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April Showers Brought Lots of Real Estate Sales to Seattle’s Eastside
Seattle Eastside Real Estate Sales Through April, 2012
The Seattle eastside real estate market is still hot! Real estate sales’ numbers on Seattle’s Eastside are terrific. April sales numbers were similar to March when 46% of the available homes sold. In April, because there were about 100 more homes for sale, the odds of selling dropped slightly to 42% sold. Home sellers in Bellevue, Kirkland, Redmond and other eastside cities have the best odds of selling a home since 2007! Much of this is due to the positive economy here in the Seattle area.
New listings are coming on the market and selling quickly. If no other homes were to come on the market, it would only take 1.4 months to sell all of the eastside homes. Demand is high, helping the good homes that are well priced, show well, have fabulous photos, and great marketing to fall into the 42% of homes that sold last month. Some homes have sold for over full price with multiple offers.
Remember, 58% of the homes did not sell and, more than likely, are missing one of the necessary elements necessary for a quick, well priced sale. The homes may need to have a better price tag or photos, staging or marketing. It’s still competitive and buyers are savvy enough to identify those homes that are well priced. Even though there aren’t a lot of homes for sale, there’s enough new listings coming on the market each month to guarantee a fresh supply of available homes. With interest rates remaining low, some buyers still take time to make a buying decision.
We sold several homes last month in a matter of days, with multiple offers and for over full price. We worked with all of the sellers for a while before their homes actually came on the market. One seller contacted us last summer so she would have the time to do everything needed to get ready to sell without creating additional stress. Most of our sellers contact us a few months before going on the market. It gives us enough time to get contractors in, if needed, to paint, re-carpet or refresh the landscaping.
How did this past April compare to April of 2011? Truly, there’s not much of a comparison between this year and last, but here it is:
- 42% of the available homes sold this past April, 23% sold in April, 2011.
- Homes sold in 101 days, which is down from 105 days in April, 2011.
- Median pricing was down to $485,000 from $492,000.
- Homes sold within 94% of the original asking price. Last year homes sold within 91% of the asking price.
- 23% more homes sold this year.
So if you plan to land in the 42% of homes that sell, not the 58% that did not, start the process by contacting your Realtor well ahead of time.
Condo Real Estate Sales Are Blooming All Over Seattle’s Eastside, But Should You Sell?
The Seattle eastside condo market sales are still great. Sales numbers for April were similar to those in March, which is good news. Thirty-seven percent of the available condos sold in April of this year, whereas in March, 39% sold. March and April have been the best months to sell a condo in Bellevue, Kirkland, Redmond, and other cities east of Seattle in the last 5 years, We expect this positive market to continue.
This is a great to sell your condo, but is it the right time for you? It’s not a simple decision. Not only is there the personal question you need to answer about whether you want to move, there are other questions you’ll need to get answered. Because condo owners are also owners in an association, the health of the condo association can affect a buyer’s ability to obtain financing and buy your condo.
We’re working with several clients who are considering whether to rent or sell. We recommended they get several questions answered by their home owner’s association. The answers to these questions can determine whether it would be best to stay put, rent or sell. Your Realtor can help you navigate through these issues and evaluate the answers so you can make the right decision.
- The owner occupancy ratio in your complex.
- The cap on the number of rentals in the complex and whether the cap has been met.
- Check the CCR’s to see what the rules are regarding rentals in the complex.
- Find out exactly what you owe, so you know how much you have to pay the bank.
- Check to see if there are any judgments or liens against the association AND individual units in the complex.
- Are there any pending assessments?
- Are there home owners who are in default with the HO Dues?
- Are there any condos that are currently short sales or foreclosures?
Do your research, contact your Realtor, and determine whether now is the right time for you to sell. Good luck!
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.
Seattle Eastside Condo Sales are Popping!
The Seattle eastside condo market is pretty incredible. Thirty-nine percent of the available condos sold in March of this year. Quite an eye popping number, since the high for last year happened when 20% of the available condos sold in a month. Sales are up and supply is down, causing the huge increase in the number of condos sold in Bellevue, Kirkland, Redmond, and other cities east of Seattle.
If you can afford to sell your condo and want to make that move up or out, now is a great time to go for it. If you’d rather wait to sell your condo until prices increase, then expect to wait a good 5 years to see any significant appreciation. Prices are the most affordable we’ve seen since 2007.
Since 39% of the condos sold last month, it still means 61% of the condos did not sell. It’s important to get the proper staging and pricing advice to be in that 39% of condos that sell. Sellers have to be ready for the market to join that 39%. Buyers are still pretty savvy, as they should be, about value and condition.
A Stampede for Homes in Bellevue, Kirkland and other Eastside Cities in March
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The chart tells it all! Look at the huge, and I mean huge, jump in sales over the past few months, a 56% increase in sales since January. Forty-six percent of the available homes sold in March. There’s a big stampede out there for homes in Bellevue, Kirkland, Redmond and other eastside cities. This stampede means there’s often more than one buyer for a home, causing multiple offer situations.
We’re starting to see a pattern with eastside real estate. Lots of homes are selling and homes are selling quickly because there’s such a huge demand. Almost 900 homes were added to the market in March, but with 771 sales, the number of homes for sale has stayed almost the same. There was a small drop of 52 homes for sale from February to March.
How did this past March compare to March of 2011?
- 46% of the available homes sold this past March. 23% sold in March, 2011.
- Homes sold in 109 days, which is down from 137 days in March, 2011.
- Median pricing was down to $470,000 from $500,000.
- Homes sold within 93% of the original asking price. Last year homes sold within 91% of the asking price.
- 24% more homes sold this year.
I expect to see this real estate data change as this fast paced market continues. Expect to see median home prices stay more level, market time to decline, and homes selling closer to the asking prices.
- The Seattle eastside market is not following the usual trends we see this time of year. Usually market trends follow more of what the chart shows for last year. The number of homes for sale usually increases each month until in peaks sometime in the summer. As the year comes to an end, the number of homes for sale usually drops. We’re not seeing this at all this year. This year, we see fewer homes for sale each month. The big news, though, is still in the number of homes that sell each month.
Not all homes sell in a heartbeat. You can’t just put a sign in the front yard and expect everyone to line up.
The homes that are positioned properly in terms of price and condition relative to the competition are the homes that sell quickly. Your home has to show well and be priced competitively in order to grab the attention of the buyers. - 46% of the available homes sold this past March. 23% sold in March, 2011.
The Top Ten Remodeling Mistakes for Seattle Eastside Homes
There are a million stories in Seattle about great remodeling projects that increase the livability and value of a home. I’ve written a few myself over the years.
Rarely does anyone write about what you should NOT do when remodeling a home. One caveat here, what plays in Peoria does not necessarily play in Seattle, Bellevue or Redmond. Every area of the country has different styles, so remodeling trends will vary according to the region of the country. So if you live in the eastern suburbs of Seattle, such as Bellevue, Redmond and Kirkland, this post is for you!
This post was inspired by an email I received from George Rinehart of Rinehart Inspections. We’ve added to his list because of some remodeling mistakes we’ve seen in homes over the years. Unfortunately, we’ve had to tell some sellers their homes may be worth less because of a remodeling mistake.
Here are the top ten remodeling mistakes:
- Eliminating the garage.
- Eliminating one bay or a 1/2 bay of a two car garage.
- Adding a sunroom.
- Taking out all the grass in your yard.
- Taking down a fence that encloses the backyard.
- Reducing the number of bedrooms by enlarging one or turning one into a closet.
- Installing different color carpets throughout the house.
- Eliminating windows.
- Taking out a bathroom to increase another room’s size.
- Eliminating a laundry room and moving it to the garage.
The elimination of a garage to increase living space is a perfect example of a remodeling mistake. Not having a garage can easily be a $25,000-$30,000 reduction in the asking price for a home. Even with the price reduction, many buyers won’t even look at a home without a garage. Not having the garage keeps many buyers from walking through the front door. A laundry room is another thing most people want, so to eliminate one to increase space for something else is usually not a good idea.
Ultimately, every home is salable for a price, but some of the changes listed can be expensive, not only for the cost to do the remodel, but also in market time and the ultimate sales price for a home. Many of the above changes may work for you as an individual or family, but not for the next home owner.
There are other costly remodeling mistakes. Can you think of any others that could “cost” a home owner dollars when selling their home?
How Many Homes Sold in Your Seattle-Eastside Neighborhood in July, 2011?
[googlemaps http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=Bellevue,+WA&sll=37.0625,-95.677068&sspn=23.403932,58.271484&ie=UTF8&hq=&hnear=Bellevue,+King,+Washington&ll=47.610377,-122.200679&spn=0.310148,0.910492&z=10&output=embed&w=425&h=350]
How many homes sold in June, 2011 in your neighborhood?
It’s uncanny to see how similar July real estate sales on Seattle’s eastside were to June’s sales results. On most of the eastside, the numbers varied only slightly from June. Twenty-three percent of the homes for sale on the eastside sold, with the Redmond and Bellevue area around Microsoft leading the way with 38% of the homes selling. In the majority of eastside neighborhoods, the chance of selling a home ranged between 20-23%.
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%)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 20%.
Median sales price dropped: $539,950 to $519,000.
There were 771 homes for sale.
A total of 165 homes sold.
Redmond/East Bellevue
The odds of selling a home were 38%.
Median sales price increased from $422,475 to $429,950.
189 homes were for sale
A total of 85 homes sold.
South Bellevue/Issaquah
The odds of selling a home were 24%.
Median price decreased from $599,475 to $578,500.
380 homes were for sale.
A total of 110 homes sold.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 23%.
Median price was down from $499,950 to $369,475.
598 homes were for sale.
A total of 158 homes sold.
Kirkland
The odds of selling a home was 23%.
Median price decreased from $549,900 to $541,500.
288 homes were for sale.
A total of 76 homes sold.
West Bellevue
The odds of selling a home were 20%.
Median pricing decreased from $1,299,000 to $1,074,475.
175 homes were for sale.
A total of 42 homes sold.
Redmond/Education Hill/ Carnation
The odds of selling a home were 20%
Median pricing increased from $548,000 to $549,000.
337 homes were for sale.
A total of 75 homes sold.
If you’d like more specific information about your neighborhood or home, feel free to contact me.
July, 2011 Seattle-Eastside Condo Sales-The Best for the Year?
Seattle Eastside condo sales through July, 2011
July, 2011 condo sales hit the highest number of sales in more than a year. There were 1063 condos for sale on the eastside, 76 less than June, and 250 of them received offers. Twenty-three percent of the condos for sale had accepted offers, great odds when compared to the odds of selling just a year ago. As you can see, there are so many less condos for sale now, almost 1/3 less, and more are selling this year than last.
Although, the odds of selling a condo are far stronger than the last few years, there are a number of the sales that didn’t come together. I had reported 223 sales in June and looking at the chart now, I see there were only 195 condo sales. This means 28 sales or 13% failed last month.
Sales fail for many reasons. A condo may not pass inspection or an appraisal. The buyer may not get financing or the condo complex itself may not fit financing guidelines. There could be too high a proportion of renters as compared to home owners or there could be a pending lawsuit, both could affect the ability to obtain a loan on a condo in a particular complex.
August began with the economy and the volatile stock market hanging over our heads. It’s too soon to see how this will affect our real estate market. How are condo sales going in your area?
How Many Real Estate Sales Were in Your Seattle-Eastside Neighborhood in June, 2011?
[googlemaps http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=Bellevue,+WA&sll=37.0625,-95.677068&sspn=23.403932,58.271484&ie=UTF8&hq=&hnear=Bellevue,+King,+Washington&ll=47.610377,-122.200679&spn=0.310148,0.910492&z=10&output=embed&w=425&h=350]
How many homes sold in June, 2011 in your neighborhood?
June continued to be a strong month for real estate sales on Seattle’ eastside. In fact, June may have been the strongest month for real estate sales on Seattle’s eastside in four years. The Puget Sound Business Journal stated more homes sold this month than in recent months. Every area did far better than previous months and previous years. The Redmond and Bellevue area around Microsoft led the pack with almost 40% of the homes selling. Almost every other area had a minimum of 20% of the homes selling. More homes are selling than we’ve seen in years, but there are still a lot of homes that are languishing on the market. Know your competition, so your home will land in the 20%+ homes that are selling.
A past client of mine is moving back to the eastside after about 5 years. He was really surprised to hear that the homes near Microsoft are actually more affordable than those in South Bellevue. The Bellevue Schools are getting a lot of press because several of the high schools are landing on top 100 lists of the top high schools. But in reality, parts of Bellevue have been more expensive for years because of the easy I-90 access to Seattle. This may explain why the area around Microsoft is usually the hottest real estate market. It’s a great location, close to jobs, has good schools, and slightly more affordable housing prices.
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%)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 23%.
Median sales price dropped: $525,000 to $494,950.
There were 765 homes for sale.
A total of 190 homes sold.
Redmond/East Bellevue
The odds of selling a home were 38%.
Median sales price decreased to $449,900 from $482,500.
193 homes were for sale
A total of 79 homes sold.
South Bellevue/Issaquah
The odds of selling a home were 21%.
Median price decreased from $599,994 to $519,000
364 homes were for sale.
A total of 91 homes sold.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 23%.
Median price was down from $419,973 to $369,950.
572 homes were for sale.
A total of 147 homes sold.
The odds of selling a home was 19.5%.
Median price decreased from $624,950 to $535,000.
286 homes were for sale.
A total of 71 homes sold.
West Bellevue
The odds of selling a home were 20%.
Median pricing decreased from $890,000 to $719,950.
181 homes were for sale.
A total of 43 homes sold.
Redmond/Education Hill/ Carnation
The odds of selling a home were 20.5%
Median pricing increased from $474,950 to $549,900.
331 homes were for sale.
A total of 77 homes sold.
If you’d like more specific information about your neighborhood or home, feel free to contact me.
June was a Great Month for Seattle Eastside Condo Sales
June was a great month for Seattle eastside condos sales. There were 223 condo sales, the most in any month for this year. April of 2010 was a stronger month for sales, but the numbers were inflated by the end of the 2010 tax credit. Buyers were scrambling to buy a condo before April, 30th, 2010.
- Seattle-Eastside Condo Sales Through June, 2011
There were 1140 condos for sale on the eastside and 233 of them received offers. This means that 20% of the condos for sale had accepted offers, pretty good odds, considering the odds over the last few years have been more like 10-14%. But that also means that 80% of the condos did not sell, so price and condition are still extremely important to getting a condo sold.
Know the competition when putting a condo up for sale. Make sure the market is monitored on a weekly basis to keep up with the changes in the competition. It’s important to remain competitive the whole time the property is on the market and the market can change quickly.
If you plan to sell your condo in the near future, feel free to contact me if you have questions about what you need to do to get ready to sell. Every seller has to do a few things before putting a home on the market. If your home is positioned properly, it can be one of the lucky ones to get an offer.
