Facebook
Twitter
Pinterest
Copy Link
Did Our Gorgeous August Affect Real Estate Sales On Seattle’s Eastside?
Seattle Eastside Real Estate Sales Through August, 2014
The end of summer brought the first decline for Seattle Eastside home sales this year. I wouldn’t get too alarmed, though, as sales dropped by only 2.5%. August always seems to be a slower month as people rush to get kids ready for school or cram those last summer weekends full of fun activities. The number of pending sales this year, 768, is very similar to last August, when 776 homes sold.
The market did not die after last August and it will not die after this August. The real estate market tends to get back to business as usual after Labor Day weekend.
In August, 42% of the homes for sale sold on Seattle’s eastside, the lowest absorption rate for the year. The peak of sales activity, as it is every year, was back in the spring. In March, 67% of the homes for sale sold and in April 68% sold.
Days on the market are still low as it is only taking 38 days on average to sell a Seattle eastside home. Median pricing was up to $600,000. Last August it was $515,000.
If you’d like more information about the real estate market and the value of your home, don’t hesitate to contact us.
July 2014 Real Estate Performs As Expected on Seattle’s Eastside
The most number of homes for sale so far this year? No big surprise. We've seen the same roller coaster of real estate activity on Seattle's eastside every year. The market was still strong as almost 50% of Seattle eastside homes sold in July. The peak of sales activity, as it is every year, was back in the spring. In March, 67% of the homes for sale sold and in April 68% sold.
In July, we have the most number of homes for sale so far this year, although August could top that number. Days on the market are still low as it is only taking 38 days on average to sell a Seattle eastside home. Median pricing was up to $625,000. Last July it was $575,000.
Fall can be a great time to either buy or sell a home. There are buyers who will get serious as the cool weather approaches, wanting to get into a home before the end of the year. Don't discount the holidays either. Competition for buyers is so much less during that time.
If you'd like more information about the real estate market and the value of your home, don't hesitate to contact us.
Is Summer The Busiest Time for Real Estate on Seattle’s Eastside?
No matter how many times people hear the market is the most active in the spring, many people think summer is the busiest time. Summer is still a great time to sell, but now that we're into an absolutely fabulous July, buyers often join friends and family for weekend outings. It can cause the activity to slow down a bit, but it does not go away by any means. In fact, we tell sellers to expect more activity during the week. With the days at their longest for the year, buyers often prefer to see homes after work and save weekends to enjoy the spectacular weather.
Can a well priced, terrific home still sell for more than full price with multiple offers in our current market? Yes. We just sold one of our listings at 10% over the asking price. There were seven offers. Inventory is low, but inventory for great homes is even lower, so those go fast and for top dollar.
Expect to see the number of homes for sale continue to increase. This will, hopefully, give buyers a few more choices and a little breathing room. The total number of homes for sale is still very low, while demand remains high, so sellers should still see a lot of action.
This is what I said in last month's post regarding the Seattle Eastside real estate market. It's proving to be true, which is not a big surprise to Brooks and me. We've seen this very same cycle over the years. Every summer there's a spike in homes for sale. But the lack of inventory will still keep Seattle Eastside real estate activity strong.
So how was June real estate on Seattle's eastside? Median pricing stood at $645,000. Homes sold well, with 57% of the available homes sold with an average market time of 32 days.
If you'd like more information about the real estate market and the value of your home, don't hesitate to contact us.
Seattle Eastside Homes Are Still Moving Well!
I was talking with a fellow Realtor earlier today who commented on a home that had taken a long time to sell and it was only on the market for 18 days! Since every home with a "for Sale" sign in front of it sold in a heartbeat during the first quarter of the year, 18 days now seem long. In reality, it's still an amazingly quick sale time. In May, Realtors started to see a slight change in the marketplace as not all homes sold immediately with multiple offers. Some homes sold in a week to a month.
The Seattle Eastside real estate market is still going gangbusters, despite a jump in the number of homes for sale in May. The increase in inventory from April to May is the exact opposite of the decline in the number of homes for sale that we experienced in the marketplace last October into November. Inventory increased from April to May by 19% and dropped about that much last fall. Neither change in inventory was a huge surprise. Many sellers choose not to list their homes as the holidays approach. Conversely, spring into summer often experiences an increase in inventory. Mind you, the demand is strong for housing and inventory is still very low, it's just been creeping up since the first of the year.
Expect to see the number of homes for sale continue to increase. This will, hopefully, give buyers a few more choices and a little breathing room. The total number of homes for sale is still very low, while demand remains high, so sellers should still see a lot of action.
So how was May real estate on Seattle's eastside? Median pricing stood at $619,000. Homes sold well, with 69% of the available homes sold with an average market time of 33 days.
If you'd like more information about the real estate market and the value of your home, don't hesitate to contact us.
Real Estate Sales Marched Through March on Seattle’s Eastside
It's a pretty crazy real estate market out there on Seattle's eastside. The fever pitch of the real estate market is running high right now. Buyers and their agents are having to be far more creative with their offers to be the buyer who wins the house. Pre-inspections are the norm, something that has been very common place in Seattle's market. Buyers are willing to bring more money to the table if needed to make a sale happen. Many listing agents are holding offer review, often for a week, to give good exposure to a home. Buyers then have an opportunity to look at the home more than one time, pre-inspect if they so choose, and plan their offer strategy. It's a competitive market, but it gives an opportunity for a buyer to make a more educated decision.
Appraisers are having to be more creative to find comparable sales to demonstrate value. However, it's often hard to dispute the value of sales simply because there are so many mulitiple offers. it's not just one buyer who steps up to the plate to buy a house, it's usually a number of buyers. I've heard of all kinds of numbers of buyers bidding on one house, 3, 5, 7, 9, and on.
So how was real estate in March on Seattle's eastside? Median pricing was just up over $600,000, only the second time in years, and I mean years. Homes sold briskly as 71% of the available homes sold last month with an average market time of 54 days. If no other homes had come up on the market, it would have only taken a month and a half to sell off all the inventory of homes. As I said, there is a fever pitch to the real estate market.
If you'd like more information about the real estate market and the value of your home, con't hesitate to contact us.
Seattle’s Eastside Rained Real Estate in February
It's unusual that both January and February of 2013 and 2014 started out with a similar supply of homes for sale. Both years began with a very short supply. The lack of inventory experienced in 2013 continued into 2014.
Even though the supply of homes for sale was the similar, the number of sales were less this year than last. This February 558 homes sold, whereas in 2013,there were 658 sales. It's suprising, given the positive attitude of the real estate market and the low unemployment rate in the Seattle area (see #115) This year's fewer sales could be with the low inventory, prices have risen and buyers are becoming more selective with a home purchase that could cost more this year than last. Some agents think the Superbowl had an affect on lower sales in February. When people are busy with major events, and the Superbowl was major for Seattle, real estate can get put on the back burner. March sales figures will be more telling in that regard.
If a house comes up for sale that's a great home, though, look out! Usually there's more than one buyer for a terrific home. The houses that sell really capture the hearts of the buyers, and often more than one buyer at a time. We just sold a home to a buyer who was competing with two other buyers for a house. Our buyer got the house, which they love, but paid more than full price by to win house over the other buyers. With competing offers, often the only way to get a house is to pay more than any of the other buyers and include your first born!
The press reported that home prices dropped both in January or February this year. Yet, home prices have jumped since February, 2013. Median pricing this February was $676,000 over last year's median pricing of $567,000.
If you have questions about the value of your home in this market, don't hesitate to contact us. We'd be happy to let you know how real estate is performing in your neighborhood.
A Fabulous Start to 2014 Real Estate on Seattle’s Eastside
Seattle-Eastside Real Estate Sales Through January, 2014
Ironically this January started out just like last January, when there were not enough homes for sale to meet the demand from buyers. Last year appreciation soared into the double digits for the first time in years because of this lack of inventory..
The difference between last year and this year? Because of the lack of inventory last year, prices jumped up. The median price for real estate sales on Seattle's eastside this past January was $600,000. In 2013? Median pricing was $513,000. Price per square foot for a home on the eastside went from $228 to $268.
Eastside sellers, this is your time. Buyers are lining up to buy the homes that show well and are priced well. Buyers, it's not going to get less expensive in the future, so it's in your best interest to get out there and start looking now, rather than later. This may sound like hype, but it is the reality of the Seattle Eastside real estate market. It's very simply the law of supply and demand that's at work here.
If you have questions about the value of your home in this market, don't hesitate to contact us. We'd be happy to let you know how real estate is performing in your neighborhood.
But while you are pondering real estate, enjoy Valentine's Day!
Everything You’ve Ever Wanted to Know About Seattle Eastside Real Estate 2009-2013
Seattle Eastside Real Estate from 2009-2013
Looking for a terrific picture of the state of real estate on Seattle's Eastside? Here it is! Since we're at the beginning of a new year, it's good to see where we've been over the last 5 years. It gives a good indication of where we're headed for 2014.
The above chart highlights the most important trends in real estate over the last 5 years, from 2009-2013. You can find median pricing, the number of homes on the market and the number of home sales per month and by year, and how long the supply would last, based on the number of home sales per month.
Here's how each of the three sections of the chart are set up. Each portion is divided by the years 2009-2013, as you can see along the bottom of the chart. The blue bars show a different month in each of these years. The red line shows the average for the year.
The top portion of the chart has the information everyone seems to want to know first, the median pricing. The fabulous news is how much higher median pricing is now than just a few years ago. On the eastside, the average median price for a home sale was just under $600,000 at $596,848.
The second chart demonstrates why prices have increased so dramatically. It's the law of supply and demand. The supply dropped considerably in 2012 and and 2013, thus increasing demand for this drastically decreased inventory of homes for sale, causing prices to jump. With the amount of inventory at a low point at the start of 2014, we expect listings to move very quickly. Our first listing of the year sold in 24 hours. The home was not underpriced. It was well priced, staged beautifully, and in excellent condition. This type of home is very "hot" right now, as buyers are looking to find great homes.
Another interesting detail to notice on the middle portion of the chart besides the decline in supply, is the number of home sales each year stays more constant, even as the supply changes. The number of sales did increase in the last two years, but not nearly as dramatically as the decline in supply, The increase in sales is a reflection of more buyers feeling comfortable making home purchases.
The lower section shows how much of a supply of homes there is available each month. In 2009, when there were, on average 3400 homes for sale, it would have taken over 6 months to sell all the homes. In 2013, when the Seattle Eastside real estate had so few homes for sale, it would have taken 1 1/2 months to sell all the available homes.
The take away from all of this is how terrific we find the real estate market to be at the end of 2013, which is the start of 2014 market. We have low inventory plus many buyers equaling a high demand for homes, short market times, and increasing prices. If you plan to make a move in 2014, consider doing so early in the year, when the inventory is at a low point. Homes sell in every month on the eastside as you can see from this chart, the competition is far less when there are fewer homes for sale.
If you'd like more specific information regarding your home and/or you're thinking about making a move, feel free to contact us. All the best in 2014!
July Brought Sunny Weather and Great Real Estate Sales on Seattle’s Eastside
Seattle Eastside Real Estate Sales Through July, 2013
More homes were for sale on Seattle's Eastside in July, the most number of homes we've had for sale so far this year. The inventory is still below July of 2012, when there were 240+ more homes for sale. Competition is a little stronger as we see more homes come on the market. The good news is more homes are actually selling this year than last in most eastside neighborhoods. As the number of homes for sale has increased, the actual number of sales has also increased.
There's a very healthy turnover in the homes for sale as 1145 homes came on the market in July. Pending sales stood at 901 homes, a new high since 2005. This represents a fabulous number of sales.
I've seen some "for sale" signs up for a little longer than in the spring and there's been an increase in price reductions. Still, there are some homes that are selling with mulitple offers. Usually, these homes stand out from the competition with a great price, great condition and great marketing.
The market is beginning a very slow re-balance between buyers and sellers, as the number of homes for sale increases. That being said, don't be surprised to see anything and everything happen in this market. Expect the good homes to sell in a heartbeat, while others take a little longer. There are some reductions for the sellers who were still unrealistic as to what the market will bear.
Our listings continue to sell quickly and for strong prices. Through July, all of them sold in less than a week!
The median price for sales was higher in June than July. This does not mean prices have dropped, it just means the median price for all the homes sold in July happen to be slighty less than the median price for all the homes sold in June. If we look at the full year, with the exception of July, there's been a steady increase in median pricing.
As pricing continues to climb, fewer sellers will be underwater and more homes should be coming on the market.
Here are the specifics for July, 2013 as compared to July, 2012:
- 60.9% of the available homes sold this past July, 37% sold in July, 2012.
- Homes sold in 28 days, down from 65 days in July, 2012.
- In 2012 median pricing in July was $511,000. In 2013, July's median pricing was $574,000.
If you'd like to know more about the value of your home, please don't hesitate to contact us.
Low Inventory, High Sales Numbers, Great Median Price, All in June on Seattle’s Eastside!
On Seattle's Eastside, we're starting to see the seasonal creep up in listings we see in most summers. However, we still have far fewer homes on the market than we usually do. In 2012, there were about 400 more homes for sale than this past June. Our inventory is so low, that it would've only taken 1.5 months to sell all of the available homes for sale if no other homes had come on the market in June. The supply is low, considering the number of buyers out there hoping to buy a home.
Home sales increased in June from May, but at a slower rate than in previous months this year. The number of sales was not too shabby, though, as 60% of the available homes sold. A very healthy, brisk rate of home sales, but slower than the 75% that sold in April. However, pending sales were at the highest they've been since 2005, another significant milestone!
Homes were gone in a flash. It took only 38 days to sell homes in June! It was not that long ago that it could take 3 months to get a home sold. (Think 2011).
The big news is median pricing crossed the threshold to $600,000! As pricing continues to climb, fewer sellers will be underwater and more homes should be coming on the market.
What a difference a year makes! Here are the specifics for June, 2013 as compared to June, 2012:
- 60.9% of the available homes sold this past June, 37% sold in June 2012.
- Homes sold in 38 days, down from 72 days in June, 2012.
- In 2012 median pricing in June was $514,000. In 2013, June's median pricing was $600,000!
If you'd like to know more about the value of your home, please don't hesitate to contact us.
