Archive for the ‘Seattle real estate’ Category
buyers markets in Seattle, buying an eastside home, Eastside real estate, interest rates, interest rates-June 2010, King County Real Estate, Seattle Eastside real estate, Seattle real estate, sellers markets in Seattle, selling an eastside home, Windermere Real Eastate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, Windermere Real Estate, Woodinville, WA, Woodinville, WA Real Estate, real estate on August 13, 2010 at 7:40 am
King & Snohomish County Real Estate, 7-31-10
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?
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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 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.
Bellevue WA condos, condo sales, Issaquah WA condos, Kirkland WA condos, Redmond WA condos, Sammamish WA condos, Seattle-eastside condo sales
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on August 12, 2010 at 1:29 pm
Seattle Eastside Condo Sales July 2010
(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.
Sales have clearly slowed down from April’s peak. This may be because many first time buyers rushed to buy a home while the tax credit was in place and not as many buyers are out there right now. It also could be because people are fearful of the future. It’s unfortunate as there are some good properties out there and great interest rates.
Bellevue Real Estate, Issaquah Real Estate, Kirkland real estate, Redmond real estate, Sammamish home sales, Seattle real estate, Woodinville real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA, Woodinville, WA Real Estate, financing, real estate on August 11, 2010 at 9:50 am
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?
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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 downtown to 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.
Bellevue WA condos, condo sales, Issaquah WA condos, Kirkland WA condos, Redmond WA condos, Sammamish WA condos, Seattle-eastside condo sales
In For Buyers, For Sellers, King County Real Estate, Kirkland, Real Estate News, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA Real Estate, market statistics, real estate on July 15, 2010 at 6:42 am
Seattle-Eastside Condo Sales, June 2010
(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.
For a picture of King County sales, check out The Seattle Times.
Seattle real estate, Seattle Eastside real estate, Woodinville real estate, Bellevue Real Estate, Sammamish real estate, Redmond real estate, Issaquah Real Estate
In Bellevue Real Estate, For Buyers, For Sellers, King County Real Estate, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA Real Estate, market statistics, real estate on July 13, 2010 at 1:08 am
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How did June, 2009 stack up to June, 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.)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 16%.
Median sales price increased from $499,950 to $525,000.
The number of homes for sale dropped by 10% and sales were down by 27% from last year.
West Redmond/East Bellevue
The odds of selling a home were 23%.
Median sales price dropped from $499,950 to $482,500.
The number of homes for sale dropped by 4% and sales were UP by 3%.
South Bellevue/Issaquah
The odds of selling a home were 18%.
Median price decreased from $610,000 to $599,994.
The number of homes for sale dropped by 15% and sales were down by 3%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 14%.
Median price remained essentially equal to last year, $419,950 to $419,973 this year.
The number of homes for sale declined by 3% and sales were down by 23%.
Kirkland
The odds of selling a home were 13%.
Median price increased to $624,950 from $596,925.
The number of homes for sale declined by 19% and sales were down by 28%.
West Bellevue
The odds of selling a home were 14%.
Median pricing was UP from $849,000 to $890,000.
The number of homes for sale decreased by 24% and sales decreased by 25.5%.
Redmond/Education Hill/ Carnation
The odds of selling a home were 9%
Median pricing decreased from $529,950 to $474,950.
The number of homes for sale decreased by 4% and sales decreased by 42%.
Although real estate numbers are mostly down on Seattle’s eastside, 3 areas showed an increase in median prices and one area remained similar in pricing to last June. West Bellevue, the Sammamish plateau areas, and Woodinville, North Kirkland, Bothell and Kenmore had a 5% increase in sales prices. Last month, West Bellevue was the only area with an increase in median pricing over last year and that was at 17%.
The three other Seattle-eastside neighborhoods experienced a reduction in sales prices. These areas are South Bellevue, Redmond and Bellevue near Microsoft, and the downtown area of Redmond.
The number of homes for sale is near the highest for this year, but still 11% less than the number of homes for sale on the eastside last year, so that’s a good thing.
I expect the numbers to be down over the next month or two as summer is one of the slower times in Eastside real estate. Traditionally, people take a lot of time to enjoy the sun and the outdoors, since it is so fleeting.
Seattle real estate, Woodinville real estate, Bellevue Real Estate, Kirkland real estate, Redmond real estate, Issaquah Real Estate, Sammamish home sales
In Bellevue Real Estate, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Woodinville, WA, market statistics, real estate on July 12, 2010 at 6:04 pm
Seattle-Eastside Home Sales, June 2010
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.
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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 downtown to 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.
For a picture of King County sales, check out The Seattle Times.
buyers markets in Seattle, buying an eastside home, Eastside real estate, interest rates, interest rates-June 2010, King County Real Estate, Seattle Eastside real estate, Seattle real estate, sellers markets in Seattle, selling an eastside home, Windermere Real Eastate
In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Real Estate News, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA Real Estate, real estate on June 16, 2010 at 1:36 pm
Home Sales Activity for King and Snohomish Counties, May, 2010
During May “green” crept back into a number of Seattle areas. One large area on the eastside, Woodinville, Bothell, Kenmore, Duvall, and north Kirkland was “green,” back as a buyer’s market.
April was the first month in a very long time in which there was no ” green,” no buyers’ markets in almost all the Seattle-eastside areas. In April, the Seattle area real estate market was the strongest in years. This is most likely a direct result of the 2010 tax credit. Both buyers and sellers were rushing to buy and sell before the expiration of the credit.
May represented a lull in the Seattle real estate market. Was this a temporary lull or our new normal? The next several months will be good indicators, although summer tends to be a slower time every year in Seattle real estate. Home buyers and sellers are like everyone else. Seattleites play outside in summer. Of course, that’s providing the sun ever comes out this year!
The good real estate news is 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.
Interest Rates 6-2010
It may be the fall before we can determine the true pace of Seattle real estate. I’ll keep you posted.
- 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.
condo sales, Seattle-eastside condo sales, Bellevue WA condos, Kirkland WA condos, Redmond WA condos, Sammamish WA condos, Issaquah WA condos
In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Redmond, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA Real Estate, market statistics, real estate on June 11, 2010 at 1:50 pm
Seattle-Eastside Condo Sales, May 2010
(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.)
May, 2010 1425 condos for sale 125 condos sold 13% odds of selling.
April, 2010 1437 condos for sale 281 (was 316) condos sold 19.5%(was 22%) odds of selling.*
April, 2009 1441 condos for sale 145 condos sold, 10% 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.
Are we back to what may be normal in Seattle-eastside condo sales or is this the lull after the “storm of buyers” we had before April 30th? The odds of selling Seattle-eastside condos before April 30th was 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 or selling a condo. We may see a lull in Seattle area condo sales. But I expect condo sales to get back to business as usual in the near future, once buyers get used to the tax credit having gone away.
Seattle real estate, Seattle Eastside real estate, Woodinville real estate, Bellevue Real Estate, Sammamish real estate, Redmond real estate, Issaquah Real Estate
In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA Real Estate, market statistics, real estate on June 10, 2010 at 4:10 pm
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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.)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 20.5%.
Median sales price increased from $524,950 to $559,880.
The number of homes for sale dropped by 20% and sales were up by 6% from last year.
West Redmond/East Bellevue
The odds of selling a home were 18%.
Median sales price dropped from $515,000 to $480,000.
The number of homes for sale dropped by 10% and sales were down by 7.5%.
South Bellevue/Issaquah
The odds of selling a home were 16%.
Median price increased to $624,975 from $619,000.
The number of homes for sale dropped by 19% and sales were down by 6%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 12%.
Median price decreased to $451,126 from $459,500.
The number of homes for sale declined by 8% and sales were down by 22%.
Kirkland
The odds of selling a home were 15%.
Median price decreased to $599,000 from $599,950.
The number of homes for sale declined by 25% and sales were up by 3%.
West Bellevue
The odds of selling a home were 19%.
Median pricing was up from $1,097,000 to $1,280,000.
The number of homes for sale decreased by 23% and sales decreased by 12.5%.
Redmond/Education Hill/ Carnation
The odds of selling a home were 15.5%
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?
Bellevue Real Estate, Issaquah Real Estate, Kirkland real estate, Redmond real estate, Sammamish home sales, Seattle real estate, Woodinville real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Real Estate News, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA Real Estate, market statistics, real estate on June 10, 2010 at 3:38 pm
Seattle-Eastside Real Estate Sales, May 2010
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.
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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 neighborhood experienced 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.
Bellevue, getting a home ready to sell, home buyers, home sales, home sellers, Kirkland, Make the most money selling your home, Preparing a home for sale, Redmond, Seattle real estate, Seattle-eastside homes, selling a home
In Bellevue Real Estate, For Buyers, For Homeowners, For Sellers, Make More Money Selling Your Home, Seattle real estate, real estate, real estate opinion on June 7, 2010 at 5:27 pm
Mr and Mrs. Home Seller ask: “Why don’t we let the buyers pick out the new carpet? We don’t know what color they may want.”
New carpeting Creates a Fresh, Clean Look
This is one of the most common sentiments I’ve heard over the years from home sellers. Sellers often think it’s best to leave the old carpet, offer a carpet allowance if needed, and let the buyer choose their own carpet.
Is this right? Do buyers want to choose their own carpet?
NO. Not in the Seattle-Eastside real estate market. Buyers DO NOT want to choose, pay or replace carpet when buying a new home. In this area, Seattle’s eastside cities of Bellevue, Redmond, Kirkland, and Issaquah, etc., buyers want to buy a home that’s move-in ready.
On Seattle’s eastside, the typical buyer is a very busy person(s) who may work a lot of hours. Most buyers aren’t looking to do structural or cosmetic updates to a home. They don’t have the time or the inclination. They want to move in and continue on with their lives with the least amount of disruption. They don’t want to be replacing carpet. Besides, there are lots of Seattle-eastside homes to choose from and many of the other homes have been updated and are ready to go.
Most home sellers don’t want to replace carpet either, but think about it. The buyers don’t have to replace your carpet because they don’t have to buy your home. They have other homes to buy. However, as the seller, you have only one home to sell and so you’ve got to do it. Remember, if you feel like you don’t want to replace the carpet, the buyer probably feels the same way. The catch is, they don’t have to do it, they can buy another home.
So if you want to get an offer to buy your home and make the most money while selling your home, replace your carpet if it’s worn, discolored, has stains, you name it. Make sure it looks fresh and clean, otherwise it will cost you money in the sales price for your home and it could even cost you getting a buyer.
Should you spend a lot for expensive carpet? Absolutely not. You should put in a good grade of carpet, but one that is similar to what builders install in new construction. Make sure you pick a neutral color and install a good 8 lb. pad underneath the rug. A thin pad with new carpet won’t work. It’s easy to tell that either the carpet or the pad are thin the minute you step on it. It feels like you’re on cement.
Looking for some other tips to get the most money when selling your home? Read Parts 1-5, planting some “green,” when to set the sales price, yard clean up, dressing up a front door, and replacing moldings and doors. Pick what your home needs to get it “dressed up” to sell in the competitive Seattle real estate market.
pricing a home right, Pricing a home to sell, Seattle Eastside real estate, setting an asking price for a home, Windermere Real Estate
In For Buyers, For Sellers, Seattle real estate, Windermere Real Estate, market statistics, real estate on May 27, 2010 at 11:04 am
“Can I start out pricing my home higher and then come down in price?” This is one of the most common questions I get asked by people planning to sell their home.
Statistics from March Seattle-eastside home sales show a home will sell faster and for a better price if priced correctly to start. Overpricing a home can result in a longer market time and a lower price.
Moving Your Home From "For Sale" to Sold
So do you want to start with a higher asking price and come down? If you’re serious about selling your home, price it right, otherwise you risk putting a “for sale” sign in your yard, but not selling your home.
What do you think?
Bellevue Real Estate, Issaquah Real Estate, Redmond real estate, Seattle Eastside real estate, Seattle real estate, Woodinville real estate
In Bellevue Real Estate, Issaquah Real Estate, Kirkland, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA, real estate on May 14, 2010 at 1:32 pm
View Larger Map
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.)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 31%.
Median sales price dropped from $524,000 to $514,950.
The number of homes for sale dropped by 20% and sales were up by 75% from last year.
West Redmond/East Bellevue
The odds of selling a home were 35%.
Median sales price dropped from $500,000 to $450,000.
The number of homes for sale dropped by 2% and sales were up by 57%.
South Bellevue/Issaquah
The odds of selling a home were 34%.
Median price decreased to $599,900 from $649,000.
The number of homes for sale dropped by 21% and sales were up 23%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 26%.
Median price increased to $409,500 from $399,950.
The number of homes for sale declined by 12% and sales were up by 18%.
Kirkland
The odds of selling a home were 22%.
Median price decreased to $575,000 from $649,000.
The number of homes for sale declined by 23% and sales were up by 102%.
West Bellevue
The odds of selling a home were 20%.
Median pricing was down from $1,100,000 to $849,000.
The number of homes for sale decreased by 27% and sales increased by 62%.
Redmond/Education Hill/ Carnation
The odds of selling a home were 23%
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?
getting a home ready to sell, home buyers, home sellers, make more money selling your home, Preparing a home for sale, selling a home
In For Homeowners, For Sellers, Remodeling and style trends, Seattle real estate, real estate on May 12, 2010 at 10:26 am
Make more money selling your home is my series on getting your home sold, not just getting it ready to sell, but getting it sold. These posts are a series of suggestions for things you can do to update your home before you sell it. Updated homes sell faster and for more money than homes in need of work. Better yet, if you want to do some of these things while you’re still enjoying your home, go for it.
You may not do everything, but if you read all the posts, you’ll have a good idea of what home updates will get you more money. You can decide how best to spend your money and what works for your budget. Read Parts 1-4, planting some “green,” when to set the sales price, yard clean up, and dressing up a front door and the rest of the series (coming soon), to pick what your home needs to get it “dressed up” to sell in the competitive Seattle real estate market.
Spending some money updating your home will help you make more money selling your home. In the Seattle real estate market, particularly on the eastside, most buyers are looking for homes updated and ready to go. There’s a very small pool of buyers looking to fix up a home on Seattle’s eastside.
Today’s topic: moldings and doors. Clean, fresh white moldings and doors. Some homes will have a theme and look better with wood doors and moldings, but many homes will look great with white woodwork. If you’re starting from scratch, you can pick from many different door styles. In today’s home market, doors can be anywhere from two to 6 panel, with the two panel doors growing in popularity.
New Doors Dress Up a Home for Sale
Before you pick the style of door, think about the type of neighborhood where your home is located. If it’s an upscale, high-end neighborhood, buyers will expect top quality. You’ll throw your money out if you go with inexpensive finishes. If the home is situated in a starter neighborhood, then go with hollow core doors, so you’ll save money. Solid doors are far more expensive. Pick something simple that matches your decor. Be practical and spend the least amount of money, while getting something that looks good and is the quality to fit your neighborhood and style of your home.
Moldings: Does your home have those skinny, outdated flat moldings from the 60′s or the 70′s? If so, it’s time for a change. Go with thicker baseboard moldings to dress up a room. Moldings finish a room off, making the overall finished look richer and better. Again, keep it simple and buy pre-painted moldings, if available.
Thick Baseboards Add A Quality Look to a Home
For the high-end neighborhood, maybe it’s repainting existing moldings so they look fresh and clean. Maybe it’s adding more crown moldings or chair rails in different parts of the house.
Dressing Up a Room By Adding Chair Rails
Don’t have the money to replace all the doors and moldings? Then paint them white, so they look fresh and clean. Make sure to use the right painting tools and paint. If you’ve never painted doors and moldings, then find out how to paint them so the surfaces will be smooth. Use a semi-gloss paint and it will help make the moldings pop. It will also help keep the moldings clean when done.
If painting is not your thing, it’s probably better to hire someone who knows how to paint these surfaces. Again, don’t throw your time and money out by doing a poor paint job.
Whatever your budget allows, the doors and moldings should be fresh and clean when you sell your home. If they’re not, it will cost you time and money in the sale of your home.
Do you have any other ideas about making doors and moldings look good?
King County, King County homes for sale, King County Washington real estate, real estate, Seattle, Seattle real estate
In 2010 Home buyer Tax Credit, For Buyers, For Sellers, King County Real Estate, King County, WA, Seattle real estate, market statistics, real estate, real estate opinion on May 4, 2010 at 5:45 pm
Twelve days ago I wrote a post that King County properties for sale was rapidly heading up to the 2009 high. Just last week we were within 300+ homes/condos of the 2009 peak, which stands at 13,861. There 13,515 homes/condos for sale in King County that week.
This week we see the first big decline, with a drop of 570 properties. The number is back below 13,000, at 12, 946.
Phew, I was just beginning to wonder if we were going to surpass 2009′s real estate totals in the Seattle area. We may, as 2010 is still young, but it’s a breath of fresh air in the real estate market to see a drop in inventory (the number of homes and condos for sale). Sales have been brisk as many buyers were anxious to buy a home in the Seattle area before the expiration of the 2010 tax credit, which could explain the decline in inventory.
The next few weeks will be interesting. Normally the number of homes for sale does increase in the summer months in Seattle, but I’m wondering if a lot of sellers put their home on the market earlier this year to capture the activity with the 2010 home buyers’ credit.
Do you think the numbers will increase as we head into the summer?
King County Washington Properties for Sale, 5-3-10
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Local news and information, Seattle real estate, real estate on April 27, 2010 at 1:11 pm
Seattle-eastside new condo buildings are standing half empty. American Public Media took a look at the Seattle and Bellevue condo market in a piece aired on NPR last week. Below are some of the key points:
Escala, here in front of us, it’s 230 units. And they’ve only sold two in the last year-and-a-half.
The over-building is visible in surrounding cities as well, like Bellevue, where the new Bellevue Towers added 550 condos to the market.
Bellevue Towers- before completion
Jeff Tyler interviewed Michael Brandt, who purchased a unit in Bellevue Towers last year.
Brandt: I’m actually not paying home owners’ dues right now, and won’t be for potentially a year-and-a-half or two years down the road.
So, the perks for condo owners now are no home owners dues or lines to use the public spaces and/or equipment and the quiet. The negatives are no representation on the home owners’ association board until 60% of the units sell, a mostly empty building, and real difficulty reselling a condo now, since there are still so many unoccupied units for sale.
Some buyers may still want to buy in one of the condo towers because the hope is to get a screaming deal. For certain buyers who plan to stay and make one of the new condos a home, then it may make sense to do so. The Bellevue-Seattle condo real estate market should come around again, But don’t buy in one of the towers if your plan is to sell anytime in the next 5 years. In fact, I’d plan to stay put for a good 10 years. Maybe the condo market will change before that time, but I’d go for a really good deal and plan to stay for a long time if I were buying a Seattle or downtown Bellevue condo.
King County, King County homes for sale, King County Listings, King County Properties for Sale, real estate, Seattle Eastside real estate, Seattle real estate
In For Buyers, For Sellers, King County Real Estate, King County, WA, Seattle real estate, market statistics, real estate on April 21, 2010 at 10:38 am
The number of properties for sale in King County Washington is climbing. The total took a big jump over the last few weeks when 783 properties came up for sale. Since January when the year started with 9726 King County properties for sale, the numbers have gone up by 28%. Right now, the total is just 452 shy of the highest number of properties on the market in 2009. The big difference in 2010 is sales activity is going strong and beating 2009 numbers by a huge margin in all areas. Some Seattle neighborhoods, like Queen Anne, are seeing multiple offers. In the area where I work, Seattle’s eastside, has had double and triple digit increases in home and condo sales.
The increasing number of listings may change that some in the coming months. I’ll be watching the real estate sales numbers and keep you posted.
King County Properties For Sale
buying a home, home buying, odors in houses, professional photography, Seattle real estate, smelly homes, staging
In For Buyers, For Sellers, Real Estate Tips, Seattle real estate, real estate, real estate marketing on April 20, 2010 at 5:49 pm
Professionally staged and photographed-photo by Layne Freedle, Staging by Pam of Staging for Charisma
Professional photography and staging are, without question, necessary to sell a home in today’s marketplace. We have our stager and photographer ready for our sellers when they’re needed. I wouldn’t list a home for sale without professional staging or photography.
The Same Room Unstaged and Not Professionally Photographed
There are many other good real estate agents who believe the same thing as there are a lot of blog posts about horrible house photos. This is not a new idea, but one that’s taken a strong hold among good real estate agents.
There are, of course, some homes which show beautifully and don’t need the staging, but we all know, even if we don’t admit it, staging and photography are necessary marketing tools to get a home sold.
Sometimes we forget, great staging and photography are only the start. They’re not the complete story. You’ve got to get out and see the house “in the flesh.” This advice, by the way, is both for Realtors and home buyers. You can’t do an effective market analysis as a real estate agent or fall in love with a house as a home buyer unless you see it, smell it, and hear what’s going on in the neighborhood. You need to “touch” the house in a variety of ways to determine its true value.
I was reminded of this very thing yesterday when my business partner, Angie Bondurant, previewed a home that’s strong competition to an upcoming listing. The home looked gorgeous online, which it should in order to attract the most buyers, but two things were not apparent until Angie went to see the home. It smelled and it was dark. A smelly house, whether it’s that “old” smell, food smell, dog smell or something else, can be a total turnoff to a buyer, even if the home is gorgeous.
A dark house is the kiss of death in Seattle. Of course, it rains 24/7 here as the world thinks, so light, airy homes are popular. (In reality, there are a lot of gray days in Seattle, but it doesn’t rain all the time by any means) A bright home is always a plus in this climate.
This home ended up with two strikes against it, both of which had to be experienced by seeing the home. It was dark and smelly. Granted it was finished beautifully and this will help it to sell, but the other factors may limit it’s market time and final sales price.
So besides the amount of light and odors, other things to consider that aren’t apparent when you see photos online:
- How loud are the neighbors? Come visit the neighborhood a few random times.
- How loud is road noise with or without the windows open? Stop by during rush hour.
- How big are the rooms, really? Wide angle lens accentuate room sizes in photos.
- Check out the backyard for its true size.
- What do you see from each of the home’s windows? From the backyard?
What else should be experienced when viewing a home?
Bellevue Real Estate, Issaquah Real Estate, Redmond real estate, Seattle Eastside real estate, Seattle real estate, Woodinville real estate
In Bellevue Real Estate, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Woodinville, WA Real Estate, real estate on April 9, 2010 at 9:45 am
View Larger Map
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.)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 31%.
Median sales price dropped from $513,025 to $497,500.
The number of homes for sale dropped by 22% and sales were up by 154% from last year.
West Redmond/East Bellevue
The odds of selling a home were 34%.
Median sales price dropped from $499,000 to $464,995.
The number of homes for sale dropped by 12% and sales were up by 84%.
South Bellevue/Issaquah
The odds of selling a home were 27%.
Median price increased to $539,450 from $519,900.
The number of homes for sale dropped by 24% and sales were up 93%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 26%.
Median price decreased to $396,725 from $450,000.
The number of homes for sale declined by 18% and sales were up by 68%.
Kirkland
The odds of selling a home were 22%.
Median price increased to $515,000 from $490,000.
The number of homes for sale declined by 22% and sales were up by 118%.
West Bellevue
The odds of selling a home were 18%.
Median pricing was down from $1,185,000 to $921,500.
The number of homes for sale decreased by 28% and sales increased by 24%.
Redmond/Education Hill/ Carnation
The odds of selling a home were 29%
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.
What’s happening in your area?
Bellevue Real Estate, Issaquah Real Estate, Kirkland real estate, Redmond real estate, Sammamish home sales, Seattle real estate, Woodinville real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, Kirkland, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, WA real estate, market statistics, real estate on April 8, 2010 at 9:55 pm
Seattle- Eastside Real Estate Sales, March 2010
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?
For The Seattle Times view of the March, 2010 real estate market, check out this link. KPLU had a piece earlier this week about last month’s real estate activity.
What’s in store for April? What do you think will happen? I suspect the market will continue to be very strong, particularly in more affordable price ranges. Will our more positive real estate market continue after the April 30th deadline for the home buyer tax credit?
buyers markets in Seattle, King County Real Estate, Seattle eastside real estate Eastside real estate, Seattle real estate, sellers markets in Seattle
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, market statistics, real estate on April 8, 2010 at 8:16 pm
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.
buying a home, King County Real Estate, making good home buying decisions, predictions for Seattle real estate, real estate, Seattle Eastside real estate, Seattle high end condos, Seattle real estate, WA
In For Buyers, For Sellers, King County Real Estate, Seattle real estate, real estate, real estate opinion on April 8, 2010 at 11:51 am
What may happen in the Seattle area economy in the future? Appraiser Richard Hagar spoke with John Maynard about this topic on KPLU the other day. The piece was geared to the glut of high end condos in downtown Seattle that are now selling with significant price cuts, but then Mr. Hagar shared more about what he sees in Seattle’s real estate future. He wasn’t talking about the near term, but some significant issues to consider when looking at Seattle real estate in the next 5-7 years.
Some of the highlights from Mr Hagar’s talk:
Real estate prices have gone down in the past, even in the 30′s and the 70′s, but they’ve come back up both times.
Population in the Seattle area is increasing. Last year there were 60,000 people new to the area, in ten years the projection is for a total of 600,000 people new to the area, all whom will need a place to live.
Builders are grabbing up land, finished lots for $35,000, which is steal, in the south end locations Auburn, Kent, and Puyallup.
And lastly, “The Rich Get Richer” by planning ahead and making good buying decisions for the future, not just for now.
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Making good buying decisions is the key. If you decide you to buy now, then make sure to consider the future in your decision. Look for areas with good growth potential:
- good access to transportation.
- Good schools.
- Close to economic centers and jobs.
- Close to shopping and other amenities (check out walkscore and drive score)
- Check out the neighborhood and make sure the homes are well maintained throughout.
Seattle is going to grow, which will be a benefit to all of us in terms of the economy in both jobs and the real estate market. Consider this future growth in your buying decision. You’ll end making a better buying decision for the long term.
King County, King County Real Estate, KingCounty, Seattle Eastside real estate, Seattle real estate, WA
In For Buyers, King County Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, market statistics, real estate on March 30, 2010 at 1:40 pm
King County has a lot more properties for sale than the first week of the year. The first quarter of 2010 has passed and there are now 24% more homes and condos for sale, exactly 3000 more. Each week of the year has seen an increase in the number of properties for sale with the exception of one week. Right now there are 12,726 properties for sale and we started the year with 9726 available properties in King County.
This is typical of the Seattle area real estate market. Each spring the number of properties for sale increases dramatically. The good news is most Seattle areas are experiencing a huge jump in real estate sales. But that’s for another post!
King County WA Real Estate 3-29-10
home photos, marketing a home, real estate marketing, Seattle real estate, selling a home
In For Homeowners, For Sellers, Seattle real estate, real estate, real estate opinion on March 18, 2010 at 10:34 pm
Are you selling your home in the next 5 years? Well, grab your camera now and take pictures of your yard. Seattle is beautiful right now, so take advantage of the natural color that surrounds your home. You’ve got a few months coming up, so start now and take photos throughout the spring and summer season. After all, you never know when you may decide to sell your home, it could be in the dead of winter when everything is gray here in Seattle. Photos of your home in any season can be used when selling your home, no matter what the time of year.
Seattle spring flowers
Spring in Seattle
King County Real Estate, Seattle real estate
In 2010 Home buyer Tax Credit, Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Woodinville, WA Real Estate, real estate on March 17, 2010 at 8:52 am
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.
Bellevue WA condos, condo sales, Issaquah WA condos, Kirkland WA condos, Redmond WA condos, Sammamish WA condos, Seattle-eastside condo sales
In 2010 Home buyer Tax Credit, Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA Real Estate, market statistics, real estate on March 16, 2010 at 4:51 pm
Seattle-Eastside Condo Real Estate, Feb 2010
(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 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 a move on!
Bellevue Real Estate, Issaquah Real Estate, Redmond real estate, Seattle Eastside real estate, Seattle real estate, Woodinville real estate
In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA Real Estate, market statistics, real estate on March 15, 2010 at 12:07 pm
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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.)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 19.5%.
Median sales price dropped from $522,250 to $499,995.
The number of homes for sale dropped by 18% and sales were up by 98% from last year.
West Redmond/East Bellevue
The odds of selling a home were 29%.
Median sales price dropped from $457,475 to $430,000.
The number of homes for sale dropped by 26% and sales were up by 120%.
South Bellevue/Issaquah
The odds of selling a home were 25%.
Median price stayed the same at $579,950.
The number of homes for sale dropped by 30% and sales were up 193.5%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 25%.
Median price increased to $397,000 from $381,450.
The number of homes for sale declined by 26% and sales were up by 95%.
Kirkland
The odds of selling a home were 21%.
Median price dropped from $687,000 to $537,500.
The number of homes for sale declined by 28% and sales were up by 106%.
West Bellevue
The odds of selling a home were 16.5%.
Median pricing was down from $1,00,000 to $981,750.
The number of homes for sale decreased by 33% and sales increased by 52%.
Redmond/Education Hill/ Carnation
The odds of selling a home were 25%
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.
What do you think?
Bellevue Real Estate, Issaquah Real Estate, Kirkland real estate, Redmond real estate, Sammamish home sales, Seattle real estate, Woodinville real estate
In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA Real Estate, market statistics, real estate on March 15, 2010 at 10:40 am
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)
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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.
Rate of home sales that failed: 12%
For a media perspective on February’s real estate trends, check out this article from The Seattle Times.
Will our more positive real estate market continue after the April 30th deadline for the home buyer tax credit? What do you think?
2010 Home buyer Tax Credit, buying a home in 2010, expiration of 2010 home buyer tax credit, low interest rates, real estate, Seattle Eastside real estate, Seattle real estate
In 2010 Home buyer Tax Credit, For Buyers, For Sellers, Seattle real estate, financing, real estate, real estate opinion on March 8, 2010 at 4:10 pm
Should you buy a home now on Seattle’s eastside now or wait until after the tax credit expires at the end of April?
People were talking on the Wall Street Journal site and on Zillow about this very issue. Today people don’t just ask, “How’s the real estate market?” They ask, “What do you think will happen to the real estate market after the tax credit?”
Here are some of the things people are wondering:
- Do I buy now?
- Do I wait?
- Will I get a better deal now or if I wait?
- Is it worth passing on the tax credit and waiting to see if prices come down after April 30th?
- Is it better to buy now because there is a healthy number of homes for sale and good interest rates?
- Will there be more homes to choose from later?
- Will interest rates go up and cancel out any possible decline in prices?
I got my crystal ball out as did many others. Money Magazine made a strong case for buying now. Warren Buffett, on the other hand, thought the real estate market would pick up in 2011. Luke Mullins of US News and World Report presented the positive aspects of home ownership, even in today’s real estate market. Truthfully, no one knows what will happen and we can only speculate about what may happen with prices, the number of homes on the market and interest rates. But all these variables should be considered when making a decision about whether to purchase a home now or later.
I believe there are good deals on a home now and will be after the tax credit, but it’s on a case by case basis. Here’s why I say this:
Right now…
$6500-8000 home buyer tax credit available for most buyers.
Historically low interest rates.
Good selection of homes, many with very realistic home sellers and prices.
Having the tax credit of $6500-8000 and terrific interest rates, increases buying power. Typically, your loan payment is amortized over 15 or 30 years, a lower interest rate means more dollars per month in your pocket.
Later…
Will prices drop after the tax credit goes away on April 30th? No one really knows. There may be more homes on the market, which we typically see in the summer months in the Seattle area. If so, the law of supply and demand will kick in. More homes + less demand= lower prices. But we really don’t know if this will happen. We don’t know if there will be less demand. We can only guess. We can only gamble on what may be.
However, there’s a good chance interest rates will go up, which means purchasing power will go down. If rates go up 1%, then purchasing power goes down by about 10%. This means if you could afford a home for $330,000, if rates do go up by 1%, you would then qualify for a home at $300,000.
The impact of interest rates on buying power
Buying a home will, obviously, be less expensive if prices drop (but we don’t know if they will), and mortgage rates could also be a higher ( again, just a guess, but looking pretty certain), which could more than cancel out any savings in the price of the home. Remember, I’m not just talking about your initial investment, I’m talking about spreading the total cost out over the time you own your home.
The location factor:
Real estate is hyperlocal. There is no one size fits all real estate locales, individual buyers or individual sellers. Some areas of the Seattle- eastside real estate market will remain stronger than others. Within each city on the Eastside, Bellevue, Redmond, Kirkland, it will vary. The East of Market neighborhood in Kirkland may be vastly different than Kirkland’s Rose Hill real estate market. We see that today with a difference in real estate sales performance in different areas on Seattle’s eastside. So no one should make a “one size fits all” about the real estate market. It will depend on how hot the area is, how many homes are on the market, and how hot the house may be. ( The Queen Anne neighborhood in Seattle seems to remain hot through most real estate markets, as an example.)
Some neighborhoods will be full of homes for sale and the homes in these areas will need to be priced more competitively. Other areas will have fewer homes to buy. These areas will have stiff competition among the sellers to grab the buyers. Buyers will be looking harder at the overall value each home brings them.
The home factor:
In every real estate market, you’ll find fabulous homes. These homes will be perfect, priced right, and terrific values. Homes that shine will be the ones to sell in any market.
The emotional factor…
For most people, it’s a huge personal decision when to buy and what home to buy. If you find a great house and are able to get it for a reasonable price for the real estate market at the time, it may make sense to you to buy. There are the financial aspects of buying a home and the emotional aspects. You might find the home you can’t live without and it’ll be worth it to you to buy now rather later. You may not find a home now and miss using the home buyer tax credit, but you may not want to buy a home now just to get the tax credit.
There are going to be great homes now and in the future. There are also going to be great deals now and in the future. The difference in today’s market is you’re dealing with a known quantity. You have to decide what works for you.
What do you think will happen with the Seattle-eastside real estate market later this year?
Bellevue Real Estate, Issaquah Real Estate, Kirkland real estate, Redmond real estate, Sammamish home sales, Seattle real estate, Woodinville real estate
In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA Real Estate on February 10, 2010 at 4:41 pm
Seattle-Eastside Real Estate, January, 2010
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)
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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.
2010 Seattle real estate predictions, Boeing, Microsoft, Seattle real estate
In For Buyers, For Sellers, Seattle real estate, Windermere Real Estate, real estate on February 10, 2010 at 9:53 am
The first part of 2010 is going to be the best part of the year for Seattle area real estate.
This was the message over 2000 Windermere Real Estate agents heard at last week’s kick off meeting held at Seattle’s Benaroya Hall. The good news, according to economist Matthew Gardner, is “the recession is behind us.” However, the last 6 months of 2010 are “murky,” said Gardner.
Here are some highlights from his talk:
- Home sales skyrocketed by 25% in the fourth quarter of 2009.
- There was some stability in home pricing in late 2009.
- The stimulus package has not been as effective as hoped.
- Jobs will be a prime concern.
- Banks need to start lending again.
- Rates should be about 6% later this year.
- Foreclosures will still be a concern.
- Boeing’s move of the Dreamliner and layoffs at Microsoft will not have a huge affect on the economy.
- Seattle unemployment to peak at 9.5%
- Seattle was late to the recession and is later on recovery.
- Prices and sales will continue to improve in the first half of 2010.
But as Mr. Gardner said, the rest of the year looks murky. With changes in FHA guidelines, projected increases in interest rates, and costly jumbo loans, the latter half of 2010 is not clear.
Given the information available to us now, I think Matthew Gardner is right. I’ve been recommending to potential home sellers to make a move early this year, since the latter half of the year is so unclear. We may be doing just fine with our economy and with real estate, but no one knows where we will be once the second half of 201o begins. Our crystal balls are a bit “murky,” as Mr. Gardner said.
What do you think about his predictions for 2010 Seattle real estate? What are your predictions for 2010 and beyond? Of course, when 2012 arrives, we only have to worry about surviving, never mind real estate or the economy!
Seattle/Eastside real estate, Seattle real estate, Woodinville real estate, Eastside real estate, King County Real Estate, Bellevue Real Estate, Kirkland real estate, Sammamish real estate, Redmond real estate, Snohomish County real estate, sellers market in Seattle, Seattle home prices
In 2009 stimulus package, 2010 Home buyer Tax Credit, Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA Real Estate, market statistics, real estate on January 13, 2010 at 12:19 pm
King-Snohomish County Real Estate December, 2009
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.
Prices tended to be more reasonable all over the Seattle area. Lower prices, low interest rates, and the first time home buyers’ tax credit did a lot to open up the real estate market.
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.
Bellevue home sales, Bellevue Real Estate, Issaquah home sales, Issaquah Real Estate, Kirkland Home Sales, Kirkland real estate, Redmond home sales, Redmond real estate, Sammamish home sales, Seattle real estate, Woodinville home sales, Woodinville real estate
In Bellevue Real Estate, For Buyers, For Sellers, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA Real Estate, real estate on January 13, 2010 at 11:36 am
Seattle-Eastside Residential Sales, December, 2009
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.
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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.
Bellevue home sales, Bellevue Real Estate, Issaquah home sales, Issaquah Real Estate, Kirkland Home Sales, Kirkland real estate, Redmond home sales, Redmond real estate, Sammamish home sales, Seattle real estate, Seattle-eastside real estate. selling a home on Seattle’ s eastside, Woodinville home sales, Woodinville real estate
In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA, Windermere Real Estate, Woodinville, WA Real Estate, market statistics, real estate on January 12, 2010 at 11:44 am
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 plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 20%.
Median sales price dropped from $516,750 to $499,450.
The number of homes for sale dropped by 31% and sales were up by 32.5% from last year.
West Redmond/East Bellevue
The odds of selling a home were 13%.
Median sales price dropped from $544,475 to $445,000.
The number of homes for sale dropped by 17% and sales were up by 18%.
South Bellevue/Issaquah
The odds of selling a home were 18%.
Median price increased from $539,950 to $610,450.
The number of homes for sale dropped by 25% and sales were up 140%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 16%.
Median price increased to$410,944 from $399,970.
The number of homes for sale declined by 23% and sales were up by 92%.
Kirkland
The odds of selling a home were 15%.
Median price dropped from $694,450 to $491,000.
The number of homes for sale declined by 26% and sales were up by 136%.
West Bellevue
The odds of selling a home were 16%.
Median pricing was down from $935,000 to $847,440.
The number of homes for sale decreased by 27% and sales increased by 279%.
Redmond/Education Hill/ Carnation
The odds of selling a home were 15%
Median pricing dropped to $549,950 from $669,970.
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.
Bellevue Real Estate, buyers market in Seattle, Eastside real estate, King County Real Estate, Kirkland real estate, Redmond real estate, Sammamish real estate, Seattle home prices, Seattle real estate, Seattle/Eastside real estate, sellers market in Seattle, Snohomish County real estate, Woodinville real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA, Woodinville, WA Real Estate, real estate on December 17, 2009 at 2:24 pm
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.
I expect the extension and expansion of the 2010 home buyer credit to continue to spur real estate sales on.
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.
2010 home buyer tax credits, Bellevue condo sales, Bellevue Real Estate, buying a condo on Seattle’s eastside, Redmond condo sales, Redmond real estate, Seattle Eastside real estate, Seattle-eastside condo sales, selling a condo on Seattle’s eastside
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Local news and information, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA, Woodinville, WA Real Estate, financing, market statistics, real estate on December 16, 2009 at 11:47 am
Seattle Eastside Condo Sales, Nov 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.)
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.
Bellevue home sales, Bellevue Real Estate, Issaquah home sales, Issaquah Real Estate, Kirkland Home Sales, Kirkland real estate, Redmond home sales, Redmond real estate, Sammamish home sales, Seattle real estate, Seattle-eastside real estate. selling a home on Seattle’ s eastside, Woodinville home sales, Woodinville real estate
In Bellevue Real Estate, Bellevue, WA, Built Green and Sustainable Living, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on December 15, 2009 at 11:47 am
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 plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 23%.
Median sales price remained the same, $552,500.
The number of homes for sale dropped by 27% and sales were up by 77% from last year.
West Redmond/East Bellevue
The odds of selling a home were 17%.
Median sales price remained the same, $479,000.
The number of homes for sale dropped by 18% and sales were up by 9%.
South Bellevue/Issaquah
The odds of selling a home were 20%.
Median price was the same at $685,000.
The number of homes for sale dropped by 21% and sales were up 71%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 13.5%.
Median price was the same at $411,750.
The number of homes for sale declined by 16% and sales were up by 29%.
Kirkland
The odds of selling a home were 15%.
Median price was the same at $739,000.
The number of homes for sale declined by 21% and sales were up by 148%.
West Bellevue
The odds of selling a home were 14%.
Median pricing was the same at $996,500.
The number of homes for sale decreased by 22% and sales increased by 68%.
Redmond/Education Hill/ Carnation
The odds of selling a home were 16%
Median pricing was the same at $559,900.
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.
Bellevue home sales, Bellevue Real Estate, Issaquah home sales, Issaquah Real Estate, Kirkland Home Sales, Kirkland real estate, Redmond home sales, Redmond real estate, Sammamish home sales, Seattle real estate, Seattle-eastside real estate. selling a home on Seattle’ s eastside, Woodinville home sales, Woodinville real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on December 15, 2009 at 10:04 am
Eastside Real Estate Sales, November 2009
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.
2010 home buyer tax credits, buying a home on Seattle's eastside, good time to sell a home, Seattle, Seattle Eastside, Seattle Eastside real estate, Seattle homes, Seattle real estate, Seattle-eastside homes, selling a home on Seattle's eastside, Windermere Mortgage, Windermere Real Estate
In Bellevue Real Estate, For Buyers, For Sellers, King County Real Estate, Seattle real estate, real estate, real estate opinion on December 2, 2009 at 7:02 pm
We have the triple or maybe the quadruple whammy going on in Seattle-Eastside real estate right now.
- The number of homes and condos on the market in King County is now at the lowest point since January of this year, which means the competition to find a buyer is way down.
Weekly County Listing Count 11-30-09
- Interest rates are still near all time lows.
According to Steve Tedrow from Windermere Mortgage : Interest rates have dipped back down near their lowest levels of the year and near a 30 year low. Current rates are hovering around 4.50% (APR = 4.609%) *Rates can fluctuate.
Most people will think along the same lines and plan to sell their homes around March of 2010, as is typical of real estate patterns each year. The real estate market could be flooded with more homes for sale in Seattle and on the Eastside.
Of course, my crystal ball is a bit cloudy right now and no one knows what will happen for sure, but given typical trends, there’s a good chance this will be the pattern for Seattle real estate in 2010.
So why not think differently than most people? If you’re planning to sell in 201o, then buck the typical trend and sell your home now. Now? No one puts there home up for sale during the holidays! That’s exactly the point. If you sell now, there are fewer homes on the market for sale, which increases the odds of finding a buyer for your home.
The current market conditions are among the best of the year. We can’t go back and change economic events and home prices are what they are. But if you make a move up and sell your home for less than your home’s previous value, you’ll also pay less for your new home. And you could be eligible for the $6500 tax credit!
Amazon, buying a home, DocuSign, Eastside real estate, electronic signatures, Microsoft, NAR, National Association of Realtors, Northwest Multiple Listing Service, NWMLS, real estate, Seattle Eastside real estate, Seattle real estate, selling a home, signing purchase and sale contracts
In For Buyers, For Sellers, Real Estate News, Seattle real estate, WA real estate, real estate, real estate opinion on November 18, 2009 at 10:52 am
Purchase and Sale Agreement
Have you ever been frustrated by the lack of electronic signatures when you’ve been buying or selling real estate in the Seattle area? Many of my hi-tech clients have been surprised and bemused by this over the years. Considering we live in the land of hi-tech with Microsoft, Amazon and many other hi-tech companies, our NWMLS (Northwest Multiple Listing Service) and the real estate industry in general have been behind the curve on this issue.
This may change as the NAR, The National Realtors Association, is investing in DocuSign, the company that develops software for electronic signatures.
From Dale Stinton of NAR:
Our capital investment and guidance will serve as a catalyst for this company to become the standard and meet the market demand for legally binding electronic signatures that help REALTORS close more deals at a faster rate, and offer the convenience and flexibility buyers require,” he said.
Market demand? Definitely, it’s an understatement and has been a long time coming. Since one of the untold rules of real estate is someone, the Realtor, the buyer or the seller are out of town when an offer needs to be presented and negotiated. Electronic signatures should make life a whole lot easier. I think of the times I’ve had clients on opposite sides of the globe in places such as Taiwan, India, and Sweden or clients who are at out of town conventions or meetings.
Having been in the business of helping people buy and sell homes for a long time, I’ve traveled from offers having to be signed with original signatures in person or via snail mail to the giant leap made with faxed signatures. It would be terrific to make another leap forward to meet the needs of our clients who are busy and on the move.
What do you think? Have you ever been in a difficult situation with getting an offer signed and delivered?
2010 home buyer tax credits, Bellevue condo sales, Bellevue Real Estate, buying a condo on Seattle’s eastside, Redmond condo sales, Redmond real estate, Seattle Eastside real estate, Seattle-eastside condo sales, selling a condo on Seattle's eastside
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on November 11, 2009 at 12:35 pm
(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%.
Important news for all condo buyers:
With the extension and extension of the home buyer tax credit to include not only first time buyers, but many move up buyers, I’m hoping the number of condo sales on Seattle’s eastside will increase in the near term.
Bellevue home sales, Bellevue Real Estate, Issaquah home sales, Issaquah Real Estate, Kirkland Home Sales, Kirkland real estate, Redmond home sales, Redmond real estate, Sammamish home sales, Seattle real estate, Seattle-eastside real estate. selling a home on Seattle' s eastside, Woodinville home sales, Woodinville real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle, Seattle real estate, WA, WA real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on November 10, 2009 at 12:04 pm
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.)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 26%.
Median sales price decreased by 9% from $559,000 to $509,000.
The number of homes for sale dropped by 33% and sales were up by 119% from last year.
West Redmond/East Bellevue
The odds of selling a home were 19%.
Median sales price decreased to $445,000 from $484,725, a decrease of 9%
The number of homes for sale dropped by 23.5% and sales were up by 53%.
South Bellevue/Issaquah
The odds of selling a home were 23%.
Median price increased by 4% to $592,500 from $569,900.
The number of homes for sale dropped by 21% and sales were up 156%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 16%.
Median price was down to $429,975 from $533,925, a 19.5% decrease.
The number of homes for sale declined by 15% and sales were up by 89%.
Kirkland
The odds of selling a home were 18%.
Median price decreased by 29.5%, from $709,475 to $500,000.
The number of homes for sale declined by 23% and sales were up by 142%.
West Bellevue
The odds of selling a home were 14%.
Median pricing decreased by 18% from $1,399,000 to $1,150,000.
The number of homes for sale decreased by 16% and sales increased by 100%.
Redmond/Education Hill/ Carnation
The odds of selling a home were 23%
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.
Bellevue home sales, Bellevue Real Estate, buying a home on Seattle’s eastside, Issaquah home sales, Kirkland Home Sales, Kirkland real estate, Redmond home sales, Redmond real estate, Sammamish home sales, Sammamish real estate, Seattle Eastside real estate, Seattle real estate 10-09, selling a home on Seattle’s eastside, Woodinville home sales
In Bellevue Real Estate, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Real Estate News, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Woodinville, WA Real Estate, market statistics, real estate on November 9, 2009 at 2:54 pm
Seattle Eastside Real Estate Sales, October 2009
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.
Bellevue Real Estate, Eastside real estate, King County Real Estate, Kirkland real estate, Redmond real estate, Sammamish real estate, Seattle real estate, Seattle/Eastside real estate, Snohomish County real estate, Woodinville real estate
In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA Real Estate, market statistics, real estate on October 14, 2009 at 6:18 am
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.
Bellevue condo sales, Bellevue Real Estate, buying a condo on Seattle's eastside, Redmond condo sales, Redmond real estate, Seattle Eastside real estate, Seattle-eastside condo sales, selling a condo on Seattle's eastside
In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Woodinville, WA Real Estate, real estate on October 12, 2009 at 7:19 pm
Seattle Eastside Condo Sales Sept 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.)
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.
Important news for all condo buyers: FHA spot approvals will be going away soon. Come November, FHA spot approvals will be gone.
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.
Bellevue condo sales. Redmond condo sales, buying a Seattle-eastside condo, eastside condo sales, Seattle Eastside real estate, Seattle-eastside condo sales, selling a Seattle-eastside condo
In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Woodinville, WA Real Estate, market statistics, real estate on October 12, 2009 at 7:13 pm
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.)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The chances of selling a home were 22%.
Median sales price decreased by 5% from $519,000 to $493,995.
The number of homes for sale declined by 25% and sales were up by 30% from last year.
West Redmond/East Bellevue
The chances of selling a home were 32.5%.
Median sales price decreased to $499,500 from $550,000, a decrease of 9%
The number of homes for sale dropped by 30% and sales were up by 31%.
South Bellevue/Issaquah
The chances of selling a home were 15%.
Median price decreased by 5% to $594,500 to $564,900.
The number of homes for sale dropped by 19% and sales were up 11%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The chances of selling a home were 19%.
Median price was down to $399,975 from $459,950, a 13% decrease.
The number of homes for sale declined by 11% and sales were up by 33%.
Kirkland
The chances of selling a home were 15%.
Median price decreased by 21%, from $695,000 to $549,950.
The number of homes for sale declined by 20% and sales were up by 47%.
West Bellevue
The chances of selling a home were 17%.
Median pricing decreased by 23% from $1,314,000 to $1,012,000.
The number of homes for sale decreased by 13% and sales increased by 92%. WOW!
Redmond/Education Hill/ Carnation
The chances of selling a home were 18.5%
Median pricing decreased by 14% from $525,000 to $449,950.
The number of homes for sale decreased by 3% and sales decreased by 6%.
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balanced real estate market, Bellevue Real Estate, Bothell real estate, Eastside real estate, Issaquah Real Estate, Kenmore real estate, King County Real Estate, Kirkland real estate, Redmond real estate, Sammamish real estate, Seattle real estate, Seattle/Eastside real estate, Snohomish County real estate, Windermere Real Estate, Woodinville real estate
In Bellevue Real Estate, For Homeowners, For Sellers, Issaquah Real Estate, King County Real Estate, Real Estate News, Redmond, Sammamish, WA Real Estate, Seattle real estate, Windermere Real Estate, Woodinville, WA Real Estate, market statistics, real estate on September 16, 2009 at 2:40 pm
King Snohomish County Real Estate, August 2009
Seattle/Eastside real estate is looking good. The “green” is almost gone from King and Snohomish County real estate. It’s been almost 15 years since I can remember such a balanced, healthy real estate market. A balanced market is when the real estate market is not skewed towards buyers or sellers, but is balanced between both.
A number of my colleagues, including myself, made a move in 1994, the last time I can think of such a balanced market. The market was healthy then and is healthy now. There’s a reasonable supply of homes and a good number which are now selling each month. We’re seeing homes sell quickly, if they are priced right and show well. There are some homes that sell with multiple offers, but rarely for full price.
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. This number is shrinking each month, which is a good thing. Buyers still have a great selection and sellers can sell for a realistic price. There’s a renewed confidence in Seattle/Eastside real estate.
$8000 first home buyer credit, buying a condo on Seattle's eastside, buying a condo on the eastside, condo sales, Eastside real estate, FHA spot approval, Seattle/Eastside, Seattle/Eastside condo sales, Seattle/Eastside real estate, selling a condo on Seattle's eastside, selling a condo on the eastside
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Mortgages, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA, Woodinville, WA Real Estate, real estate on September 15, 2009 at 10:09 am
Seattle/Eastside Condo Sales, August 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.)
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 absence of FHA spot approvals and the end of the $8000 first time home buyer tax credit could affect the number of condo sales in the future.
Bellevue Real Estate, Issaquah Real Estate, King County Real Estate, Kirkland real estate, Redmond real estate, Sammamish real estate, Seattle, Seattle real estate, Seattle/Eastside real estate, Woodinville real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Woodinville, WA, Woodinville, WA Real Estate, real estate on September 14, 2009 at 2:02 pm
Seattle-Eastside Real Estate Activity August 2009
The chances of selling a home on the Eastside in August 2009 ranged 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?
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The chances of selling a home were 19%.
Median sales price decreased by 10% from $572,000 to $515,000.
The number of homes for sale declined by 22% and sales were up by 21% from last year.
West Redmond/East Bellevue
The chances of selling a home were 28%.
Median sales price decreased to $475,000 from $549,000, a decrease of 13.5%
The number of homes for sale dropped by 23% and sales were up by 12%.
South Bellevue
The chances of selling a home were 17%.
Median price decreased by 15% to $499,500 from $592,475.
The number of homes for sale dropped by 15% and sales were up 55%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The chances of selling a home were 18%.
Median price was down to $425,000 from $478,062, an 11% decrease.
The number of homes for sale declined by 17% from last year and sales were up by 50%.
Kirkland
The chances of selling a home were 21%.
Median price decreased by 10.5%, from $649,950 to $581,919.
The number of homes for sale declined by 15% and sales were up by a whopping 83%.
West Bellevue
The chances of selling a home were 15%.
Median pricing decreased by 10% from $999,950 to $899,475.
The number of homes for sale decreased by 12% and sales increased by a truly whopping 129%.
Redmond/Education Hill/ Carnation
The chances of selling a home were 21%
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.
King County Real Estate, Seattle real estate, Snohomish County real estate
In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA Real Estate, real estate on August 13, 2009 at 6:22 am
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.
King-Snohomish County Supply of Homes-July 2008
Bellevue Real Estate, Eastside real estate, Issaquah Real Estate, Kirkland real estate, Redmond real estate, Sammamish real estate, Seattle, Seattle Eastside, Seattle real estate, Woodinille real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics on August 12, 2009 at 9:03 pm
Eastside Residential Real Estate July 2009
The chances of selling a home on the Eastside in July 2009 ranged from a low of 13% to a high of 27%, with an average 16.5% 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.)
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
July, 2009 3819 homes for sale, 631 homes sold 16.5% chance of selling.
June, 2009 3859 homes for sale, 675 ( now 599) homes sold 17%( now 15%) chance of selling.*
July, 2008 4370 homes for sale 494 homes sold 11% chance of selling.
*Adjusted from previous month’s original 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.
_____________________________________________________________
(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 July, 2009 stack up to July, 2008 in your neighborhood?
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The chances of selling were 18%.
Median sales price decreased by 9% from $575,000 to $525,000.
The number of homes for sale declined by 21% and sales were up by 24% from last year.
West Redmond/East Bellevue
The chances of selling were 27%.
Median sales price decreased to $470,000 from $574,990 a decrease of 18%.
The number of homes for sale dropped by 21% and sales were up by 40%. (77 vs. 55 sales)
South Bellevue
The chances of selling were 15%.
Median price increased by 2% to $617,000 from $604,950
The number of homes for sale dropped by 14% and sales were even with last year as 80 sales happened July-08 and July-09.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The chances of selling were 16%.
Median price was down to $460,000 from $475,000, a 3% decrease.
The number of homes for sale declined by 9% from last year and sales were up by 6%.
Kirkland
The chances of selling were 14%.
Median price increased by 5%, from $569,000 to $599,000.
The number of homes for sale declined by 11% and sales were up by 27.5%.
West Bellevue
The chances of selling were 13%.
Median pricing decreased by 46% from $1,748,000 to $950,000.
The number of homes for sale decreased by 4.5% and sales increased by 165%.
Redmond/Education Hill/ Carnation
The chances of selling were 17%
Median pricing decreased by 9% from $549,375 to $499,000.
the number of homes for sale decreased by 7% and sales increased by 33%.
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Thoughts on the July 2009 Seattle Eastside real estate market:
- Most eastside homes had 16.5% chance of selling. Sixteen to 17 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 June dropped by 2% from 17 to 15%. Originally, there were 675 pending sales, so 76 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, 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 to resolve a sale between the buyer, seller, and the bank.
- Best odds of selling: once again it’s Redmond, near Microsoft, and East Bellevue with a 27% 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, a whopping 165% more homes sold this July than last year, 45 vs. 17.
- In a couple of areas prices actually went up this month from last year, quite an unusual occurrence these days. West Bellevue and Kirkland had a slightly higher median price this past July than July, 2008.
- Overall, the number of homes for sale is less than last year. I’m hoping we hit the peak of homes for sale on Seattle’s eastside back in July, when 13,835 homes were for sale. Home sales were up 22% and prices were down 7%.
King County, MLS, Seattle, Seattle real estate, Snohomish County
In King County Real Estate, Real Estate News, Seattle real estate on July 16, 2009 at 6:50 am
Are we in a healthy, balanced real estate market in Seattle? The real estate market is balanced between buyers and sellers in King-Snohomish Counties around the city of Seattle.
Last year at this time, the market was very much a buyer’s market as evidenced by the color green, which covered most of the June 2008 map. This year, the predominant color in June, 2009 is yellow, which indicates a balanced market between buyers and sellers.
This is a good thing! It’s been years since we’ve seen such a balanced market. From 1994-2005, it was mostly a sellers’ market in the Seattle area. Of course, there were pockets around Seattle and times when this was not the case, but overall, it was a real estate market skewed to sellers.
Now, we see anything and everything. Some homes sells quickly and with multiple offers. Others undergo a number of price reductions before selling. Most homes are not selling for full price, but they are starting to sell, and there’s a healthy amount of turnover. That being said, buyers have a huge amount of homes to choose from, keeping prices down, and competition strong. The home that’s the best value will win the buyer and it’s happening quite regularly in this market.
**The map shows the different areas labeled with their NWMLS (Northwest Multiple Listing Service) area number. Along the side of the map is the number of months it would take to sell all of the homes for sale in a particular area. For example, Kirkland, south of NE 116th is called area 560. In this area, it would take 5.7 months for all the homes to sell, if no other home came on the market. Kirkland, area 560, is in yellow, indicating it’s a balanced market between buyers and sellers. There’s a reasonable amount of sales happening in Kirkland based on the number of homes for sale.
eastside condos, real estate, Seattle-eastside condos
In For Buyers, For Sellers, Seattle real estate, market statistics, real estate on July 14, 2009 at 8:47 pm
(pended means the number of condos that got offers this month)
Seattle-Eastside Condo Sales June 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.)
June, 2009 1491 condos for sale 189 condos sold 12% chance of selling
May, 2009 1441 condos for sale 153 condos sold 10% (12%) 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.
Real estate activity, in general, stronger this year than last. However, 14% of the sales didn’t close that were reported as pending in May. When first reported in May. there were 177 sales. The month of May ended up with 153 sales, which means 27 home sales fell apart and did not close.
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. These are just some of the reasons sales have failed recently. Unfortunately, there are other reasons sales fail to close.
The condo market on Seattle’s eastside is still far stronger than last year at this time. Both the number of condos for sale and the amount of sales have increased. For buyers thinking about making their first purchase, it’s a good time to make a move to get the $8000 tax incentive. Right now, the tax incentive goes away if you have not purchased and closed on a home by November 30th, 2009. It sounds like it is far away, but if you want to close in November, you should be making an offer by the beginning of October. It’s really not all that far away.
rebound in Seattle real estate, Seattle, Seattle area geography, Seattle real estate
In Bellevue Real Estate, For Homeowners, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA Real Estate, real estate opinion on July 8, 2009 at 2:11 am
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.
View Larger Map
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.
Another thing to watch is the number of homes for sale, the housing inventory. We’re still at higher numbers, but things are starting to balance out. If you look at the maps, you’ll see the Seattle real estate market of 2009 is far more balanced than the Seattle real estate market of 2008. (A balance market is when the number of homes for sale in an area is less than a 6 months supply. Yellow on the attached maps indicates a balanced market in the area.
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.
On yesterday’s “Morning Edition” on NPR Station, KPLU, John Maynard interviewed Richard Hagar about another issue, the influx of new people moving to Washington State, the majority of whom are moving to King County. Some of these people rent and some buy condos and homes. The in-migration of people will only help our real estate and economy over time.
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.
Open houses, real estate, Seattle real estate, Windermere Real Estate
In Bellevue Real Estate, For Buyers, For Sellers, King County, WA, Real Estate News, Seattle real estate, Windermere Real Estate, real estate, real estate opinion on June 25, 2009 at 9:57 pm
Windermere announced its company website will now include all open houses, not just Windermere Real Estate’s open houses. This is a good thing. Consumers expect to get quality information about the real estate market from a real estate website. Sharing all the data makes perfect sense.
A top quality website enhances the customer experience, which ultimately should be the goal. It’s not only a benefit for the real estate company and every buyer and seller, it’s a benefit for Windermere agents, buyers, and sellers. It’s a win-win situation for all.
The traditional real estate companies are so well versed in the home buying and selling process, providing all the real estate data online provides true full service to the consumer.
buying a home on Seattle's eastside, Eastside real estate, popular price ranges for homes on Seattle's eastside, real estate, Seattle real estate, Seattle-eastside real estate. selling a home on Seattle' s eastside
In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Redmond, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA Real Estate, real estate on June 23, 2009 at 11:31 am
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
buying an Eastside condo, real estate, Seattle real estate, Seattle-eastside condo sales, selling an eastside condo
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Real Estate News, Redmond, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA Real Estate, market statistics, real estate on June 17, 2009 at 3:11 pm
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.
King County Real Estate, MLS, NWMLS, Seattle Eastside real estate, Seattle real estate, Snohomish County real estate, Windermere Real Estate
In Bellevue Real Estate, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, King County Real Estate, King County, WA, Sammamish, WA, Sammamish, WA Real Estate, Seattle, Seattle real estate, WA real estate, Woodinville, WA, market statistics, real estate on June 15, 2009 at 3:15 pm
The Seattle area real estate market is going from green to yellow. The map colors have changed on these real estate maps, representing a shift in the real estate market.
King Snohomish County Months Supply Area Map May 2009
King Snohomish County Months Supply Area Map-May 2008
Here’s what these maps show:
Each NWMLS (Northwest Multiple Listing Service) real estate area in the two counties is shown on the maps. For example, if you look at the eastside, you’ll see an area labeled 530, which is East Bellevue and parts of Redmond, and 560, which is Kirkland.
Every area of the NWMLS is then evaluated by looking at the number of homes for sale and the number of homes that sell each month in that area. If there’s an overabundance of homes for sale compared to the number of homes selling, then it’s a buyers’ market. If there are a reasonable number of homes selling each month compared to the number of homes on the market, then it’s a balanced market between buyer and seller. Lastly, if the number of homes is selling well compared to how many are for sale, then it’s a sellers’ market.
What do the colors on the maps represent?
- Green represents a buyers’ market.
- Yellow represents a balanced market between buyer and seller.
- Red represents a sellers’ market.
Along the sides of the maps, each real estate area is listed with the number of months it would take to sell all the homes currently for sale in the area. Let’s look at area 530 again. In area 530, if no other home comes on the market, it would take about 4.4 months for the homes to sell. In Kirkland, area 560, if no other home comes on the market, it would take 8.1 months to sell the homes for sale. East Bellevue and Redmond near Microsoft are color coded in yellow. With 4.4 months of inventory, it has a more balanced market. Kirkland is colored green. It’s a buyer’s market because it would take 8.1 months to sell the homes on the market.
Looking at 2009′s map, it’s clear how much the Seattle area real estate market has changed to a more balanced market. Most King and Snohomish county real estate areas are colored yellow, showing a balance between buyers and sellers.
May of 2008 was very definitely a buyers’ market and a buyers’ market only. In May of 2008, green for a buyers’ market was the predominant color on the map. In May of 2009, yellow is the dominant color, representing a more balanced real estate market.
$8000 first time home buyer tax incentive, Bellevue Real Estate, buying a condo on Seattle’s eastside, Issaquah Real Estate, Kirkland real estate, Redmond real estate, Sammamish real estate, selling a condo on Seattle’s eastside, Woodinville real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA, Woodinville, WA Real Estate, financing, market statistics, real estate on May 19, 2009 at 5:52 pm
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 other piece of good news is HUD, the office of Housing and Urban Development, announced the $8000 first time home buyer tax credit can be used towards a buyer’s down payment. This is a boon to first time buyers. The actual workings of the program have not been released yet, but I will report on it as soon as I hear about it. If you have a lender you trust, you can also contact them to get more information about the program. Remember, the tax incentive must be used before December 1st, 2009. To be safe, if you plan to use it, you should consider buying before the end of October, so your home or condo purchase will close in time for you to be eligible for the credit.
Bellevue Real Estate, buying a home in Seattle, buying a home on Seattle’s eastside, Issaquah Real Estate, Kirkland real estate, Redmond real estate, Seattle Eastside real estate, Seattle real estate, selling a home in Seattle, selling a home on Seattle’s eastside, Woodinville real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, Kirkland, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA, Woodinville, WA Real Estate, financing, real estate on May 15, 2009 at 7:32 am
Seattle Eastside Real Estate Activity April 2009
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 2009 ranged 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)
The plateau: Sammamish, Issaquah, North Bend, and Fall Ciy
Median sales price decreased by 12% from $597,639 to $524,000.
Inventory was down by 12% and sales were down by 12% from last year.
West Redmond/East Bellevue
Median sales price decreased from $608,998 to $500,000 a decrease of 18%.
Inventory was down 6% and sales were up 15%.
South Bellevue
Median price increased by 8% from $600,000 to $649,900.
Inventory was down by 15% and sales were up 70%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
Median price was down to $399,950 from $484,450, a 17% decrease.
Inventory was down by 6% from last year and sales were up by 44%.
Kirkland
Median price decreased by 8%, from $707,950 to $649,000.
Inventory was down by 8% and sales were up by 9.5%.
West Bellevue
Median pricing decreased by21% from $1,399,000 to $1,100,000.
Inventory increased by 5 % and sales increased by 18.5%.
Redmond/Education Hill/ Carnation
Median pricing decreased by 14% from $652,450 to $554,950.
Inventory decreased by 9% and sales decreased by 5%.
——————————————————————–
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.
- The $8000 buyers credit will now be available for a down payment. This is great news, which should help bolster the real estate market even more.
Case Shiller Index, real eastate, Seattle Eastside real estate, Seattle real estate
In 2009 stimulus package, For Buyers, For Homeowners, For Sellers, Real Estate News, Seattle real estate, real estate on May 4, 2009 at 11:17 am
Are home prices still declining in the greater Seattle area? Yes. However, according to the Case-Shiller Index , they are no longer falling off the cliff. No longer do you need your climbing ropes to hang on, you probably just need some skis to help take you more gently down the pricing slope. Standard and Poor’s Case-Shiller Index tracks the real estate activity in 20 cities all over the country. The decline in nationwide real estate prices was 18.6% from last February, however, Case-Shiller is based on a survey of 20 cities. Real estate on the Seattle-Eastside declined 15.4% in value from last February. We are not the best, but we are not the worst either.
There’s a lot of additional press and additional opinions raised all over the newspapers and blogs. It’s always interesting to see the kind of reaction people have to the same story. Here’s the Wall St Journal reaction to the story from their website:
“While the declines in residential real estate continued into February, we witnessed some deceleration in the rate of decline in some of the markets,” said David Blitzer, head of the S&P index committee.
Prices are “no longer falling off a cliff,” wrote Patrick Newport, an economist for IHS Global Insight. “Instead, they are rolling down a steep hill.”
The Seattle Times/Associated Press story written by Drew DeSilva reported:
Seattle-area home prices dropped an annual 15.4 percent in February from February 2008, compared with a 15 percent annual decline in January.
Seattle’s February annual price drop was the ninth-smallest decline among the 20 metro areas in the Case-Shiller index.
Seattle prices fell 1.5 percent in February from January, the fourth-smallest monthly decline among the 20 metro areas. The average monthly decline among the 20 cities was 2.2 percent.
There’s no doubt we’re still in a tough real estate market. But there are some lights on the horizon in the Seattle/Eastside real estate market.
Inventory is stabilizing throughout King County. Some weeks inventory increases, but in some weeks there’s a drop. It’s at a higher point for the year right now as 13,306 properties are for sale. However, last year at this time, there were 14,321 properties listed. We are far from the highest point of inventory which was reached at the end of July, 2008 with 16,618 homes for sale in King County. The largest number of properties for sale in King County so far this year has been 13,414 back in March.
The number of home sales in King County reached the second highest number of home sales for a week, 560 sales, since July, 2007. Five of the last 8 weeks were amongst the highest number of King County home sales in the last two years.
There’s a definite interest in real estate and buying homes. There wouldn’t be so much press written about real estate if this were not the case. I’ve written a number of blog posts on the first time home buyer tax incentive and all have had more hits than any of the other posts I’ve written. Previously, my posts on the Seattle Street of Dreams had received the most hits. But of my top 8 posts, according to WordPress, which is this blog platform, three of the five posts are about the stimulus package and the first time home buyer incentive. The top post has received 3700+ hits. I recently wrote about Washington State’s plan to allow the $8000 tax incentive to be applied towards a down payment. This post, too, is getting numerous hits. This tells me people are searching for information. They are searching for information about the options available to buy homes.
Listings are getting a lot of showings. Buyers are out there as the number of showings has increased.
I feel more homes will sell over the next few months. I do not feel that prices are heading up any time soon.
Bellevue Real Estate, buying a condo on Seattle's eastside, Issaquah Real Estate, Kirkland real estate, Redmond real estate, Sammamish real estate, selling a condo on Seattle's eastside, Woodinville real estate
In Bellevue Real Estate, For Buyers, For Sellers, Issaquah, WA, King County Real Estate, Kirkland, Real Estate News, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Woodinville, WA Real Estate, market statistics, real estate on April 16, 2009 at 1:39 pm
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.
Bellevue Real Estate, buying a home in Seattle, buying a home on Seattle's eastside, Issaquah Real Estate, Kirkland real estate, Redmond real estate, Seattle Eastside real estate, Seattle real estate, selling a home in Seattle, selling a home on Seattle's eastside, Woodinville real estate
In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Real Estate News, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Woodinville, WA Real Estate, market statistics, real estate on April 16, 2009 at 12:33 pm
Seattle Eastside March Real Estate Statistics
The chances of selling a home on the Eastside in March 2009 ranged 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)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
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.
West Redmond/East Bellevue
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%.
South Bellevue
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%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
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%.
Kirkland
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%.
West Bellevue
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%.
Redmond/Education Hill/ Carnation
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 great interest rates and the $8000 buyer tax credit may be starting to kick in.
For more on March, 2009 Seattle Eastside real estate statistics, you can check articles from the Ballard Tribune and the Eastside Business Journal.
buying a home, First Time Home Buyer Tax Credit, first time home buyers, low interest rates, real estate, Seattle real estate, Seattle/Eastside real estate
In For Buyers, For Sellers, Mortgages, Seattle real estate, real estate on March 23, 2009 at 4:38 pm
Only you can decide if it’s a good time for you to buy a home. There are lots of reasons to make a home purchase on Seattle’s Eastside, particularly if you’re a first time home buyer, according to The Seattle Times.
- There are some wonderful choices. In King County alone, there are over 13,000 properties available to pick from. On the eastside, there are 3500+ homes and 1200+ condos available to purchase. ( I have some great homes listed to buy among those 3500+!)
- There are more homes available to buy for under $500,000 (and even under $300,000) than there have been in years.
- 61% of the Seattle/Eastside homes are now selling for under $500,000.
- There are ready, willing, and able sellers who want to sell their homes. Many sellers understand the current real estate market and are pricing their homes to get them sold.
Interest rates are just plain fabulous. Bloomberg News recently compared the current interest rates to the rates available during WWII!
The Federal Tax Credit for First Time Home Buyers or Those Who Have Not Owned a Home over the last three years is a terrific bonus.
- Until the end of November 2009, first time home buyers may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit. Remember a tax credit is very different than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction, which only reduces your taxable income.
- The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their homes within three years.
The above is all great news during times in which there hasn’t been a lot of good news to report. Making the decision to buy is a very personal one and doesn’t work for everyone. Some people have layoff concerns, as an example, and are hesitant to make a purchase. For some, waiting it out on the sidelines is the best thing to do.
Are Seattle/Eastside home prices at the bottom yet? We probably won’t know until after we get there, but prices are back to 2005 levels. The areas of the country with deeper home price cuts than Seattle’s Eastside are areas in which the economy is struggling even more than we see here. But for those who have secure jobs, good income, great credit scores, and plan to stay in a home for 3-5 years, this is a terrific time to buy a home.
What do you think?
2009 real estate, 2009 Seattle/Eastside real estate, Eastside real estate, Seattle/Eastside real estate
In Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Redmond, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA Real Estate, market statistics, real estate, real estate opinion on March 17, 2009 at 7:35 am
Wondering what homes are selling on Seattle’s Eastside? A burning question many people are asking. Here’s the answer to that question:
Which Seattle/Eastside Homes Are Selling?
The comments above list the key points presented on the chart. In the first two months of 2009, 86% of the Seattle/Eastside real estate sales occurred below the 750k range and of those sales, 64% were below 500k. The market is shifting dramatically as prices decline and more homes and condos are priced below the 500k benchmark.
As I’ve mentioned in recent blog posts, more sales are happening below the 500k mark than we’ve seen in years. In previous years, the majority of homes sold in the 500-750k price range. You’ll can see evidence of this price shift in the above chart. During the first two months of the year, 36% more properties sold on Seattle’s Eastside priced below 500k than priced between 500-750k, which, in the recent past, used to represent the largest number of home sales.
(area 500-600 are the NWMLS numbers used for the Seattle/Eastside real estate)
Bellevue Real Estate, Kirkland real estate, Redmond real estate, Seattle/Eastside real estate
In Bellevue Real Estate, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Real Estate News, Redmond, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA Real Estate, market statistics, real estate on March 13, 2009 at 2:07 pm
The chances of selling a home on the Eastside in February 2009 ranged 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)
_____________________________________________________________
(click on each area name for a chart showing the latest stats in the area)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
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.
West Redmond/East Bellevue
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%.
South Bellevue
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%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
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%.
Kirkland
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%.
West Bellevue
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%.
Redmond/Education Hill/ Carnation
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.
buying a home, real estate, Seattle, Seattle real estate, Seattle/Eastside real estate, selling a home
In Bellevue Real Estate, For Sellers, Issaquah Real Estate, Kirkland, Redmond, Sammamish, WA, Seattle real estate, Woodinville, WA, market statistics, real estate, real estate opinion on February 18, 2009 at 5:01 pm
The chances of selling a home on the Eastside in January 2009 ranged 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.
_____________________________________________________________
(click on each area name for a chart showing the latest stats in the area)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
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.
West Redmond/East Bellevue
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%.
South Bellevue
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%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
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%.
Kirkland
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%.
West Bellevue
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%.
Redmond/Education Hill/ Carnation
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.
buying a new home in Puget Sound area, buying new construction homes, Camwest, DR Horton, home builders, Puget Sound home sales, real estate auctions, Seattle builders, Windermere Real Estate
In For Buyers, For Sellers, Seattle real estate, financing on December 7, 2008 at 5:19 pm
home ownership, improving home values, NAR, NAR cost vs. value report, Remodeling, value in remodeling
In For Buyers, For Homeowners, For Sellers, Remodeling and style trends, Seattle real estate, real estate, real estate opinion on December 2, 2008 at 5:50 am
I’ll never forget the time sellers contacted me to sell their home and they were pretty excited because they had done some updating before they called me. When I arrived at their home and took a look, my heart just sank. They had spent a lot of money on updating the carpet and many of the fixtures in the house. However, the carpet was a different color in every room! Teal was the main color throughout most of the house, but some of the bedrooms had pink carpet and others had blue. If this home had been in New England, it would have been fine. In New England, I’ve seen a lot of the homes with different carpet in each room, but not in the Seattle area. Carpet is usually one neutral tone throughout the house.
Every year The National Association of Realtors publishes a list comparing cost vs. value of different remodeling. The list breaks down different remodeling projects and the value of the remodel in each part of the country. Remodeling projects which “sell in Peoria” do not necessarily “sell in the Seattle” area.
According to the NAR report, the big “six” remodels in the West/Pacific region are :
” a wood deck addition, a minor kitchen remodel, fiber-cement siding replacement, wood window replacement, and an upscale wood and vinyl window replacement.”
“Similarly, the cost recouped on a given remodeling project depends on a wide variety of factors. These include the condition of the rest of a house, the value of similar homes nearby, and the rate at which property values are changing in the surrounding area. A home’s urban, suburban, or rural setting also affects its value, as does the availability and cost of new and existing homes in the immediate vicinity.”
The most important questions to ask yourself first:
1. Is this a remodel that will fit my lifestyle and pocket book?
2. Will I enjoy the changes I make to my home?
Then seek the advice of a Realtor you trust before you start any remodel. Contact a Realtor who is market savvy, knows your neighborhood, and will be willing to spend the time with you, even though you are not selling. Your Realtor should be able to give you solid advice about where you should spend, and not spend, your money. Get the answers to these questions:
- What are the homes worth in your neighborhood?
- How does your home compare to the others in the neighborhood?
- Will your remodel add value to your home in your neighborhood?
- How does the remodeling project fit with the rest of your home?
- Will you price yourself out of the neighborhood?
- What are the popular colors and materials in the area that will help maintain the value of your home?
- Is your home located close to economic and transportation hubs which will help maintain its value in the future?
- Will a remodel help balance any negative factors in your home?
Remodeling is a balancing act in which you as the homeowner have to measure how much the remodel means to you, your lifestyle, and your pocketbook as it compares to the future resale value of your home. It can also help to balance and counteract other features of a home. For example, if your home backs to a busy road, not only should your home be priced to accommodate the road noise when you go to sell, your home should be updated and upgraded to be more of a value to a potential buyer. A home in a noisy location will often be dismissed by buyers. But, if it is beautifully remodeled, it may help to counteract the negative location.
But please, do yourself a favor and get all the facts clear in your mind before you begin a project. Check out the link to the cost vs. value list above, spend time evaluating your wants and needs, talk to some contractors and to a trusted Realtor before you proceed.
Amazon, Microsoft, New York Times, real estate, Seahawks, Seattle, Seattle/Eastside, Sonics, Starbucks, Washington Mutual
In Seattle real estate, not real estate, real estate on November 24, 2008 at 5:04 am
My brother was not really trying to rub it in, but maybe a little, when he send me a link to an article from the New York Times, not about the state of real estate in the Pacific Northwest, but about the state of professional sports. He, of course, lives in the land of the New York Yankees and the Giants.
Real estate and sports are two of the hottest topics at cocktail parties, in the news, around the office cooler, and on the internet. Both topics are acceptable for everyone to talk about, unlike politics and religion.
One of the hottest years for real estate and Seattle sports teams was in 2005. The real estate market was booming. The Seahawks went to the Superbowl and the Sonics were in the playoffs. Seattle was a shining star in both sports and real estate. We were hot! People from other parts of the country cast a jealous eye on us. Not only were we strong in real estate and having a good year in sports back then, we also had Microsoft, Starbucks, Boeing, Amazon, and Washington Mutual. Everything was positive about the Seattle area.
Fast forward to 2008 and the Sonics are gone, the Seahawks are in the tank and real estate is suffering. Starbucks is closing some stores and WaMu, well, you know about them.
Everything goes in cycles and we’re at the bottom of the cycle. Although, it may take a while to get back up, I’m betting on Seattle/Eastside real estate coming back before many other areas of the country. Our economy is stronger than most, so should bounce back more quickly. Now for our sports teams…..what’s your bet?
Bellevue, Bellevue Real Estate, Carnation, Eastside real estate, Education Hill, home buyers, home sellers, home selling, Issaquah, King County Real Estate, Kirkland, Kirkland real estate, market statistics, Redmond, Redmond real estate, Sammamish, Sammamish real estate, Seattle, Seattle Eastside, Seattle real estate, union Hill, WA, WA real estate, Woodinville, Woodinville real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, Kirkland, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate, real estate opinion on October 15, 2008 at 10:05 pm
The chances of selling a home on the Eastside in September 2008 ranged 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.
_____________________________________________________________
(click on the each area name for a chart showing the latest stats in the area)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
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.
West Redmond/East Bellevue
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%.
South Bellevue
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%.
Woodinville/Bothell/Kenmore/Duvall
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%.
Kirkland
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%.
West Bellevue
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%.
Redmond/Education Hill/ Carnation
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.
home prices, home sales, moving down, moving up, reasons to move, relocation, Seattle, Seattle/Eastside, Seattle/Eastside real estate, The Seattle Times
In For Buyers, For Homeowners, For Sellers, King County Real Estate, Local news and information, Seattle real estate, real estate, real estate opinion on October 7, 2008 at 11:49 am
Home prices are down and real estate sales are up. The Seattle Times had two articles screaming these headlines here in the Seattle/ King County area. So who has made a move this year and why?
I thought I’d look back at the reasons some of my clients chose to move. What Motivated them to make a move? Some are buyers, some are sellers, some are both. Here are some of their reasons:
- Lost a long time spouse, remarried and moved to retirement community.
- Divorce (2)
- Needed more space for growing family (2)
- Relocated for job, retirement, family (6)
- Long time owners downsized to a condo (3)
- Moved out of the country
- Sold within 2 year limit for tax break on primary residence (2)
- First time buyer (2)
- Moving up to capitalize on buyers’ market. Didn’t make as much on sale of home, but made killing on purchase. (3)
- Moved to mother-in-law unit on daughter’s property.
- Expecting first child
- buying parent’s home, selling present home
The above are examples of why my clients have either bought or sold a home.
But who bought my listings? What was their motivation to move?
Most of my listing have sold to first time buyers, buyers relocating for jobs, one investor, and two move up buyers.
If you made a move, what was your motivation? If you’re an agent, why did your clients make a move?
Bellevue Towers, condominiums, high end condos, High End Eastside condos, KPLU, MLS, real estate, Seattle, Seattle/Eastside, Seattle/Eastside condominiums, Seattle/Eastside real estate, The Bravern
In Bellevue Real Estate, Bellevue, WA, Debra Sinick, For Buyers, For Homeowners, For Sellers, King County Real Estate, Kirkland, Real Estate News, Seattle real estate, market statistics, real estate, real estate opinion on October 2, 2008 at 3:56 pm
This morning KPLU had a story about high end condo real estate in Seattle and on the Eastside. Richard Hagar, the appraiser interviewed for the story, called condos priced above $5 million dollars as the high end, and, he says, these condos are in demand.
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.
Bellevue, Bellevue Real Estate, Carnation, Eastside real estate, Education Hill, home buyers, home sellers, home selling, Issaquah, King County Real Estate, Kirkland, Kirkland real estate, market statistics, Redmond, Redmond real estate, Sammamish, Sammamish real estate, Seattle, Seattle Eastside, Seattle real estate, union Hill, WA, WA real estate, Woodinville, Woodinville real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Real Estate News, Redmond, Seattle real estate, WA real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on September 18, 2008 at 2:49 pm
The chances
of selling a home on the Eastside in August 2008 ranged 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.
_____________________________________________________________
(click on the each area name for a chart showing the latest stats in the area)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
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.
West Redmond/East Bellevue
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%.
South Bellevue
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%.
Woodinville/Bothell/Kenmore/Duvall
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%.
Kirkland
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%.
West Bellevue
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%.
Redmond/Education Hill/ Carnation
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 Seattle/Eastside area is still far more fortunate than many other areas of the country. For example, Southern California is looking at a 34% price drop from last year.
condo buyers, condo buying, condo sellers, condo selling, condominium sales, condominiums, real estate, sales absdorption rate, Seattle/Eastside, Seattle/Eastside real estate, town home sales. town home buyers, town homes
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, WA, WA real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on August 12, 2008 at 2:26 pm
Sellers had a 12.7% 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)
July, 2008 1476 condos for sale, 187 condos sold, 12.7% chance of selling.
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.
July, 2007 918 condos for sale, 332 condos sold, 37% chance of selling.
The chances of selling a condo have been pretty consistent for the last three months, varying only by a percent. The number of available condos shrunk a little in June, but is now slightly over the number of condos available to buy in May.
Are condo prices still going up? Yes. However, this past month and in May, the increase in value was less than one percent. Increases in value have slowed down considerably, while the inventory and the chance of selling has stayed fairly constant. Cream puffs are selling, other condos are taking a very long time to sell. If you are buying, consider the best condo with the least amount of issues.
Is the condo located near employment, transportation, schools, shopping?
Is the condo in good condition?
Is the condo in a quiet location?
Does the condo have a strong amount in reserves?
Are the condo dues low?
Do the dues cover exterior maintanence, water, sewer, and garbage?
Anything else you should look for? Do let me know.
Bellevue, Bellevue Real Estate, Carnation, Eastside real estate, Education Hill, home buyers, home sellers, home selling, Issaquah, King County Real Estate, Kirkland, Kirkland real estate, market statistics, Redmond, Redmond real estate, Sammamish, Sammamish real estate, Seattle, Seattle Eastside, Seattle real estate, union Hill, WA, WA real estate, Woodinville, Woodinville real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Local news and information, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle, Seattle real estate, WA, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on August 12, 2008 at 1:58 pm
The chances
of selling a home on the Eastside in July 2008 ranged 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.
_____________________________________________________________
(click on the each area name for a chart showing the latest stats in the area)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
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.
West Redmond/East Bellevue
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%.
South Bellevue
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%.
Woodinville/Bothell/Kenmore/Duvall
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%.
Kirkland
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%.
West Bellevue
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%.
Redmond/Education Hill/ Carnation
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.
Bellevue Real Estate, Issaquah Real Estate, Kirkland, Kirkland real estate, Medina, Medina real estate, Redmond, Redmond real estate, Sammamish, Sammamish real estate, Seattle real estate, Seattle/Eastside real estate, Woodinville, Woodinville real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on June 16, 2008 at 8:07 am
The chances
of selling a home on the Eastside in May 2008 ranged 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.
_____________________________________________________________
(click on the each area name for a chart showing the latest stats in the area)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
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.
West Redmond/East Bellevue
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%.
South Bellevue
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%.
Woodinville/Bothell/Kenmore/Duvall
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%.
Kirkland
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%.
West Bellevue
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%.
Redmond/Education Hill/ Carnation
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.
Angelo's, Bellevue, Bellevue Square, Commercial real estate, El Gaucho, Google, Group Health, Issaquah, Kemper Freeman, Kirkland, Kirkland Parkplace, Microsoft, Nintendo, Seattle, Seattle/Eastside, The Bravern, The McLeod Project, Wild Ginger, XBox
In Bellevue, WA, Issaquah, WA, King County, WA, Local news and information, Real Estate News, Seattle real estate on May 19, 2008 at 8:05 am
Since the late 1980′s the Eastside of Seattle has exploded with development. Within the last few years, we’ve entered a completely new phase of development impacting many of the Eastside cities. Bellevue, Redmond, Issaquah, and Bothell are all undergoing big changes.
Here’s a list of some of the changes you will see on the Eastside. Much of this information was provided courtesy of Al Hodge, a commercial real estate broker with The Broderick Group, Inc. He has his ear to the ground and is very familiar with the latest happenings on the Eastside. Al Hodge made a presentation a couple of weeks ago at my Windermere office.
Downtown Bellevue is undergoing massive changes. I met a friend for dinner downtown the other day and we commented on how different things will be in downtown Bellevue over the next couple of years. There will be less of a need to go across the pond for great food and entertainment. (Not that there aren’t already some wonderful restaurants and entertainment venues on Seattle’s Eastside.)
Bellevue:
Microsoft has 3 million square feet of space.
Kemper Freeman is planning a $42 million upgrade of Bellevue Square.
El Gaucho restaurant is (rumored) to be opening in the new 26-story City Center Plaza off of NE 6th.
Other possibilities already reported in earlier posts:
John Howie of Seastar fame will open another restaurant.
Wild Ginger will also be on the Eastside.
Issaquah:
Opus Northwest will continue to have the largest retail center.
Group Health Hospital will keep its 26 acres of land/space.
Kirkland:
Parkplace is going through the review process for redevelopment.
Google is building 195,000 sq ft of space to accommodate about1000 employees.
Lake Street restaurants, including Hector’s, will closed and
The McLeod project is still under discussion. Approved by the city’s Design Review Board, the plan was voted down by the City Council.
Redmond:
4,000 space parking garage will be built to accommodate Microsoft employees. This billion dollar project will consist of a park and baseball field.
Nintendo, located nearby, recently sold Microsoft 40 acres of additional land for developing.
HP & EMC have moved in to the area
Angelo’s Nursery sold for $12 million for a future Elder Care facility.
Downtown Redmond:
Whole Foods has started the chain of new developments.
Costco will soon develop on 28 acres alongside the Business Park.
Xbox will stay for now possible move after Microsoft parking garage is built.
What do you think about all this growth, all these changes? Is it a good thing for the Eastside, or not?
Bellevue Real Estate, condo buyers, condo buying, condo sales, condo sellers, condo selling, condominium sales, Issaquah Real Estate, monthly real estate statistics, Redmond real estate, Sammamish real estate, Seattle real estate, Seattle/Eastside real estate, Woodinville real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, Kirkland, Local news and information, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on May 14, 2008 at 6:04 pm
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.
Bellevue, Bellevue Real Estate, Eastside real estate, home buyers, home sellers, home selling, Issaquah, Issaquah Real Estate, King County, King County Real Estate, Kirkland, Kirkland real estate, monthly real estate statistics, Redmond, Redmond real estate, Sammamish, Sammamish real estate, Seattle real estate, Seattle/Eastside real estate, Seattle/Eastside real estate statistics, Woodinville, Woodinville real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Local news and information, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, WA, WA real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on May 12, 2008 at 7:50 am
The chances
of selling a home on the Eastside in April 2008 ranged 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.
_____________________________________________________________
(click on the each area name for a chart showing the latest stats in the area)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
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.
West Redmond/East Bellevue
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.
South Bellevue
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%.
Woodinville/Bothell/Kenmore/Duvall
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%.
Kirkland
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%.
West Bellevue
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%.
Redmond/Education Hill/ Carnation
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.
Add new tag, condominiums, condos, Eastside real estate, home buyers, home sellers, home selling, real estate, real estate market statistics, real estate update, Seattle/Eastside, Seattle/Eastside real estate
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Local news and information, Real Estate News, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on April 10, 2008 at 3:43 pm
Sellers had a 16% chance of selling a condo on Seattle’s Eastside in March of 2008. ( click on 2008 year to date statistics in the link above for a chart showing the condo report)
March, 2008 1277 condos for sale, 208 condos sold, 16% chance of selling.
February, 2008 1230 condos for sale, 140 condos sold, 11% chance of selling.
March, 2007 535 condos for sale, 405 condos sold, 75% chance of selling.
The eastside certainly doesn’t follow expected trends. Even with the more than double the inventory, pricing is still 7.4% higher than last year. Usually, if there are more properties available and less sales, then the prices go down, but not on Seattle’s Eastside.
Add new tag, Bellevue, Bothell, Duvall, Eastside real estate, home buyers, home seller, home sellers, Issaquah, Kenmore, Kirkland, market statistics, monthly real estate update, Redmond, Sammamish, Seattle, Seattle/Eastside real estate, Woodinville
In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Local news and information, Real Estate News, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics on April 10, 2008 at 2:29 pm
The chances
of selling a home on the Eastside in March 2008 ranged from a low of 7.26% to a high of 21%, with an average 13.5% 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.)
Here are the real estate statistics for single family home sales activity on Seattle’s Eastside:
March, 2008 3637 homes available, 493 sold, 13.5% chance of selling.
February, 2008 3303 homes available, 453 sold, 13.7% chance of selling.
March, 2007 2126 homes available, 826 sold, 38.8% chance of selling.
_____________________________________________________________
(click on the each area name for a chart showing the latest stats in the area)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
Sellers had a 14.5% chance of getting a home sold, DOWN from 16.4% last month and DOWN from 40.4% last year. Median home prices were down by 2.4%, from $593,950 to $579,500. Inventory was up by 59.7% and sales declined by almost 42% from last year.
West Redmond/East Bellevue
Sellers had a 21.7% chance of getting a home sold, UP from 15.6% last month, and DOWN from 58.8% last year. Median sales price decreased from $598,725 to $539,950. Inventory was up 127% and sales were down from 70 sales to 59 homes, a 15.7% decline.
South Bellevue
Sellers had a 12.3% chance of selling a home, DOWN from 13.4% last month and DOWN from 40.7% last year. Median price decreased by 1.5% to $669,950 from $659,950. Inventory was up 60.6% and sales were down almost 51.2%.
Woodinville/Bothell/Kenmore/Duvall
Sellers had a 12.3% chance of selling a home, as 12.3% last month and DOWN from 35.1% last year. Median price was down to $525,000 from $540,450, a 2.9% decrease. Inventory was up by 57% from last year and sales declined by 44.9%.
Kirkland
Sellers had a 10.7% chance of selling a home, DOWN from 12.5% last month and DOWN from 28.2% last year. Median price declined by 2%, from $714,950 to $699,999. Inventory was up by 57.2% and sales were down by 40.2%.
West Bellevue
Sellers had a 7.26% chance of selling a home, DOWN from 9%, and DOWN from 35.2% last year. Median pricing increased by 2.9% to $1,250,000 from $1,215,000. Inventory climbed by 136.9% and sales declined by 51.2%.
Redmond/Education Hill/ Carnation
Sellers had a 14.8% chance of selling a home, DOWN from 15.8% last month, and DOWN from 48.9% last year. Median pricing decreased by 11.5% from $678,225 to $600,000. Inventory increased by103% and sales dropped by 38.5%.
King county wide, inventory is up from January’s numbers. On the eastside 2963 homes were on the market in January and now there are 3637 homes for sale.
As I mentioned in a previous post, if you’re considering a move, whether you’re buying or selling, it’s important to break the data down regarding the inventory and the absorption rate even further than what is reported above. The information here is a great snapshot for the eastside. But when looking at the price for a particular home, it’s best to look at the information in a smaller area than what’s shown above.
Also, look at several months worth of data. It’s interesting to see how things can fluctuate each month. For example, in West Bellevue, median price has been declining over the past few months and this month median pricing is up. If you look at several months worth of statistics, you’ll get a more realistic flavor of the market in a particular area. It obviously is still a tough market for sellers and a much better market for buyers. Pricing and condition is key in selling a home. It always has been, but now it’s even more critical.
buyers, flowers, home sales, home sellers, photos, real estate, Seattle, Seattle/Eastside, sellers
In For Buyers, For Sellers, Seattle real estate, real estate on March 31, 2008 at 9:02 am
Let’s face it, yards look awful in November, no matter where you live. When I list a home in the dark of November, I say a prayer to the landscape gods, hoping the home owners have taken photos of their spring and summer flowers. These photos can be used anytime to advertise a home, whether it’s the darkest day in November or the middle of summer. So plan ahead, get your camera rolling, and take some great photos. You never know when you may need them.
Eastside Real Estate Buzz
