Seattle Eastside Condo Sales Remain Steady in June

 

Numbers have been holding more steady in the last couple of months for Seattle Eastside Condo sales as the pattern is not all that different from May to June.  Although, slightly more condos were for sale and slightly fewer sold in June.

In June 63% of the condos sold.  Median pricing for condos stood at $291,000 up from $279,000 in 2011.  Condos took 32 days to sell on average and sold for 99% of the asking price. 

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 July 17, 2014 at 8:33 pm
Sinick and Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, Market Statistics, Real Estate, Windermere Real Estate | Tagged , , , ,

Is Summer The Busiest Time for Real Estate on Seattle’s Eastside?

No matter how many times people hear the market is the most active in the spring, many people think summer is the busiest time.   Summer is still a great time to sell, but now that we're into an absolutely fabulous July, buyers often join friends and family for weekend outings.  It can cause the activity to slow down a bit, but it does not go away by any means.  In fact, we tell sellers to expect more activity during the week.  With the days at their longest for the year, buyers often prefer to see homes after work and save weekends to enjoy the spectacular weather. 

Can a well priced, terrific home still sell for more than full price with multiple offers in our current market?  Yes.  We just sold one of our listings at 10% over the asking price.  There were seven offers.  Inventory is low, but inventory for great homes is even lower, so those go fast and for top dollar.

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.

This is what I said in last month's post regarding the Seattle Eastside real estate market.  It's proving to be true, which is not a big surprise to Brooks and me.  We've seen this very same cycle over the years.  Every summer there's a spike in homes for sale.  But the lack of inventory will still keep Seattle Eastside real estate activity strong. 

So how was June real estate on Seattle's eastside?  Median pricing stood at $645,000.  Homes sold well, with 57% of the available homes sold with an average market time of 32 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 July 16, 2014 at 8:21 pm
Sinick and Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, Market Statistics, Real Estate | Tagged , , , , , , , , ,

A Slight Shift in The Condo Market on Seattle’s Eastside?

Has there been a shift in the Seattle Eastside condominium market? What could be a shift is shown by the big jump in inventory to 375 available condos from 288 in April and the slight decline in sales over the last couple of months.  Seattle Eastside condo sales are still fabulous, although more condos sold in March and April than in May. 

The pattern we saw in 2013 is playing out once again.  The real estate market is always at its most frenetic during the first quarter of the year.  As the year progresses, more property becomes available, giving buyers more choices.  Add in our usually gorgeous summer weather when people spend more time playing and traveling than searching for homes, and we'll see a strong market through the summer, but not as crazy as the spring.

In May 68% of the condos sold, a very solid number and in many years over the last decade, this number would have been phenomenal.  Given the past couple of years with sales off the charts, 68% is a very respectable and healthy number of sales. 

Median pricing for condos was similar to March and stood at $270,000.  Condos took 30 days to sell on average and sold for 99% of the asking price. 

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 June 13, 2014 at 6:02 pm
Sinick and Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, King County Real Estate, Market Statistics, Real Estate | Tagged , , , ,

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
Sinick and Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, Market Statistics, Real Estate | Tagged , , , , , , , , ,

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 and 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 and 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 and 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 and 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 and 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 and 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 , , , , , , , , ,