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How Did November, 2010 Real Estate Sales Do In Your Seattle-Eastside Neighborhood?
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In 5 of the 7 Seattle-eastside real estate areas, sales percentages were up by a lot from last year! Sales increases ranged from 13.5% in Redmond/Carnation to 47% in Redmond/East Bellevue.
We also saw a huge drop in the number of homes for sale on Seattle’s eastside over the past few months. A higher percentage of home sales and less homes for sale is good news. The market is still challenging. The homes with the best value proposition of price and condition grab the attention of the buyers. These are homes that are selling.
How did November, 2009 compare to November, 2010 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 16%.
Median sales price decreased from $552,500 to $474,000.
The number of homes for sale increased by 12% and sales were down by 15% from last year.
The odds of selling a home were 22%.
Median sales price decreased to $416,500 from $479,000.
The number of homes for sale was down by 12% and sales were up by 47%.
The odds of selling a home were 22%.
Median price decreased from $685,000 to $599,419.
The number of homes for sale dropped by 10% and sales were up by 26%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 15%.
Median price was down from $411,750 to $405,000.
The number of homes for sale declined by 3% and sales were up by 41%.
The odds of selling a home were 17%.
Median price decreased to $549,950 from $739,000.
The number of homes for sale declined by 16% and sales were up by 13.5%.
The odds of selling a home were 15%.
Median pricing was down from $996,500 to $829,500.
The number of homes for sale decreased by 9% and sales decreased by 3%.
Redmond/Education Hill/ Carnation
The odds of selling a home were 16 %
Median pricing decreased from $559,900 to $525,000.
The number of homes for sale decreased by 3% and sales increased by 16%.
If you’d like more specific information about your neighborhood or home, feel free to contact me.
Have a terrific holiday season and Happy New Year!
How Was The Seattle Eastside Real Estate Market in November, 2010?
Are Seattle-eastside home sales going “merrily” along? Merrily may be an extreme word to use in this case to describe Seattle-eastside real estate, however, it’s good news to see in 5 of the 7 eastside areas, there were more home sales this November than last. In some areas, there was a huge increase in the number of homes sold when compared to last year.
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Seattle Eastside Real Estate Sales, Nov 2010
The odds of selling a home on the Eastside in November ranged from 15% to 23%, with an average 17% absorption rate.* Most home sellers on Seattle’s eastside had a 17/100 change of selling their home last month.
*(The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month. If the absorption rate is 10%, then 10 out of the 100 homes for sale sold that month.)
November, 2010 2818 homes for sale 485 homes sold 17% odds of selling.
October, 2010 3267 homes for sale 477(was 519) homes sold 15% (was 16%) odds of selling.*
September, 2010 3487 homes for sale 422 homes sold 12% odds of selling.*
November, 2009 2943 homes for sale 431 homes sold 15% odds of selling.
*(Some home sales fail because of the buyer financing or an inspection. The number of sales is updated when we find out the actual number of homes that sold during that time.)
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November, 2009 Seattle-Eastside real estate market compared to November, 2010:
- The average price of pending homes (recently sold homes) went from $612,955 to $532,907.
- As of this past week, there were 11,519 King County homes (houses and condos) for sale, there are about 3000 less homes for sale in King County now than in July.
- The number of homes sold on Seattle’s Eastside: down 15% from last year.
- Number of homes for sale on Seattle’s Eastside: About 450 fewer homes for sale than in October, 669 less than in September and 125 less than November of 2009.
- If you look at all 4 months worth of sales above, you can see the number of homes sold does not vary as much as the number of homes for sale. Each month, between 422-485 homes sold. Whereas the number of homes for sale varied by as much as 600 homes.
Best odds of selling: South Bellevue/Issaquah, and East Bellevue/Redmond areas around Microsoft.
Worst odds of selling: West Bellevue and Woodinville/North Kirkland/Kenmore and Bothell.
Biggest increase in sales from last year: East Bellevue/Redmond near Microsoft.
Smallest increase in sales from last year: Kirkland, which had the highest increase in sales last month.
Decline in home sales from last year: There was a decline in 2 out of the 7 Seattle-eastside areas. Sammamish/Issaquah/North Bend/ Fall City had the largest decline in home sales.
The peak of homes for sale in 2008: July, 4370 homes.
The peak of homes for sale in 2009: June, 3859 homes.
The peak of homes for sale in 2010: August, 3492 homes.
The number of eastside homes for sale at the start of 2010: 2584 homes
The number of eastside homes for sale now: 2818 homes.
How are home sales going in your neighborhood? Do you see less “for sale” signs out there this past month?
How Was The Seattle-Eastside Condo Market in October, 2010?
Seattle Eastside Condo Sales Through October 2010
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
October, 2010 1375 condos for sale 147 condos sold 11% odds of selling.
September, 2010 1448 condos for sale 130 (was 155) condos sold 9% (was 11%) odds of selling.*
October, 2009 1363 condos for sale 200 condos sold 15% odds of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close. Some of the reasons sales fail are the buyer and seller don’t agree on the building inspection, the condo does not appraise for the sales price or the buyer’s financing does not come through.
The number of Seattle-eastside condos for sale dropped considerably as there are about 75 less condos for sale. The numbers are back down to March’s numbers. It’s pretty typical, no matter the kind of real estate market there is out there, for there to be more condos for sale in the summer than at any other time during the year. The decline in the number of condos for sale should continue until the end of the year. So if you plan to sell next year, start early in the year. Don’t wait until summer.
If you’re selling your condo now, can you be one of the 11/100 who gets the offer? Yes, if price and condition beat all of your competition.
What do you see happening with condo sales in your area?
How Did October, 2010 Real Estate Sales Do In Your Seattle-Eastside Neighborhood?
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Ok, the real estate market is slower, that much we all know, but it’s not dead and there are homes selling. These are the homes that stand out compared to the competition, because they show well and are seen as a value. Today’s pricing is similar to 2005 pricing. I’ll post another piece which shows these numbers.
Sales were down by a huge amount in Woodinville, Kenmore, Bothell, Duvall, and North Kirkland. The sales dropped by 42% from last year.
The number of homes for sale in King County has dropped below 13,000 for the first time since early May. On Seattle’s eastside, the number of homes for sale is down by about 200 homes. These numbers are headed in the right direction.
In “Microsoft land”, the neighborhoods of Redmond and East Bellevue near Microsoft’s home base, the sales prices actually went up by about 1% in value. Remember, the median pricing for any month will reflect the sales for that month and it is important to look at several months or more to see the real trend. I wish I could say this month’s increase was the norm, but if you look at past posts and the charts in the link above, you’ll see this is not the case.
Expect to see more homes come off the market as we head towards the holidays. We started the year with 9700+ homes for sale in King County, which was the lowest number of the year. So if you plan to sell next year, think about getting on the market early, when your home will have less competition.
Happy Turkey Day!
How did October, 2009 compare to October, 2010 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 20%.
Median sales price decreased from $509,000 to $477,500.
The number of homes for sale increased by 16% and sales were down by 9% from last year.
The odds of selling a home were 18%.
Median sales price increased to $449,900 from $445,000.
The number of homes for sale was up by 2% and sales were even with last year.
The odds of selling a home were 15%.
Median price decreased to $514,500 from $592,500.
The number of homes for sale dropped by 1.5% and sales were down by 28%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 11%.
Median price was down from $429,975 to $403,450.
The number of homes for sale declined by 2% and sales were down by 41%.
The odds of selling a home were 19%.
Median price decreased to $488,900 from $500,000.
The number of homes for sale declined by 7% and sales were down by 9%.
The odds of selling a home were 9.5%.
Median pricing was down from $1,150,000 to $948,000.
The number of homes for sale decreased by 9% and sales decreased by 27%.
Redmond/Education Hill/ Carnation
The odds of selling a home were 16 %
Median pricing decreased from $449,995 to $474,950.
The number of homes for sale increased by 8% and sales decreased by 32%.
What real estate activity have you seen in your neighborhood? If you would like more specific information about your neighborhood or home, feel free to contact me.
How Was The Seattle-Eastside Real Estate Market in October, 2010?
How Was The Seattle-Eastside Condo Market in September, 2010?
Seattle Eastside Condo Sales September 2010
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
September, 2010 1448 condos for sale 155 condos sold 11% odds of selling.
August, 2010 1499 condos for sale 140 (was 152) condos sold 9% (was 10%) odds of selling.*
September, 2010 1407 condos for sale 206 condos sold 12% odds of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close. Some of the reasons sales fail are the buyer and seller don’t agree on the building inspection, the condo does not appraise for the sales price or the buyer’s financing does not come through.
The number of Seattle-eastside condo sales in September is very close to last year. In fact, if you look at most of the months on the above chart, March and April stand out. All the other months, except one, have fairly similar condo sales numbers. March and April totals, which were so much higher than the other months, were because of tax credit. Buyers rushed to beat the deadline of the tax credit during those months. Ironically, that impacted May’s sales record. It was the really low month of this year because so many of the buyers bought before May.
It’s too bad so many people rushed to buy then, because there is less competition among buyers and better interest rates.
As I mentioned last month, expect to see the number of condos for sale to keep dropping, which is a good thing for both buyers and sellers. It will help to bring a little bit more balance to the market, although it will be a long time before there is a balanced market between buyers and sellers.
If you’re selling your condo, can you be one of the 11/100 who gets the offer? Yes, if price and condition beat all of your competition.
What do you see happening with condo sales in your area?
How Did September, 2010 Seattle-Eastside Real Estate Sales Do In Your Neighborhood?
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How did September, 2009 compare to September, 2010 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 13%.
Median sales price increased from $493,995 $500,000.
The number of homes for sale increased by 15% and sales were down by 25% from last year.
The odds of selling a home were 17%.
Median sales price decreased to $464,750 from $499,500.
The number of homes for sale was up by 15% and sales were down by 25%.
The odds of selling a home were 13%.
Median price decreased to $520,000 from $564,900.
The number of homes for sale dropped by 8% and sales were down by 4%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 14%.
Median price was down from $399,975 to $389,500.
The number of homes for sale declined by 6% and sales were down by 15%.
The odds of selling a home were 13%.
Median price increased to $599,000 from $549,950.
The number of homes for sale declined by 8% and sales were down by 17%.
The odds of selling a home were 13%.
Median pricing was down from $1,012,000 to $899,000.
The number of homes for sale decreased by 15% and sales decreased by 30%. (Another big hit!)
Redmond/Education Hill/ Carnation
The odds of selling a home were 14.5 %
Median pricing increased from $449,950 to $499,925.
The number of homes for sale increased by 5% and sales decreased by 2%.
The real estate sales numbers are down on Seattle’s eastside, which is no big surprise to many of us. However, again we see median pricing up in 3 out of 7 neighborhoods. Don’t get too excited though. The median pricing is based on the homes that sold that month, not on the trend for the whole year. I can safely say median pricing is down since last year all over the eastside, even if a month or two shows an increase. We have to look at the overall trend for the year.
Sales were down by a lot, 30% in West Bellevue. In East Bellevue/Redmond near Microsoft and on the Sammamish plateau, sales were down by 25%. These are big numbers.
The number of homes for sale on Seattle’s eastside is starting to head downward. (This is a good thing.) There are 400 fewer homes on the market in King County than just a few weeks ago. I expect to see that number continue to drop.
What real estate activity have you seen in your neighborhood?
How Was The Seattle-Eastside Real Estate Market in September, 2010?
Seattle-Eastside Real Estate Sales, September 2010
So how was the September real estate market on Seattle’s eastside?
The odds of selling a home on the Eastside in September ranged from 13% to 17%, with an average 14% absorption rate.* Most home sellers on Seattle’s eastside had a 14/100 change of selling their home last month. The absorption rates were pretty consistent throughout the whole eastside.
*(The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month. If the absorption rate is 10%, then 10 out of 100 homes sold that month.)
September, 2010 3487 homes for sale 475 homes sold 14% odds of selling.
August, 2010 3492 homes for sale 473 (was 491) homes sold 13.5% (was 15%) odds of selling.*
September, 2009 3518 homes for sale 581 homes sold 19.5% odds of selling.
*(Some home sales fail because of the buyer financing or an inspection. The number of sales is updated when we find out the actual number of homes that sold during that time.)
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September, 2009 Seattle-Eastside real estate market compared to September, 2010:
- The average price of pending homes (recently sold homes) went from $532,922 to $521,576. Two neighborhoods showed an increase in prices for the month.
- As of this past week, there were 13,867 King County homes (houses and condos) for sale.
- The number of homes sold on Seattle’s Eastside: down 18% from last year.
- Number of homes for sale on Seattle’s Eastside: Almost 250 more homes for sale than last year.
- The reality is the actual number of homes selling has not changed all that much, it’s the competition that has increased by a huge margin. Since it is more competitive out there, the homes that are priced right and show well are the homes the buyers pick to buy.
Best odds of selling: Redmond, near Microsoft, and East Bellevue.
Worst odds of selling: West Bellevue, although it’s within a hair of most all the other eastside neighborhoods.
Biggest increase in sales from last year: None, there was no increase in home sales from last year to this year in any of the eastside areas.
Smallest increase in sales from last year: No increases.
Decline in home sales from last year: There was a decline in 7 out of the 7 Seattle-eastside areas. West Bellevue had the largest decline in home sales with 30% decline in the number of homes sold. The Sammamish plateau area and the Redmond/East Bellevue area around Microsoft both had 25% decline in home sales.
The peak of homes for sale in 2008: July, 4370 homes.
The peak of homes for sale in 2009: June, 3859 homes.
The number of eastside homes for sale at the start of 2010: 2584 homes
The number of eastside homes for sale now: 3487 homes.
For a picture of King County sales, check out The Seattle Times.
What are you seeing in your neighborhood? Are some doing better than others?
What Were The Chances of Selling Your Seattle-Eastside Condo in August, 2010?
Seattle Eastside Condo Sales, August 2010
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
August, 2010 1499 condos for sale 152 condos sold 10% odds of selling.
July, 2010 1552 condos for sale 128 (was 144) condos sold 8% (was 9%) odds of selling.*
August 2009 1429 condos for sale 168 condos sold 12% odds of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close. Some of the reasons sales fail are the buyer and seller don’t agree on the building inspection, the condo does not appraise for the sales price or the buyer’s financing does not come through.
Sales of Seattle-eastside condos in August of this year are very close to last August’s sales activity.
There was a significant drop in the number of Seattle-eastside condos for sale in August from July’s high of 1552. I expect more condos to come off the market as we head towards fall and winter.
What do you see happening with condo sales in your area?
What Were The Odds of Selling Your Seattle-Eastside Home in August, 2010?
Seattle-Eastside Real Estate, August 2010
The odds of selling a home on the Eastside in August, 2010 ranged from a low of 6% to a high of 21%, with an average 14% absorption rate. This month, West Bellevue is in the single digits, at 6%.
The real estate activity in the summer months has turned out to be very different than the activity in the spring. Clearly, both buyers and sellers rushed to buy and sell before the tax credit expired. We have a buyers’ market for most of the eastside again, which means buyers can choose from a variety of nice homes and probably not find other buyers competing with them.
(The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
August, 2010 3492 homes for sale 491 homes sold 15% odds of selling.
July, 2010 3468 homes for sale 470 homes sold 13.5% odds of selling.
August, 2009 3604 homes for sale 580 homes sold 16% odds of selling.
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August, 2009 Seattle-Eastside real estate market compared to August, 2010:
- The average price of pending homes (recently sold homes) went from $543,639 to $532,692. Some neighborhoods showed an increase in prices for the month.
- As of this past week, there were 14,333 King County homes (houses and condos) for sale, less than late July’s high of 14,639.
- Home sales on Seattle’s Eastside: down 2.5% from last August’s number.
- Number of homes for sale on Seattle’s Eastside: down 3% from last year.
- The reality is some homes are selling well, but it is only those homes priced well and showing well.
Best odds of selling: Redmond, near Microsoft, and East Bellevue.
Worst odds of selling: West Bellevue
Biggest increase in sales from last year: An 8% increase in home sales in Redmond, near Microsoft and East Bellevue.
Smallest increase in sales from last year: Same as above. This area had the only increase in Seattle-eastside home sales in August.
Decline in real estate sales from last year: There was a decline in 6 out of the 7 Seattle-eastside areas. West Bellevue had the largest decline in home sales with 65% decline in the number of homes sold.
The peak of homes for sale in 2008: July, 4370 homes.
The peak of homes for sale in 2009: June, 3859 homes.
The number of eastside homes for sale at the start of 2010: 2584 homes
The number of eastside homes for sale now: 3492 homes.
For a picture of King County sales, check out The Seattle Times.
