How Was The Real Estate Market in your Seattle-Eastside City in November 2011?
If you lived in Kirkland and had your home for sale last month, the odds of it selling in November were 31%, the strongest absorption rate to be found on the eastside.* The homes in East Bellevue and Redmond areas around Microsoft had a 29% chance of selling. Chances of selling ranged from 11-22.5% in the other eastside cities.
Homes in East Bellevue and Redmond near Microsoft sold the fastest on Seattle’s eastside. On average, homes there sold in 2 months. Market time for the other eastside cities, ranged from 3 to 4 months.
This is reasonable market time, indicating a balanced market between buyers and sellers. A balanced market means there’s a more normal market. Some homes sold quickly and others stayed on the market for a long time. Some homes sold for full price and others sold at steep discounts.
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 November, 2011?
1. Kirkland
The odds of selling a home were 31%.*
Median price decreased (y-o-y)** from $530,000 to $477,000.
188 homes were for sale.
A total of 58 homes sold.
Days on Market: 105
2. Redmond/East Bellevue
The odds of selling a home were 29%.
Median sales price decreased to $418,000 from $527,000.
163 homes were for sale
A total of 48 homes sold.
Days on the market: 60
3. South Bellevue/Issaquah
The odds of selling a home were 22.5%.
Median price increased from $538,000 to $550,000.
267 homes were for sale.
A total of 60 homes sold.
Days on market: 98
4. Redmond/Education Hill/ Carnation
The odds of selling a home were 22%
Median pricing decreased from $540,000 to $530,000.
247 homes were for sale.
A total of 54 homes sold.
Days on Market: 104
4. (tie) Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 22%.
Median price was down from $451,000 to $394,000.
481 homes were for sale.
A total of 105 homes sold.
Days on Market: 114
5. The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 18%.
Median sales price decreased from $460,000 to $441,000.
There were 580 homes for sale.
A total of 104 homes sold.
Days on the market: 119
6. West Bellevue
The odds of selling a home were 11%.
Median pricing decreased to $950,000 from $1,035,000.
127 homes were for sale.
A total of 14 homes sold.
Days on Market: 91
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.
Real Estate Sales on Seattle's Eastside Are The Best in Years!
The Seattle-eastside real estate market is only getting better and better! August home sales beat July and were way ahead of last August. This August was one of the best real estate markets in years!
Real estate sales were hopping. Thirty-three percent more homes received accepted offers this August than August of 2010. Almost 20% fewer homes were on the market, so less supply + more demand equaled more sales. In August, 22% of the homes for sale on Seattle’s eastside got offers. This means out of the 2811 homes for sale, 609 homes sold. On average, most homes sold within 85 days.
In King County, the number of homes for sale dropped below 10,000 for the first time since last May. Here on the eastside, we’re also seeing the lowest number of homes for sale. More than likely, the peak number of homes for sale was 2879 back in June.
Last month I questioned whether the surge in real estate sales would continue because of the volatility in the stock market. With August sales numbers, we’re seeing the most robust market we’ve seen in a long time. The stock market didn’t put a damper on eastside home sales.
Was your market affected by the stock market “roller coaster?”
How Many Homes Sold in Your Seattle-Eastside Neighborhood in July, 2011?
[googlemaps http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=Bellevue,+WA&sll=37.0625,-95.677068&sspn=23.403932,58.271484&ie=UTF8&hq=&hnear=Bellevue,+King,+Washington&ll=47.610377,-122.200679&spn=0.310148,0.910492&z=10&output=embed&w=425&h=350]
How many homes sold in June, 2011 in your neighborhood?
It’s uncanny to see how similar July real estate sales on Seattle’s eastside were to June’s sales results. On most of the eastside, the numbers varied only slightly from June. Twenty-three percent of the homes for sale on the eastside sold, with the Redmond and Bellevue area around Microsoft leading the way with 38% of the homes selling. In the majority of eastside neighborhoods, the chance of selling a home ranged between 20-23%.
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%)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 20%.
Median sales price dropped: $539,950 to $519,000.
There were 771 homes for sale.
A total of 165 homes sold.
Redmond/East Bellevue
The odds of selling a home were 38%.
Median sales price increased from $422,475 to $429,950.
189 homes were for sale
A total of 85 homes sold.
South Bellevue/Issaquah
The odds of selling a home were 24%.
Median price decreased from $599,475 to $578,500.
380 homes were for sale.
A total of 110 homes sold.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 23%.
Median price was down from $499,950 to $369,475.
598 homes were for sale.
A total of 158 homes sold.
Kirkland
The odds of selling a home was 23%.
Median price decreased from $549,900 to $541,500.
288 homes were for sale.
A total of 76 homes sold.
West Bellevue
The odds of selling a home were 20%.
Median pricing decreased from $1,299,000 to $1,074,475.
175 homes were for sale.
A total of 42 homes sold.
Redmond/Education Hill/ Carnation
The odds of selling a home were 20%
Median pricing increased from $548,000 to $549,000.
337 homes were for sale.
A total of 75 homes sold.
If you’d like more specific information about your neighborhood or home, feel free to contact me.
How Many Real Estate Sales Were in Your Seattle-Eastside Neighborhood in June, 2011?
[googlemaps http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=Bellevue,+WA&sll=37.0625,-95.677068&sspn=23.403932,58.271484&ie=UTF8&hq=&hnear=Bellevue,+King,+Washington&ll=47.610377,-122.200679&spn=0.310148,0.910492&z=10&output=embed&w=425&h=350]
How many homes sold in June, 2011 in your neighborhood?
June continued to be a strong month for real estate sales on Seattle’ eastside. In fact, June may have been the strongest month for real estate sales on Seattle’s eastside in four years. The Puget Sound Business Journal stated more homes sold this month than in recent months. Every area did far better than previous months and previous years. The Redmond and Bellevue area around Microsoft led the pack with almost 40% of the homes selling. Almost every other area had a minimum of 20% of the homes selling. More homes are selling than we’ve seen in years, but there are still a lot of homes that are languishing on the market. Know your competition, so your home will land in the 20%+ homes that are selling.
A past client of mine is moving back to the eastside after about 5 years. He was really surprised to hear that the homes near Microsoft are actually more affordable than those in South Bellevue. The Bellevue Schools are getting a lot of press because several of the high schools are landing on top 100 lists of the top high schools. But in reality, parts of Bellevue have been more expensive for years because of the easy I-90 access to Seattle. This may explain why the area around Microsoft is usually the hottest real estate market. It’s a great location, close to jobs, has good schools, and slightly more affordable housing prices.
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%)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 23%.
Median sales price dropped: $525,000 to $494,950.
There were 765 homes for sale.
A total of 190 homes sold.
Redmond/East Bellevue
The odds of selling a home were 38%.
Median sales price decreased to $449,900 from $482,500.
193 homes were for sale
A total of 79 homes sold.
South Bellevue/Issaquah
The odds of selling a home were 21%.
Median price decreased from $599,994 to $519,000
364 homes were for sale.
A total of 91 homes sold.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 23%.
Median price was down from $419,973 to $369,950.
572 homes were for sale.
A total of 147 homes sold.
The odds of selling a home was 19.5%.
Median price decreased from $624,950 to $535,000.
286 homes were for sale.
A total of 71 homes sold.
West Bellevue
The odds of selling a home were 20%.
Median pricing decreased from $890,000 to $719,950.
181 homes were for sale.
A total of 43 homes sold.
Redmond/Education Hill/ Carnation
The odds of selling a home were 20.5%
Median pricing increased from $474,950 to $549,900.
331 homes were for sale.
A total of 77 homes sold.
If you’d like more specific information about your neighborhood or home, feel free to contact me.
How Many Real Estate Sales Were in Your Seattle Eastside Neighborhood in May, 2011?
[googlemaps http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=Bellevue,+WA&sll=37.0625,-95.677068&sspn=23.403932,58.271484&ie=UTF8&hq=&hnear=Bellevue,+King,+Washington&ll=47.610377,-122.200679&spn=0.310148,0.910492&z=10&output=embed&w=425&h=350]
How many homes sold in May, 2011 in your neighborhood?
May real estate sales are proof again that real estate is local. Seattle eastside real estate is doing relatively well when compared to the last few years and to other parts of the country. Regardless of what the national news reports about real estate, Seattle area real estate sales are better than most parts of the country.
In most eastside areas, roughly 1/4-1/3 of the homes on the market sold. In some areas of the eastside, such as East Bellevue, Redmond near Microsoft, and Kirkland, more than 30% of the available homes sold. These areas tend to shine, particularly East Bellevue and Redmond, near Microsoft. These neighborhoods have a mix of housing styles and prices and are located close to good schools and jobs. The areas that are further out tend to be on the slower end of the sales spectrum. More home buyers in today’s market are looking for the convenience of living close to amenities.
I also should qualify my statements regarding the market. Prices are not up, but remained stable in some areas and lost ground in others.
Seattle’s eastside has a “normal” real estate market when considering the market over the last few years. A “normal” market means everything is happening from homes selling the minute they hit the market to homes taking months to sell and at reduced prices. The “hot” homes are selling. “Hot” homes are great values with a good price tag, are staged and ready to go. The homes that are not “hot” are taking a long time to sell and go through several price reductions before getting an offer.
From the Seattle Times Eric Pryne:
While the rise in pending sales was more modest on the Eastside, King County’s priciest area, closed single-family sales in May actually were up 6 percent from the same month last year — bucking the countywide trend — while prices fell just 4 percent, less than half the countywide drop.
Windermere’s Deasy attributed that in part to hiring by major Eastside employers. “People will start to see houses sell before they have a chance to act on them,” he predicted.
Eastside condo sales also were up from May 2010, climbing 15 percent. Countywide, however, condo sales fell nearly 4 percent, and the median price — $215,000 — was down 14 percent.
(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, so if 10 out of 100 homes sold, the odds of selling would be 10/100 or 10%)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 22%.
Median sales price dropped: $559,880 to $487,000.
There were 752 homes for sale.
A total of 186 homes sold.
The odds of selling a home were 34%.
Median sales price decreased to $409,000 from $480,000.
189 homes were for sale
A total of 73 homes sold.
The odds of selling a home were 29%.
Median price decreased from $624,975 to $538,000.
342 homes were for sale.
A total of 113 homes sold.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 28%.
Median price was down from $451,126 to $375,000.
541 homes were for sale.
A total of 177 homes sold.
The odds of selling a home was 30%.
Median price decreased from $575,000 to $538,500.
282 homes were for sale.
A total of 94 homes sold.
The odds of selling a home were 29%.
Median pricing increased from $1,280,000 to $1,350,000.
167 homes were for sale.
A total of 51 homes sold.
Redmond/Education Hill/ Carnation
The odds of selling a home were 21%
Median pricing decreased from $519,950 to $411,950.
325 homes were for sale.
A total of 74 homes sold.
If you’d like more specific information about your neighborhood or home, feel free to contact me.
How Many Homes Sold in Your Seattle Eastside Neighborhood in April, 2011?
[googlemaps http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=Bellevue,+WA&sll=37.0625,-95.677068&sspn=23.403932,58.271484&ie=UTF8&hq=&hnear=Bellevue,+King,+Washington&ll=47.610377,-122.200679&spn=0.310148,0.910492&z=10&output=embed&w=425&h=350]
How many homes sold in April, 2011 in your neighborhood?
The increasing number of home sales on Seattle’s eastside continues, despite what the news media is saying. Every month of this year has had a big increase in the number of home sales over the previous month. It would be great if our news reporting could be more balanced. Our real estate market is more balanced, so let’s hope the media figures it out! One local news source did peg the market fairly well.
Right now, Seattle’s eastside has the most “normal” real estate market that we’ve seen in years. A “normal” market means everything is happening from homes selling the minute they hit the market to homes taking months to sell and at reduced prices. The “hot” homes are selling. “Hot” homes are great values with a good price tag, are staged and ready to go. The homes that are not “hot” are taking a long time to sell and go through several price reductions before getting an offer.
The other issue working in favor of a more positive real estate market is that in every area on the eastside, except Sammamish, there are fewer homes on the market. Less supply=more demand.
(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, so if 10 out of 100 homes sold, the odds of selling would be 10/100 or 10%)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 20%.
Median sales price dropped: $514,950 to $499,900.
There were 701 homes for sale.
A total of 161 homes sold.
The odds of selling a home were 32%.
Median sales price decreased by 11% to $400,000 from $450,000.
176 homes were for sale
A total of 59 homes sold.
The odds of selling a home were 24%.
Median price decreased from $599,900 to $568,800.
322 homes were for sale.
A total of 91 homes sold.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 26%.
Median price was down from $409,500 to $397,000.
559 homes were for sale.
A total of 160 homes sold.
The odds of selling a home were 30%.
Median price decreased from $575,000 to $538,500Z .
282 homes were for sale.
A total of 94 homes sold.
The odds of selling a home were 22%.
Median pricing was down from $849,000 to $649,995.
170 homes were for sale.
A total of 45 homes sold.
Redmond/Education Hill/ Carnation
The odds of selling a home were 23%
Median pricing decreased from $514,995 to $462,475.
299 homes were for sale.
A total of 80 homes sold.
If you’d like more specific information about your neighborhood or home, feel free to contact me.
How Many Real Estate Sales Were in Your Seattle-Eastside Neighborhood in March, 2011?
[googlemaps http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=Bellevue,+WA&sll=37.0625,-95.677068&sspn=23.403932,58.271484&ie=UTF8&hq=&hnear=Bellevue,+King,+Washington&ll=47.610377,-122.200679&spn=0.310148,0.910492&z=10&output=embed&w=425&h=350]
How many homes sold in March, 2011 in your neighborhood?
The number of home sales for the eastside took a huge jump over last month’s total. Each month of 2011 has seen a big increase in sales.
Are the sales stronger than March of 2010? No, they’re not. But remember, in March, 2010, buyers were scrambling to buy to get the tax credit. This March, buyers are out buying because they’re ready to buy, not because a tax credit is dangling in front of them. It’s been great to see the amount of activity in each neighborhood on the eastside. In reality, it’s the hot homes that are selling. “Hot” homes are great values with a good price tag and are staged and ready to go. The homes that are not “hot” are taking a long time to sell and go through a lot of price reductions before getting an offer.
(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, so if 10 out of 100 homes sold, the odds of selling would be 10/100 or 10%)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 23%.
Median sales price dropped: $497,500 to $466,500.
There were 637 homes for sale.
A total of 160 homes sold.
The odds of selling a home were 29%.
Median sales price increased by .5% to $467,250 from $464,995.
166 homes were for sale
A total of 64 homes sold.
The odds of selling a home were 32.5%.
Median price increased from $539,450 to $571,470.
281 homes were for sale.
A total of 100 homes sold.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 27%.
Median price was down from $396,725 to $359,900.
556 homes were for sale.
A total of 175 homes sold.
The odds of selling a home were 25%.
Median price increased to $559,000 from $515,000, an 8.5% increase.
278 homes were for sale.
A total of 84 homes sold.
The odds of selling a home were 25%.
Median pricing was down from $921,500 to $780,000.
169 homes were for sale.
A total of 46 homes sold.
Redmond/Education Hill/ Carnation
The odds of selling a home were 24%
Median pricing decreased from $529,450 to $461,950.
287 homes were for sale.
A total of 86 homes sold.
If you’d like more specific information about your neighborhood or home, feel free to contact me.
The Seattle-Eastside Real Estate Market Is Better Than You Think!
It’s simple. Mix one part law of supply and demand; one part the more positive economy; and one part more ready, willing, and able buyers. Mix with more realistic pricing that meets the market demand. You now have the well priced homes selling and the most positive real estate market the eastside has had since mid 2007.
The supply of King homes and condos, the number of those for sale, is shown above. This week, near the end of the first quarter of 2011, there are about 2000 less homes and condos for sale in King County than last year at this time. This means there are 16% less homes and condos for sale. That’s a big difference. It’s noticeable in a lot of neighborhoods. It’s noticeable to a lot of buyers.
The eastside statistics mirror those in the county. There are pockets on the eastside where home sales are popping, because there are only a few really great homes that come on the market. I’ve seen this happen in different price ranges and different cities all over the eastside, including Bellevue, Kirkland, and Sammamish.
Supply is key to the more positive eastside real estate market. With less supply out there and more homes selling (other than March and April of 2010, which was the result of the tax credit) than any other month in a few years, this is a stronger real estate market.
With less supply, it’s a faster paced market. It’s happening in many eastside neighborhoods, but not all. It’s happening with some homes, but not all. With less to choose from, the better valued homes are selling more quickly. There are some great homes that I’ve previewed or shown over the last month and I can almost tell which homes will be sold inside of a week or two. Almost everyday we see the number of pending sales outstrip the number of new listings coming on the market. And yes, there are homes still sitting on the market for a long time, are distressed sales or homes that don’t sell. Despite this, there’s a big difference in the eastside real estate market.
Now I know you’re going to say this is not what you’re reading in the media. Here’s the latest real estate article in The Seattle Times continuing with the same doom and gloom report about the real estate market. From the this article:
In the Seattle metropolitan area, which includes King, Snohomish and Pierce counties, prices are back where they were in September 2004, according to Case-Shiller.
Two things to consider when evaluating the above statement. The first is Case-Shiller lumps King County statistics in with Pierce and Snohomish Counties. King County has a far more positive economy than the other two counties. Seattle and Bellevue, the economic hubs of the region are both in King County. The number of distressed properties is much smaller in King County than elsewhere in the region.
The second thing to remember is Case-Shiller is reporting on the past few months, not what’s happening in the market today.
I agree with Case-Shiller regarding home values, although home values may not be quite as low as 2004 pricing in some areas. Prices are down and probably will stay at these levels for a while. I don’t anticipate prices going up any time soon.
But I do see a stronger market in many eastside neighborhoods. People are ready to move on, literally, and they’re tired of waiting. Buyers are ready to buy and more sellers are pricing their homes to meet the current market demand. All in all, right now the Seattle-eastside has the best real estate market it’s had since 2007. It’s not the old real estate market of the past, but it’s a good, realistic market.
How Many Real Estate Sales Were in Your Seattle-Eastside City in February 2011?
[googlemaps http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=Bellevue,+WA&sll=37.0625,-95.677068&sspn=23.403932,58.271484&ie=UTF8&hq=&hnear=Bellevue,+King,+Washington&ll=47.610377,-122.200679&spn=0.310148,0.910492&z=10&output=embed&w=425&h=350]
How well did homes sell in February, 2011 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, so if 10 out of 100 homes sold, the odds of selling would be 10/100 or 10%)
Thirty-five percent of the homes for sale around Microsoft in Redmond and East Bellevue sold last month. That’s an incredible number and one we haven’t seen for years. Overall, February was the most positive month for eastside home sales in the past several years!
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 23%.
Median sales price dropped: $499,995 to $489,990. Home values have been more stable here than anywhere else on the eastside.
There were 605 homes for sale.
A total of 153 homes sold.
The odds of selling a home were 35%.
Median sales price increased by 2% to $430,000 to $439,950.
157 homes were for sale
A total of 57 homes sold.
The odds of selling a home were 25.5%.
Median price decreased from $579,990 to $500,000.
283 homes were for sale.
A total of 83 homes sold.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 24.5%.
Median price was down from $397,000 to $375,000.
549 homes were for sale.
A total of 150 homes sold.
The odds of selling a home were 20%.
Median price increased to $542,725 from $537,500, a 1% increase.
251 homes were for sale.
A total of 60 homes sold.
The odds of selling a home were 18%.
Median pricing was down from $981,750 to $899,000.
174 homes were for sale.
A total of 37 homes sold.
Redmond/Education Hill/ Carnation
The odds of selling a home were 16%
Median pricing decreased from $474,950 to $450,000.
293 homes were for sale.
A total of 52 homes sold.
If you’d like more specific information about your neighborhood or home, feel free to contact me.