Cooler Real Estate Market on Seattle’s Eastside

 

Along with the cooler fall weather on Seattle's Eastside, the real estate market has cooled a bit.  The hot market of early this year began to cool off in July and continued into September.  

Does this mean we are in a bad real estate market?  Each time the market changes, people read more into it than is needed.  Our market is slower, but still very strong.  We're in a more balanced, evenly paced market, which is a good thing.   With homes selling on average in a little over a month, the real estate market is a good one.  The market is a strong market, it's just not as crazy and fast paced as earlier this year. 

The number of homes for sale dropped for the first time this year and inventory remains low.  Sales activity, although still good, also declined. Ironically, the percentage of homes selling as compared to what's available, 41%, is not that much different than last year when 37.5% of the homes sold.  The pace of the market is very similar to September, 2012, however time on the market is much shorter and median pricing is much stronger.

As I mentioned last month, this means pricing is paramount.  With our more realistic market, buyers won't be as willing to jump.  They're going to be more critical and evaluate the pricing of a home more carefully. We're in a more normal market in which buyers have the luxury of a little more time.  They will evaluate and pick and choose those homes that are priced right and show well. 

 

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

  • 41% of the available homes sold this past September,  37.5% sold in September, 2012.
  • Homes sold in 37 days, down from 68 days in September, 2012. 
  • In 2012 median pricing in September was $500,000.  In 2013, September's median pricing was $585,000.

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

 

Posted on October 21, 2013 at 6:26 pm
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, Real Estate, Seattle real estate, WA real estate | Tagged , , , , ,

Was The Seattle-Eastside Condo Market Still Strong in August?

 

Sixty percent of the available condos on Seattle's Eastside sold in August.   It's terrific to think that 2/3 of the August inventory sold.  The number of sales was none too shabby, but the market has slowed.  Earlier this year, 8 out of 10 condos sold in a given month.  But selling 6 out of 10 condos is still nothing to sneeze at.  It's still a very strong condo sales market. 

Median pricing stayed the same as July, $272,000. Median pricing seems to have stabilized as pricing for the last four months ranged from $269,000-$279,000.

Condos were on the market for 45 days.  If no other condos had come up for sale, it would have taken less than two months to sell all of the inventory available in August.

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 September 19, 2013 at 6:13 am
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Homeowners, For Sellers, Real Estate, Seattle real estate | Tagged , , , , ,

How Can You Make More Money Selling Your Seattle Eastside Home?

It's simple.  Price your home right and it will sell quickly and for full price.  Overprice your home, it will take longer to sell and it'll sell for less than full price.  In today's hot real estate market, buyers know a good home when they see it because they run out to see everything as soon as it comes up for sale.  If it's priced right, a home will attract multiple offers and sell for full price or more.  If it doesn't sell quickly, given the shortage of supply, it's clear a house is overpriced and will need a price reduction to attract a buyer. 

Two thirds of the sellers got it right during the first quarter of the year and sold their homes quickly and for full price or more.  When you price your home, position yourself to be in that two thirds that sells for full price.  If you do, you'll end up walking away with more money in your pocket.

Posted on May 22, 2013 at 6:02 am
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, Make More Money Selling Your Home, Real Estate, Seattle real estate, WA real estate | Tagged , , , , , , , ,

Seattle Eastside March Real Estate Marched On!

 

Finally, there were a few more homes for sale on Seattle's eastside in March, the first month since August of last year!

Did this increase in inventory dampen the number of sales?  So far, nothing has slowed down the rate of sales.  In fact, the rate of home sales in Bellevue, Kirkland, Redmond, and other eastside cities was higher in March than February.   Seventy-eight percent of the homes on the market sold!  There is still more than one buyer for each home, so multiple offers remain the norm.

It's been hopping out there in the real estate market on the eastside.  We're starting to see some Eastside buyers behave like Seattle buyers.  This past weekend, a buyer pre-inspected one of our listings before making an offer.  Rumor had it that there were going to be at least 4 offers on the table and this particular buyer wanted to come to that table with a very clean, straightforward offer.  Buyers in Seattle have pre-inspected homes for years when the market has been hot.  It's not something we've seen as much on the eastside, but we wouldn't be surprised if it continues. 

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

  • 78% of the available homes sold this past March,  44% sold in March, 2012.
  • Homes sold in 62 days, down from 109 days in March, 2012. 
  • In 2012 median pricing in March was $470,000.  In 2013, March's median pricing was $560,000.  We're expecting median pricing to continue to work its way back up to the higher $500+ range, particularly since inventory is still so low.

The Seattle Times reported  a 17% increase in pricing from March, 2012 on the eastside.

       It was the biggest monthly percentage gain since April 2012, when King County’s median home price started rising after 19 months of decline.

If you'd like more information specific to your home, don't hesitate to contact us.

Posted on April 8, 2013 at 7:14 pm
The Beaupain Team | Category: Bellevue Real Estate, Bellevue, WA, Eastside Real Estate, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County, WA, Kirkland, Market Statistics, Real Estate, Redmond, Seattle, Seattle real estate | Tagged , , , , , , , , ,

Are Distressed Sales a Big Part of the Real Estate Market on Seattle’s Eastside?

Not only is the Seattle Eastside Real Estate market on a roll, the number of distressed sales (bank owned and short sales) has declined dramatically.  In the 3rd quarter, only 18% of the homes sold on the eastside were distressed sales.   Seattle and the rest of King County also had numbers that were on the lower side when compared to previous quarters.

Actually, it would be great if more distressed homes came on the market. We need more homes to sell.  King County and, subsequently, the eastside are at a record low number of homes for sale.  Because of this lack of inventory, distressed sales are needed on the market and, unlike previous years, would not have a detrimental affect on home prices.   At this point, it would be a good thing for the market by offering buyers more choices. 

So bring those homes for sale on the market.  Bring them on!

Posted on November 15, 2012 at 4:40 pm
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, King County Real Estate, King County, WA, Market Statistics, Real Estate, Seattle real estate | Tagged , , , , ,

April Showers Brought Lots of Real Estate Sales to Seattle’s Eastside

Seattle Eastside Real Estate Sales Through April, 2012

 

The Seattle eastside real estate market is still hot! Real estate sales’ numbers on Seattle’s Eastside are terrific.  April sales numbers were similar to March when 46% of the available homes sold.  In April, because there were about 100 more homes for sale, the odds of selling dropped slightly to 42% sold.  Home sellers in Bellevue, Kirkland, Redmond and other eastside cities have the best odds of selling a home since 2007! Much of this is due to the positive economy here in the Seattle area.

New listings are coming on the market and selling quickly. If no other homes were to come on the market, it would only take 1.4 months to sell all of the eastside homes.  Demand is high, helping the good homes that are well priced, show well, have fabulous photos, and great marketing to fall into the 42% of homes that sold last month. Some homes have sold for over full price with multiple offers.

Remember, 58% of the homes did not sell and, more than likely, are missing one of the necessary elements necessary for a quick, well priced sale.  The homes may need to have a better price tag or photos, staging or marketing.  It’s still competitive and buyers are savvy enough to identify those homes that are well priced.  Even though there aren’t a lot of homes for sale, there’s enough new listings coming on the market each month to guarantee a fresh supply of available homes.  With interest rates remaining low, some buyers still take time to make a buying decision.

We sold several homes last month in a matter of days, with multiple offers and for over full price. We worked with all of the sellers for a while before their homes actually came on the market.  One seller contacted us last summer so she would have the time to do everything  needed to get ready to sell without creating additional stress. Most of our sellers contact us a few months before going on the market.  It gives us enough time to get contractors in, if needed, to paint, re-carpet or refresh the landscaping.

How did this past April compare to April of 2011?  Truly, there’s not much of a comparison between this year and last, but here it is:

  • 42% of the available homes sold this past April, 23% sold in April, 2011.
  • Homes sold in 101 days, which is down from 105 days in April, 2011.
  • Median pricing was down to $485,000 from $492,000.
  • Homes sold within 94% of the original asking price.  Last year homes sold within 91% of the asking price.
  • 23% more homes sold this year.

So if you plan to land in the 42% of homes that sell, not the 58% that did not, start the process by contacting your Realtor well ahead of time.

 


 

Posted on May 10, 2012 at 10:50 pm
The Beaupain Team | Category: Bellevue, WA, For Buyers, For Sellers, Kirkland, Market Statistics, Real Estate, Seattle real estate | Tagged , , , , , , , ,

How Was The Seattle Eastside Condo Market in December 2011?

Seattle Eastside condo inventory dipped to 2011’s lowest point in December, 2011.
 
The year began and ended with under 1000 condos for sale.
 
The number of available eastside condos peaked in June with well over 1100 condos for sale.    The peak was never really much of a peak when we look at the peak numbers in previous years.  In the past, the number of condos could easily top out at 1500 for sale.  In  October 2010, there were 1375 condos for sale, and that was not even the peak month for 2010.
 
As most people know, condos have been hit harder than single family homes by the economic downturn.  Prices are down quite a bit, so it’s good to see 2011 end with fewer condos for sale on the eastside.  There’s a big drop in value for condos, about 18% for the year, but the reality is the lower prices are helping to move some of the supply.
 
With fewer condos for sale and a fresh start with the new year, I expect to see condos sell well. The economy is doing better locally with Boeing, Amazon, Microsoft, and others in a hiring mode. Prices will continue to stay low, but with the huge decline in the number of properties for sale, prices should remain stable this year.
 
There were 822 condos for sale in December, with 138 of them receiving offers.  The average market time was 135 days, a  shorter market time than last December’s 156 days.  Condos sold within 90% of the original asking price.
 
Median pricing is down overall, but the median sales price increased during December by 7% from $224,000 in December, 2010 to $239,000.  Remember median pricing reflects what sold that particular month.   This doesn’t mean pricing was up 7% for the year, but what sold in December, 2011 was slightly more expensive than what sold in December, 2010.
 
Our condo supply is usually the highest in the summer. The bell curve shape for the number of condos for sale on the above chart is the typical pattern for most years, regardless of how the real estate market performs.   Condos do sell well in the summer, but competition is much fiercer.  If you’re thinking of selling your eastside condo, it’s best to get on the market in the early spring to get ahead of the competition.
 
Since we have micro-real estate markets in Bellevue, Redmond, Kirkland and the other eastside cities, please contact us if you have questions about your complex or your condo’s value.
 
Have a great 2012!

Posted on January 23, 2012 at 5:41 am
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Homeowners, Market Statistics, Real Estate, Seattle real estate | Tagged , , , , , , , , ,