Eastside Real EstateFor BuyersFor SellersMarket StatisticsReal Estate November 14, 2012

October, The Best Month to Sell a Seattle Eastside Condo in 5 Years?

When 288 condos out of 363 sell in a month, the odds are incredible! In fact, the chances of selling your condo in October was 79%! 

With the low supply of condos for sale, prices are rising.  Phew!  It's so good to be able to say that. 

Because there's still a number of foreclosures and many condo owners are underwater, expect the supply of condos continue to be limited.  Expect the stronger market to continue into 2013.

My tips for people in the condo market remain the same as last month, so here goes: 

What does this all mean if you are thinking of selling or have your condo on the market?

If your condo takes a long time to sell, then it is either overpriced or is not marketed well.  Make sure your condo has great online photos to start. Staging can also be a big plus. Good pricing and great photos are the two most critical marketing pieces to getting your condo sold. Remember this is how buyers and other agents "see" your home first, so the pricing and online marketing are crucial to getting buyers through the door to actually see your condo and make an offer to buy it.

What does this all mean if you are a condo buyer?

This is the time to make a purchase. With the short supply, pricing should continue to increase.  Remember, too, that interest rates are still incredibly low.   Don't forget to check the financial viablity of an condo association you're thinking of buying into.  In a blog post I wrote a few months ago, I listed some of the important things to look for when checking condos out. The post looks at the issue from the seller's point of view, but these issues should be important to any buyer.  Fortunately for the buyer, the law requires a seller to provide the answers in the form of a resale certificate which is reviewed as one of the conditions of an offer. 

If you have any questions about the condo market, please feel free to contact us. 

Eastside Real EstateFinancingFor BuyersMarket StatisticsReal Estate September 11, 2012

Did Condo Prices Drop on Seattle’s Eastside in August, 2012?

First, a word about condo prices on Seattle's eastside: 

Even though the news media said condo prices were down in King County, they appear to be holding steady in the Seattle's eastside cities of Bellevue, Redmond, Kirkland, etc, when compared to August 2011 pricing.  This is good news for condo sellers who have gotten beaten up by pricing in the last few years.  With the low supply of condos for sale, prices are no longer declining, and, in fact, they may begin rising.  In June, July, and August, prices on the eastside did increase, which brought us back to the pricing in the middle of last year.  Unfortunately, prices did drop last fall through the early spring of this year, but we have now caught up to the prices we had in mid-2011. It appears that market pricing is holding steady now and has increased in the last few months.

Now back to the number of sales:

Condo sales numbers are actually not much higher than August, 2011 when 194 condos sold.  This year, 201 condos sold in August.  Because there's about half the number of condos for sale this year than in 2011, the percentage of those that sold, the absorption rate, skyrocketed.  Last year, 19% of the condos sold and this year, 43% sold. 

Time on the market has also dropped to an average of 68 days to sell vs.116 days in August of 2011. 

So what does this all mean if you are thinking of selling or have your condo on the market?

If your condo takes a long time to sell, then it is either overpriced or is not marketed well.  Make sure your condo has great online photos to start. Staging can also be a big plus. Good pricing and great photos are the two most critical marketing pieces to getting your condo sold. Remember this is how buyers and other agents "see" your home first, so the pricing and online marketing are crucial to getting buyers through the door to actually see your condo and make an offer to buy it.

What does this all mean if you are a condo buyer?

With the pattern of price increases, this means we're past the bottom of the market pricing.  This may be the time to make a purchase. With the short supply, pricing could continue to increase.  Remember, too, that interest rates are still incredibly low.   Don't forget to check the financial viablity of an condo association you're thinking of buying into.  In a blog post I wrote a few months ago, I listed some of the important things to look for when checking condos out. The post looks at the issue from the seller's point of view, but these issues should be important to any buyer.  Fortunately for the buyer, the law requires a seller to provide the answers in the form of a resale certificate which is reviewed as one of the conditions of an offer. 

If you have any questions about the condo market, please feel free to contact us. 

Bellevue Real EstateEastside Real EstateFor BuyersFor SellersIssaquah Real EstateKirklandMarket StatisticsReal EstateRedmondSammamish, WA Real Estate August 15, 2012

The Seattle-Eastside Condo Market is Amazing!

Our amazing Seattle-Eastside real estate continues! How low can the supply of eastside condos go?  In July there were only 463 condos for sale all over the Eastside, less than half the number of condos for sale in July of 2011!  The supply is low and the prices have dropped considerably over the last few years as evidenced by the chart below. These market conditions bode well for buyers.  Prices are at the bottom and with the low supply, they should begin rising.  Unfortunately for the sellers who bought from 2007 on, it's still a tough market as pricing is well below the high experienced during that time.

Not only was the supply at the lowest I can remember, the number of sales were at the high so far for the year. There were 463 condos for sale and 236 of them sold!  I've been in real estate on Seattle's eastside for 25 years and I've never seen anything like the lack of supply in the market we're experiencing now.  In previous reports I mentioned if the supply of condos stayed on the low side, to expect the positive market to continue in Bellevue, Kirkland, Redmond, and the other cities east of Seattle. This was how the real estate market performed in July.

The chart beow shows the trend in pricing from 2008-2012 for condo sales on the eastside.  Each blue bar represents a month during the years that are represented below.  The red line that is drawn across each year shows where the median point is in pricing for the year.In 2008, the median pricing for condo sales on the eastside was $337,064.  So far this year, the median pricing for sales is at $221,631.  If you look at 2012, pricing has jumped up for the last two months,  but on average, it's still lower than previous years.

Time on the market has also dropped to an average of 90 days to sell vs.109 days in June of 2011.

If you have any questions about the condo market, please feel free to contact us. 

 

Bellevue Real EstateEastside Real EstateFor BuyersFor SellersKing County Real EstateMarket StatisticsReal EstateWindermere Real Estate July 19, 2012

Were June Condo Sales on Seattle’s Eastside Still Hot?

What an amazing condo market on Seattle's Eastside!  Since June of 2011, the number of condos for sale has continued to drop, and drop by alot.    Last June there were 1139 condos for sale and this June there are less than 500!  What a huge difference! 

Not only are there fewer condos for sale, but the sales have been very strong, especially since February.  The condo market has been even stronger over the past two months.  Approximately 42% of the available condos sold in June.    If the supply of condos stays on the low side, expect this positive market to continue in Bellevue, Kirkland, Redmond, and the other cities east of Seattle.

Median pricing was $235,000 this past month, whereas last year the median pricing for the month stood at $250,000.  Don't worry too much about pricing for one month's worth of sales.  As we always say, you must follow the trend over a period of months to measure any true increases or decreases in value.  One month's real estate prices are only a reflection of the sales that happened that particular month.

Time on the market has also dropped to an average of 90 days to sell vs. 118 days in June of 2011.

So get our there and find a great home, but do your homework before getting in the car to look at properties.  Check out the commute, the neighborhood, schools and anything else that is of importance to you before you start looking for a home.  If you do that, you can target the right location to look for a home.  You can then look for a home that works for you in a the right location. 

Remember location, location, location is the primary rule of real estate.  In today's world, location can mean many different things to people based on job location, commutes, and area amenities. Determine what it means to you and then go for the condos in that particular location. 

If you have any questions about the condo market, please feel free to contact us. 

 

Bellevue Real EstateEastside Real EstateFor BuyersFor SellersIssaquah Real EstateKing County Real EstateMarket StatisticsReal EstateUncategorized June 11, 2012

Was May The Best for Condo Sales on Seattle’s Eastside in the Last 5 Years?

Even fewer condos were on the market in May on Seattle eastside and sales were still strong.  There were 6 fewer sales, but because there were fewer condos for sale, a slightly higher percentage sold. Slightly over 44% of the available condos sold in May, which could very well be the best odds of selling a condo in the last 5 years on Seattle’s eastside!  We expect this positive market to continue in Bellevue, Kirkland, Redmond, and the other cities east of Seattle.  But if many more condos come up on the market, then the odds of selling may dip slightly.  It is that old law of supply and demand.

It’s a great time not only to sell a condo, but to buy one, as the prices have not been this low since early in the last decade. But be careful out there.  Just because something is a fabulous price  doesn’t mean it really is a great deal or a great place to live.   Buying a condo also means you’re buying into an association.   It’s important to check the association rules, regulations and financial statements.

Last month my post about the condo market listed a number of questions sellers should ask before selling.  Many of these same questions should be asked by a buyer when planning to purchase a condominium. When you find a condo you like, you can make an offer because one of the conditions of all offers is for you, as the buyer, to have time to review all this information.  Condo buyers receive a copy of a “resale certificate as a condition of the offer.  This document has tons of information about the condo and the association, but that’s for another blog post!

Eastside Real EstateFor BuyersFor HomeownersFor SellersMarket StatisticsReal Estate March 22, 2012

The Seattle Eastside Condo Market Was Great in February, 2012

 


 
If you have a condo to sell on Seattle’s eastside, now is a great time to put it on the market. If you’ve hoped to move and have felt as if you couldn’t do so over the last few years, things are different now.  Competition among sellers has dropped dramatically, because there are so few condos for sale.  There were only 723 condos for sale in all the eastside cities of Bellevue, Redmond, Kirkland, Woodinville, Issaquah, etc.  Just a few years ago, there were twice as many condos for sale.
 
Prices are not going to go back up any time and, more than likely, will no longer continue to drop.  If your condo is underwater and/or you can’t or don’t want to sell because you’re taking a huge loss, that’s unfortunate.  But for those who have contemplated a move up or out of the area, this is the best time to put your condo on the market in the last 5 years.
 
If you’re a buyer, condos haven’t been this affordable for about 6-7 years, so it’s a great time to buy.  Most real estate gurus and economists think we’re at the bottom of the market.  The situation varies dramatically in different parts of the country.  Seattle is one of the bright spots in the economy, so our market is doing well. If you’re waiting for prices to go down even more, it doesn’t sound like that will happen, particularly in the Seattle area.  We’ve been hit over the head with this fact since so many of the condos and homes are now selling with multiple offers.  As soon as that happens, we know we were at bottom.
 
Last month, 25% of all the condos on the market sold.  Condos sold, on average, within 89% of the original asking price.

Eastside Real EstateFor BuyersReal Estate February 29, 2012

How Was The Seattle Eastside Condo Market in January 2012?

 

The Seattle-Eastside condo real estate market in the cities of Bellevue, Kirkland, Redmond, etc was even better in January than December of last year. This is not terribly surprising.  When the calendar rolls around to a new year, buyers minds turn to real estate and home buying.
 
The number of condos for sale on the eastside was almost the same as in December.  However, 31 more condos sold in January than in December. Interestingly,  there were 247 new listings, but with the number of sales happening and other condos coming off the market, the supply has remained static.  The demand has been far greater.  The well priced and well maintained condos are selling as fast as they are coming up on the market.
 
Ironically, 20% fewer condos were on the market in January than a year ago.
 
As I’ve mentioned before, expect this year’s condo real estate market to be the strongest we’ve had for sales in 5 years.  In January, 20% of the available condos sold which is equal to the highest percentage of sales in July of last year.  Condos were on the market an average of 133 days and sold within 89% of their original asking price. Surprisingly, the median price dropped from $235,000 last year to $168,000 this year.   
I truly think this only represents the fact that the majority of condos that sold in January happened to be less expensive than those that sold last January.  I don’t think prices have dropped that much.  I look forward to seeing the price point for condo sales when we have February’s statistics available.  So don’t give up hope just yet.  Prices are down for everyone, whether it’s a house or condo, but it may not be as bad as January’s median pricing suggests.
 
As we’ve mentioned before, expect this year’s condo real estate market to be the strongest we’ve had for sales in 5 years. The lack of supply should help to spur the market on.  Happy condo hunting!

Eastside Real EstateFor BuyersFor HomeownersMarket StatisticsReal EstateSeattle real estate January 23, 2012

How Was The Seattle Eastside Condo Market in December 2011?

Seattle Eastside condo inventory dipped to 2011’s lowest point in December, 2011.
 
The year began and ended with under 1000 condos for sale.
 
The number of available eastside condos peaked in June with well over 1100 condos for sale.    The peak was never really much of a peak when we look at the peak numbers in previous years.  In the past, the number of condos could easily top out at 1500 for sale.  In  October 2010, there were 1375 condos for sale, and that was not even the peak month for 2010.
 
As most people know, condos have been hit harder than single family homes by the economic downturn.  Prices are down quite a bit, so it’s good to see 2011 end with fewer condos for sale on the eastside.  There’s a big drop in value for condos, about 18% for the year, but the reality is the lower prices are helping to move some of the supply.
 
With fewer condos for sale and a fresh start with the new year, I expect to see condos sell well. The economy is doing better locally with Boeing, Amazon, Microsoft, and others in a hiring mode. Prices will continue to stay low, but with the huge decline in the number of properties for sale, prices should remain stable this year.
 
There were 822 condos for sale in December, with 138 of them receiving offers.  The average market time was 135 days, a  shorter market time than last December’s 156 days.  Condos sold within 90% of the original asking price.
 
Median pricing is down overall, but the median sales price increased during December by 7% from $224,000 in December, 2010 to $239,000.  Remember median pricing reflects what sold that particular month.   This doesn’t mean pricing was up 7% for the year, but what sold in December, 2011 was slightly more expensive than what sold in December, 2010.
 
Our condo supply is usually the highest in the summer. The bell curve shape for the number of condos for sale on the above chart is the typical pattern for most years, regardless of how the real estate market performs.   Condos do sell well in the summer, but competition is much fiercer.  If you’re thinking of selling your eastside condo, it’s best to get on the market in the early spring to get ahead of the competition.
 
Since we have micro-real estate markets in Bellevue, Redmond, Kirkland and the other eastside cities, please contact us if you have questions about your complex or your condo’s value.
 
Have a great 2012!

Eastside Real EstateFor BuyersFor SellersMarket StatisticsReal EstateSeattle real estate December 15, 2011

How Was The Seattle-Eastside Condo Market in November, 2011?

 

Eastside condo sales

Seattle Eastside Condo Sales Through November, 2011


 
There were more condo sales on the eastside with 156 sales over last year’s 125!  There also were 21% fewer condos on the market than in 2010.  More sales and fewer condos for sale is a good thing!
 
There were 867 condos for sale in November, with 156 of them receiving offers.  Average market time was 118 days, one of the shortest market times of the year.  Condos sold within 91% of the original asking price.
 
The median sales price declined by 11% from $250,000 to $233,000.  Remember, though, this number includes median prices for all condos, including bank foreclosures and short sales.
 
Is this decline a true measure of the marketplace?

 
Real estate, including condos has become more affordable because of the drop in value.   This is the reality of the situation and is a boon to buyers who are hoping to make a move.
 
How are condos selling in your area?

Eastside Real EstateFor BuyersFor SellersMarket StatisticsReal Estate October 14, 2011

Seattle Eastside Condo Sales Keep Popping!

Seattle-Eastside Condo Sales through September, 2011

Seattle-eastside condo sales were still hot in September.  Twenty-one percent of the condos for sale got offers for the third month in a row!  There’s less for sale this month than in August and fewer condos actually sold, but the odds of selling were exactly the same.  It’s exciting to see the sales numbers for the year keep zooming past last year’s sales. This year 70% more condos sold on the eastside than last year!  This good news was coupled with 31% fewer condos on the market than in 2010. 

There were 992 condos for sale in September, with 203 of them receiving offers.  Average market time was 125 days vs. 151 days in September 2010.

What’s unique about this past month is only one eastside condo sale failed.  Last month I reported 213 condo sales.  Now it looks like only one sale failed and 212 of them stayed together!  This presents a good, solid month of sales as typically up to 10% of the sales can fail.

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.  This could be because there could be too many renters occupying units or there could be a pending lawsuit against the association.  Situations such as this could affect the buyer’s ability to obtain a loan, even if the buyer is well qualified to buy.  When obtaining financing for a condo, the condo and the association must also “qualify” in order for the loan to be approved.

How are condos selling in your area?  Are you seeing problems with buyers obtaining financing?