Almost Every Listed Condo on Seattle’s Eastside Sold In March!

 

You know the condo real estate sales are hot when 95% of all the listed properties sell in one month. Of the 312 condos for sale, only 14 did not sell last month! Honestly, I've been working in Seattle eastside real estate since 1987, and I don't believe there has been a month when almost every condo sold. 

Median pricing for condos stood at $274,000.  Condos took 42 days to sell on average and sold for 99% of the asking price.  Given the relatively small inventory of condos, none of these statistics is a big surprise. 

So buyer, be armed and ready with a great offer to win one of the few condos for sale.  Consider pre-inspections and make the cleanest offer possible when stepping up to the plate. 

If you'd like more information about the condo market or your condo in particular, please feel free to contact us. We're here to help!

Posted on April 17, 2014 at 4:35 pm
Sinick & 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
Sinick & Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, King County Real Estate, Market Statistics, Real Estate | Tagged , , , , , , , , ,

Seattle Eastside Condo Sales Were Still Strong in February

The positive Seattle Eastside condo market continued through February!  Seventy percent of the available condos sold last month in, on average, 2 months time.  The median price for condos increased from $247,000 in 2013 to $263,000 this past February.  There's a strong demand with little supply, which translates to higher prices. 

Since condos were harder hit than single family homes during the downturn, this is welcome news.  Many more condo owners are finding that they are no longer underwater and are now able to make a move. 

If you'd like more information about the condo market or your condo in particular, please feel free to contact us. We're here to help!

Posted on March 21, 2014 at 9:15 pm
Sinick & Beaupain Team | Category: Bellevue, WA, 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
Sinick & Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, King County Real Estate, Market Statistics, Real Estate, Seattle real estate | Tagged , , , , , , , , ,

How Fast Are Seattle Eastside Condos Selling?

Seattle Eastside condo inventory is amazingly low as we start the year.  The amount of condos for sale is actually very similar to what was available for sale in January, 2013.  It'd be difficult to find two years that start out so similarly.  There were 287 condos for sale this past January and 286 in January, 2013!

If all of the condos on the market in January were to sell, it would have only taken 1.4 months.  Condos have been selling within 96% of the asking price. 

Median pricing has gone from $210,000 to $275,000, a hefty jump.

So enjoy Valentine's Day and think about making your move earlier, rather than later next year. 

If you'd like more information about the condo market or your condo in particular, please feel free to contact us. We're here to help!

Posted on February 14, 2014 at 11:37 am
Sinick & Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, Market Statistics, 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
Sinick & 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
Sinick & 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 , , , , , , , , , , ,

Condos are Selling Well During the Holiday Season on Seattle’s Eastside

Looking back at November Seattle Eastside Condo real estate, we continued to see a seller's market.  Inventory declined as the number of condos for sale dropped almost 20% from October.  But sales were still strong, as 60% of the available condos sold.  Not everyone just ate turkey in November!

I'm expecting to see similar results in December.  Sales will be strong, but not as high a number as the peak month of August when over 260 condo sold. Still, with such low inventory, the chances of selling a condo that's priced correctly and shows well are quite high.   Buyers are out looking and hoping to find a new home, even though it is the holiday season.

If you're thinking of selling next year, think about making a move early in the season.  The pattern you see in the above chart is a typical yearly pattern.  Fewer condos will be on the market the first few months of the year, so it's a great time to sell.  There's less competition.

So enjoy the holidays and think about making your move earlier, rather than later next year.  Happy Holidays!

If you'd like more information about the condo market or your condo in particular, please feel free to contact us. We're here to help!

 

Posted on December 12, 2013 at 10:34 am
Sinick & Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, Market Statistics, Real Estate, Seattle real estate | Tagged , , , ,

Buyers Bought Homes, Not Just Turkey, in November on Seattle’s Eastside

More home sellers take their homes off the market in November, thinking buyers have gone shopping for presents instead of for homes. The roller coaster pattern you see in the chart with inventory and sales is typical of most years.  The supply of homes for sale tends to drop off as winter comes to Seattle.  The number of homes sold in November also dropped from previous months, but there was still a healthy number of real estate sales on Seattle's eastside.  Almost half of the homes for sale, 46%, sold in November. 

Median pricing for November sales was $555,000.  Median pricing has remained above $550,000 since April of this year.  Homes sold in about 5 weeks, which is a short sales time. Homes  were not selling within a matter of days as we saw in the spring, but a 5 week time frame is probably a healthier time period for the market.  It means the market is still fast and strong, but not as frenetic.

But back to the roller coaster pattern you see in the chart above.  Since the number of homes for sale is so low, and probably will continue to be in December,  if you're thinking of making a move in 2014, think about it early in the year.  Inventory in January should continue this trend and be very low, but creeping up as the month progresses.  Competition will be less because of this lack of supply, increasing the chances for a quick sale and a strong price.

Here are the specifics for November, 2013 as compared to November, 2012:

  • 46.5% of the available homes sold this past November,  41.5% sold in November, 2012.
  • Homes sold in 43 days, down from 67 days in October, 2012. 
  • In 2012 median pricing in November was $525,000.  In 2013, November's median pricing was $555,000.

 

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

Enjoy your holidays and have a Happy New Year!

 

Posted on December 11, 2013 at 10:34 pm
Sinick & Beaupain Team | Category: Bellevue Real Estate, Eastside Real Estate, For Buyers, For Sellers, Market Statistics, Real Estate | Tagged , , , , ,

Is Pricing Your Home Correctly Even More Critical?

 

The third quarter real estate sales results for the Seattle Eastside are in and there is a very clear story here.  Pricing is the key to a successful sale and these numbers prove this to be true.  If a home was priced right, it sold, on average, within 7 days for full price.  If a home stayed on the market for a few weeks, then a price change was warranted to attract a buyer.  The 30% of homes that did not sell for full price needed at least one price reduction to attract a buyer.  Homes that fell into this category sold within 95% of full price.  There was a "price to pay" for not pricing a home correctly out of the starting gate.  If a home was priced too high, buyers did not buy.  

The "Total Days on Market" chart demonstrates even more clearly how important pricing is to a successful home sale.  It's easy to see that for every month a home is on the market, the selling price is proportionately less. 

The third chart shows how may properties sold during a specific market time.  It's interesting to see that 73% of the home sold in 30 days.   The first chart shows that 70% of those homes sold for full price in less than a week. 

So if your home does not sell quickly, it's overpriced for the market.  Homes are still selling well and competition is slowing down as we experience the usual fall slump in inventory.  Be ready for the market with both price and condition and your home will be one of the ones that sells quickly and for a strong price.

Feel free to contact us to find out more about the market and specific pricing for your home.  We're here to help!

Posted on November 22, 2013 at 5:10 am
Sinick & Beaupain Team | Category: Eastside Real Estate, For Buyers, For Homeowners, For Sellers, Make More Money Selling Your Home, Real Estate | Tagged , ,