Are Distressed Sales a Big Part of the Real Estate Market on Seattle’s Eastside?

Not only is the Seattle Eastside Real Estate market on a roll, the number of distressed sales (bank owned and short sales) has declined dramatically.  In the 3rd quarter, only 18% of the homes sold on the eastside were distressed sales.   Seattle and the rest of King County also had numbers that were on the lower side when compared to previous quarters.

Actually, it would be great if more distressed homes came on the market. We need more homes to sell.  King County and, subsequently, the eastside are at a record low number of homes for sale.  Because of this lack of inventory, distressed sales are needed on the market and, unlike previous years, would not have a detrimental affect on home prices.   At this point, it would be a good thing for the market by offering buyers more choices. 

So bring those homes for sale on the market.  Bring them on!

Posted on November 15, 2012 at 4:40 pm
Sinick and Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, King County Real Estate, King County, WA, Market Statistics, Real Estate, Seattle real estate | Tagged , , , , ,

Seattle Eastside Real Estate in October, 2012? Fabulous!

 

How did this past October's Seattle eastside real estate compare to October of 2011?  Can you say FABULOUS! This October was a fabulous real estate market in every way, fewer homes for sale, more sales, shorter market times, and a clear trend of increasing home values.

Here are the specifics:

  • 51% of the available homes sold this past October,  21% sold in October, 2011. Over half the homes on the market sold!
  • Homes sold in 62 days, which is down from 97 days in October, 2011.  Homes are selling fast!
  • Last year median pricing in September was at $469,000.  This year, median pricing was $515,000.
  • Homes sold within 4% of the original asking price.

 

Did the number of sales increase? 

Yes, by a whopping 47%!

Did prices continue to increase? 

Yes, they've continued to increase.  Median pricing for the Seattle eastside has been $500,000 and above every month since May of this year, which clearly indicate a strong trend. 

How does all this information impact you, if you're a seller?  This is the best time to sell your home in 5 years!

Know how quickly homes in your area are selling.  If your home is on the market for longer than the competition, your home is overpriced. If you have a lot of showings and your home does not sell, it's overpriced.  If you have very few showings, then your home is overpriced.  Since there are so few homes on the market, if your home is priced right and shows well, it will sell.  If it's not, then it will sit there.  In this market your home should be selling, if not, then look at your asking price.   Even though there is not a lot for sale, buyers will still not overpay for a house. 

How does this information impact you as a buyer?

Prepare yourself and become familiar with what you can buy for the money in your favorite locations. Take your time to do this.  When you're comfortable with what's available, then it's easy to make a quick decision when the right house comes up.   Expect multiple offers, if the house is a good one.  Be prepared with a preapproval letter to accompany your offer.  If it's a well priced home that shows beautifully, expect it to sell quickly and for close to, if not, full price. 

If you'd like more information specific to your home, don't hesitate to contact us.

Posted on November 7, 2012 at 10:09 pm
Sinick and Beaupain Team | Category: Bellevue Real Estate, Eastside Real Estate, For Buyers, For Sellers, King County Real Estate, Kirkland, Market Statistics, Real Estate | Tagged , , , , , ,

August Real Estate Keeps Moving on Seattle’s Eastside

How was the real estate market on Seattle's eastside in August?

The market has been" steady as she goes!"  This is a very good thing.  We are experiencing a great real estate market that has followed a trend over the last few months and is far better than last year at this time.  

The number of homes for sale has hardly changed at all.  Ok, there were 8 fewer homes for sale in August, but that's just a drop in the bucket.  And as we mentioned in a recent, the exact same number of homes were for sale in both June and July! 

Did the number of homes for sale increase?

No, It hardly changed, but it did decline slightly.  This had little impact on the market.

Did the number of sales increase? 

Yes, by 6%. So we had about the same number of homes for sale, but more homes sold in August.  This sounds good to me. 

Did prices continue to increase? 

Yes, they have continued to increase, but only slightly.  Median pricing in July was $512,000.  This August it's $520,000.  Last August median pricing for the eastside was $506,000. 

This is the third month in a row that median pricing has been up for the year.  Again, this is a great trend!

The Seattle Times gave a very positive picture of the entire King County real estate market, which includes Seattle and the eastside cities of Bellevue, Kirkland, Redmond, Issaquah, Woodinville, and more.  Glenn Crellin of UW's Runstad Center for Real Estate Studies said:

But for now, he added, the local market looks healthy. Rising prices are giving more formerly "underwater" homeowners — who once owed lenders more than their homes were worth — equity in their houses again, he said.

How did this past August compare to August of 2011?

  • 38% of the available homes sold this past August,  20% sold in August, 2011.
  • Homes sold in 63 days, which is down from 85 days in August, 2011.  Homes are selling more quickly.
  • Last year median pricing in August was at $506,000.  This year, median pricing was $520,000.
  • Homes sold within 4% of the original asking price.  Last year homes sold within 7% of the asking price.

Is the Seattle eastside market strong?  Yes, particularly compared to last year when there were almost 1000 more homes for sale!  Add that to the fact that almost 1/3 more homes sold this past August than in 2011!

How does all this information impact you, if you're a seller?

Know how quickly homes in your area are selling.  If your home is on the market for longer than the competition, there's a good chance your home is overpriced. 

We recently spoke with a seller and told him the last few homes in his area in his price range sold in 2, 5, and 11 days.  If his home is on the market for about 10-12 days with no offers, then his home will be overpriced for the market.  Pricing a home correctly is the most important thing you can do as a seller.  The next most important thing to do is hire someone who will guarantee you"ll have professional photography.  Your home will have about 3 seconds to grab a buyer's attention on the internet, so make that 3 seconds work for you.  If your home has lousy photos, you could potentially lose a good buyer.  Make sure your home is decluttered, staged with your own furniture and good staging advice or with staged with the stager's furniture.  As a seller, you're painting a picture for the buyer of how "cool" and wonderful it would be to live in your home, so set the stage, literally!

How does this information impact you as a buyer?

There is enough turnover in the supply each month for buyers to learn what values are in the marketplace.  Find out what's available in your price range in your areas so you'll be prepared when the right home comes up.  In some areas, multiple offers are the norm.  In others, there may be some flexibility in the price.  But if it is a well priced home that shows beautifully, expect it to sell quickly and for close to, if not, full price. 

If you'd like more information specific to your home, don't hesitate to contact us.

Posted on September 12, 2012 at 6:07 am
Sinick and Beaupain Team | Category: Bellevue Real Estate, Bellevue, WA, Eastside Real Estate, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, Kirkland, Real Estate, Redmond, Sammamish, WA | Tagged , , , , ,

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. 

Posted on September 11, 2012 at 7:27 pm
Sinick and Beaupain Team | Category: Eastside Real Estate, Financing, For Buyers, Market Statistics, Real Estate | Tagged , , , , , , , ,

The Strong Real Estate Market Continued Through July on Seattle’s Eastside

How hot was the Seattle Eastside real estate market in July?

The market was still hot, even if our summer has only been hot the last couple of weeks!

Ironically, it looks like July was almost a mirror image of June. Real estate stats for the two months are almost the same.   The exact same number of homes were for sale in both June and July!  We never see this.

Did the number of homes for sale increase? No

Did the number of buyers decrease?  Sales increased by one!

Did prices continue to increase?  Yes, they have continued to increase, but only slightly.

Even though the media has reported that real estate prices increased by 7% from July, 2011, truthfully, prices have not increased by that much on Seattle's Eastside, which encompasses the cities of Bellevue, Redmond, Kirkland, Issaquah, Woodinville, Sammamish.  If prices were up by 7%, we would be heading towards a market similar to what existed before the market crash.  I recently posted an article explaining what the actual increase in pricing is for eastside homes.  Check it out because it gives a realistic explanation as to what is truly happening with market pricing.

With a 38% chance of getting a home sold in July, Seattle eastside home sellers had great odds of getting their home sold. The odds have dropped slightly over the last few months from March's high. 

How did this past July compare to July of 2011?

  • 38% of the available homes sold this past July,  21% sold in June, 2011.
  • Homes sold in 64 days, which is down from 90 days in June, 2011.
  • Last year median pricing was at $504,000.  This year, median pricing was $517,000.
  • Homes sold within 2% of the original asking price.  Last year homes sold within 4% of the asking price.

All these statistics point to the positive.  More homes sold in a shorter amount of time, and the median price was slightly higher than last year. Homes are selling in a shorter amount of time, with less of a price reduction and prices have stayed fairly stable when compared to June of 2011.

If you'd like more information specific to your home, don't hesitate to contact us.

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How hot was the Seattle Eastside real estate market in July?

The market was still hot, even if our summer has only been hot the last couple of weeks!

Ironically, it looks like July was almost a mirror image of June. Real estate stats for the two months are almost the same.   The exact same number of homes were for sale in both June and July!  We never see this.

Did the number of homes for sale increase? No

Did the number of buyers decrease?  Sales increased by one!

Did prices continue to increase?  Yes, they have continued to increase, but only slightly.

Even though the media has reported that real estate prices increased by 7% from July, 2011, truthfully, prices have not increased by that much on Seattle's Eastside, which encompasses the cities of Bellevue, Redmond, Kirkland, Issaquah, Woodinville, Sammamish.  If prices were up by 7%, we would be heading towards a market similar to what existed before the market crash.  I recently posted an article explaining what the actual increase in pricing is for eastside homes.  Check it out because it gives a realistic explanation as to what is truly happening with market pricing.

With a 38% chance of getting a home sold in July, Seattle eastside home sellers had great odds of getting their home sold. The odds have dropped slightly over the last few months from March's high. 

How did this past July compare to July of 2011?

  • 38% of the available homes sold this past July,  21% sold in June, 2011.
  • Homes sold in 64 days, which is down from 90 days in June, 2011.
  • Last year median pricing was at $504,000.  This year, median pricing was $517,000.
  • Homes sold within 2% of the original asking price.  Last year homes sold within 4% of the asking price.

All these statistics point to the positive.  More homes sold in a shorter amount of time, and the median price was slightly higher than last year. Homes are selling in a shorter amount of time, with less of a price reduction and prices have stayed fairly stable when compared to June of 2011.

If you'd like more information specific to your home, don't hesitate to contact us.

Posted on August 16, 2012 at 5:19 am
Sinick and Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, King County Real Estate, Market Statistics, Real Estate | Tagged , , , , ,

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. 

 

Posted on August 15, 2012 at 1:59 pm
Sinick and Beaupain Team | Category: Bellevue Real Estate, Eastside Real Estate, For Buyers, For Sellers, Issaquah Real Estate, Kirkland, Market Statistics, Real Estate, Redmond, Sammamish, WA Real Estate | Tagged , , , , , , , ,

Strong Signs Continue for a Positive Real Estate Market on Seattle’s Eastside

How hot was the Seattle Eastside real estate market in June?  In May I mentioned the market stats over the next few months would dictate whether Seattle-eastside real estate will remain a hot seller's market.  In May I asked the following questions about Seattle eastside real estate Now I'm asking those same questions about June's real estate market.

How did the real estate market do in June?

Did the number of homes for sale increase?  Yes, by 85 homes, which is not a huge increase, but an increase just the same.

Did the number of buyers decrease?  Sales decreased by 52 homes, which, truthfully, is not a big decline.

Did prices continue to increase?  Yes,  they have continued to increase, but only slightly.  

The Seattle Times stated that prices increased by 10% from June, 2011 to June, 2012.  Truthfully, prices have not increased by 10% on Seattle's Eastside, which encompasses the cities of Bellevue, Redmond, Kirkland, Issaquah, Woodinville, Sammamish.  If that were the case we would be heading towards a market similar to what existed before the market crash.  We really aren't seeing that right now.  Prices have gone up, but on the eastside it really closer to a 2% increase from last year.   Remember, to get an accurate read on price increases or decreases, it's important to track the prices over the year. 

With a 40% chance of getting a home sold in June, Seattle eastside home sellers had great odds of getting their home sold. The odds have dropped slightly over the last few months from March's high.  But since March, the odds of selling a home on the eastside have been consistently over 40%. 

How did this past June compare to June of 2011?

  • 40% of the available homes sold this past June, 20% sold in June, 2011.
  • Homes sold in 70 days, which is down from 94 days in June, 2011.
  • Median pricing remained almost the same.  Last year median pricing was at $514,000.  This year, median pricing was $513,000.
  • Homes sold within 4% of the original asking price.  Last year homes sold within 7% of the asking price.
  • 10% more homes sold this year.

All these statistics point to the positive.  Homes are selling in a shorter amount of time, with less of a price reduction and prices have stayed fairly stable when compared to June of 2011.

If you'd like more information specific to your home, don't hesitate to contact us.

Posted on July 19, 2012 at 5:43 pm
Sinick and Beaupain Team | Category: Bellevue Real Estate, Eastside Real Estate, For Buyers, For Sellers, King County Real Estate, Market Statistics, Real Estate, Windermere Real Estate | Tagged , , , , ,

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. 

 

Posted on July 19, 2012 at 5:38 pm
Sinick and Beaupain Team | Category: Bellevue Real Estate, Eastside Real Estate, For Buyers, For Sellers, King County Real Estate, Market Statistics, Real Estate, Windermere Real Estate | Tagged , , , , , , , ,

How Was The Real Estate Market In Your Seattle-Eastside City in December 2011?

The December Real Estate Map Showing a Balanced Market Between Buyers and Sellers

 

The cities below are grouped together to follow our MLS areas (multiple listing service).  This is how our statistics are reported.

How was real estate market in your Seattle-Eastside city in December, 2011?

1. Redmond/East Bellevue

The odds of selling a home were 36%*

Median sales price increased (y-o-y)**from $420,000 to $455,000

125 homes were for sale

A total of 42 homes sold

Days on the market: 104

2. Kirkland

The odds of selling a home were 19%

Median sales price increased  from $498,000 to $510,000

167 homes were for sale

A total of 57 homes sold

Days on Market:  101

2. (TIE) South Bellevue/Issaquah

The odds of selling a home were 19%

Median price decreased from $560,000 to $505,000

242 homes were for sale

A total of 58 homes sold

Days on market: 123

3. The plateau:  Sammamish, Issaquah, North Bend, and Fall City

The odds of selling a home were 17%

Median sales price increased from $440,000 to $463,000

There were 527 homes for sale

A total of 116 homes sold

Days on the market: 103

4.  Redmond/Education Hill/ Carnation

The odds of selling a home were 16%

Median sales price decreased from $530,000 to $515,000

207 homes were for sale

A total of 66 homes sold

Days on Market: 115

4. (TIE) Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The odds of selling a home were 16%

Median sales price decreased from $393,000 to $339,000

421 homes were for sale

A total of 96 homes sold

Days on Market: 127

5. West Bellevue

The odds of selling a home were 10%.

Median sales price increased from $950,000 to $998,000

127 homes were for sale

A total of 15 homes sold

Days on Market: 95

If you’d like more specific information about your neighborhood or home, feel free to contact either Brooks or me.

*(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, so if 10 out of 100 homes sold, the odds of selling would be 10/100 or 10%)

** (y-o-y)  median pricing is comparing year over year numbers.

Posted on January 11, 2012 at 11:07 pm
Sinick and Beaupain Team | Category: Bellevue, WA, Eastside Real Estate, For Buyers, For Sellers, Issaquah, WA, Kirkland, Market Statistics, Real Estate, Redmond, Sammamish, WA, Seattle real estate, Windermere Real Estate, Woodinville, WA | Tagged , , , , , , ,

Sellers in the Seattle Area and On the Eastside Start Your Engines!


 
At the start of 2012, there are less than 8000 homes for sale in King County!  Compare this number to the start of the last three years:

  • 2011:  10,008 homes for sale
  • 2010:    9726 homes for sale
  • 2009:  11,363 homes for sale

 
The old law of supply and demand is at work here and is starting to favor sellers more than it has for years.  There’s a 3.6 months supply of homes for sale in King County.  This means there’s a balanced market between buyers and sellers with the market tipping towards the sellers.  (Less than 3 months of inventory indicates a sellers market.)
 
On Seattle’s Eastside, the market is looking really strong, particularly around the Microsoft area of East Bellevue and Redmond.  The number of homes for sale has dropped dramatically.
 
What should buyers and sellers expect in the first quarter of 2012 on Seattle’s eastside?

Fabulous interest rates.

A more positive real estate market.

The market will continue to be affected by short sales and foreclosures.
 
Home prices are not up nor will they go up.  There is no indication on the immediate horizon that indicates anything about price increases.  On the flip side, the lack of supply of homes for sale helps to stabilize the market and prices.  Fewer homes means more competition, which helps pricing. The real estate market will vary neighborhood by neighborhood.  One size does not fit all.
 
Location matters.  Homes close to economic centers that offer a good commute, good schools, and good amenities will be more in demand.
 
Condition matters.  Homes should go on the market in the best possible condition to command the best price.
 
Some home sales will be good deals depending on the available competition, the condition of the home, and the seller’s motivation.
 
Some homes will sell for full price, in a matter of days, and with multiple offers This, too, will depend on the same factors mentioned in my previous statement.
 
It is important to know your area.  Buyers and sellers should both be aware of the competition, pricing, and condition of nearby homes to determine the value of a specific home.
 
Homes need to be priced right or they will not sell.  I heard a seller say the other day, “I’m not going to give away the farm.”  If you, as a home seller, have far more money into your home than it’s worth and you have no interest or are financially unable to price your home to meet the market, then this is not be the time to sell your home.

Gee, it sounds like a normal real estate market to me!  What do you see happening in your market place?

 

Posted on January 5, 2012 at 8:23 pm
Sinick and Beaupain Team | Category: Bellevue Real Estate, Bellevue, WA, Eastside Real Estate, For Buyers, For Sellers, King County Real Estate, King County, WA, Market Statistics, Real Estate | Tagged , , , , ,