Seattle Eastside Condo Sales Are Still Going Strong

 

More condos sold in October than in September on Seattle's Eastside.  In fact, October was one of the best months for condo real estate this year.  There were 257 condo sales, 11 sales less than the top month of sales in August.  Turn over has been excellent as the number of new properties for sale each month has remained strong, but with so many selling, the number of available condos stays low.

The number of condos for sale dropped, which is typical of this time of year.  Many sellers think that fall is a slow time of year to sell, which is often not the case as this October demonstrates.

Median pricing dropped some this month back to $250,000.  Median pricing peaked in the high 270's range in July.  Pricing stayed fairly steady until October.  We'll know if the drop in pricing in October was just an anomaly when we see how November and December condo real estate pans out.  

If you'd like more information about the condo market or your condo in particular, please feel free to contact us. We're here to help!

 

 

Posted on November 13, 2013 at 7:30 am
Sinick & Beaupain Team | Category: Eastside Real Estate, For Buyers, For Homeowners, For Sellers, Real Estate, Windermere Real Estate | Tagged , , , ,

Were October Seattle Eastside Real Estate Sales Still Strong?

 

Real estate sales were still strong in October on Seattle's Eastside.  Fewer homes were for sale than in September, but sales increased (the red line shows the pending sales for each month)  October was far from the slowest month for sales.  There were fewer sales in five other months this year.  As you can see, April-August had the best run of real estate sales and October was just behind August for the number of sales. 

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

  • 51% of the available homes sold this past October,  43% sold in October, 2012.
  • Homes sold in 41 days, down from 62 days in October, 2012. 
  • In 2012 median pricing in October was $515,000.  In 2013, October's median pricing was $572,000.

 

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

 

Posted on November 11, 2013 at 6:27 am
Sinick & Beaupain Team | Category: Eastside Real Estate, For Buyers, For Homeowners, For Sellers, Market Statistics, Real Estate, Windermere Real Estate | Tagged , , , , ,

Donate Your Used Clothing This Saturday At Windermere/Yarrow Bay in Kirkland

Posted on October 31, 2013 at 4:30 am
Sinick & Beaupain Team | Category: For Homeowners, Kirkland, Local news and information, Not Real Estate, Windermere Real Estate | Tagged , , , , ,

How Strong is the Seattle Eastside Condo Real Estate Market?

The pace of the market seems very much like September, 2012.  Fifty-two percent of the condos for sale sold this past September, whereas in September, 2012, 55% sold.

However, the difference this year is median pricing was still much stronger than last year and has been consistently above $260,000 since April.  In September, 2012 median pricing  stood at $225,000. Market time was twice as fast as 2012.  Homes sold in a little over a month.  In 2012, it took over 2 months on average for a home to sell.

If you'd like more information about the condo market or your condo in particular, please feel free to contact us. We're here to help!

Posted on October 25, 2013 at 5:33 am
Sinick & Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, Real Estate, Windermere Real Estate | Tagged , , , ,

July Brought Sunny Weather and Great Real Estate Sales on Seattle’s Eastside

More homes were for sale on Seattle's Eastside in July, the most number of homes we've had for sale so far this year.  The inventory is still below July of 2012, when there were 240+ more homes for sale.  Competition is a little stronger as we see more homes come on the market.  The good news is more homes are actually selling this year than last in most eastside neighborhoods.  As the number of homes for sale has increased, the actual number of sales has also increased. 

There's a very healthy turnover in the homes for sale as 1145 homes came on the market in July.  Pending sales stood at 901 homes, a new high since 2005. This represents a fabulous number of sales. 

I've seen some "for sale" signs up for a little longer than in the spring and there's been an increase in price reductions.  Still, there are some homes that are selling with mulitple offers.  Usually, these homes stand out from the competition with a great price, great condition and great marketing.   

The market is beginning a very slow re-balance between buyers and sellers, as the number of homes for sale increases.  That being said, don't be surprised to see anything and everything happen in this market.  Expect the good homes to sell in a heartbeat, while others take a little longer.  There are some reductions for the sellers who were still unrealistic as to what the market will bear.

Our listings continue to sell quickly and for strong prices.  Through July, all of them sold in less than a week!

The median price for sales was higher in June than July.  This does not mean prices have dropped, it just means the median price for all the homes sold in July happen to be slighty less than the median price for all the homes sold in June.  If we look at the full year, with the exception of July, there's been a steady increase in median pricing. 

As pricing continues to climb, fewer sellers will be underwater and more homes should be coming on the market.

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

  • 60.9% of the available homes sold this past July,  37% sold in July, 2012.
  • Homes sold in 28 days, down from 65 days in July, 2012. 
  • In 2012 median pricing in July was $511,000.  In 2013, July's median pricing was $574,000.

 

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

Posted on August 15, 2013 at 2:27 am
Sinick & Beaupain Team | Category: For Buyers, For Sellers, Market Statistics, Real Estate, Windermere Real Estate | Tagged , , , , , , , ,

Free Eastside Recycling Event This Weekend at Windermere Real Estate

Posted on July 10, 2013 at 10:26 pm
Sinick & Beaupain Team | Category: For Homeowners, Recycling, Windermere Real Estate | Tagged , , ,

April Showers Brought More Real Estate Sales on Seattle’s Eastside

Seattle Eastside real estate sales keep climbing!   Home sales have increased by 35% since January of this year. 

Buyers don't despair.  We're starting to see a significant increase in the number of homes for sale, which is good for buyers.  Sellers still have the advantage in the marketplace, though, because the supply is still low when compared to previous years when 3000-4000 homes were for sale each month on Seattle's Eastside.

Will the market ease up for buyers if more homes come up for sale?  More than likely if the supply increases, the market will still perform well for sellers, but it may not be as frenetic.  It still will be a matter of time before there are any big changes to the marketplace, but it will be interesting to see how the rest of the year plays out.  We believe more homes will come up for sale as typically happens each summer as the school year comes to a close.  Will this change the marketplace dynamics between buyers and sellers?  Probably not much at this point, because we're still on the low side of supply.

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

  • 80% of the available homes sold this past April,  41% sold in April, 2012.
  • Homes sold in 48 days, down from 101 days in April, 2012. 
  • In 2012 median pricing in April was $485,000.  In 2013, April's median pricing was $565,000.  Wow, that's a huge jump in median pricing.  We're still expecting median pricing to continue to work its way back up to the higher $500+ range, but much will depend on how many homes come on the market. 

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

 

Posted on May 15, 2013 at 3:32 am
Sinick & Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, Kirkland, Market Statistics, Real Estate, WA real estate, Windermere Real Estate | Tagged , , , , , , , , ,

Free Shredding Event at Windermere/Yarrow Bay in Kirkland on Sunday, May 5th

Posted on April 29, 2013 at 7:01 am
Sinick & Beaupain Team | Category: For Homeowners, Kirkland, Windermere Real Estate | Tagged , , ,

Many Homes on Seattle’s Eastside Are Selling For Over Full Price!

In the third quarter of 2012, almost 30% of the homes that sold in the cities of Bellevue, Redmond, Kirkland, Sammamish, Woodinville, Issaquah sold for over full price!  The demand by buyers for homes and the lack of inventory is creating this huge uptick in competition for a home. When more buyers are competing for the same house, the offers often have to be for more than full price to stand out from the competition.   Many homes are now getting multiple offers and many, almost a third, are now selling for more than the asking price. 

We've recently sold several listings in which the selling price was over $20,000 more than the asking price!  In one instance, the home had come on the market only hours before.  The buyers didn't want to take the risk that another offer would be written before the seller had time to respond, so they offered over full price.  Another home sold within 48 hours.  Three buyers made offers for that home. 

As you can see in the above chart, the homes that sell for more than full price, sell for about 3% above the asking price, with the range from just a hair over asking price all the way to 22.5% above the asking price!

Twenty-one percent of the homes sold for full price.  This means 51% of the homes on the eastside sold for full price or more!

The homes that sold above full price only lasted on the market, on average,16 days.  Homes that sold for full price were on the market for about a month. 

But what about the other 49%?  (Not to be confused with the 47% that was talked about in the election) 

Why did half the homes sell for less than full price if the market is so hot?  More than likely, one of these reasons was the cause:

 

  • Location
  • Pricing
  • Condition
  • Marketing
  • Competition

 

You can't change the location or the fact that there is competition for a particular home.  But when selling a home, you need to maximize your buyer attraction by pricing your home well, having it in stellar condition, and presenting it well to the buyers through fabulous marketing.

If you have questions about how to have your home be one of the 51% that sells for full price or more, feel free to contact us!

Posted on December 6, 2012 at 11:51 pm
Sinick & Beaupain Team | Category: Bellevue, WA, Eastside Real Estate, For Buyers, For Sellers, Issaquah, WA, Kirkland, Real Estate, Redmond, Sammamish, WA, Windermere Real Estate, Woodinville, WA | Tagged , , , , , , , ,

Did July’s Real Estate Prices Really Go Up By 7% on Seattle’s Eastside?

 

The Seattle media had screaming headlines recently about the 7% increase in King County real estate prices this July when compared to last July.  Were the newspaper headlines right? As I've mentioned before, yes and no.

What did the media get correct when they said prices had gone up from July, 2011 to 2012?

They were only comparing the sales from July, 2011 to July, 2012.  The median price was based on the sales that happened only in those two months.   This could mean more expensive homes sold in 2012 than in 2011 or it could mean prices were higher.  It is hard to know based on this one month.    A snapshot of one month's real estate sales does not make a trend.  It only shows how sales compared for those two months, so the Seattle Times was correct in stating the prices had gone up in from July, 2011 to 2012 by 7%.  However, this is not the full picture.

How can you more accurately tell if real estate prices are going up, down or staying the same?

It's important to look at a pattern for a period of time, such as you can see in the chart above. 

What does the chart show?

The chart is a compilation of all the home sales on the eastside, including such cities as Bellevue, Kirkland, Redmond, Woodinville, Sammamish, Issaquah and more. The NWMLS (Northwest Multiple Listing Areas) for these eastside cities are represented by area numbers 500-600 displayed at the top of the chart.

Windermere Real Estate compiled the data from each month and developed this chart to show median pricing for the past 5 years.  If you look at the bottom of the chart, you'll see the years 2008-2012.  Each blue bar above the years represents a month during each of the years.  The red line going across the chart shows the median price point for each year.  It was highest in 2008, when the median pricing for the year stood at $623,733 and had gone down consistently through the end of 2011, when the median pricing for the eastside stood at $502,784.

This year the chart shows the median pricing is creeping up, but here on the eastside and in other parts of King County, it's not up by 7%, but by about 3% so far for the year.  The median for this year is at $518,309.

This is a much more accurate picture of real estate values on the eastside, not just a measure of one month's sales.  Are you seeing similar trends in your area?

If you have questions about the value of your home, please feel free to contact us and we can take a closer look at the data for your home.

Posted on August 13, 2012 at 11:02 pm
Sinick & Beaupain Team | Category: Bellevue Real Estate, Eastside Real Estate, For Buyers, For Sellers, Issaquah, WA, Kirkland, Redmond, Sammamish, WA, Windermere Real Estate | Tagged , , , , ,