Seattle Eastside Homes Are Still Moving Well!

 

I was talking with a fellow Realtor earlier today who commented on a home that had taken a long time to sell and it was only on the market for 18 days!   Since every home with a "for Sale" sign in front of it sold in a heartbeat during the first quarter of the year, 18 days now seem long.  In reality, it's still an amazingly quick sale time.  In May, Realtors started to see a slight change in the marketplace as not all homes sold immediately with multiple offers.  Some homes sold in a week to a month.

The Seattle Eastside real estate market is still going gangbusters, despite a jump in the number of homes for sale in May.  The increase in inventory from April to May is the exact opposite of the decline in the number of homes for sale  that we experienced in the marketplace last October into November.   Inventory increased from April to May by 19% and dropped about that much last fall.  Neither change in inventory was a huge surprise.  Many sellers choose not to list their homes as the holidays approach. Conversely, spring into summer often experiences an increase in inventory.  Mind you, the demand is strong for housing and inventory is still very low, it's just been creeping up since the first of the year. 

Expect to see the number of homes for sale continue to increase. This will, hopefully, give buyers a few more choices and a little breathing room.  The total number of homes for sale is still very low, while demand remains high, so sellers should still see a lot of action.

So how was May real estate on Seattle's eastside?  Median pricing stood at $619,000.  Homes sold well, with 69% of the available homes sold with an average market time of 33 days.

If you'd like more information about the real estate market and the value of your home, don't hesitate to contact us.

Posted on June 12, 2014 at 5:52 pm
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, Market Statistics, Real Estate | Tagged , , , , , , , , ,

Real Estate Sales Marched Through March on Seattle’s Eastside

It's a pretty crazy real estate market out there on Seattle's eastside.  The fever pitch of the real estate market is running high right now.  Buyers and their agents are having to be far more creative with their offers to be the buyer who wins the house.  Pre-inspections are the norm, something that has been very common place in Seattle's market.  Buyers are willing to bring more money to the table if needed to make a sale happen.  Many listing agents are holding offer review, often for a week, to give good exposure to a home.  Buyers then have an opportunity to look at the home more than one time, pre-inspect if they so choose, and plan their offer strategy.   It's a competitive market, but it gives an opportunity for a buyer to make a more educated decision.

Appraisers are having to be more creative to find comparable sales to demonstrate value.  However, it's often hard to dispute the value of sales simply because there are so many mulitiple offers.  it's not just one buyer who steps up to the plate to buy a house, it's usually a number of buyers.   I've heard of all kinds of numbers of buyers bidding on one house, 3, 5, 7, 9, and on.

So how was real estate in March on Seattle's eastside?  Median pricing was just up over $600,000, only the second time in years, and I mean years.  Homes sold briskly as  71% of the available homes sold last month with an average market time of 54 days. If no other homes had come up on the market, it would have only taken a month and a half to sell off all the inventory of homes.  As I said, there is a fever pitch to the real estate market.

If you'd like more information about the real estate market and the value of your home, con't hesitate to contact us.

Posted on April 15, 2014 at 7:46 pm
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, King County Real Estate, Market Statistics, Real Estate | Tagged , , , , , , , , ,

Seattle’s Eastside Rained Real Estate in February

It's unusual that both January and February of 2013 and 2014 started out with a similar supply of homes for sale. Both years began with a very short supply.  The lack of inventory experienced in 2013 continued into 2014.

Even though the supply of homes for sale was the similar,  the number of sales were less this year than last.  This February 558 homes sold, whereas in 2013,there were 658 sales.  It's suprising, given the positive attitude of the real estate market and the low unemployment rate in the Seattle area (see #115)  This year's fewer sales could be with the low inventory, prices have risen and buyers are becoming more selective with a home purchase that could cost more this year than last.   Some agents think the Superbowl had an affect on lower sales in February.  When people are busy with major events, and the Superbowl was major for Seattle, real estate can get put on the back burner. March sales figures will be more telling in that regard.

If a house comes up for sale that's a great home, though, look out!  Usually there's more than one buyer for a terrific home. The houses that sell really capture the hearts of the buyers, and often more than one buyer at a time.  We just sold a home to a buyer who was competing with two other buyers for a house.  Our buyer got the house, which they love, but paid more than full price by to win house over the other buyers.  With competing offers, often the only way to get a house is to pay more than any of the other buyers and include your first born!

The press reported that home prices dropped both in January or February this year.  Yet, home prices have jumped since  February, 2013.  Median pricing this February was $676,000 over last year's median pricing of $567,000.

If you have questions about the value of your home in this market, don't hesitate to contact us.  We'd be happy to let you know how real estate is performing in your neighborhood.

 

Posted on March 21, 2014 at 9:14 pm
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, King County Real Estate, Market Statistics, Real Estate, Seattle real estate | Tagged , , , , , , , , ,

A Fabulous Start to 2014 Real Estate on Seattle’s Eastside

Ironically this January started out just like last January, when there were not enough homes for sale to meet the demand from buyers.  Last year appreciation soared into the double digits for the first time in years because of this lack of inventory..

The difference between last year and this year?  Because of the lack of inventory last year, prices jumped up.  The median price for real estate sales on Seattle's eastside this past January was $600,000. In 2013?  Median pricing was $513,000.  Price per square foot for a home on the eastside went from $228 to $268. 

Eastside sellers, this is your time.  Buyers are lining up to buy the homes that show well and are priced well.  Buyers, it's not going to get less expensive in the future, so it's in your best interest to get out there and start looking now, rather than later This may sound like  hype, but it is the reality of the Seattle Eastside real estate market.  It's very simply the law of supply and demand that's at work here.

If you have questions about the value of your home in this market, don't hesitate to contact us.  We'd be happy to let you know how real estate is performing in your neighborhood. 

But while you are pondering real estate, enjoy Valentine's Day!

 

 

 

 

Posted on February 14, 2014 at 5:07 am
The Beaupain Team | Category: Bellevue, WA, Eastside Real Estate, For Buyers, For Homeowners, For Sellers, King County Real Estate, Kirkland, Market Statistics, Real Estate, Redmond | Tagged , , , , , , , , ,

Everything You’ve Ever Wanted to Know About Seattle Eastside Real Estate 2009-2013

Looking for a terrific picture of the state of real estate on Seattle's Eastside?  Here it is!  Since we're at the beginning of a new year, it's good to see where we've been over the last 5 years.  It gives a good indication of where we're headed for 2014.

The above chart highlights the most important trends in real estate over the last 5 years, from 2009-2013.  You can find median pricing, the number of homes on the market and the number of home sales per month and by year, and how long the supply would last, based on the number of home sales per month.  

Here's how each of the three sections of the chart are set up.  Each portion is divided by the years 2009-2013, as you can see along the bottom of the chart.  The blue bars show a different month in each of these years.  The red line shows the average for the year. 

The top portion of the chart has the information everyone seems to want to know first, the median pricing.   The fabulous news is how much higher median pricing is now than just a few years ago.  On the eastside, the average median price for a home sale was just under $600,000 at $596,848. 

The second chart demonstrates why prices have increased so dramatically.  It's the law of supply and demand.  The supply dropped considerably in 2012 and and 2013, thus increasing demand for this drastically decreased inventory of homes for sale, causing prices to jump.  With the amount of inventory at a low point at the start of 2014, we expect listings to move very quickly.  Our first listing of the year sold in 24 hours.  The home was not underpriced.  It was well priced, staged beautifully, and in excellent condition.  This type of home is very "hot" right now, as buyers are looking to find great homes. 

Another interesting detail to notice on the middle portion of the chart besides the decline in supply, is the number of home sales each year stays more constant, even as the supply changes.  The number of sales did increase in the last two years, but not nearly as dramatically as the decline in supply,  The increase in sales is a reflection of more buyers feeling comfortable making home purchases.

The lower section shows how much of a supply of homes there is available each month.  In 2009, when there were, on average 3400 homes for sale, it would have taken over 6 months to sell all the homes.  In 2013, when the Seattle Eastside real estate had so few homes for sale, it would have taken 1 1/2 months to sell all the available homes.

The take away from all of this is how terrific we find the real estate market to be at the end of 2013, which is the start of 2014 market.  We have low inventory plus many buyers equaling a high demand for homes, short market times, and increasing prices.  If you plan to make a move in 2014, consider doing so early in the year, when the inventory is at a low point.  Homes sell in every month on the eastside as you can see from this chart, the competition is far less when there are fewer homes for sale.

If you'd like more specific information regarding your home and/or you're thinking about making a move, feel free to contact us.  All the best in 2014!

 

Posted on January 31, 2014 at 8:35 pm
The Beaupain Team | Category: Bellevue, WA, Eastside Real Estate, For Buyers, For Homeowners, For Sellers, Issaquah, WA, Kirkland, Market Statistics, Real Estate, Redmond, Sammamish, WA, Woodinville, WA | 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
The Beaupain Team | Category: For Buyers, For Sellers, Market Statistics, Real Estate, Windermere Real Estate | Tagged , , , , , , , ,

Low Inventory, High Sales Numbers, Great Median Price, All in June on Seattle’s Eastside!

On Seattle's Eastside, we're starting to see the seasonal creep up in listings we see in most summers.  However, we still have far fewer homes on the market than we usually do.  In 2012, there were about 400 more homes for sale than this past June.  Our inventory is so low, that it would've only taken 1.5 months to sell all of the available homes for sale if no other homes had come on the market in June.  The supply is low, considering the number of buyers out there hoping to buy a home. 

Home sales increased in June from May, but at a slower rate than in previous months this year.   The number of sales was not too shabby, though, as 60% of the available homes sold.  A very healthy, brisk rate of home sales, but slower than the 75% that sold in April.   However, pending sales were at the highest they've been since 2005, another significant milestone!

Homes were gone in a flash.  It took only 38 days to sell homes in June!  It was not that long ago that it could take 3 months to get a home sold.  (Think 2011).

The big news is median pricing crossed the threshold to $600,000!  As pricing continues to climb, fewer sellers will be underwater and more homes should be coming on the market.

What a difference a year makes!  Here are the specifics for June, 2013 as compared to June, 2012:

  • 60.9% of the available homes sold this past June,  37% sold in June 2012.
  • Homes sold in 38 days, down from 72 days in June, 2012. 
  • In 2012 median pricing in June was $514,000.  In 2013, June's median pricing was $600,000!

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

Posted on July 11, 2013 at 8:19 am
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, Market Statistics, Real Estate | Tagged , , , , , , , ,

May Real Estate on Seattle’s Eastside Was Frenzied and Fast Paced

Seattle Eastside real estate continues with its frenzied, fast pace.    Sellers could not ask for anything better than the market we have on the eastside this year.  If no other homes were to come on the market, it would only take two months to sell all the homes that were  for sale in May, when 71% of the available homes sold.  Most homes sold at the asking price, with many selling over full price because of the demand with multiple offers.

As typical of the late spring and early summer, more homes are coming on the market, but the supply is still incredibly low.  We're far below the supply in May, 2012, when there were almost 500 more homes for sale. 

This year, the pace of the sale has kept up with the increase in listings.  The number of sales per month has increased from 587 in January to 944 in May.

What a difference a year makes!  Here are the specifics for May, 2013 as compared to May 2012:

  • 71.5% of the available homes sold this past May,  41% sold in May, 2012.
  • Homes sold in 41 days, down from 74 days in May, 2012. 
  • In 2012 median pricing in May was $500,000.  In 2013, May's median pricing was $565,000. 

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

 

Posted on June 11, 2013 at 7:47 pm
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, Market Statistics, Real Estate | Tagged , , , , , , , , ,

How Can You Make More Money Selling Your Seattle Eastside Home?

It's simple.  Price your home right and it will sell quickly and for full price.  Overprice your home, it will take longer to sell and it'll sell for less than full price.  In today's hot real estate market, buyers know a good home when they see it because they run out to see everything as soon as it comes up for sale.  If it's priced right, a home will attract multiple offers and sell for full price or more.  If it doesn't sell quickly, given the shortage of supply, it's clear a house is overpriced and will need a price reduction to attract a buyer. 

Two thirds of the sellers got it right during the first quarter of the year and sold their homes quickly and for full price or more.  When you price your home, position yourself to be in that two thirds that sells for full price.  If you do, you'll end up walking away with more money in your pocket.

Posted on May 22, 2013 at 6:02 am
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, Make More Money Selling Your Home, Real Estate, Seattle real estate, WA 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
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, Kirkland, Market Statistics, Real Estate, WA real estate, Windermere Real Estate | Tagged , , , , , , , , ,