Facebook
Twitter
Pinterest
Copy Link
How Strong is the Seattle Eastside Condo Real Estate Market?
Seattle Eastside Condo Real Estate Through September, 2013
The pace of the market seems very much like September, 2012. Fifty-two percent of the condos for sale sold this past September, whereas in September, 2012, 55% sold.
However, the difference this year is median pricing was still much stronger than last year and has been consistently above $260,000 since April. In September, 2012 median pricing stood at $225,000. Market time was twice as fast as 2012. Homes sold in a little over a month. In 2012, it took over 2 months on average for a home to sell.
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!
Cooler Weather Brings a Cooler Real Estate Market on Seattle’s Eastside
Seattle Eastside Real Estate Through September, 2013
Along with the cooler fall weather on Seattle's Eastside, the real estate market has cooled a bit. The hot market of early this year began to cool off in July and continued into September.
Does this mean we are in a bad real estate market? Each time the market changes, people read more into it than is needed. Our market is slower, but still very strong. We're in a more balanced, evenly paced market, which is a good thing. With homes selling on average in a little over a month, the real estate market is a good one. The market is a strong market, it's just not as crazy and fast paced as earlier this year.
The number of homes for sale dropped for the first time this year and inventory remains low. Sales activity, although still good, also declined. Ironically, the percentage of homes selling as compared to what's available, 41%, is not that much different than last year when 37.5% of the homes sold. The pace of the market is very similar to September, 2012, however time on the market is much shorter and median pricing is much stronger.
As I mentioned last month, this means pricing is paramount. With our more realistic market, buyers won't be as willing to jump. They're going to be more critical and evaluate the pricing of a home more carefully. We're in a more normal market in which buyers have the luxury of a little more time. They will evaluate and pick and choose those homes that are priced right and show well.
Here are the specifics for September, 2013 as compared to September, 2012:
- 41% of the available homes sold this past September, 37.5% sold in September, 2012.
- Homes sold in 37 days, down from 68 days in September, 2012.
- In 2012 median pricing in September was $500,000. In 2013, September's median pricing was $585,000.
If you'd like to know more about the value of your home, please don't hesitate to contact us.
Was The Seattle-Eastside Condo Market Still Strong in August?
Seattle Eastside Condo Sales Through August, 2013
Sixty percent of the available condos on Seattle's Eastside sold in August. It's terrific to think that 2/3 of the August inventory sold. The number of sales was none too shabby, but the market has slowed. Earlier this year, 8 out of 10 condos sold in a given month. But selling 6 out of 10 condos is still nothing to sneeze at. It's still a very strong condo sales market.
Median pricing stayed the same as July, $272,000. Median pricing seems to have stabilized as pricing for the last four months ranged from $269,000-$279,000.
Condos were on the market for 45 days. If no other condos had come up for sale, it would have taken less than two months to sell all of the inventory available in August.
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!
Has The Seattle Eastside Real Estate Market Changed?
Seattle Eastside Real Estate Sales Through August, 2013
The Seattle Eastside real estate market is beginning to level off. For the first time in months, only about half the homes for sale sold. This is more typical of a balanced market between buyers and sellers, not the hot sellers' market we've seen over the last few months.
The number of homes for sale is starting to look more like 2012's numbers, although there are more homes selling now than in 2012. The supply of available homes is is almost twice what it was in January of this year. Homes are still selling well as the number of homes sold in August was among the largest this year. When you compare inventory to previous years, we still have far fewer homes on the market. This past August had the fewest number of homes for sale in any August ever!
Our market is a more evenly balanced market, between buyers and sellers. This shift started to happen in July, but was more pronounced in August. This means pricing is far more critical than it was this past spring when so few homes were on the market. If a home is not priced right, buyers will pass and wait for another home to come on the market that's priced more competitively. With more homes coming on the market, there are more choices for buyers and less wiggle room in pricing for sellers.
Median pricing was only $1000 greater than July's median pricing. Generally, we've seen a much larger increase in pricing from one month to the next this year, so this is another indication the market is leveling off.
Here are the specifics for August, 2013 as compared to August, 2012:
- 48% of the available homes sold this past August, 38% sold in August, 2012.
- Homes sold in 32 days, down from 63 days in August, 2012.
- In 2012 median pricing in August was $518,000. In 2013, August's median pricing was $575,000.
If you'd like to know more about the value of your home, please don't hesitate to contact us.
Seattle Eastside Condo Sales Sailed Through July
Seattle Eastside Condo Sales Through July, 2013
More condos were for sale in July than any month so far this year, but condo sales were still strong.
Median pricing dropped a bit from June to $272,000. This does not reflect a drop in prices, but only that the median price of the condos sold in July was less than what sold in June.
We expect prices to continue to increase. As an example of what's still happening in the market, we just sold a condo in Redmond in less than 2 days for 10% above the asking price! Not all condos or homes, for that matter, are selling over full price because of the increase in inventory. Our listing was staged beautifully, professionally photographed, and priced realistically. It immediately caught the buyer's attention and the seller received a fabulous offer.
Condos were on the market for less than 45 days. It would have taken less than two months to sell all of the inventory available in July.
Since there still are a number of condo owners "under water" who are waiting for prices to increase even more, expect the market to remain strong, even if inventory increases. We still have a shortage of condos for sale when compared to the demand.
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!
July Brought Sunny Weather and Great Real Estate Sales on Seattle’s Eastside
Seattle Eastside Real Estate Sales Through July, 2013
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.
June Condo Sales on Seattle’s Eastside Were Still Smoking!
Seattle Eastside Condo Sales Through June, 2013
Seattle Eastside Condo Real Estate is still terrific! Since so many of the available condos sold in June, like most months this year, it seems like it's impossible to get a condo. If you're are looking for a condo to buy, more are coming on the market each month, so there's a fresh supply available. You've just got to be quick as they sell so quickly. Condos are selling in just over a month! In June of 2012, it took 3 months to sell a condo. This is still a very fast paced market.
Median pricing jumped up to $280,000 in June and I hope we can cross the threshold to $300,000 for a median price in the near future. The good news is as the prices go up, more condos will come on the market as more sellers will be able to afford to sell. Higher prices are great for sellers, but not all bad for buyers, since it means more condos should come on the market.
If you'd like to know more about the condo real estate market, please free to contact us. We're here to help!
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.
Seattle Eastside Condo Sales Were Booming in May
Looking for a condo in Seattle's Eastside cities of Bellevue, Redmond, Kirkland, etc? There are a few more choices, but they are going fast. If no other condos were to come up on the eastside, it would only take 1.4 months to sell all the available condos. Supply increased in May, but sales were also up. Condos on Seattle's Eastside are still hot! May condo sales were as as hot as April. In both April and May, 86% of all the available condos sold.
As I mentioned last month, condo owners suffered the most during the downturn, so we're pleased to see the market improve for them. We've had several sellers who have been waiting for a few years for values to increase to the point that they no longer are under water. Some of these sellers are now thinking about making a move!
Median pricing jumped up to $272,000 in May, which is exactly where we thought median pricing would be based on the huge amount of activity.
If you'd like to know more about the condo real estate market, please free to contact us. We're here to help!
May Real Estate on Seattle’s Eastside Was Frenzied and Fast Paced
Seattle Eastside Real Estate Sales Through May, 2013
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.
