The Seattle-Eastside Real Estate Market Is Better Than You Think!

Number of homes for sale in King County

Number of Properties for Sale in King County

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.

Real Estate Sales on Seattle's Eastside

Seattle Eastside Residential Real Estate Sales Through February 2011

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.

Posted on March 30, 2011 at 7:36 pm
The Beaupain Team | Category: Bellevue Real Estate, For Buyers, For Homeowners, For Sellers, King County Real Estate, King County, WA, Market Statistics, Real Estate | Tagged , , , , , ,

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.

Redmond/East Bellevue

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.

South Bellevue/Issaquah

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.

Kirkland

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.

West Bellevue

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.



Posted on March 18, 2011 at 10:30 am
The Beaupain Team | Category: Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, Kirkland, Market Statistics, Real Estate, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle, Seattle real estate, Woodinville, WA, Woodinville, WA Real Estate | Tagged , , , , , , , , , , , , , , , , ,

How Badly is Seattle's Eastside Real Estate Affected by Distressed Sales

“Distressed Homes Sales Dragging Prices Down” screamed the print version of The Seattle Times, while the online version shouted  “Median Home Price in King County Drops in February, Dragged Down by Bank Repos.

Pretty scary headlines.  Scary headlines certainly attract readers. Distressed home sales, bank repos and short sales, are out there and affecting home values, but in varying degrees depending on which neighborhood is being discussed.    If you read further down in the article:

The percentage of King County single-family homes that fit the “distressed” category in February varied widely by area, according to Windermere’s analysis.

By lumping all of King County together, it gives an inaccurate picture of Seattle real estate.  Seattle real estate is far more localized. The neighborhoods of Queen Anne and Capitol Hill are usually the strongest performing areas, while the eastside suburbs of Bellevue, Redmond, Kirkland, and others are doing better than most of King County.  The suburbs of Mercer Island and Medina have few distressed properties for sale.

The chart below gives a picture of the 2010 distressed property sales for all the counties around Seattle.  My focus is on Seattle’s eastside neighborhoods, since it’s the market where I work. The eastside data is broken out from the rest of King County, because it’s usually different than the rest of the county.   The pattern for distressed sales activity can be seen through 2010.  The eastside had less distressed properties for sale than the rest of King County. I expect a similar pattern to continue in 2011, although the numbers may be different.  When the 1st quarter numbers are released, I’ll report those numbers.

Irrespective of the distressed sales issue, homes are selling well in some areas.  Prices are less than they were, but there are fewer homes for sale in many neighborhoods.  So the old law of supply and demand is working in these neighborhoods. Near Microsoft in Redmond, there were three home sales that closed this past week.  All the homes sold in less than 8 days.  One was for full price, another for slightly over, and one sold for about 2% less than the asking price. Neighborhoods in Kirkland have a lot less homes for sale than is typical.

Distressed home sales are a part of the picture of Seattle eastside real estate, but they are not the complete picture.  Too bad the screaming headlines didn’t balance more of the good news with the bad.

Seattle Area Distressed Property Data

2010 Distressed Properties by Seattle Area Counties

What is happening in your neighborhood?  Are homes selling?  Are there a lot of distressed sales?

Posted on March 4, 2011 at 3:06 pm
The Beaupain Team | Category: Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, King County Real Estate, King County, WA, Market Statistics, Real Estate, Redmond, Seattle, Seattle real estate, Windermere Real Estate | Tagged , , , , , , , , , , ,

How Many Real Estate Sales Were on Seattle’s Eastside in January 2011 Compared to 2010?

[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 did January, 2010 compare to January, 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%)

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

The odds of selling a home were 18%.

Median sales price hardly dropped: $499,900 to $493,975.  Home values have been more stable here than anywhere else on the eastside.

The number of homes for sale increased by 4% and the number of home sales decreased by 4%.

A total of 118 homes sold.

Redmond/East Bellevue

The odds of selling a home were 28%.

Median sales price decreased by 9% to $409,925 from $450,000.

The number of homes for sale was down by 16% and sales were down by 14%.

A total of 54 homes sold.

South Bellevue/Issaquah

The odds of selling a home were 19.5%.

Median price decreased from $559,900 to $460,000.

The number of homes for sale dropped by 10% and sales were down by 30%.

A total of 63 homes sold.

Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The odds of selling a home were 18%.

Median price was down from $389,725 to $359,900.

The number of homes for sale declined by 3% and sales were down by 8%.

A total of 105 homes sold.

Kirkland

The odds of selling a home were 18%.

Median price increased to $506,950 from $499,950, a 1% increase.

The number of homes for sale declined by 19% and sales were down by 35%.

A total of 52 homes sold.

West Bellevue

The odds of selling a home were 21%.

Median pricing was up from $899,000 to $1,000,000.

The number of homes for sale decreased by 11% and sales increased by 48%.

The total of 40 homes sold.

Redmond/Education Hill/ Carnation

The odds of selling a home were 20%

Median pricing decreased from $524,990 to $376,250.

The number of homes for sale decreased by 5% and sales decreased by 8%.

A total of 52 homes sold.

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



Posted on February 16, 2011 at 6:35 am
The Beaupain Team | Category: Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, Kirkland, Market Statistics, Real Estate, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, Windermere Real Estate, Woodinville, WA, Woodinville, WA Real Estate | Tagged , , , , , , , , , , , , , , , , ,

What's The Worst Time to be on the Market in the Seattle Area?

Number of Homes for Sale in King County in 2010

Weekly List of King County Homes for Sale in 2010

It’s July!  Why July? Because that’s the time of year when the largest number of homes and condos are on the market.

Are you surprised? So many times I hear from people they’re waiting until the summer to sell, when school is out.  But it’s not the best time.  If you look at the chart above, the peak of the competition, when the most number of homes and condos were on the market, was at the end of July.  At that time 14,639 homes were on the market.

This year starts out with 10,008 properties on the market, which, if we follow typical yearly patterns, means the first of the year is one of the best times to sell a home. There’s so much less competition.  In fact, there are 32% less homes on the market now when compared to July of last year.

Was 2010 unique? No, this is the typical pattern we see every year, no matter the type of real estate market. For example, here’s how the peak of 2009 looked:

7-27-09   13,861

The peak of the homes for sale in the Seattle area real estate market was the exact same week in 2009 and 2010.

So, if you’d like to make a move this year, please don’t wait until the summer.  That’s when everyone else is going to put their homes on the market.

As soon as the statistics are available for the time of the year when the most homes sold, I’ll share that, too.

If you are thinking of selling your home, feel free to contact me to talk about how to position your home to get the best possible price given current market conditions.  But contact me sooner, rather than later this year!  Have a great 2011.

Posted on January 5, 2011 at 12:46 pm
The Beaupain Team | Category: Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Market Statistics, Real Estate, Real Estate Opinion, Redmond, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA Real Estate | Tagged , , , , ,

Have a Very Merry "Green" Holiday

Attention all you Seattle eastsiders: Have a Very Merry “Green” Holiday!

Christmas Lights
Holiday Lights

Looking for a last minute gift idea?

Give a tote bag or sign someone up for weekly home deliveries of local produce.  Full Circle Farms has terrific produce available.

Can you re-use a potato chip bag to wrap presents? Check this video out to find some interesting sources for wrapping presents.

Is it better to have a natural or artificial tree? Which is better for the environment?

And for last minute decorating tips.

And if all else fails for inspiration, The Examiner has a compilation of holiday “green” sites.

Have fun!

Posted on December 22, 2010 at 1:26 pm
The Beaupain Team | Category: Built Green and Sustainable Living, Energy conservation, For Homeowners, King County Real Estate, sustainable living | Tagged , , , , , , , ,

Are We Seeing The Number of Homes On The Market in King County Dropping?

King County Real Estate For Sale

Number of King County Homes for Sale 11-29-10

It’s easy to see that King County real estate is following the national trend right now. There are fewer homes on the market than just a few weeks ago and, definitely, from a few months ago.  The peak of the competition was back in the last week of July when there were 14,639 homes on the market.

This week, we’re about ready to cross the line below 12,000 homes for sale with the number standing at 12,119.  The number of King County homes for sale should drop back below 12,000 by next week or the week after.   Plan on it.

It would be great to get back below the the 10,000 mark as we did back at the beginning of this year.

Many people think this time of year isn’t a good time to sell a home.  With the lower number of homes for sale, meaning less competition for buyers, what do you think?


Posted on December 1, 2010 at 11:02 am
The Beaupain Team | Category: Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, King County Real Estate, King County, WA, Kirkland, Market Statistics, Real Estate, Redmond, Sammamish, WA Real Estate, WA real estate, Woodinville, WA Real Estate | Tagged , , , , ,

Interest Rates Are The Lowest in the Last 30 Years

50 years of interest rates

Interest Rates 1980-2010

I remember when I bought my first home in the mid 1980’s.  I was so excited, the interest rate was at the bottom of the double digits, considering what the early 80’s had to offer with rates in the high teens.  I had friends who purchased in Brooklyn, NY in the early 80’s and were paying almost 17% for their mortgage.  The interest rate for my first home was just above 10%.  Granted the home prices were significantly less, but the monthly payments were high, considering the lower prices of the times.

Fast forward to 2010, with interest rates the lowest in 30 years and prices at 2005 levels.

What’s the difference in monthly payments with the more recent interest rates we’ve seen?

If you decide to purchase a $400,000 home, this is the difference in principle and interest payments over the last couple of years.

July 2008 – 5.75%  – $2,334
July 2009 – 5.25%  – $2,209
Jan  2010 – 5.125%- $2,178
May 2010 – 5.0%   – $2,147
July 2010 – 4.50%  – $2,027

Seattle-eastside home values have dropped significantly since the peak in the real estate market in the summer of 2007 and rates have also dropped as well.  If you were to purchase a $400,000 home now, the payment would be approximately $300 less than two years ago, plus the home prices are also lower.  In King County, WA, the choices are terrific because the number of homes for sale is just below the high so far for the year.  Right now, in King County, there are 13,921 homes for sale.

So is it the right time to buy a home?  You decide.

Posted on July 8, 2010 at 5:41 am
The Beaupain Team | Category: Financing, For Buyers, Real Estate, Real Estate News | Tagged , , , , , ,

Have We Reached This Year's Peak in King County Homes For Sale?

Did we hit the peak a couple of weeks ago when the number of homes for sale in King County, WA hit 14,198?

King County Real Estate for Sale

Number of King County, WA Homes for Sale, 7-06-10

There are a lot of homes for sale in King County Washington right now, although the number may be beginning to drop if this year follows typical patterns.  The peak may have been the week of June 28th. In 2009, King County reached the peak of inventory, homes for sale at the end of July.  Typically, there are more homes for sale during the summer and this year follows that typical pattern.

Since the beginning of the year, there have only been 6 weeks when the number of homes for sale dropped.  This past week, 277 homes came off the market, which is one of the biggest declines in homes for sale.  The next several weeks will determine whether we have reached the peak in the number of King County homes for sale as rarely does the peak not fall during the summer months.

What’s happening in your area?  Is the inventory of homes for sale at a high point in the year?

Posted on July 7, 2010 at 6:08 pm
The Beaupain Team | Category: For Buyers, For Homeowners, For Sellers, Market Statistics, Real Estate | Tagged , , , ,

The First Big Decline in Homes for Sale in King County Washington

Twelve days ago I wrote a post that King County properties for sale was rapidly heading up to the 2009 high.  Just last week we were within 300+ homes/condos of the 2009 peak, which stands at 13,861.  There 13,515 homes/condos for sale in King County that week.

This week we see the first big decline, with a drop of 570 properties.  The number is back below 13,000, at 12, 946.

Phew, I was just beginning to wonder if we were going to surpass 2009’s real estate totals in the Seattle area.  We may, as 2010  is still young, but it’s a breath of fresh air in the real estate market to see a drop in inventory (the number of homes and condos for sale).  Sales have been brisk as many buyers were anxious to buy a home in the Seattle area before the expiration of the 2010 tax credit, which could explain the decline in inventory.

The next few weeks will be interesting.  Normally the number of homes for sale does increase in the summer months in Seattle, but I’m wondering if a lot of sellers put their home on the market earlier this year to capture the activity with the 2010 home buyers’ credit.

Do you think the numbers will increase as we head into the summer?

Number of properties for sale in King County

King County Washington Properties for Sale, 5-3-10

Posted on May 4, 2010 at 5:45 pm
The Beaupain Team | Category: 2010 Home buyer Tax Credit, For Buyers, For Sellers, King County Real Estate, King County, WA, Market Statistics, Real Estate, Real Estate Opinion, Seattle real estate | Tagged , , , , ,