Bellevue Real EstateFor BuyersFor SellersIssaquah Real EstateKing County Real EstateKirklandMarket StatisticsReal EstateRedmondSammamish, WA Real EstateWoodinville, WA Real Estate June 15, 2011

How Many Real Estate Sales Were in Your Seattle Eastside Neighborhood in May, 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 May, 2011 in your neighborhood?

May real estate sales are proof again that real estate is local. Seattle eastside real estate is doing relatively well when compared to the last few years and to other parts of the country.  Regardless of what the national news reports about real estate, Seattle area real estate sales are better than most parts of the country.

In most eastside areas, roughly 1/4-1/3 of the homes on the market sold.  In some areas of the eastside, such as East Bellevue, Redmond near Microsoft, and Kirkland, more than 30% of the available homes sold.   These areas tend to shine, particularly East Bellevue and Redmond, near Microsoft. These neighborhoods have a mix of housing styles and prices and are located close to good schools and jobs.  The areas that are further out tend to be on the slower end of the sales spectrum. More home buyers in today’s market are looking for the convenience of living close to amenities.

I also should qualify my statements regarding the market.  Prices are not up, but remained stable in some areas and lost ground in others.

Seattle’s eastside has a “normal” real estate market when considering the market over the last few years.  A “normal” market means everything is happening from homes selling the minute they hit the market to homes taking months to sell and at reduced prices. The “hot” homes are selling.  “Hot” homes are great values with a good price tag, are staged and ready to go.  The homes that are not “hot” are taking a long time to sell and go through several price reductions before getting an offer.

From the Seattle Times Eric Pryne:

While the rise in pending sales was more modest on the Eastside, King County’s priciest area, closed single-family sales in May actually were up 6 percent from the same month last year — bucking the countywide trend — while prices fell just 4 percent, less than half the countywide drop.

Windermere’s Deasy attributed that in part to hiring by major Eastside employers. “People will start to see houses sell before they have a chance to act on them,” he predicted.

Eastside condo sales also were up from May 2010, climbing 15 percent. Countywide, however, condo sales fell nearly 4 percent, and the median price — $215,000 — was down 14 percent.

(Click on the cities below to see real estate trends for the past 5 years.  You’ll find the median pricing for each city and whether the number of homes for sale and the number of sales went up or down.  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 22%.

Median sales price dropped: $559,880 to $487,000.

There were 752 homes for sale.

A total of 186 homes sold.

Redmond/East Bellevue

The odds of selling a home were 34%.

Median sales price decreased to $409,000 from $480,000.

189 homes were for sale

A total of 73 homes sold.

South Bellevue/Issaquah

The odds of selling a home were 29%.

Median price decreased from $624,975 to $538,000.

342 homes were for sale.

A total of 113  homes sold.

Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The odds of selling a home were 28%.

Median price was down from $451,126 to $375,000.

541 homes were for sale.

A total of 177 homes sold.

Kirkland

The odds of selling a home was 30%.

Median price decreased from $575,000 to $538,500.

282 homes were for sale.

A total of 94 homes sold.

West Bellevue

The odds of selling a home were 29%.

Median pricing increased from $1,280,000 to $1,350,000.

167 homes were for sale.

A total of 51 homes sold.

Redmond/Education Hill/ Carnation

The odds of selling a home were 21%

Median pricing decreased from $519,950 to $411,950.

325 homes were for sale.

A total of 74 homes sold.

If you’d like more specific information about your neighborhood or home, feel free to contact me.



Bellevue Real EstateFor BuyersFor SellersIssaquah Real EstateKing County Real EstateKirklandMarket StatisticsReal EstateRedmondSammamish, WA Real EstateSeattle real estateWoodinville, WA Real Estate June 14, 2011

How Many Condos Sold on Seattle's Eastside in May, 2011?

Seattle eastside condos sales dropped a bit from April’s high, but sales were still strong.  Condos are still selling better than they have in the last few years.  The number of condos for sale has increased slightly each month since January, but the number is still really low when compared to last year.
Condo Real Estate Sales on Seattle's Eastside

Seattle Eastside Condo Sales Through May, 2011

There were 1126 condos for sale on the eastside and 207 of them received offers.  Eighteen percent of the condos for sale had accepted offers.  May’s odds of selling were far better than any month during all of 2010.  But the odds were still slightly less than 20%, so it’s very competitive out there.  Price and condition are so important.

Buyers still have a lot of choices and are generally not in a rush to buy, so if you’re selling your condo, be careful to keep up with the changes in the market.  Make sure to get an update on any competition at least every 2 weeks. Too much happens during a month’s time to wait 30 days to look at the competition.   Your condo could get left behind,  if better priced homes are up for sale.

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.


Bellevue Real EstateBellevue, WAFor BuyersFor SellersIssaquah Real EstateKirklandReal EstateRedmondSammamish, WASammamish, WA Real EstateWoodinville, WA Real Estate May 16, 2011

How Many Condos Sold on Seattle's Eastside in April, 2011?

The total number of condos for sale increased by only 6 more on Seattle’s eastside in April, so we are still at record low numbers for sale.  But the better news is the number of condo sales increased by 46 sales from March.  More than one-fifth of all the condos for sale in April got offers!    The odds of selling are, without a doubt, the best we’ve seen in years.
Knowing your competition and pricing your condo accordingly will put you in the 20%+ of condos that are selling.
April Condo Sales on Seattle's Eastside

Seattle Eastside Condo Sales Through April, 2011

 

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.


Bellevue Real EstateBellevue, WAFor BuyersFor SellersIssaquah Real EstateIssaquah, WAKirklandMarket StatisticsReal EstateRedmondSammamish, WASammamish, WA Real EstateSeattle real estateWoodinville, WAWoodinville, WA Real Estate May 12, 2011

How Many Homes Sold in Your Seattle Eastside Neighborhood in April, 2011?

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How many homes sold in April, 2011 in your neighborhood?

The increasing number of home sales on Seattle’s eastside continues, despite what the news media is saying.  Every month of this year has had a big increase in the number of home sales over the previous month.  It would be great if our news reporting could be more balanced.  Our real estate market is more balanced, so let’s hope the media figures it out!  One local news source did peg the market fairly well.

Right now, Seattle’s eastside has the most “normal” real estate market that we’ve seen in years.  A “normal” market means everything is happening from homes selling the minute they hit the market to homes taking months to sell and at reduced prices. The “hot” homes are selling.  “Hot” homes are great values with a good price tag, are staged and ready to go.  The homes that are not “hot” are taking a long time to sell and go through several price reductions before getting an offer.

The other issue working in favor of a more positive real estate market is that in every area on the eastside, except Sammamish, there are fewer homes on the market.  Less supply=more demand.

(Click on the cities below to see real estate trends for the past 5 years.  You’ll find the median pricing for each city and whether the number of homes for sale and the number of sales went up or down.  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: $514,950 to $499,900.

There were 701 homes for sale.

A total of 161 homes sold.

Redmond/East Bellevue

The odds of selling a home were 32%.

Median sales price decreased by 11% to $400,000 from $450,000.

176 homes were for sale

A total of 59 homes sold.

South Bellevue/Issaquah

The odds of selling a home were 24%.

Median price decreased from $599,900 to $568,800.

322 homes were for sale.

A total of 91  homes sold.

Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The odds of selling a home were 26%.

Median price was down from $409,500 to $397,000.

559 homes were for sale.

A total of 160 homes sold.

Kirkland

The odds of selling a home were 30%.

Median price decreased from $575,000 to $538,500Z .

282 homes were for sale.

A total of 94 homes sold.

West Bellevue

The odds of selling a home were 22%.

Median pricing was down from $849,000 to $649,995.

170 homes were for sale.

A total of 45 homes sold.

Redmond/Education Hill/ Carnation

The odds of selling a home were 23%

Median pricing decreased from $514,995 to $462,475.

299 homes were for sale.

A total of 80 homes sold.

If you’d like more specific information about your neighborhood or home, feel free to contact me.



Bellevue Real EstateBellevue, WAReal Estate May 4, 2011

Does a 5 Piece Master Bath Increase A Home's Value?

You know what a 5 piece bath is, it has 5 pieces.  These 5 pieces are easily (think Jack Nicholson) identifiable as a shower, bathtub, 2 sinks, and a toilet.  The 5 piece master bath is expected in a certain style, age, and price range of a home in the Seattle eastside real estate market.

Here’s why I’m asking the question: My client and his wife are thinking of adding a wine cellar to their home.  The only place a wine cellar would fit is in the main floor laundry room.  The laundry would then need to move upstairs and be relocated to the master bath.  The laundry could easily fit in the master bath in place of the soaking tub.  I know it would be done well as everything these people do only adds quality and character to the home.

They bought a home built in the 1990’s that would be priced in today’s market for over $650,000.  It’s a nice two story home with 4 bedrooms and 2.5 baths located in Bellevue.  The master has a 5 piece bath, which is a typical feature of this caliber of home.

The home owners never use the soaking tub and think it’s wasted space. I hear this from a lot of buyers.  The master bath looks more elegant with the tub, but the tub is rarely, if ever, used.  I bet you know a lot people who don’t use their tubs, but take showers instead.

Master Bath Tub

Do you think a tub is needed for utility, looks, as an amenity?

Does it decrease the value of the home if there’s no tub in the master bath?

Would you choose to not buy a home of this caliber if there was no master bath tub?

Is it important for a home to keep the typical and expected features, such as 5 piece baths in a certain style of home?  

What would you recommend?  Would you suggest the home owners pursue this plan and add a wine cellar, take out the the soaking tub in the master bath and put the washer and dryer in its place?  

I’m interested in hearing what you think.  I’ll let you know what I think in another post.  Stay tuned.

Bellevue Real EstateFor BuyersFor SellersIssaquah Real EstateIssaquah, WAKirklandMarket StatisticsReal EstateSammamish, WASammamish, WA Real EstateWoodinville, WAWoodinville, WA Real Estate April 14, 2011

How Many Condos Sold on Seattle's Eastside in March, 2011?

There are now more than 1000  condos for sale on Seattle’s eastside, still a very low number.  Match it with the increases in the number of sales each month and the eastside condo market is having it’s best sales quarter in years!   One-fifth of all the condos for sale in March got offers!  This is the best odds there have been for condos for years, and I mean years.
Condo sales have been trending upwards, big time, since December of last year.  The number of condo sales almost doubled in March from December.  There’s a trend here in eastside condo sales, don’t you think?


 
Condo Real Estate on the Eastside

Seattle Eastside Condo Sales Through March 2011

 

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.


Bellevue Real EstateFor BuyersFor SellersIssaquah Real EstateIssaquah, WAKirklandMarket StatisticsReal EstateRedmondSammamish, WA Real EstateSeattle real estateWoodinville, WAWoodinville, WA Real Estate April 13, 2011

How Many Real Estate Sales Were in Your Seattle-Eastside Neighborhood in March, 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 March, 2011 in your neighborhood?

The number of home sales for the eastside took a huge jump over last month’s total.  Each month of 2011 has seen a big increase in sales.

Are the sales stronger than March of 2010?  No, they’re not.  But remember, in March, 2010, buyers were scrambling to buy to get the tax credit.  This March, buyers are out buying because they’re ready to buy, not because a tax credit is dangling in front of them.  It’s been great to see the amount of activity in each neighborhood on the eastside.  In reality, it’s the hot homes that are selling.  “Hot” homes are great values with a good price tag and are staged and ready to go.  The homes that are not “hot” are taking a long time to sell and go through a lot of price reductions before getting an offer.

(Click on the cities below to see real estate trends for the past 5 years.  You’ll find the median pricing for each city and whether the number of homes for sale and the number of sales went up or down.  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: $497,500 to $466,500.

There were 637 homes for sale.

A total of 160 homes sold.

Redmond/East Bellevue

The odds of selling a home were 29%.

Median sales price increased by .5% to $467,250 from $464,995.

166 homes were for sale

A total of 64 homes sold.

South Bellevue/Issaquah

The odds of selling a home were 32.5%.

Median price increased from $539,450 to $571,470.

281 homes were for sale.

A total of 100  homes sold.

Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The odds of selling a home were 27%.

Median price was down from $396,725 to $359,900.

556 homes were for sale.

A total of 175 homes sold.

Kirkland

The odds of selling a home were 25%.

Median price increased to $559,000 from $515,000, an 8.5% increase.

278 homes were for sale.

A total of 84 homes sold.

West Bellevue

The odds of selling a home were 25%.

Median pricing was down from $921,500 to $780,000.

169 homes were for sale.

A total of 46 homes sold.

Redmond/Education Hill/ Carnation

The odds of selling a home were 24%

Median pricing decreased from $529,450 to $461,950.

287 homes were for sale.

A total of 86 homes sold.

If you’d like more specific information about your neighborhood or home, feel free to contact me.



Bellevue Real EstateBellevue, WAFor BuyersFor SellersMarket StatisticsReal EstateSeattle March 18, 2011

How Many Condos Sold on Seattle's Eastside in 2-11?

There were less than 1000 condos for sale on the eastside in February! Seattle-eastside condo sales are creeping up and the number of condos for sale is creeping downward.   This is the fewest number of condos for sale since the beginning of 2008!

Besides the number of condos for sale being at the low for the last 3 years, the number of sales took a big jump up over the last two months.  The number of condos sales almost doubled in that time to 200 sales.

The condo sales market is the most positive it’s been for a long time, and I mean a long time! It’s exciting to see sales really picking up as buyers are out there on the eastside buying condos.  The best of the best are selling quickly, while the rest just stay on the market.
 

Condo Sales in Seattle, 2-11

Seattle-Eastside Condo Real Estate Sales, February 2011

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 few to get an offer.


Bellevue Real EstateBellevue, WAFor BuyersFor SellersIssaquah Real EstateIssaquah, WAKirklandMarket StatisticsReal EstateRedmondSammamish, WASammamish, WA Real EstateSeattleSeattle real estateWoodinville, WAWoodinville, WA Real Estate March 18, 2011

How Many Real Estate Sales Were in Your Seattle-Eastside City in February 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 well did homes sell in February, 2011 in your neighborhood?

(Click on the cities below to see real estate trends for the past 5 years.  You’ll find the median pricing for each city and whether the number of homes for sale and the number of sales went up or down.  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%)

Thirty-five percent of the homes for sale around Microsoft in Redmond and East Bellevue sold last month.  That’s an incredible number and one we haven’t seen for years.  Overall, February was the most positive month for eastside home sales in the past several years!

The plateau:  Sammamish, Issaquah, North Bend, and Fall City

The odds of selling a home were 23%.

Median sales price dropped: $499,995 to $489,990.  Home values have been more stable here than anywhere else on the eastside.

There were 605 homes for sale.

A total of 153 homes sold.

Redmond/East Bellevue

The odds of selling a home were 35%.

Median sales price increased by 2% to $430,000 to $439,950.

157 homes were for sale

A total of 57 homes sold.

South Bellevue/Issaquah

The odds of selling a home were 25.5%.

Median price decreased from $579,990 to $500,000.

283 homes were for sale.

A total of 83 homes sold.

Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The odds of selling a home were 24.5%.

Median price was down from $397,000 to $375,000.

549 homes were for sale.

A total of 150 homes sold.

Kirkland

The odds of selling a home were 20%.

Median price increased to $542,725 from $537,500, a 1% increase.

251 homes were for sale.

A total of 60 homes sold.

West Bellevue

The odds of selling a home were 18%.

Median pricing was down from $981,750 to $899,000.

174 homes were for sale.

A total of 37 homes sold.

Redmond/Education Hill/ Carnation

The odds of selling a home were 16%

Median pricing decreased from $474,950 to $450,000.

293 homes were for sale.

A total of 52 homes sold.

If you’d like more specific information about your neighborhood or home, feel free to contact me.



Bellevue Real EstateBellevue, WAFor BuyersFor SellersKing County Real EstateKing County, WAMarket StatisticsReal EstateRedmondSeattleSeattle real estateWindermere Real Estate March 4, 2011

How Badly is Seattle's Eastside Real Estate Affected by Distressed Sales

“Distressed Homes Sales Dragging Prices Down” screamed the print version of The Seattle Times, while the online version shouted  “Median Home Price in King County Drops in February, Dragged Down by Bank Repos.

Pretty scary headlines.  Scary headlines certainly attract readers. Distressed home sales, bank repos and short sales, are out there and affecting home values, but in varying degrees depending on which neighborhood is being discussed.    If you read further down in the article:

The percentage of King County single-family homes that fit the “distressed” category in February varied widely by area, according to Windermere’s analysis.

By lumping all of King County together, it gives an inaccurate picture of Seattle real estate.  Seattle real estate is far more localized. The neighborhoods of Queen Anne and Capitol Hill are usually the strongest performing areas, while the eastside suburbs of Bellevue, Redmond, Kirkland, and others are doing better than most of King County.  The suburbs of Mercer Island and Medina have few distressed properties for sale.

The chart below gives a picture of the 2010 distressed property sales for all the counties around Seattle.  My focus is on Seattle’s eastside neighborhoods, since it’s the market where I work. The eastside data is broken out from the rest of King County, because it’s usually different than the rest of the county.   The pattern for distressed sales activity can be seen through 2010.  The eastside had less distressed properties for sale than the rest of King County. I expect a similar pattern to continue in 2011, although the numbers may be different.  When the 1st quarter numbers are released, I’ll report those numbers.

Irrespective of the distressed sales issue, homes are selling well in some areas.  Prices are less than they were, but there are fewer homes for sale in many neighborhoods.  So the old law of supply and demand is working in these neighborhoods. Near Microsoft in Redmond, there were three home sales that closed this past week.  All the homes sold in less than 8 days.  One was for full price, another for slightly over, and one sold for about 2% less than the asking price. Neighborhoods in Kirkland have a lot less homes for sale than is typical.

Distressed home sales are a part of the picture of Seattle eastside real estate, but they are not the complete picture.  Too bad the screaming headlines didn’t balance more of the good news with the bad.

Seattle Area Distressed Property Data

2010 Distressed Properties by Seattle Area Counties

What is happening in your neighborhood?  Are homes selling?  Are there a lot of distressed sales?