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.