Debra Sinick

Archive for the ‘WA real estate’ Category

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What A Difference A Year Makes In Seattle-Eastside 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 2009

King Snohomish County Months Supply Area Map-May 2008

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.

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Is This a Good Time For Seattle-Eastside Home Owners to Make a Move Up?

In For Buyers, For Sellers, King County Real Estate, WA real estate, real estate, real estate opinion on May 22, 2009 at 2:31 pm

Is this a good time to buy a home and make a make a move up? Two long term clients of mine called me today to talk about the possibility of making a move up.  Both realized it will be tough to sell, they know they won’t get 2007 prices, but they won’t pay 2007 prices either.  If they decide to buy, they’ll pay 2004-5 prices. People are starting to get it.  This is the 4th past client whose called in the past month to talk about making a move up.

Real estate has focused more on the first time home buyer because of the stimulus package’s $8000 first time home buyer credit. I’ve spent a lot of time writing about this tax credit on this blog, but many of us who blog about real estate forget about those who already own a home.   This is a terrific time to make a move up.

Here’s the equation: Lower prices+ lots of choices+ good interest rates=buyer’s market.  Buyers rule right now.  So if you’re a seller, expect to sell for less than you thought you would, but then make it up as a buyer. The happy news website tells the tale of a Bothell couple who moved from a small condo to their first single family home. They sold their condo for less, but paid considerably less for their new home.  I just sold a home for a couple in the Juanita area of Kirkland who would have sold their home a year ago in the low 400’s.  It just sold for $360,000.  They bought new construction in Kirkland priced a good $100,000 less than its original asking price.

People forget how difficult it was to buy a home in a seller’s market. The Seattle-Eastside has been a seller’s market for most of the decade from 1997-2007.   Some years were more challenging for buyers than others. Buyers jumped to compete in multiple offers, paid over full price for homes, bought a home without an inspection or financing clause, pledged their first born, and were happy to do it.  Sometimes buyers paid for a pre-inspection because the offer could not have an inspection clause to compete with other offers.  Sometimes buyers paid for multiple inspections on different homes before they bought a house.  Many people think our real estate market of the past was easy.  It was easier for the sellers, but it was difficult for the buyers.

Now it’s a lot easier for the buyer to buy, but more difficult for the seller to sell a home. It’ s hard to reach that nirvana of a balanced market between home buyers and home sellers ( although we are getting closer in some Seattle neighborhoods), so if you think about making a move up, go for it as a buyer and be giving as a seller.

Couple all the above with the improvement in the real estate market in Seattle and if you want to move up, now’s the time.   Are we at bottom? Many people, including me, believe we’re near or at the bottom of the real estate market, so this could be a good time.

Barbara Corcoran, the owner of Corcoran Real Estate in NYC, spoke about the Top Five Real Estate Markets Expected to Rebound:

  • Denver
  • Raleigh
  • Austin
  • Seattle
  • San Francisco

The 8 criteria to be in one of the top five cities:

  • job growth
  • growing population
  • location-good weather (we may be gray and cloudy, but usually not a lot of snow)
  • first time buyers
  • No over building of condos and office space
  • Vital downtown
  • well educated ( Seattle is a brainy city)
  • first with foreclosures

Does Seattle fit all of the above criteria?  I think not, but we fit most of it, hence we’re not number #1, but #4.  Downtown Seattle and Bellevue have a huge number of new condo developments that are not filling up.  Seattle was not one of the first cities with a large number of foreclosures.  However, Seattle has a young, bright population, a vital downtown both in Seattle and Bellevue, and great prospects for future job growth.

So is this time for you to make a move up? With all these factors playing on the side of buyers, it is a great time to make a move up.  What do you think?

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WA State & the $8000 First Time Home Buyer Tax Credit

In 2009 stimulus package, For Buyers, Mortgages, WA real estate, financing, real estate on April 21, 2009 at 10:37 am

Will Washington State be the first state in the nation to offer a program to first time buyers to use the $8000 home buyer credit towards a down payment for a home?

Here’s a memo from Barbara Lally of the Washington State Realtors Association explaining the program that is in the works:

OLYMPIA, Wash. – The Senate Ways and Means Committee last night (Thursday) unanimously approved a measure designed to help first-time home buyers come up with a down-payment.  The committee adopted the measure as an amendment to the proposed Senate biennial operating budget.

The proposal would make the $8000 federal tax credit for first-time home buyers available at the closing of a home sale instead of when a buyer files a tax return. Home buyers would repay the $8000 after filing for and receiving a tax refund. The amendment creates a Tax Credit Advance Loan Program and authorizes the State Treasurer to deposit $25 million in a financial institution giving it the ability to open a line of credit to the State Housing Finance Commission to provide the down payment loans. The deposit would not deplete state funds, but would provide liquidity for the financial Institution to lend its own funds.

The program is the first of its kind in the nation and would work as follows:

  • The State Treasurer’s Office would make an off-setting deposit in an FDIC-insured short-term
    account with a selected financial institution. The investment would earn a low interest rate to
    stay fully insured under federal guidelines.
  • Realtors and other stakeholders back the loans with funds to provide security against losses.
  • The financial institution provides the Washington State Housing Finance Commission a line of
    credit to advance up to $8000 to qualified first-time home buyers for a down-payment.
  • Buyers repay the advance loan after filing for and receiving the tax credit.

The amendment is the result of the efforts of the Washington REALTORS®, Washington State Treasurer’s office, and Washington State Housing Finance Commission. State Treasurer James McIntire wrote the budget proviso and is helping to advance the measure through the state legislature.

State Sen. Steve Hobbs (D-Lake Stevens), who offered the amendment, said that using the $8,000 tax credit to help first-time home buyer make down payments could help jump-start the economy. Hobbs noted that home purchases have a significant impact on the retail and banking sectors of the economy and on state and local coffers. “In this recession we need to find new and innovative ways to stimulate the economy. This proviso will slow the decline of our housing market and stimulate the economy,” Hobbs told the Senate Ways and Means Committee.

“Down-payment assistance to our first-time home buyers is the key we need to unlock economic activity throughout the state,” said Greg Wright, President of the Washington Realtors. “This tax credit is new money that we can put to work now to help the housing market and ignite economic action statewide.” According to a study by the Washington Research Council, each home sale by a first-time buyer generates $11,100 in state and local tax revenue. Every 1,000 home sales generate $126 million in general economic activity, supporting 711 jobs.

Home buyer tax credit fact sheet

Home buyer tax credit fact sheet

The goal of the program is to get the money to buyers efficiently and return the federal refund quickly so that the HFC can turn it around to provide more assistance.  The funds may revolve as many as three times before the tax credit expires, reaching up to 9000 first-time homebuyers.  These “bridge loans” would expire at the same time as the federal tax credit, on November 30, 2009.  All of the bridge loan funds return to the state system by early 2010 to use for capital projects in 2010-11.

“With homes at affordable prices and interest rates at historic lows the $8,000 tax credit opens a window of opportunity that may never be seen again,” said Wright, a Chelan Realtor. “The Senate’s budget helps bring that opportunity to families throughout our state.”

Lack of a down-payment is the only barrier to home ownership for up to 50 percent of first-time home buyers, according to J. Lennox Scott, Chairman and CEO of John L. Scott Real Estate.  A recent study by the Federal Reserve Board showed that home ownership for people 35 years and younger increased by as much as 43 percent when a primary mortgage was combined with a down-payment assistance loan.


“First-time home buyers are the most critical to the recovery of the housing market and our overall economy, because their purchases set off a chain reaction of buying and selling,” Scott explained.  ”The first step toward stimulating the state housing market is making the federal tax credit available at the closing table and increasing down-payment assistance.”



(REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.)

Interestingly, a private company in a suburb of Atlanta is proposing the same thing.  The article from NuWire Investor did not have positive things to say about the program

What do you think about the possibility of using the tax credit as part of the down payment for a first time buyer?




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What Were The Chances of Selling Your Seattle Eastside Condo in March, 2009?

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

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.

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What Were The Chances of Selling Your Seattle/Eastside Home in March, 2009?

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

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

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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.

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From Where I Sit, the Real Estate Company You Choose Matters

In WA real estate, Windermere Real Estate, real estate, real estate opinion on December 15, 2008 at 2:56 pm

I recently wrote a post about Windermere Real Estate/East, Inc.’s Target for Kids program and then happened to see this article in  The Bellevue Reporter about the Windermere Foundation.   The Windermere Foundation works towards the elimination of homelessness and supports programs which foster a sense of stability in people’s lives. Looking at the Target for Kids story and the article about the Windermere Foundation got me to thinking in a different way about the question:  Are you hiring the Realtor or the Realtor’s company when you hire a real estate agent to represent you?

There’s a lot of discussion on real estate blogs about the importance to the consumer of the individual Realtor and/or the real estate company. Russell Shaw wrote on Agent Genius about the future of national real estate brands:

“If not, what are those “brands” worth?  Not much.  Why?  They don’t stand for anything.  To matter, a brand must mean something in the mind of the public and few national real estate firms have ever done that and then managed to hold on to their position.”

I agree with most of the blogs, the Realtor is the one who gets the job done for you.  It’s not the company. There are great Realtors at every company, large and small.

Some  Realtors  have a higher level of experience along with a greater understanding of the real estate market, builders, housing, real estate statistics, real estate marketing, contracts, and negotiation skills. The Realtor who brings cutting edge information and innovative marketing techniques to the table is gold in any market.

Other blog posts and news articles, one recently in The Puget Sound Business Journal, talk about Realtors leaving established companies for smaller, unknown companies in an effort to bring down business expenses. For some Realtors, in today’s real estate market,a company move may be necessary decision in order to stay in the business.

That being said, does the real estate company where a Realtor works matter to you, the consumer? Some companies offer cutting edge websites, better technology, better training for their agents, and the best in legal support.  Some companies and their agents  have a strong reputation for getting the job done, helping the consumer buy or sell a home.

As an independent contractor, I have complete freedom to choose where to hang my real estate license.  I could work for brand X or Y real estate company.  I chose Windermere Real Estate for a lot of reasons.  Many of my reasons  match what Windermere Real Estate has in its tool box for the consumer.  The breadth of knowledge and support provided by the company is a huge reason for me to work for Windermere.  It makes me a stronger Realtor and it makes what I bring to the table that much more valuable.  With  today’s low absorption rate, the smaller number of homes getting sold, it’s critical for a real estate company and a real estate agent to pull out all the stops.

windermere logo

But, I haven’t read much in articles or on blog posts about working for a real estate company that gives back to community as a reason for a Realtor to choose that company.  Russell Shaw said above: “To matter, a brand must mean something in the mind of the public.”     Windermere has a strong brand name in the western United States and a sterling reputation because of its quality of service and because  “giving back” is a company priority.  Giving back to the community is also a priority for me.  I like working for a company that remembers those in need, especially during these times.  According to the article in The Bellevue Reporter, the Windermere offices on the eastside of Seattle contributed $162,000 to:

“Recipients include: Assistance League of the Eastside, Catholic Community Services, Eastside Baby Corner, Eastside Domestic Violence, Family, Friends & Community, Friends of Youth, Housing at the Crossroads, KITH, Mamma’s Hands, Network Services of Puget Sound, Overlake Service League, Royal Family Kids Camp, and Shoes for Santa.”

There are a lot of reasons to choose a Realtor and a real estate company to represent you.  The Realtor is far and away the most important consideration for a consumer, but it’s not just the Realtor you are choosing. From where I sit, the real estate company matters.

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What Were The Chances of Selling a Seattle/Eastside Condo in October, 2008?

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, WA real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on November 21, 2008 at 2:09 pm

Sellers had a 12% chance of selling a condo on Seattle’s Eastside in October, 2008. ( click on 2008 year to date statistics in the link above for a chart showing the condo report)

October, 2008         1324 condos for sale,  153 condos sold,  12% chance of selling.

September, 2008     1414 condos for  sale, 173 condos sold,   12% chance of selling.

October, 2007         1121 condos for sale,  202 condos sold,   18 % chance of selling.

The number of condos/ town homes for sale on the Eastside is dropping from its summer high.  The chance of selling a condo, however, has remained pretty constant throughout the year with 12-13% of the available condos selling each month.

Median pricing was down this month by about 13%, dropping from $345,416 to $300,215.  Inventory is up by 18% from last October and sales have dropped by 24%.

I’ve seen some great condos sell and all of the ones that have sold were well priced and showed well, the key to success in this market.  Sellers must be ahead of the curve in pricing or they stay among the pack of available condos.

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What Were The Chances of Selling Your Seattle/Eastside Home in August, 2008?

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. 

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(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.

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What Were The Chances of Selling a Seattle/Eastside Condo in July, 2008?

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.

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What were The Chances of Selling Your Seattle/Eastside Home in June, 2008?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, Kirkland, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, WA, WA real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on July 17, 2008 at 10:23 am
The chances of selling a home on the Eastside in June 2008 ranged from a low of 9.5% to a high of 23.2%, with an average 15.2% 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:
June 2008               4154 homes available,  635 sold,  15.2 % chance of selling.
May, 2008              4349 homes available,  522 sold,  12% chance of selling.
June 2007              3107 homes available,  841 sold,   27% chance of selling. 

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(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 16.7% chance of getting a home sold, UP from 12.7% last month and DOWN from 25.3% last year.  Median home prices were down by 2.6%, from $604,475 to $589,000.  Inventory was up by 17.5% and sales declined by 22.6% from last year.

West Redmond/East Bellevue

Sellers had a 23.2% chance of getting a home sold, UP from 13.5% last month, and DOWN from 42.5% last year.  Median sales price decreased from $624,500 to $549,500, a decrease of 12%.  Inventory was up 80.4% and sales were down 1.3%.

South Bellevue

Sellers had a 12.5% chance of selling a home, UP from 11.5% last month and DOWN from 24.9% last year.  Median price decreased by 15.7% to $588,975 from $699,000.  Inventory was up 25% and sales were down 37.4%.

Woodinville/Bothell/Kenmore/Duvall

Sellers had a 15.5% chance of selling a home,  UP from 9.6% last month and DOWN from 26.8% last year.  Median price was down to $498,875 from $522,475, a 4.5% decrease.  Inventory was up by 37% from last year and sales declined by 20.9%.

Kirkland

Sellers had a 16.5% chance of selling a home, UP from 9.6% last month and DOWN from 23.5% last year.  Median price declined by 4.5%, from $724,950 to $694,000. Inventory was up by 28% and sales were down by 10%.

West Bellevue

Sellers had a 9.5% chance of selling a home, UP from 7.3%, and DOWN from 34% last year.  Median pricing decreased by 13.7% to $1,294,750 from $1,500,000.  Inventory climbed by 95.7% and sales declined by 45.5%.

Redmond/Education Hill/ Carnation

Sellers had a 13.2% chance of selling a home, DOWN from 21.2% last month, and DOWN from 25.5% last year.  Median pricing increased by 12.2% from $598,000 to $671,035.  Inventory increased by 25.5% and sales dropped by 35%.

Inventory on Seattle’s Eastside dropped significantly from last month, by 195 homes, a 5% deline in inventory.  All the eastside areas showed an increase in the absorption rate, the number of sales compared to the amount of homes for sale, except in the Education Hill, Union Hill, Carnation area.  This area was the highest performing area last month, with the sales activity declining this month.  West Redmond/East Bellevue had the best absorption rate of the Eastside once again.  May was the only month this year that the area east of 405 and south of highway 908 was not the best performing area on the eastside.

 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.

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What Were The Chances of Selling Your Seattle/Eastside Condo in May, 2008?

In Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, Kirkland, Real Estate News, Redmond, Sammamish, WA, Sammamish, WA Real Estate, WA real estate, Woodinville, WA, Woodinville, WA Real Estate, market statistics, real estate on June 16, 2008 at 4:13 pm

Sellers had a 14% chance of selling a condo on Seattle’s Eastside in May of 2008. ( click on 2008 year to date statistics in the link above for a chart showing the condo report)

May, 2008             1472 condos for sale, 211 condos sold, 14% chance of selling.

April, 2008            1392 condos for sale, 222 condos sold, 15.9% chance of selling.

May, 2007             761 condos for sale,  376 condos sold,   49% chance of selling.

Condo values on the Eastside continue to go up. Last month prices increased over 5% from May of last year.  The actual number of sales is down considerably, which means the cream of the crop is getting the offers and the other condos are just sitting on the market.  Pay attention to the competition in the area and price or buy accordingly.  

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New Washington State Distressed Home Sale Law Takes Affect June 12th

In For Buyers, For Sellers, King County Real Estate, Local news and information, Real Estate News, WA real estate, real estate on June 11, 2008 at 10:00 am

Many real estate bloggers are writing about the change in the real estate law, HB2791 which covers distressed home sales in the State of Washington.   The bill is very complicated and very confusing, setting up some situations which may not be as the law was intended, to help seller’s in distress.  The intent of the law is good, however the execution of the law is severely flawed.   The legislature hopes to protect home owners  going into foreclosure, but who are also 30 days late with a mortgage payment. This law is something we’ll be hearing more and more about in the coming months. 

 I thought two of the members  of The Seattle Post-Intelligencer Real Estate Professionals Blog, of which I am a member, wrote some excellent pieces regarding the new law, Kary Krismer from Keller Williams and Dugald Allen from Windemere.  Both of the articles and the resulting commentary are worth a read.  Jillayne Schlicke over on raincityguide.com had another perspective. 

There would never be this much discussion on blogs if the new law were not so complicated.  It will be interesting to see how it all plays out.  Again, I applaud the intent of the law, but question its execution.

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What Were The Chances of Selling Your Seattle/Eastside Home in April, 2008?

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.
 

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(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.