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Seattle Eastside Real Estate Sails into The New Year!
Seattle Eastside Real Estate Sales Through January, 2013
In January, buyers were lining up to buy the few available homes on Seattle's Eastside. Sixty-five percent of the homes on the market sold! There were so many buyers that most homes attracted multiple offers and sold for over full price.
For many months now, I've repeated myself. I've been reporting that the number of homes for sale during each of the last few months is the lowest number in 15 years, yet with each month the number has gotten smaller and smaller. The start of 2013 marks the first time the number of homes for sale has dropped below 1000 homes in such Eastside cities of Bellevue, Redmond, Kirkland, etc, I checked back to 1990, 23 years ago, and this is the lowest, and the lowest by far, number of homes for sale. Traditionally, there are several thousand homes for sale.
Sales, on the other hand, are high. Eastside real estate sales increased by 17% from January, 2012, while the number of homes for sale dropped by 44%. Redmond and East Bellevue continue with the top the absorption rate.* Over 95% of the homes near Microsoft sold last lmonth! There were only 44 homes on the market in those areas and 42 sold!
Fewer homes to buy + more sales = hot market.
Sellers, your ship has come in! But keep in mind, the homes that sell for the best prices are in show condition, not in need of repairs and are priced right.
Buyers, you have more of a challenge in this market. But it can be done. You can buy a home. Be prepared with a strong pre-qualification letter, learn your market, and have a Realtor representing you who is a savvy negotiator in multiple offer situations.
Here are the specifics for January, 2013 as compared to January, 2012:
- 65% of the available homes sold this past January, 24.5% sold in January, 2012.
- Homes continued to sell quickly, in 71 days, which is down from 106 days in January, 2012.
- In 2012 median pricing in January was $470,000. In 2013, median pricing was $514,000.
If you'd like more information specific to your home, don't hesitate to contact us.
*The absorption rate is the percentage calculated by dividing the number of sales by the number of homes for sale.
Seattle Eastside 2012 Real Estate Ends the Year on a High Note
What a year we had in real estate on the Seattle eastside! December real estate was on fire, just like much of 2012! Just over 1000 homes were for sale, about 1/2 as many as were for sale just a year ago. It's been over 15 years since there have been so few homes for sale in Bellevue, Kirkland, Redmond and other eastside cities. In a few eastside neighborhoods, every home for sale sold, but the bottom line is in every area most homes were selling, if they were priced right and showed well.
The area with the most sizzling sales activity was near Microsoft, in Redmond and East Bellevue. There was and is a dearth of listings, so every home that was for sale sold! Over 100% of the available homes sold in December! More than likely a few homes sold before they were on the market, causing the percentage of those sold to top 100 percent.
Our listings have been selling in a matter of days with multiple offers. Typically, homes sold for more than full price because of the intense competition and lack of inventory.
In 2012, 7300 homes sold on Seattle's eastside. Even with fewer homes for sale in 2012 than in 2011, more homes actually sold in 2012. In 2011, 5440 homes sold. In 2012, most of the homes sold were priced between $500-$750,000. The second most popular price range for homes in Eastside neighborhoods was $350-$500,000. Market time was really short by the end of 2012. It would have taken about 2 months to sell every home for sale, which was half the time it would have taken to sell off all of the available inventory in 2011.
Here are the specifics for December 2012 as compared to December, 2011:
- 46% of the available homes sold this past December, 17% sold in December, 2011.
- Homes continued to sell quickly, in 63 days, which is down from 106 days in December, 2011.
- In 2011 median pricing in December was $460,000. In 2012, median pricing was $506,000.
The median price of $506,000 listed above reflects the median price of the sales in December. The median price for homes sold in all of 2012 was $525,399, up from $502,784 in 2011. The chart below shows the median pricing for each of the last 5 years. As I've mentioned in previous posts, it makes more sense to look at the trendline (the red line) for the year then to just compare one month to another. It's clear that for the first time in the last 5 years, we are seeing a solid trend with price increases.
The fabulous activity in the 2012 eastside real estate market should continue into 2013. We've started the year with our listings selling just after the ink is dry on the listing and it's posted on the internet. With supply at an amazing low and demand still very high, there are multiple buyers for homes.
Seattle is on a strong path forward because of our strong economic footing, according to Jed Kolko, the chief economist at Trulia:
On the other hand, metros like Seattle, which came in second on the list of cities with the highest asking-price recovery, are on a smoother path to growth because of their strong economic fundamentals, he said.
If you'd like more information specific to your home, don't hesitate to contact us. Have a wonderful 2013.
The Hot Seattle Eastside Real Estate Market Helped to Warm Up Our Chilly November!
How did this past November's Seattle eastside real estate compare to November of 2011? Low inventory, strong sales, short market times, and increasing home values continued through November.
Why are so few homes for sale? Some sellers are underwater, some are waiting for prices to go up, and some are just not ready to move. Given this situation, expect to see our great real estate market continue into next year.
Our listings have been selling in a "heart beat," which is not surprising given the lack of inventory. We've listed 3 homes since the beginning of December and all have sold with multiple offers in 4 days or less and for over full price! Remember we said this holiday season is a great time to sell your home.
The reality is, even in this market, not all of the listed properties have sold. The homes that go in a "heart beat" show well and are priced well. We've had wonderful sellers to work with who have done all the right thihgs to get their homes ready to sell. In addition, our staging, photography, and pricing structure have helped them to sell their homes for more than full price
Here are the specifics for November 2012 as compared to November, 2011:
- 45% of the available homes sold this past November, 20% sold in November, 2011.
- Homes continued to sell quickly, in 66 days, which is down from 107 days in November, 2011.
- Last year median pricing in November was $469,000. This year, median pricing was $525,000.
If you'd like more information specific to your home, don't hesitate to contact us. We'll do a wrapup of 2012 after the first of the year. Have a wonderful 2013.
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.
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.
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.
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.
May Was a Strong Real Estate Market on Seattle’s Eastside
With a 46% chance of getting a home sold in May, home sellers in Bellevue, Kirkland, Redmond and other eastside cities had great odds of getting their home sold. We saw a slight uptick in the number of homes for sale, but that did not change the fast paced nature of the market. When almost half of the homes for sale are selling, a few more listings doesn't make that much difference.
But if many more listing come on the market will that change the balance of the market between buyers and sellers? Time will tell, but historically when the demand outstrips the supply, we have a fast paced sellers market. If the supply increases, the competition between listings could heat up and we could have a good market, but not as fast paced. The market would be more balanced between buyers and sellers. The market balance in the upcoming months will hinge on the supply of available homes and the number of buyers.
The market is great, but 54% of the homes did not sell. One of the necessary elements necessary for a quick, well priced sale was more than likely missing for many of these homes. The homes that did not sell may have needed to be better priced or have sharper photos, smart staging and/or marketing. These homes may not have gotten the attention from the savvy buyers if one of the key elements for a successful sale was missing. They focused on those homes that are well priced and show well.
How did this past May compare to May of 2011?
- 46% of the available homes sold this past May, 24% sold in May, 2012.
- Homes sold in 58 days, which is down from 76 days in May, 2012.
- Median pricing remained the same at $500,000. This is very good news!
- Homes sold within 96% of the original asking price. Last year homes sold within 92% of the asking price.
- 23% more homes sold this year.
The market stats over the next few months will dictate whether Seattle-eastside real estate will remain a hot seller's market.
Will the number of listings increase?
Will the number of buyers decrease?
Will prices continue to increase slightly?
Stayed tuned to to see how our eastside real estate market turns out! Check in with us next month.
If you'd like more information specific to your home, don't hesitate to contact us.
Was May The Best for Condo Sales on Seattle’s Eastside in the Last 5 Years?
Even fewer condos were on the market in May on Seattle eastside and sales were still strong. There were 6 fewer sales, but because there were fewer condos for sale, a slightly higher percentage sold. Slightly over 44% of the available condos sold in May, which could very well be the best odds of selling a condo in the last 5 years on Seattle’s eastside! We expect this positive market to continue in Bellevue, Kirkland, Redmond, and the other cities east of Seattle. But if many more condos come up on the market, then the odds of selling may dip slightly. It is that old law of supply and demand.
It’s a great time not only to sell a condo, but to buy one, as the prices have not been this low since early in the last decade. But be careful out there. Just because something is a fabulous price doesn’t mean it really is a great deal or a great place to live. Buying a condo also means you’re buying into an association. It’s important to check the association rules, regulations and financial statements.
Last month my post about the condo market listed a number of questions sellers should ask before selling. Many of these same questions should be asked by a buyer when planning to purchase a condominium. When you find a condo you like, you can make an offer because one of the conditions of all offers is for you, as the buyer, to have time to review all this information. Condo buyers receive a copy of a “resale certificate as a condition of the offer. This document has tons of information about the condo and the association, but that’s for another blog post!
April Showers Brought Lots of Real Estate Sales to Seattle’s Eastside
Seattle Eastside Real Estate Sales Through April, 2012
The Seattle eastside real estate market is still hot! Real estate sales’ numbers on Seattle’s Eastside are terrific. April sales numbers were similar to March when 46% of the available homes sold. In April, because there were about 100 more homes for sale, the odds of selling dropped slightly to 42% sold. Home sellers in Bellevue, Kirkland, Redmond and other eastside cities have the best odds of selling a home since 2007! Much of this is due to the positive economy here in the Seattle area.
New listings are coming on the market and selling quickly. If no other homes were to come on the market, it would only take 1.4 months to sell all of the eastside homes. Demand is high, helping the good homes that are well priced, show well, have fabulous photos, and great marketing to fall into the 42% of homes that sold last month. Some homes have sold for over full price with multiple offers.
Remember, 58% of the homes did not sell and, more than likely, are missing one of the necessary elements necessary for a quick, well priced sale. The homes may need to have a better price tag or photos, staging or marketing. It’s still competitive and buyers are savvy enough to identify those homes that are well priced. Even though there aren’t a lot of homes for sale, there’s enough new listings coming on the market each month to guarantee a fresh supply of available homes. With interest rates remaining low, some buyers still take time to make a buying decision.
We sold several homes last month in a matter of days, with multiple offers and for over full price. We worked with all of the sellers for a while before their homes actually came on the market. One seller contacted us last summer so she would have the time to do everything needed to get ready to sell without creating additional stress. Most of our sellers contact us a few months before going on the market. It gives us enough time to get contractors in, if needed, to paint, re-carpet or refresh the landscaping.
How did this past April compare to April of 2011? Truly, there’s not much of a comparison between this year and last, but here it is:
- 42% of the available homes sold this past April, 23% sold in April, 2011.
- Homes sold in 101 days, which is down from 105 days in April, 2011.
- Median pricing was down to $485,000 from $492,000.
- Homes sold within 94% of the original asking price. Last year homes sold within 91% of the asking price.
- 23% more homes sold this year.
So if you plan to land in the 42% of homes that sell, not the 58% that did not, start the process by contacting your Realtor well ahead of time.
