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Seattle Eastside March Real Estate Marched On!
Seattle Eastside Real Estate Sales Through March, 2013
Finally, there were a few more homes for sale on Seattle's eastside in March, the first month since August of last year!
Did this increase in inventory dampen the number of sales? So far, nothing has slowed down the rate of sales. In fact, the rate of home sales in Bellevue, Kirkland, Redmond, and other eastside cities was higher in March than February. Seventy-eight percent of the homes on the market sold! There is still more than one buyer for each home, so multiple offers remain the norm.
It's been hopping out there in the real estate market on the eastside. We're starting to see some Eastside buyers behave like Seattle buyers. This past weekend, a buyer pre-inspected one of our listings before making an offer. Rumor had it that there were going to be at least 4 offers on the table and this particular buyer wanted to come to that table with a very clean, straightforward offer. Buyers in Seattle have pre-inspected homes for years when the market has been hot. It's not something we've seen as much on the eastside, but we wouldn't be surprised if it continues.
Here are the specifics for March, 2013 as compared to March, 2012:
- 78% of the available homes sold this past March, 44% sold in March, 2012.
- Homes sold in 62 days, down from 109 days in March, 2012.
- In 2012 median pricing in March was $470,000. In 2013, March's median pricing was $560,000. We're expecting median pricing to continue to work its way back up to the higher $500+ range, particularly since inventory is still so low.
The Seattle Times reported a 17% increase in pricing from March, 2012 on the eastside.
It was the biggest monthly percentage gain since April 2012, when King County’s median home price started rising after 19 months of decline.
If you'd like more information specific to your home, don't hesitate to contact us.
The Real Estate Sales Numbers in Redmond, Kirkland, Bellevue Continue to Be Fabulous
This tells it like it is in the Seattle area real estate market. The entire region, with the exception of Vashon Island in yellow, is a sellers market, which is indicated by the color red. The top sales rate, not the most sales, once again goes to Redmond and East Bellevue near Microsoft. In March, 80% of the homes sold there, while 69% sold in April! The odds of selling a home were the lowest in other parts of Redmond and Carnation. But at 32%, the odds were still good. This is a testament to the positive economy in the Seattle area and on the eastside.
Microsoft is hiring and moving people around the country. We know this first hand as we’re working with three different buyers who are either moving into the Bellevue/Redmond area or moving out of state for Microsoft.
Multiple offers, a shortage of homes, a huge percentage of homes selling in a short amount of time. some price increases (although minimal) are happening all over the Seattle eastside real estate market. The Seattle Times recently published a very positive picture of the local real estate market.
The cities below are reported together to follow our MLS areas (multiple listing service) information.
1. Redmond/East Bellevue
The odds of selling a home were 69%!!!!!
Median sales price decreased from $430,000 to $428,000 (y-o-y)**
97 homes were for sale
A total of 67 homes sold
Days on the market: 70
2. South Bellevue/Issaquah
The odds of selling a home were 48%
Median price increased from $520,000 to $522,000
244 homes were for sale
A total of 118 homes sold
Days on market: 85
3. The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 44%
Median sales price increased from $467,000 to $472,000
There were 467 homes for sale
A total of 203 homes sold
Days on the market: 110
4. Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 42%
Median sales price increased from $383,000 to $385,000
397 homes were for sale
A total of 165 homes sold
Days on Market: 103
5. Kirkland
The odds of selling a home were 36%
Median sales price decreased from $550,000 to $430,000
132 homes were for sale
A total of 47 homes sold
Days on Market: 72
6. West Bellevue
The odds of selling a home were 34%.
Median sales price increased from $973,000 to $1,185,000
118 homes were for sale
A total of 40 homes sold
Days on Market: 107
7. Redmond/Education Hill/ Carnation
The odds of selling a home were 32%
Median sales price increased from $452,000 to $538,000!
219 homes were for sale
A total of 69 homes sold
Days on Market: 159
If you’d like more specific information about your neighborhood or home, feel free to contact either Brooks or me.
*(The odds of selling a home in each area is a result of the number of homes for sale divided by the actual number of home sales, so if 10 out of 100 homes sold, the odds of selling would be 10/100 or 10%)
** (y-o-y) median pricing is comparing year over year numbers.
Real Estate Sales in Bellevue, Kirkland, and Redmond, Etc Are Hot!
Red is busting out all over the map of Seattle Real Estate Sales! Red means it’s a sellers market in which homes, on average, are selling in less than 3 months! The numbers are really strong in all of the eastside cities, but top sales go to the 80% sales rate in Redmond and East Bellevue near Microsoft last month! Incredible odds! In every other area on the eastside over 40% of the homes sold.
Closed sales, the sales in which the new buyer now owns the house, are showing lower sales numbers because the homes that closed in March actually got offers in January or February. Expect the number of sales for each of the coming months to jump higher because March home sales will be closing in April and May.. Market time will continue to decrease as this faster sales market continues.
Pricing has still been dropping as you can see below, but should become more stable as the prices from these March sales becomes public. Some areas actually showed an increase in pricing, but remember, it is a representation of the sales that sold in March only.
Multiple offers, a shortage of homes, a huge percentage of homes selling in a short amount of time are all the buzz words for the Seattle eastside real estate market.
The cities below are reported together to follow our MLS areas (multiple listing service) information.
1. Redmond/East Bellevue
The odds of selling a home were 80%
Median sales price decreased from $476,000 to $427,000 (y-o-y)**
95 homes were for sale
A total of 76 homes sold
Days on the market: 135
2. Kirkland
The odds of selling a home were 57%
Median sales price decreased from $570,000 to $469,000
137 homes were for sale
A total of 53 homes sold
Days on Market: 83
3. West Bellevue
The odds of selling a home were 46%.
Median sales price increased from $888,000 to $1,000,000
117 homes were for sale
A total of 54 homes sold
Days on Market: 70
4. The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 44%
Median sales price decreased from $505,000 to $462,000
There were 436 homes for sale
A total of 193 homes sold
Days on the market: 127
4. (tie) South Bellevue/Issaquah
The odds of selling a home were 44%
Median price increased from $510,000 to $560,000
225 homes were for sale
A total of 98 homes sold
Days on market: 99
5. Redmond/Education Hill/ Carnation
The odds of selling a home were 43%
Median sales price increased from $411,000 to $472,000
193 homes were for sale
A total of 83 homes sold
Days on Market: 100
6. Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 42%
Median sales price decreased from $423,000 to $369,000
365 homes were for sale
A total of 151 homes sold
Days on Market: 100
If you’d like more specific information about your neighborhood or home, feel free to contact either Brooks or me.
*(The odds of selling a home in each area is a result of the number of homes for sale divided by the actual number of home sales, so if 10 out of 100 homes sold, the odds of selling would be 10/100 or 10%)
** (y-o-y) median pricing is comparing year over year numbers.
Negative Headlines for Seattle Real Estate?
I thought we were finally past the negative headlines in Seattle real estate, but apparently not. Both The Seattle Times and the PI had articles about the decline in prices. The articles take a look at the latest Case-Shiller Index for January, 2012, which shows closings for December of 2011. The offers for the homes sold in December, 2011 were written a couple of months earlier than December, so the latest Case-Shiller report examines data that is 3-5 months old. The focus in these articles is the decline in real estate prices. There was a small decline in Seattle area real estate prices from January, 2011 to January, 2012.
Is this an accurate picture of today’s local real estate?
Besides the fact that the Case-Shiller report is examining older data, we have to remember to look at pricing over a 3-6 month period to see a real trend and in a very local real estate market. When you examine trends in a more localized area, you see true numbers. The numbers that affect you. Case-Shiller examines 20 metropolitan areas, including the Seattle area. However, this includes not only Seattle, but the surrounding counties: Snohomish, Pierce, and King. The counties are very different real estate animals. Aubrey Cohen said in the PI:
Pierce and Snohomish counties are weaker than King County, dragging down statistics for the metro area.
Within counties, real estate markets are different. In King County, the south is very different from the east. In East King County, in such cities such as Bellevue and Redmond or Sammamish, there are differences. Looking at the Seattle and the surrounding counties does not give the true picture of what is happening in Kirkland, Woodinville or Duvall. Case-Shiller does not tell the local story , the local real estate story that affects you and your home.
What’s really happening with real estate on Seattle’s eastside?
As March comes to a close, we’re in a “hot” market in Seattle and on the eastside in Bellevue, Redmond, Kirkland, and Issaquah. etc. This week in all of King County, there are 6,802 properties for sale. Last year at this time, 10,772 properties were for sale. The eastside is a reflection of these numbers. There is a small supply of available properties. Every day the NWMLS, Northwest Multiple Listing Service, tallies up the number of new listings and sales. On most days, pending sales outpace new listings by about one-third. Many homes are receiving multiple offers, which means their prices are, more often than, not remaining stable. There’s too much demand for housing and not enough houses for sale.
The reality is prices will not go up by much, but they also will not go down on the eastside in most areas with this lack of supply and high demand for homes. Let’s not go back to the past. Let’s focus on the present as much as we can. The Eastside real estate market is hot!
That should be the headline for today’s real estate news.
A Booming Real Estate Market in Kirkland, Bellevue, Redmond And Other Eastside Cities in February, 2012
The February Real Estate Map shows a strong sellers market.
Multiple offers, low supply of homes, a huge percentage of homes selling in a short amount of time, all are happening in the eastside communities of Bellevue, Redmond, Kirkland, Issaquah, Woodinville, and Bothell. This is an exciting trend that we expect will continue as long as people feel good about the economy, Seattle companies are hiring and there is this shortage of homes for sale. The national press is jumping on the bandwagon and reporting the uptick in the real estate market. However, I believe this is not happening everywhere. We are among the fortunate areas in the country that are experiencing this positive real estate market.
Almost half of all the homes for sale in Kirkland and Redmond sold this past month! That’s astonishing odds. The cities below are grouped together to follow our MLS areas (multiple listing service). This is how our statistics are reported.
1. Redmond/East Bellevue
The odds of selling a home were 49%
Median sales price decreased from $435,000 to $400,000 (y-o-y)**
113 homes were for sale
A total of 35 homes sold
Days on the market: 84
2. Kirkland
The odds of selling a home were 48%
Median sales price decreased from $457,000 to $442,000
140 homes were for sale
A total of 38 homes sold
Days on Market: 98
3. The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 40%
Median sales price decreased from $514,000 to $442,000
There were 428 homes for sale
A total of 100 homes sold
Days on the market: 121
4. South Bellevue/Issaquah
The odds of selling a home were 33%
Median price decreased from $580,000 to $525,000
239 homes were for sale
A total of 43 homes sold
Days on market: 118
5. Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 32%
Median sales price decreased from $366,000 to $360,000
368 homes were for sale
A total of 105 homes sold
Days on Market: 115
6. West Bellevue
The odds of selling a home were 20%.
Median sales price increased from $840,000 to $960,000
123 homes were for sale
A total of 15 homes sold
Days on Market: 133
7. Redmond/Education Hill/ Carnation
The odds of selling a home were 4%
Median sales price increased from $382,000 to $515,000
205 homes were for sale
A total of 29 homes sold
Days on Market: 152
If you’d like more specific information about your neighborhood or home, feel free to contact either Brooks or me.
*(The odds of selling a home in each area is a result of the number of homes for sale divided by the actual number of home sales, so if 10 out of 100 homes sold, the odds of selling would be 10/100 or 10%)
** (y-o-y) median pricing is comparing year over year numbers.
Multiple Offers for Seattle Eastside Homes in February 2012!
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- When I check listings each day, I notice there are many homes that sell within a matter of days. Most days when I check listings, I’ve noticed they’re fewer new listings than sales. Just the other day there were 49 new listings on the eastside and 69 sales. More homes are selling than are coming on the market.
- The supply of buyers outweighs the supply of homes right now, which results in multiple offers for a home. This was common before the market crash and is now becoming a common phenomenon again here in the eastside cities of Bellevue, Kirkland, Redmond.
- As I mentioned last month, it’s surprising to see fewer homes on the market than in January. Usually the number of homes for sale follows the same trend that we see in the chart for 2011. As most years progress, there are more homes for sale each month, with the number peaking sometime in the summer. This year we’ve not seen this pattern. It’s pretty unusual at this time of year to see the number of homes for sale actually be a lower number than the previous month. This week the number of homes for sale in all of King County dipped below 7000. We started the year with about 7500 homes for sale, so homes are selling at a pretty fast clip.
- Does this mean that home prices are going up? Even with multiple offers, not all of the homes are selling for full price. There are some homes, though, that are in demand, are truly special or are priced incredibly well which can and do sell for more than full price. Prices on the eastside are actually down about 2% from last year.
The Seattle-eastside real estate market was hot in February. Buyers were lining up and multiple offers were often the norm. Multiple offers? Yes, multiple offers.What happened to the supply of homes on the eastside?
In the eastside cities of Bellevue, Kirkland and Redmond, etc, sellers who are able to hang on to their homes and choose not to sell are waiting, particularly if they paid more for their homes. The shadow inventory of foreclosures, is still a shadow at this point. There are foreclosures, but the eastside real estate market is not glutted with them.
This February there were 734 fewer homes, about 31% less, for sale on the eastside than last year. With almost 1/3 fewer homes on the market, it’s no big surprise that multiple offers are happening. Not only are fewer homes on the market, but more are selling than last year. Almost 100 more homes sold this February than last.
The wrap up February, 2012 Seattle-eastside real estate:
- 31% fewer homes were on the market in February this year than in 2011.
- The average time a home took to sell was 118 days.
- Sales prices on average were 8% below the seller’s original asking price.
- 34% percent of the homes for sale this January received offers and sold.
What’s happening in your neighborhood? Is the real estate market off to a better start this year?
*The numbers are a result of the real estate sales activity that happened that particular month only. In order to see a trend, it is important to look at a number of months together. One month is only indicative of that particular month’s sales.
Stayed tuned to see if this hot real estate market continues.
My 2009 Predictions for 2012 Seattle Area Real Estate
Predictions for 2012 Seattle-Eastside Real Estate?
I’d just written a post with predictions for this year’s real estate market, when I happened to come across this post from 2 1/2 years ago with positive predictions about the 2012 Bellevue/Eastside real estate market.
Looking at the reprinted post below, how much looks like it could be true for 2012?
Rebound in Seattle/Eastside real estate? Wait until 2012.
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.) There’s a lot of empty space east of Seattle, Bellevue and other parts of King County. 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! It’s certainly not conducive to building a home. Couple this with strict land use regulations, protecting salmon streams as an example, and even less land is available for development. It’s double-edged sword. We need to maintain a healthy balance between people and nature, to maintain our wildlife, our trees, and our quality of life. But the natural elements of the Seattle area, Puget Sound, Lake Washington, and the Cascade Mountains do provide a challenge to our growth. Less land to develop=higher prices, but it won’t happen for a few years and increases should still be modest.
The economy in the Seattle area is hurting like the rest of the country. But there’s a strong economic base that will re-emerge as things start to turn around. The old stand-bys, Microsoft, Starbucks, and Boeing are struggling now, but should bounce back.
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 it’s not going to be an easy “walk” to get there.
Now we’re at the end of the first month of 2012, what’s happening with Seattle-Eastside Real Estate? There are differences from what I wrote in 2009 that actually bode well for the Bellevue, Kirkland, Redmond, Sammamish, etc areas:
Builders are buying land now. We have a client who was approached by no less than 4 builders last year when his property was not even listed for sale. Within the same week, he received several builder solicitations. He’s not the only homeowner with land who has been approached. Builders are actually looking to beef up their inventory of land so they can build again.
The number of homes on the market has reached the lowest level since February, 2007. In all of King County there are approximately 7500 homes and condos for sale.
The geography hasn’t changed and I believe it will take millions of years before it does and the economy is still performing at a far better pace in the Seattle area than in other parts of the country. Amazon, Microsoft, and other companies are hiring.
What does your crystal ball say?
Predictions for 2012 Real Estate on the Eastside-Bellevue, Redmond, Kirkland, Etc.
With the start of the new year, we’re seeing a more positive attitude out in the marketplace. It’s amazing what a new year can bring in attitude and outlook for people. Many are making choices to move because they want or need to do so. For some, the price issue is taking a back seat to the need to move. We have several clients who plan to move because they just got married and want a new home or would like to live in the city, downsize or relocate. These moves are lifestyle choices. Some will lose money, while others will make a profit on their home sale. Lifestyle wants and needs trump the monetary outcome for some. Truthfully, if homeowners can make a choice as to whether to sell or hold, they are the fortunate ones.
What's in 2012's Crystal Ball for Eastside Real Estate?
What’s on the horizon for 2012? As I was driving to a meeting recently, I heard a piece on KPLU about the expected improvement in the Puget Sound economy.
Dick Conway, an economic forecaster. had spoken at the 40th Anniversary Economic Forecast Conference in Seattle. Here are five reasons Conway thinks the future is bright:
- Boeing is showing strong employment, with the 737 MAX and the 787 being built here, the labor peace pact, and strong bonuses. Overall, it is a very nice scenario for the Puget Sound Economy.
- Job growth in the region is generally outpacing the nation. The strength of both Boeing and Microsoft causes a “multiplier effect,” bringing more jobs with them.
- Retail sales numbers have been a pleasant surprise. Conway predicts a 5.9 percent increase in 2012 and a bit more than 3 percent growth in 2013.
- Foreign exports are leading the recovery and Washington state is the nation’s top exporter, thanks again to Boeing. (Microsoft is also a factor here.)
- The Puget Sound is home to many strong local companies.
Matthew Gardner had a fairly optimistic view for 2012 real estate in the Seattle area:
When combined with improving economic conditions, I would not be surprised to see several markets exhibit modest price growth in 2012. That said and, as we all know, real estate is all about location; therefore I do not expect that price recovery will be equal across all markets.
He tempers this line of thinking with the two elephants in the room: the expected supply of distressed sales that will hit the market and the difficulty of obtaining financing:
If this is actually the case, then why aren’t prices higher? Well, there are still a number of anchors that are holding us back. The first of which is the shadow inventory in the shape of distressed homes. Many foreclosures have been trading at below market value and, in some cases, below replacement cost. This naturally holds down values.
Secondly, and equally as important, are the continued issues with obtaining financing for the purchase of a new home. It remains remarkably difficult to get a mortgage, which has led to an unusually high percentage of proposed purchases falling through.
With the new year and promising economic news, we expect Seattle-eastside real estate to be the strongest since 2007. Home sales should be steady even as inventory rises into the summer. Prices, of course, may stay about where they are for now. The key to pricing will be the supply of homes on the market. The more homes, the more competition for buyers and the more flexible sellers will need to be about pricing. With fewer homes on the market and steady demand, prices should stabilize. If prices do go up, most likely it will be in the areas that are close-in, areas which are considered desirable locations. Expect distressed sales to temper the pricing this year. The number of homes for sale and pricing will vary from neighborhood to neighborhood. The eastside is filled with real estate micro-markets and they don’t perform in the same way.
If there are any price increases, they will be minimal, but if there are increases, we will be shouting this from the rooftops! Because we watch market trends so carefully, our sellers will be among the first to know about any price increases. You will, however, hear us shouting that 2012 is expected to be our best market in the last 4 years.
Our predictions:
- Prices should not drop further.
- Some homes will be the “hot” ones because of price and condition. These homes will sell quickly and some will have multiple offers.
- Other homes and neighborhoods will move more slowly because of price and location.
- Local companies, such as Amazon and Microsoft, will continue to move people to the area.
- The supply of homes for sale will increase as the year heads to spring and summer, however, there are some homeowners who will choose to hold for a number of years. The supply should not increase as dramatically as it has in the last few years.
- Distressed sales will continue to be a significant part of the supply and will continue to affect pricing statistics. However, pricing will be stronger for those homes that aren’t distressed sales.
- There will be a more balanced market between buyers and sellers.
- The wide range of activity indicates a normal, active real estate market on Seattle’s eastside.
What do you think will happen real estate in cities such as Bellevue, Kirkland, and Redmond? Will prices go up, down or stay the same? Do you see a good market in your area?
Playing Tourist in Seattle and on the Eastside on a Beautiful Summer Weekend
I played tour guide and tourist in Seattle and on the eastside last weekend. I had family visiting me who had never been out to the Northwest. So I donned by tour guide guise and off we went. It was the perfect time to do this as the weather was just gorgeous and lots of fun “stuff’ was happening.
The Calder at Olympic Sculpture Park
Richard Serra at Seattle Olympic Sculpture Park
Next we paid a visit to Pike Place Market which, I’m willing to bet, was filled with people sightseeing around Seattle before they boarded one of those big ships to Alaska. It was mobbed, but still it was wonderful to be there. We ended up having a great lunch of gazpacho soup along with some take-out seafood appetizers. I had Alaskan King Crab, which was to die for! I also went to one of my favorite bakeries for dessert, 3 Girls Bakery, and had one of their rugula. We took home a whole wheat hazelnut-currant bread. All in all it was a pretty “tasty’ experience.
Saturday Crowds at Pike Place Market
Seattle's Pike Place Market
Gorgeous Berries
Check out these $400 truffles! Would you pay that much for imported French truffles? Amazing.
$400 Truffles!
After seeing all the salmon for sale at the market, we finished our day with a tour of the Ballard Locks, which were built 100 years ago to accommodate boats moving from Puget Sound to the Lake Washington Ship Canal. It’s fascinating to see the locks move the ships between the two areas. There’s also a fish ladder where you can view the salmon heading upstream to spawn and die. These fish are amazing to watch as they struggle against the tide, so to speak. The locks are one of my favorite places to visit in Seattle.
The Ballard Locks
On Sunday, we ventured out to the king of art fairs, The Bellevue Museum Art Fair, which is held in the parking garage of the mall. I know that sounds strange, but after 25 years of attending the fair, I’ve gotten used to the fact that it’s in a parking garage. (It’s so Bellevue!). There’s terrific art, crafts, clothing, jewelry, sculpture, you name it, at this fair. It’s hard to find a better art fair anywhere.
The fair also included some live performers.
Performance Art at the Bellevue Arts Museum Fair
There’s so much going on in the Seattle area and on the eastside in the summer. If the weather cooperates, as it did last weekend, it’s a fabulous place to visit. What are some of your favorite places to take visiting friends and family?
But most importantly, would you pay $400 to buy truffles?
How Strong Were June, 2011 Real Estate Sales on Seattle's Eastside?
Seattle-Eastside Real Estate Sales Through June, 2011
How strong were June, 2011 real estate sales on Seattle’s Eastside? This summer’s real estate market is going to stay stronger than what we usually see during a Seattle summer. Traditionally, the highest number of homes for sale during a year comes near the end of July. With this increased competition, it can make it more challenging to sell your home. Although the number of eastside homes for sale has increased each month, the increase is nothing like the numbers we’ve seen during June of the last few years.
This year, the number of homes for sale is increasing, but at a much slower pace than last year. In King County as a whole, there are 11,320 properties for sale. Last year at the end of July, there were 14,639 properties on the market. This translates to 33% fewer homes on the market in King County this year. On the eastside, there were 15% less homes for sale in June. Since there’s still a great selection of homes for sale, the smaller number of available homes increases the odds of a home selling.
In fact, we had multiple offers on two listings this week alone. I find we have a lot of showings on our listings, so buyers are definitely out there more than they usually are in the summer months.
The number of sales this past month dipped a little from the previous month, but only by 12 homes. In May, we saw the highest number of homes sell in a month so far this year. As a reminder, in April of last year, there’s a very high number of home sales. This was artificially high as buyers tried to “cash in” on the tax credit. This year, the sales numbers are not inflated by any other issue. Real estate sales are fueled by the amount of job hiring in the area and by buyers who are more willing to move on with their lives, literally.
In June 2011, there were 2880 homes for sale and 661 of these homes had offers. The absorption rate, the number of homes that sold during a month compared to the number for sale, was 23%. Almost one quarter of the Seattle eastside homes for sale sold in June.
How is the real estate market doing in your area? Is it as strong as what we’re seeing here or is a little slower.
