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How Did June, 2010 Seattle-Eastside Real Estate Sales Stack Up in Your Neighborhood
[googlemaps http://maps.google.com/maps?source=s_q&hl=en&geocode=&q=Seattle-eastside&sll=47.709762,-122.011414&sspn=0.310487,0.911865&ie=UTF8&split=1&radius=21.22&rq=1&ev=zo&hq=Seattle-eastside&hnear=&ll=47.709762,-122.011414&spn=0.310487,0.911865&t=h&output=embed&w=425&h=350]
How did June, 2009 stack up to June, 2010 in your neighborhood?
(Click on the cities below to see real estate trends for the past 5 years. You’ll find the median pricing for each city and whether the number of homes for sale and the number of sales went up or down. The odds of selling a home in each area is a result of the number of homes for sale divided by the actual number of home sales.)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 16%.
Median sales price increased from $499,950 to $525,000.
The number of homes for sale dropped by 10% and sales were down by 27% from last year.
The odds of selling a home were 23%.
Median sales price dropped from $499,950 to $482,500.
The number of homes for sale dropped by 4% and sales were UP by 3%.
The odds of selling a home were 18%.
Median price decreased from $610,000 to $599,994.
The number of homes for sale dropped by 15% and sales were down by 3%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 14%.
Median price remained essentially equal to last year, $419,950 to $419,973 this year.
The number of homes for sale declined by 3% and sales were down by 23%.
The odds of selling a home were 13%.
Median price increased to $624,950 from $596,925.
The number of homes for sale declined by 19% and sales were down by 28%.
The odds of selling a home were 14%.
Median pricing was UP from $849,000 to $890,000.
The number of homes for sale decreased by 24% and sales decreased by 25.5%.
Redmond/Education Hill/ Carnation
The odds of selling a home were 9%
Median pricing decreased from $529,950 to $474,950.
The number of homes for sale decreased by 4% and sales decreased by 42%.
Although real estate numbers are mostly down on Seattle’s eastside, 3 areas showed an increase in median prices and one area remained similar in pricing to last June. West Bellevue, the Sammamish plateau areas, and Woodinville, North Kirkland, Bothell and Kenmore had a 5% increase in sales prices. Last month, West Bellevue was the only area with an increase in median pricing over last year and that was at 17%.
The three other Seattle-eastside neighborhoods experienced a reduction in sales prices. These areas are South Bellevue, Redmond and Bellevue near Microsoft, and the downtown area of Redmond.
The number of homes for sale is near the highest for this year, but still 11% less than the number of homes for sale on the eastside last year, so that’s a good thing.
I expect the numbers to be down over the next month or two as summer is one of the slower times in Eastside real estate. Traditionally, people take a lot of time to enjoy the sun and the outdoors, since it is so fleeting.
What Were The Odds of Selling Your Seattle-Eastside Home in June, 2010?
Seattle-Eastside Home Sales, June 2010
The odds of selling a home on the Eastside in June, 2010 ranged from a low of 9% to a high of 23%, with an average 15% absorption rate. For the past few months, the absorption rate for all the Seattle-eastside areas had been in the double digits. This month, downtown Redmond and Carnation are in the single digits, at 9%. It’s a stark contrast to April, 2010 with its low of 20% to a high of 35%, averaging a 27% absorption rate.
June’s real estate activity is more similar to May, when the numbers started looking more like last year’s real estate rather than the highs of April, 2010. It’s ironic, in a sense, the tax credit did offer buyers a true incentive to buy, but if one looks at the total picture, there still may be many opportunities to “get a deal.” With the lowest interest rates in 30 years and the higher number of homes on the market, it’s becoming more of a buyer’s market again. ( I’ll be posting the map showing the different markets later this week.) Plus, summer is the time to play outside for Seattleites, so there are usually less buyers competing for homes.
(The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
June, 2010 3360 homes for sale 503 homes sold 15 % odds of selling.
May, 2010 3209 homes for sale 492 (was 563) homes sold 15% (was 17.5%) odds of selling.*
June, 2009 3859 homes for sale 563 homes sold 15% odds of selling.
*Adjusted from previous month’s numbers to reflect the actual number of homes sold and closed. Each month some sales fall apart and don’t close. A lower number of home sales may be reported at a later date to show the actual number of sales that did close.
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June, 2009 Seattle-Eastside real estate market compared to June, 2010:
- Surprisingly, the average list price of pending homes (recently sold) went from $547,381 to $553,772.
- As of this past week, there were 14,235 King County homes (houses and condos) for sale.
- Is this the peak of the real estate market for the number of homes for sale this year?
- Home sales on Seattle’s Eastside: down 20%, which follows a much smaller drop of 7% in May.
- Number of homes for sale on Seattle’s Eastside: down 11%
Best odds of selling: Redmond, near Microsoft, and East Bellevue.
Worst odds of selling: Carnation and Redmond, from downtown to north and east, with 9% of the homes getting accepted offers.
Biggest increase in sales from last year: A very small 3% increase in East Bellevue and Redmond, near Microsoft, home sales.
Smallest increase in sales from last year: Same as above. This area had the only increase in Seattle-eastside home sales in June.
Decline in real estate sales from last year: There was a decline in 6 out of the 7 Seattle-eastside areas. Redmond and Carnation had the largest decline in home sales with a 43% decline in the number of homes sold. This area also had the largest decline in home sales last month.
The peak of homes for sale in 2008: July, 4370 homes.
The peak of homes for sale in 2009: June, 3859 homes.
The number of eastside homes for sale at the start of 2010: 2584 homes
The number of eastside homes for sale now: 3360 homes.
Rate of home sales that failed and did not close: 13%
The sun is out now in Seattle (although a little late today), which tends to slow Seattle Eastside real estate sales. The number of home sales could remain on the lower side in the near future for two reasons. One is the slow down after the tax credit rush and the sunny weather and summer vacations. People in Seattle like to play outside in the sun.
The slower home sales is ironic, given the high number of homes for sale, which means lots of choices and the screamingly low interest rates. I believe there are some great deals out there for buyers right now.
For a picture of King County sales, check out The Seattle Times.
How Did May, 2010 Seattle-Eastside Real Estate Sales Stack Up in Your Neighborhood
[googlemaps http://maps.google.com/maps?source=s_q&hl=en&geocode=&q=Seattle-eastside&sll=47.709762,-122.011414&sspn=0.310487,0.911865&ie=UTF8&split=1&radius=21.22&rq=1&ev=zo&hq=Seattle-eastside&hnear=&ll=47.709762,-122.011414&spn=0.310487,0.911865&t=h&output=embed&w=425&h=350]
How did May, 2009 stack up to May, 2010 in your neighborhood?
(Click on the cities below to see real estate trends for the past 5 years. You’ll find the median pricing for each city and whether the number of homes for sale and the number of sales went up or down. The odds of selling a home in each area is a result of the number of homes for sale divided by the actual number of home sales.)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 20.5%.
Median sales price increased from $524,950 to $559,880.
The number of homes for sale dropped by 20% and sales were up by 6% from last year.
The odds of selling a home were 18%.
Median sales price dropped from $515,000 to $480,000.
The number of homes for sale dropped by 10% and sales were down by 7.5%.
The odds of selling a home were 16%.
Median price increased to $624,975 from $619,000.
The number of homes for sale dropped by 19% and sales were down by 6%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 12%.
Median price decreased to $451,126 from $459,500.
The number of homes for sale declined by 8% and sales were down by 22%.
The odds of selling a home were 15%.
Median price decreased to $599,000 from $599,950.
The number of homes for sale declined by 25% and sales were up by 3%.
The odds of selling a home were 19%.
Median pricing was up from $1,097,000 to $1,280,000.
The number of homes for sale decreased by 23% and sales decreased by 12.5%.
Redmond/Education Hill/ Carnation
The odds of selling a home were 15.5%
Median pricing decreased from $569,895 to $519,950.
The number of homes for sale decreased by 17% and sales decreased by 18%.
When compared to May, 2009, only one area of Seattle’s eastside showed an increase in median prices. West Bellevue had the highest with a 17% increase in sales prices. Last month the area had the most significant decrease in pricing. The return of some strength to the high end market is a good sign. The high end was the least affected by the tax credit.
Most other Seattle-eastside neighborhoods experienced a reduction in sales prices.
Home sales also took a dip in most areas of the eastside. Two areas, Kirkland and the plateau area of Sammamish, had increased home sales, but only in the single digits.
Seventeen percent less homes are for sale on the eastside this year than last year.
Has your area seen a drop in home sales since the expiration of the tax credit?
What Were The Odds of Selling Your Seattle-Eastside Home in May, 2010?
Seattle-Eastside Real Estate Sales, May 2010
The odds of selling a home on the Eastside in May, 2010 ranged from a low of 12% to a high of 20%, with an average 16.5% absorption rate. Contrast this with April, 2010 odds with a low of 20% to a high of 35%, averaging a 27% absorption rate.
May’s numbers look more like May of last year than they do of April of this year. This month may mark the back to reality of Seattle-eastside real estate or maybe not. We’ll need to see how the rest of the year plays out as so many people rushed to buy and sell before the end of the tax credit. There are still buyers who want to buy and the sellers who need to sell, although this may be a time of adjustment.
(The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
May, 2010 3209 homes for sale 529 homes sold 16.5% odds of selling.
April, 2010 3084 homes for sale 770 (was 847) homes sold 25%(was 27.5%) odds of selling.*
May, 2009 3841 homes for sale 547 homes sold 14% odds of selling.
*Adjusted from previous month’s numbers to reflect the actual number of homes sold and closed. Each month some sales fall apart and don’t close. A lower number of home sales may be reported at a later date to show the actual number of sales that did close.
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May, 2009 Seattle-Eastside real estate market compared to May, 2010:
- We are back to reality with Seattle-Eastside home sales. The tax stimulus pushed both home buyers and sellers to act more quickly this year, so the high number of home sales in April may have contributed to the drop in number of eastside home sales in May.
- The end of the tax stimulus had a greater impact on lower priced homes compared to higher priced homes.
- The average list price of properties that are pending went from $512,060 to $646,545. This is an unprecedented change month to month.
- As of this past week, there are 13,615 King County homes (houses and condos) for sale.
- The median price was down by .9%, an insignificant drop.
- Home sales on Seattle’s Eastside: down 7% The first down month in 2010.
- Number of homes for sale on Seattle’s Eastside: down 17%
Best odds of selling: Sammamish plateau areas of Sammamish, Issaquah, North Bend, and Fall City with the best odds of selling as 20.5% of the Sammamish homes got offers.
Worst odds of selling: Woodinville, Bothell, Kenmore, Duvall, and North Kirkland with 12% of the homes getting accepted offers.
Biggest increase in sales from last year: A small 6% increase in Sammamish home sales was the highest increase in Seattle-eastside real estate sales. Quite a contrast to the double and triple digit increases we’ve seen the last few months. As an example, there was 102% increase in the number of Kirkland homes sold in April, 2010 when compared to April, 2009.
Smallest increase in sales from last year: Kirkland home sales increased by 3%
Decline in real estate sales from last year: There was a decline in 5 out of the 7 Seattle-eastside areas, unlike the last few months when every eastside neighborhood experienced an increase in home sales. Redmond and Carnation had the largest decline in home sales with an 18% decline in the number of homes sold.
The peak of homes for sale in 2008: July, 4370 homes.
The peak of homes for sale in 2009: June, 3859 homes.
The number of eastside homes for sale at the start of 2010: 2584 homes
The number of eastside homes for sale now: 3209 homes.
Rate of home sales that failed and did not close: 10%
Seattle Eastside real estate tends to slow down a bit when the sun comes out, which hopefully is any day now! The number of home sales could remain on the lower side in the near future for two reasons. One is the slow down after the tax credit rush which we are now seeing and the upcoming (think positively) sunny weather and summer vacations. People in Seattle like to play outside in the sun. There are a number of people who are “gearing up” to make a move, so we may see stronger eastside real estate sales when summer comes to an end.
Ironically, when people ask me when is the best time time to sell a home, I tell them spring and fall are usually the best times. However, homes sell each month and the ones that show the best and are priced competitively will be the ones to get the offer.
How Did April, 2010 Home Sales Stack Up in Your Seattle-Eastside Neighborhood?
[googlemaps http://maps.google.com/maps?source=s_q&hl=en&geocode=&q=Seattle-eastside&sll=47.709762,-122.011414&sspn=0.310487,0.911865&ie=UTF8&split=1&radius=21.22&rq=1&ev=zo&hq=Seattle-eastside&hnear=&ll=47.709762,-122.011414&spn=0.310487,0.911865&t=h&output=embed&w=425&h=350]
How did April, 2009 stack up to April, 2010 in your neighborhood?
(Click on the cities below to see real estate trends for the past 5 years. You’ll find the median pricing for each city and whether the number of homes for sale and the number of sales went up or down. The odds of selling a home in each area is a result of the number of homes for sale divided by the actual number of home sales.)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 31%.
Median sales price dropped from $524,000 to $514,950.
The number of homes for sale dropped by 20% and sales were up by 75% from last year.
The odds of selling a home were 35%.
Median sales price dropped from $500,000 to $450,000.
The number of homes for sale dropped by 2% and sales were up by 57%.
The odds of selling a home were 34%.
Median price decreased to $599,900 from $649,000.
The number of homes for sale dropped by 21% and sales were up 23%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 26%.
Median price increased to $409,500 from $399,950.
The number of homes for sale declined by 12% and sales were up by 18%.
The odds of selling a home were 22%.
Median price decreased to $575,000 from $649,000.
The number of homes for sale declined by 23% and sales were up by 102%.
The odds of selling a home were 20%.
Median pricing was down from $1,100,000 to $849,000.
The number of homes for sale decreased by 27% and sales increased by 62%.
Redmond/Education Hill/ Carnation
The odds of selling a home were 23%
Median pricing decreased from $554,950 to $514,995.
The number of homes for sale decreased by 11% and sales increased by 32%.
When compared to April, 2009, only one area of Seattle’s eastside showed an increase in median prices. This area encompasses Woodinville, Bothell, Kenmore, and Duvall.
The most significant decrease in pricing was in West Bellevue, just like last month. Home values in West Bellevue dropped by 23%. The other Seattle-eastside neighborhoods experienced a reduction in sales price, but not by as much.
Home sales, on the other hand, continued to be strong all over the eastside. Sales increases ranged from 18% in the Woodinville area to 102% in Kirkland, the only area with a triple digit increase in home sales this month.
Eighteen percent less homes are for sale on the eastside this year than last year.
What’s happening in your area? Are home sales strong? Do you expect it to continue?
What Were The Odds of Selling Your Seattle-Eastside Home in April, 2010?
Seattle-Eastside Real Estate Sales April 2010
The odds of selling a home on the Eastside in April, 2010 ranged from a low of 20% to a high of 35%, with an average 27% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
April, 2010 3084 homes for sale 847 homes sold 27.5% odds of selling.
March, 2010 2923 homes for sale 695 (was 778) homes sold 24% (was 27%) odds of selling.*
April, 2009 3600 homes for sale 477 homes sold 13% odds of selling.
*Adjusted from previous month’s numbers to reflect the actual number of homes sold and closed. Each month some sales fall apart and don’t close. A lower number of home sales may be reported at a later date to show the actual number of sales that did close.
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April, 2009 Seattle-Eastside real estate market compared to April, 2010:
- Home sales continued on a roll in all Seattle-Eastside cities.
- As of this past week, there are 13,102 King County homes (houses and condos) for sale.
- Overall, the Seattle eastside number of homes for sale continues to rise as the year progresses with only a few dips in numbers for sale since the first of the year.
- The median price was down by 5%. (Keep in mind this is comparing last April’s numbers to this April and is not an indication of the total drop in price for the year.)
- Home sales on Seattle’s Eastside: up 47%!
- Number of homes for sale on Seattle’s Eastside: down 18%
Best odds of selling: Redmond, near Microsoft, and East Bellevue with the greatest odds of selling as 35% of the homes got offers.
Worst odds of selling: West Bellevue, with 20% of the homes getting accepted offers.
Biggest increase in sales from last year: There was 102% increase in the number of Kirkland homes sold this April than last April. Kirkland was the only area with a triple digit increase this month.
Smallest increase in sales from last year: Woodinville, Bothell, Kenmore, Duvall with an 18% increase in home sales over last year.
Decline in real estate sales from last year: None on the eastside. More homes sold in all areas of Seattle’s eastside this April than April, 2009.
The peak of homes for sale in 2008: July, 4370 homes.
The peak of homes for sale in 2009: June, 3859 homes.
The number of eastside homes for sale at the start of 2010: 2584 homes
The number of eastside homes for sale now: 3084 homes.
Rate of home sales that failed and did not close: 13%
Seattle Eastside home sales should continue to be strong in May. My team and I are getting phone calls from both buyers and sellers who still want to make a move, but may have not been ready to do so simply for the tax credit.
What’s happening in real estate in your area? Are homes selling? Do you think you’ll see a change in real estate because the tax credit is gone?
How Did March, 2010 Home Sales Stack Up in Your Seattle-Eastside Neighborhood?
[googlemaps http://maps.google.com/maps?source=s_q&hl=en&geocode=&q=Seattle-eastside&sll=47.709762,-122.011414&sspn=0.310487,0.911865&ie=UTF8&split=1&radius=21.22&rq=1&ev=zo&hq=Seattle-eastside&hnear=&ll=47.709762,-122.011414&spn=0.310487,0.911865&t=h&output=embed&w=425&h=350]
How did March, 2009 stack up to March, 2010 in your neighborhood?
(Click on the cities below to see real estate trends for the past 5 years. You’ll find the median pricing for each city and whether the number of homes for sale and the number of sales went up or down. The odds of selling a home in each area is a result of the number of homes for sale divided by the actual number of home sales.)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 31%.
Median sales price dropped from $513,025 to $497,500.
The number of homes for sale dropped by 22% and sales were up by 154% from last year.
The odds of selling a home were 34%.
Median sales price dropped from $499,000 to $464,995.
The number of homes for sale dropped by 12% and sales were up by 84%.
The odds of selling a home were 27%.
Median price increased to $539,450 from $519,900.
The number of homes for sale dropped by 24% and sales were up 93%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 26%.
Median price decreased to $396,725 from $450,000.
The number of homes for sale declined by 18% and sales were up by 68%.
The odds of selling a home were 22%.
Median price increased to $515,000 from $490,000.
The number of homes for sale declined by 22% and sales were up by 118%.
The odds of selling a home were 18%.
Median pricing was down from $1,185,000 to $921,500.
The number of homes for sale decreased by 28% and sales increased by 24%.
Redmond/Education Hill/ Carnation
The odds of selling a home were 29%
Median pricing increased from $481,450 to $529,450.
The number of homes for sale decreased by 21% and sales increased by 18%.
When compared to March, 2009, three areas of Seattle’s eastside showed an increase in median prices including South Bellevue and Issaquah, Redmond and Carnation, and Kirkland. South Bellevue and Issaquah home prices remained steady for the third month in a row, which is the only area on the eastside to experience a consistent upswing in pricing.
The most significant decrease was in pricing was in West Bellevue, where median home values dropped by 22%. Most Seattle-eastside neighborhoods experienced a reduction in sales price.
Home sales, on the other hand, continued to be strong all over the eastside. Sales increases ranged from 18% in Redmond and Carnation to 154% on the plateau, Sammamish and Issaquah.
Twenty-one percent less homes are for sale on the eastside than last year. Although over 200 more homes are for sale than in February, which is typical for this time of year.
Seattle eastside home sales should continue to be strong through April. We’ll see what happens after that time, however, I don’t expect much to change for the higher price ranges. And nothing may change at all. We could continue to have a strong real estate market.
What’s happening in your area?
What Were The Odds of Selling Your Seattle-Eastside Home in March, 2010?
Seattle- Eastside Real Estate Sales, March 2010
The odds of selling a home on the Eastside in March, 2010 ranged from a low of 18% to a high of 34%, with an average 27% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
March, 2010 2923 homes for sale 778 homes sold 27% odds of selling.
February, 2010 2706 homes for sale 506 (was 599) homes sold now 18% (was 22%) odds of selling.*
March, 2009 3711 homes for sale 305 homes sold 8% odds of selling.
*Adjusted from previous month’s numbers to reflect the actual number of homes sold and closed. Each month some sales fall apart and don’t close. A lower number of home sales may be reported at a later date to show the actual number of sales that did close.
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March, 2009 Seattle-Eastside real estate market compared to March, 2010:
- Home sales were up in all Seattle-Eastside cities, a trend which we’ve seen since the first of the year.
- Last week, we hit 12,726 properties for sale in King County, exactly 3000 more properties than the first week in January.
- This week we saw the first significant drop in the number of King County properties for sale as the number dropped by 120 to 12,606. There’s only been one other week this year where the amount of homes for sale dropped and that was only by 8 homes.
- On Seattle’s eastside the number of homes for sale continues to rise as over 200 more homes came on the market this past month.
- The median price was down by 7%, the same as last month. (Keep in mind this is comparing last March’s numbers to this March and is not an indication of the total drop in price for the year.)
- Home sales on Seattle’s Eastside: up 85%!
- Number of homes for sale on Seattle’s Eastside: down 21%
Best odds of selling: Redmond, near Microsoft, and East Bellevue with the greatest odds of selling. Thirty-four percent of the homes got offers.
Worst odds of selling: West Bellevue, with only 18% of the homes getting accepted offers.
Biggest increase in sales from last year: The plateau cities of Sammamish and Issaquah, plus Fall City and North Bend, with 154% increase in the number of home sales from last year.
Smallest increase in sales from last year: Redmond and Carnation, with an 18% increase in home sales over last year.
Decline in real estate sales from last year: None on the eastside. More homes sold in all areas of the eastside this March than compared to March, 2009.
The peak of homes for sale in 2008: July, 4370 homes.
The peak of homes for sale in 2009: June, 3859 homes.
The number of eastside homes for sale at the start of 2010: 2584 homes
The number of eastside homes for sale now: 2923 homes.
Rate of home sales that failed and did not close: 16%
What have you seen happening in your area? Are real estate sales popping?
For The Seattle Times view of the March, 2010 real estate market, check out this link. KPLU had a piece earlier this week about last month’s real estate activity.
What’s in store for April? What do you think will happen? I suspect the market will continue to be very strong, particularly in more affordable price ranges. Will our more positive real estate market continue after the April 30th deadline for the home buyer tax credit?
How Did February, 2010 Home Sales Stack Up in Your Seattle-Eastside Neighborhood?
[googlemaps http://maps.google.com/maps?source=s_q&hl=en&geocode=&q=Seattle-eastside&sll=47.709762,-122.011414&sspn=0.310487,0.911865&ie=UTF8&split=1&radius=21.22&rq=1&ev=zo&hq=Seattle-eastside&hnear=&ll=47.709762,-122.011414&spn=0.310487,0.911865&t=h&output=embed&w=425&h=350]
How did February, 2009 stack up to February, 2010 in your neighborhood?
(Click on the cities below to see real estate trends for the past 5 years. You’ll find the median pricing for each city and whether the number of homes for sale and the number of sales went up or down. The odds of selling a home in each area is a result of the number of homes for sale divided by the actual number of home sales.)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 19.5%.
Median sales price dropped from $522,250 to $499,995.
The number of homes for sale dropped by 18% and sales were up by 98% from last year.
The odds of selling a home were 29%.
Median sales price dropped from $457,475 to $430,000.
The number of homes for sale dropped by 26% and sales were up by 120%.
The odds of selling a home were 25%.
Median price stayed the same at $579,950.
The number of homes for sale dropped by 30% and sales were up 193.5%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 25%.
Median price increased to $397,000 from $381,450.
The number of homes for sale declined by 26% and sales were up by 95%.
The odds of selling a home were 21%.
Median price dropped from $687,000 to $537,500.
The number of homes for sale declined by 28% and sales were up by 106%.
The odds of selling a home were 16.5%.
Median pricing was down from $1,00,000 to $981,750.
The number of homes for sale decreased by 33% and sales increased by 52%.
Redmond/Education Hill/ Carnation
The odds of selling a home were 25%
Median pricing decreased to $474,950 from $524,900.
The number of homes for sale decreased by 27% and sales increased by 90%.
Median home prices in February, 2010 increased only in one Seattle-Eastside area, which includes Woodinville, North Kirkland, Bothell, and Duvall, when comparing 2-09 to 2-10. Although, if you look at the full year, prices in that area did not increase. Remember, this post only compares the month of February’s numbers to last February and does not include the entire year’s activity and information. South Bellevue and Issaquah home prices remained steady for the second month in a row, which is a very strong sign for those neighborhoods.
Most of the other Seattle-eastside neighborhoods experienced a reduction in sales price. The most significant decrease was in Kirkland, where median home values dropped by 21%. Sales in Kirkland, however, are up by 106%. I think Kirkland home buyers are feeling that real estate prices are more manageable in Kirkland and are more willing to buy a home in Kirkland now.
The increase in the number of home sales ranged from 52% in West Bellevue to 193.5% in South Bellevue and Issaquah. However, with the exception of West Bellevue, the increase in Seattle-eastside real estate sales was no less than 90% more than last February’s home sales.
The number of homes for sale in all Seattle-eastside neighborhoods was lower than last February with an average of 25% less homes for sale. This number will not be as low come March as more Seattle-eastside homes have been coming up for sale since the beginning of the month. Stay tuned for next month’s report, when I’ll have all the real estate data for the month.
I anticipate Seattle-eastside home sales to continue at this strong pace during the month of March as home buyers scramble to use the 2010 home buyer tax credit.
What do you think?
What Were The Odds of Selling Your Seattle-Eastside Home in Feb, 2010?
Seattle-Eastside Residential Real Estate Statistics-Feb 2010
The odds of selling a home on the Eastside in February, 2010 ranged from a low of 16.5% to a high of 29%, with an average 22% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
February, 2010 2706 homes for sale 599 homes sold, 22% odds of selling.
January, 2010 2588 homes for sale, (n0w 477) 539 homes sold, (now 18%) 20% odds of selling.*
February, 2009 3574 homes for sale, 264 homes sold, 7% odds of selling.
*Adjusted from previous month’s numbers to reflect the actual number of homes sold and closed. Each month some sales fall apart and don’t close. A lower number of home sales may be reported at a later date to show the actual number of sales that did close. (see explanation below)
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February, 2009 Seattle-Eastside real estate market compared to February, 2010:
- Home sales were up in all Seattle-Eastside cities.
- The number of homes for sale has begun its “spring creep up”. The year started out at the lowest point in three years. We’re now seeing more on the market. Expect to see a jump in homes for sale with the March report coming next month.
- The median price was down by 7%. (Keep in mind this is comparing last February’s numbers to this February and is not an indication of the total drop in price for the year.)
- Home sales on Seattle’s Eastside: up 103%!
- Number of homes for sale on Seattle’s Eastside: down 25%
Best odds of selling: Redmond, near Microsoft, and East Bellevue with the greatest odds of selling. Twenty-nine percent of the homes got offers.
Worst odds of selling: West Bellevue with only 16.5% of the homes getting accepted offers.
Biggest increase in sales from last year: South Bellevue with 193% increase in the number of home sales from last year.
Smallest increase in sales from last year: West Bellevue, with a 52% increase in home sales over last year.
Decline in real estate sales from last year: None on the eastside. More homes sold in all areas of the eastside this February than last February, which is no big surprise.
The peak of homes for sale in 2008: July, 4370 homes.
The peak of homes for sale in 2009: June, 3859 homes.
The number of eastside homes for sale at the start of 2010: 2584 homes
The number of eastside homes for sale now: 2706 homes.
Rate of home sales that failed: 12%
Will our more positive real estate market continue after the April 30th deadline for the home buyer tax credit? What do you think?
