May Real Estate on Seattle’s Eastside Was Frenzied and Fast Paced

Seattle Eastside real estate continues with its frenzied, fast pace.    Sellers could not ask for anything better than the market we have on the eastside this year.  If no other homes were to come on the market, it would only take two months to sell all the homes that were  for sale in May, when 71% of the available homes sold.  Most homes sold at the asking price, with many selling over full price because of the demand with multiple offers.

As typical of the late spring and early summer, more homes are coming on the market, but the supply is still incredibly low.  We're far below the supply in May, 2012, when there were almost 500 more homes for sale. 

This year, the pace of the sale has kept up with the increase in listings.  The number of sales per month has increased from 587 in January to 944 in May.

What a difference a year makes!  Here are the specifics for May, 2013 as compared to May 2012:

  • 71.5% of the available homes sold this past May,  41% sold in May, 2012.
  • Homes sold in 41 days, down from 74 days in May, 2012. 
  • In 2012 median pricing in May was $500,000.  In 2013, May's median pricing was $565,000. 

If you'd like to know more about the value of your home, please don't hesitate to contact us. 

 

Posted on June 11, 2013 at 7:47 pm
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, Market Statistics, Real Estate | Tagged , , , , , , , , ,

April Showers Brought More Real Estate Sales on Seattle’s Eastside

Seattle Eastside real estate sales keep climbing!   Home sales have increased by 35% since January of this year. 

Buyers don't despair.  We're starting to see a significant increase in the number of homes for sale, which is good for buyers.  Sellers still have the advantage in the marketplace, though, because the supply is still low when compared to previous years when 3000-4000 homes were for sale each month on Seattle's Eastside.

Will the market ease up for buyers if more homes come up for sale?  More than likely if the supply increases, the market will still perform well for sellers, but it may not be as frenetic.  It still will be a matter of time before there are any big changes to the marketplace, but it will be interesting to see how the rest of the year plays out.  We believe more homes will come up for sale as typically happens each summer as the school year comes to a close.  Will this change the marketplace dynamics between buyers and sellers?  Probably not much at this point, because we're still on the low side of supply.

Here are the specifics for April, 2013 as compared to April, 2012:

  • 80% of the available homes sold this past April,  41% sold in April, 2012.
  • Homes sold in 48 days, down from 101 days in April, 2012. 
  • In 2012 median pricing in April was $485,000.  In 2013, April's median pricing was $565,000.  Wow, that's a huge jump in median pricing.  We're still expecting median pricing to continue to work its way back up to the higher $500+ range, but much will depend on how many homes come on the market. 

If you'd like to know more about the value of your home, please don't hesitate to contact us. 

 

Posted on May 15, 2013 at 3:32 am
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, Kirkland, Market Statistics, Real Estate, WA real estate, Windermere Real Estate | Tagged , , , , , , , , ,

Seattle Eastside March Real Estate Marched On!

 

Finally, there were a few more homes for sale on Seattle's eastside in March, the first month since August of last year!

Did this increase in inventory dampen the number of sales?  So far, nothing has slowed down the rate of sales.  In fact, the rate of home sales in Bellevue, Kirkland, Redmond, and other eastside cities was higher in March than February.   Seventy-eight percent of the homes on the market sold!  There is still more than one buyer for each home, so multiple offers remain the norm.

It's been hopping out there in the real estate market on the eastside.  We're starting to see some Eastside buyers behave like Seattle buyers.  This past weekend, a buyer pre-inspected one of our listings before making an offer.  Rumor had it that there were going to be at least 4 offers on the table and this particular buyer wanted to come to that table with a very clean, straightforward offer.  Buyers in Seattle have pre-inspected homes for years when the market has been hot.  It's not something we've seen as much on the eastside, but we wouldn't be surprised if it continues. 

Here are the specifics for March, 2013 as compared to March, 2012:

  • 78% of the available homes sold this past March,  44% sold in March, 2012.
  • Homes sold in 62 days, down from 109 days in March, 2012. 
  • In 2012 median pricing in March was $470,000.  In 2013, March's median pricing was $560,000.  We're expecting median pricing to continue to work its way back up to the higher $500+ range, particularly since inventory is still so low.

The Seattle Times reported  a 17% increase in pricing from March, 2012 on the eastside.

       It was the biggest monthly percentage gain since April 2012, when King County’s median home price started rising after 19 months of decline.

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

Posted on April 8, 2013 at 7:14 pm
The Beaupain Team | Category: Bellevue Real Estate, Bellevue, WA, Eastside Real Estate, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County, WA, Kirkland, Market Statistics, Real Estate, Redmond, Seattle, Seattle real estate | Tagged , , , , , , , , ,

If You Had a “For Sale” Sign in Your Yard in February on Seattle’s Eastside You Probably Sold Your Home!

Did February's real estate sales top January?  They sure did! Seventy-four percent of the homes on the market sold!  Homes continue to sell with multiple offers and for over full price.

The number of homes dropped only a bit from January, and was the lowest number of homes for sale in over 20 years.  Sales skyrocketed though, climbing from 605 to 713 homes.  This number doesn't sound like a lot, until you consider the fact that only 968 homes were for sale. 

The hot market continues, but two areas of Seattle's eastside were on fire.  South Bellevue and Issaquah and East Bellevue and Redmond, near Microsoft.  If a home had a "for sale" sign in the yard in these areas, it sold last month! 

Sellers still need to price their homes for the market or the buyers will not come.  Buyers will pay more than full price if there's competition from other buyers and the house is a well maintained with a market value price tag on it.  Homes don't sell for more than full price if they are overpriced when they go on the market.  But if buyers see the value of the home and there's more than one buyer, that's when a home sells for more than full price.  Sellers must attract the buyers with a good value if they truly expect to attract multiple buyers and sell for at least full price and possibly more!

Buyers, since the ball is in the seller's court in 2013, you have to be prepared. Work with a Realtor who knows market value and whether it's worth paying more for a home if there are multiple offers.  Find out if your Realtor has worked in this kind of seller's market before and how they handle multiple offers.  Get pre-approved by your lender and have it in writing to present with your offer.  Make a simple, clean offer.  Include a good earnest money check to accompany the offer.  Pre-inspect the house if the seller allows it, so you can be assured of an inspection, but not have it be part of the offer. It's one less contingency that you and the seller will have to sort out when comparing the offers and puts your in a better position.

The hottest selling price range was for homes priced under $350,000.  Right behind it were the homes priced between $500-750,000.  Fifty three homes sold for over $1,000,000 this past month.  There's less than 2 months worth of inventory for all homes priced below $750,000!

The strong real estate market should continue.   In the Seattle Times, Dick Conway, an economic forecaster said:

…. robust job creation by the likes of Boeing, Amazon and other major companies headquartered here should create more demand for new housing, which in turn will create construction jobs, and hunger for more housing.

Here are the specifics for February, 2013 as compared to February, 2012:

  • 74% of the available homes sold this past February,  33% sold in February, 2012.
  • Homes continued to sell quickly, in 79 days, which is down from 119 days in February, 2012. 
  • In 2012 median pricing in February was $447,000.  In 2013, February's median pricing was $525,000.  Median pricing has been a solid $500,000+ for months now and should continue to be for the next few months

 

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.

Posted on March 18, 2013 at 8:12 pm
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, Market Statistics, Real Estate | Tagged , , , , , , , , ,

Seattle Eastside Real Estate Sails into The New Year!

 

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:

 

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.

Posted on February 12, 2013 at 6:51 pm
The Beaupain Team | Category: Bellevue, WA, Eastside Real Estate, For Buyers, For Sellers, Kirkland, Market Statistics, Real Estate, Redmond | Tagged , , , , , , , , , ,

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.

Posted on January 15, 2013 at 4:12 pm
The Beaupain Team | Category: Bellevue, WA, Eastside Real Estate, For Buyers, For Sellers, Kirkland, Market Statistics, Real Estate, Redmond | Tagged , , , , , , , , , ,

How Many Seattle Area Real Estate Sales Were Distressed Sales?

How much of the Seattle area real estate market is made up of distressed sales, sales in which the property is bank owned or a seller is required to obtain approval from the bank in order to sell?

Seattle Area Distressed Real Estate Sales

Total Number of Distressed Real Estate Sales in the Seattle Area

 

In the third quarter of 2011, Seattle and the eastside suburbs were holding their own in the distressed sale market, while Pierce and Snohomish Counties had the toughest time. There’s a huge difference in how each of the 4 counties surrounding Seattle were doing with respect to distressed home sales.  Almost 50%, 47% to be exact, of the real estate sales in Snohomish County were  distressed properties.  Snohomish County is directly north of King County, which is where you’ll find Seattle.  Snohomish County is home to a Boeing plant, shipping, biotech firms, and  a navy base.  Pierce County is home to Tacoma, with its huge waterfront devoted to shipping, and Fort Lewis, the army base. 

Although each of the counties has an economic center, King County with Seattle and the eastside cities of Bellevue and Redmond is the true economic hub of the region.  These areas are home to Boeing, Amazon, Microsoft, Costco, Starbucks and a host of other companies.   Consequently, the Eastside and Seattle have the smallest number of distressed sales.    More jobs and a good commute equal less distressed sales.

 

Posted on November 4, 2011 at 12:55 am
The Beaupain Team | Category: Eastside Real Estate, For Buyers, For Sellers, King County, WA, Real Estate | Tagged , , , , , , , , , ,

Does Microsoft Still Have a Big Influence On Seattle's Eastside?

Does Microsoft still have a positive affect on Seattle’s eastside?  Yes!  Microsoft still has a huge impact on the eastside.

The map below shows only some of the eastside campuses:

[googlemaps http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=Microsoft+Computer+near+156th+Avenue+Northeast,+Redmond,+WA&sll=47.647756,-122.133025&sspn=0.038741,0.113811&ie=UTF8&hq=Microsoft+Computer&hnear=156th+Ave+NE,+Redmond,+King,+Washington&ll=47.584406,-122.229424&spn=0.281495,0.25636&output=embed&w=425&h=350]

Recently, the news  has focused more on layoffs.  There are a number of people who have been laid off and are struggling, which is truly unfortunate.  This post is not an attempt to minimize what those who are without jobs are going through, but to focus on the strong influence Microsoft still has on Seattle’s eastside.

There’s little  said about the increase in the number of Microsofties on Seattle’s eastside since 2007. There are now over 40,000 employees in the area.  Back in 2007, there were just over 35,000.  Imagine the impact these additional 5,000 employees and their families have on the eastside economy and quality of life.  Imagine the impact of 40,000 people on the local economy.  Since 2007, these five thousand more people are renting or buying homes, going out to eat, buying goods at stores and using local services.

Microsoft has had a huge impact on the real estate in the surrounding neighborhoods.  The Bellevue and Redmond neighborhoods near Microsoft have consistently performed better than any other area on Seattle’s eastside. The number of homes that sell compared to the number that are for sale, the absorption rate,  is almost always the strongest on the eastside.  Most every month of the past few years, the Microsoft area of Redmond and Bellevue has had more homes selling when compared to the number for sale.

Does this make this area more expensive?

No, not by a long shot.  The good news is there’s been a huge benefit to the whole eastside because of Microsoft and there are homes in most price ranges in the area.

The least expensive home in Bellevue is on the market for $227,000.  The most expensive Bellevue home is a waterfront property on Lake Sammamish for $4,250,000.  Most of the homes in the area are priced under $500,000.  Most homes for sale right now, almost 1/2, fall into the $300-500,000 price range.

These 40,000 jobs help keep our economy and our real estate market going, even with the lay offs.  The real estate market is still challenging, but homes are still selling.  Clearly, the competition is tougher for the sellers right now as pricing and condition are everything.  This very realistic real estate market should continue for a year or so.

The eastside, particularly near Microsoft, should fare better than many other parts of the country as the economy improves.  People will continue to move in and out of the area for jobs.

What do you think?


Posted on December 2, 2010 at 4:10 pm
The Beaupain Team | Category: Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Real Estate, Redmond, Seattle real estate | Tagged , , , , , ,

Predictions for 2010 Seattle Real Estate From Local Economist

The first part of 2010 is going to be the best part of the year for Seattle area real estate.

This was the message over 2000 Windermere Real Estate agents heard at last week’s kick off meeting held at Seattle’s Benaroya Hall.    The good news, according to economist Matthew Gardner, is “the recession is behind us.”  However, the last 6 months of 2010 are “murky,” said  Gardner.

Here are some highlights from his talk:

  • Home sales skyrocketed by 25% in the fourth quarter of 2009.
  • There was some stability in home pricing in late 2009.
  • The stimulus package has not been as effective as hoped.
  • Jobs will be a prime concern.
  • Banks need to start lending again.
  • Rates should be about 6% later this year.
  • Foreclosures will still be a concern.
  • Boeing’s move of the Dreamliner and layoffs at Microsoft will not have a huge affect on the economy.
  • Seattle unemployment to peak at 9.5%
  • Seattle was late to the recession and is later on recovery.
  • Prices and sales will continue to improve in the first half of 2010.

But as Mr. Gardner said, the rest of the year looks murky.  With changes in FHA guidelines, projected increases in interest rates, and costly jumbo loans, the latter half of 2010 is not clear.

Given the information available to us now, I think Matthew Gardner is right.  I’ve been recommending to potential home sellers to make a move early this year, since the latter half of the year is so unclear.  We may be doing just fine with our economy and with real estate, but no one knows where we will be once the second half of 201o begins.  Our crystal balls are a bit “murky,” as Mr. Gardner said.

What do you think about his predictions for 2010 Seattle real estate?  What are your predictions for 2010 and beyond?  Of course, when 2012 arrives, we only have to worry about surviving, never mind real estate or the economy!

Posted on February 10, 2010 at 9:53 am
The Beaupain Team | Category: For Buyers, For Sellers, Real Estate, Seattle real estate, Windermere Real Estate | Tagged , , ,