Has a Positive Trend Started in Seattle-Eastside Real Estate?

The positive trend in Seattle’s eastside real estate continued from December, 2010 to January’s sales.  Maybe the uptick in December was not an anomaly?  We’ll still need to wait and see.

This, again,  is what the Seattle Times said after December’s home sales numbers were released:

• Buyers are climbing off the fence, even if they suspect prices will continue slipping, because they fear interest rates will rise and wipe out any savings.

There was a lot more “climbing off the fence” in January.  Truthfully, the number of sales hasn’t increased all that much, but the number of homes the buyers have to choose from is a lot less.  It’s that old law of supply and demand, which is what we call the absorption rate.*

There are fewer homes to choose from, so the good ones are grabbed up.   That’s what feels different. The “fence sitters’ are jumping on the good home buys.  Some homes that hit the market are gone in a matter of days. The homes that are priced right and show well are the homes that sell quickly.

Since the last two months have had stronger absorption rates, I hesitate to call it a trend just yet, but I’ll keep you posted.  I can tell you that the number of buyers looking at homes, multiple offers (gasp), and the absorption rate (see below) have all increased since the first of the year.


Seattle eastside real estate sales

Seattle Eastside Real Estate Sales-January 2011

The odds of selling a home on the Eastside in January ranged from 18% to 28%, with an average 19.5% absorption rate.*  Most home sellers on Seattle’s eastside had a 19/100 chance 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.)

January, 2011          2392  homes for sale    467  homes sold                 19% odds of selling.

December, 2010      2499 homes for sale    369 (was 397) homes sold     15%  (was 16%) odds of selling.**

January, 2010          2588 homes for sale   460 homes sold                 18%  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.)

_____________________________________________________________

January, 2011 Seattle-Eastside real estate market compared to January, 2010:

  • The average  price of pending homes (recently sold homes) went from $525,462 to $495,080, a 6% decrease in pricing.
  • On 2-14-11, there were 10,530 King County homes (houses and condos) for sale.
  • The number of homes sold on Seattle’s Eastside: down 11% from last year.
  • Number of homes for sale on Seattle’s Eastside: The number of homes for sale in January, 2011 was 7% less than January, 2010.

Best odds of selling: East Bellevue/Redmond around Microsoft.

Worst odds of selling: Sammamish/Issaquah/North Bend/ Fall City.

Decline in home sales from last year: Three out of the 7 Seattle-eastside areas had fewer sales, South Bellevue, Kirkland, and Sammamish/Issaquah/North Bend/ Fall City.

What’s happening with real estate in your neighborhood?


Posted on February 15, 2011 at 10:23 am
The Beaupain Team | Category: Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Market Statistics, Real Estate, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA, Woodinville, WA Real Estate | Tagged , , , , , ,

December, 2010, A Surprise in the Seattle Eastside Real Estate Market

How did Seattle’s eastside end its year in real estate? Surprising to some, there was a huge increase in the number of homes sold in some areas when compared to last year.  Pending sales for the year on the eastside were up by 10%. Only a few of the eastside neighborhoods had home sales which were down from last year.

Several theories were proposed in The Seattle Times wrap up on December real estate:

• The market finally has worked its way through the lull it fell into after the tax credits’ expiration.

• Buyers are climbing off the fence, even if they suspect prices will continue slipping, because they fear interest rates will rise and wipe out any savings.

• There may have been a push to get some long-languishing short sales — sales for less than sellers owe lenders — closed before year-end.

Is this a trend that will continue into the New Year?  It’s probably too early to say, but I’ll be watching over the next couple of months to see how 2011 real estate performs on the eastside.  Do you think this will be the start of a change in local area real estate?


Seattle Eastside Real Estate 2010 Statistics

Seattle Eastside Real Estate 2010 Snapshot

The odds of selling a home on the Eastside in November ranged from 12% to 20%, with an average 16% absorption rate.*  Most home sellers on Seattle’s eastside had a 16/100 chance 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.)

December, 2010      2499 homes for sale    397 homes sold             16% odds of selling.

November, 2010      2818 homes for sale    455 (was 485) homes sold       16%(was 17%)  odds of selling.*

December,  2009     2584 homes for sale   343 homes sold           13% 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.)

_____________________________________________________________

December, 2009 Seattle-Eastside real estate market compared to December, 2010:

  • The average  price of pending homes (recently sold homes) went from $536,205 to $513,009.
  • On 12-27-10, there were 11,015 King County homes (houses and condos) for sale. There were approximately 4000 less homes for sale, 32% less, in King County now than in July.
  • The number of homes sold on Seattle’s Eastside: down .7% from last year. The sales were almost the same as December, 2009.
  • Number of homes for sale on Seattle’s Eastside: The number of homes for sale in December, 2010 was about 75 less than 2009.
  • If you look at 2010, in 9 out of 12 months, 400-500 homes sold each month.  But the number of homes for sale varied from July’s high of 3400+ to December’s low of 2499.

Best odds of selling: East Bellevue/Redmond areas around Microsoft.

Worst odds of selling: West Bellevue and downtown Redmond and Carnation.

Biggest increase in sales from last year: East Bellevue/Redmond near Microsoft.

Smallest increase in sales from last year: Downtown Redmond and Carnation.

Decline in home sales from last year: Two out of the 7 Seattle-eastside areas had fewer sales, West Bellevue and Sammamish/Issaquah/North Bend/ Fall City.

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: 2588 homes.

The number of eastside homes for sale in December, 2010: 2499 homes.


Posted on January 11, 2011 at 3:06 pm
The Beaupain Team | Category: Bellevue Real Estate, Bellevue, WA, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Market Statistics, Real Estate, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Woodinville, WA, Woodinville, WA Real Estate | Tagged , , , , , ,

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.

Seattle Eastside Home Sales

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.)

_____________________________________________________________

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?

Posted on December 13, 2010 at 4:24 pm
The Beaupain Team | Category: Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Real Estate, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, Woodinville, WA, Woodinville, WA Real Estate | Tagged , , , , , ,

How Was The Seattle-Eastside Real Estate Market in October, 2010?

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Posted on November 11, 2010 at 5:53 am
The Beaupain Team | Category: Bellevue Real Estate, For Buyers, For Homeowners, Issaquah Real Estate, King County Real Estate, Kirkland, Market Statistics, Real Estate, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA Real Estate | Tagged , , , , , ,

How Was The Seattle-Eastside Real Estate Market in September, 2010?

 

Seattle-eastside Home Sales Stats

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.)

_____________________________________________________________

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?

Posted on October 12, 2010 at 11:57 am
The Beaupain Team | Category: Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Market Statistics, Real Estate, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Woodinville, WA, Woodinville, WA Real Estate | Tagged , , , , , ,

What Were The Odds of Selling Your Seattle-Eastside Home in August, 2010?

Real Estate Activity on Seattle's eastside, 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.

_____________________________________________________________

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.

Posted on September 16, 2010 at 7:52 am
The Beaupain Team | Category: Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Market Statistics, Real Estate, Redmond, Sammamish, WA, Sammamish, WA Real Estate, WA real estate, Woodinville, WA, Woodinville, WA Real Estate | Tagged , , , , , ,

What Were The Odds of Selling Your Seattle-Eastside Home in July, 2010?

Real Estate Sales for Seattle-Eastside, july, 2010

Seattle-Eastside Residential Real Estate Sales, July 2010

The odds of selling a home on the Eastside in July, 2010 ranged from a low of 11.5% to a high of 17%, with an average 14% absorption rate.(The absorption rate is the number of homes for sale in a month divided by the actual number of homes sold that month.)

July, 2010               3468  homes for sale     501 homes sold                  14% odds of selling.

June, 2010              3360 homes for sale     475 (was 503)  homes sold       14%(was 15%) odds of selling.*

May, 2010               3209 homes for sale     492 homes sold        15% odds of selling.*

July, 2009               3819 homes for sale     516 homes sold        13.5 % odds of selling.

June, 2009              3859 homes for sale     563  homes sold         15% odds of selling.

*Adjusted from previous month’s numbers to reflect the actual number of homes sold and closed. Each month some sales  fall apart and don’t close.  A lower number of home sales may be reported at a later date to show the actual number of sales that did close.

For the past few months, the absorption rate for all the Seattle-eastside areas has been in the teens, hovering around 13-15%.   May, June, and July all had similar absorption rates.  Since May of 2009, the number of homes that have sold each month has not varied all that much, with the exception of March and April of this year. March and April had higher sales because of the tax credit.

Where we see more of a difference is in the number  of homes for sale on Seattle’s eastside.  Last year  there were 3819 homes for sale in July, 2009.  This year there are 10% less homes on the market.  But even with less homes on the market, the odds of selling are about the same.

We have the lowest interest rates since 1971.  Plus, our Seattle eastside real estate market is clearly a buyers’ market again, since the absorption rate is so low.  It’s very obvious when shown on a map of the area. I’ll  post a map of the Seattle eastside showing where buyers and sellers markets are located later this week.  The reality is, however, that most of the real estate markets are buyers’ markets right now.

So why are real estate sales so sluggish? My guess is the “fear factor.”  People are still worried about the economy.  Plus, with interest rates predicted to remain low for the foreseeable future, there’s also no sense of urgency to buy.

Why do you think the Seattle eastside real estate market is slower?

_____________________________________________________________

July, 2009 Seattle-Eastside real estate market compared to July, 2010:


  • The average asking price of pending homes (recently sold homes) went from $558,397 to $573,617. (This does not show what the homes actually sold for.)
  • This week, there were 14,414 King County homes (houses and condos) for sale.
  • Two weeks ago  may have been the peak of the number of homes for sale this year when 14,639 homes were on the market.
  • Home sales on Seattle’s Eastside:   down 13%.
  • Number of homes for sale on Seattle’s Eastside:  down 10%

Best odds of selling: Carnation and Redmond, from downtown to north and east, with 17% of the homes getting accepted offers. Ironically, last month this area had the worst odds of selling at 9%.

Worst odds of selling: West Bellevue, with 11.5% of the homes getting accepted offers.

Biggest increase in sales from last year: A 5% increase in South Bellevue home sales, which is the biggest increase.

Smallest increase in sales from last year: Kirkland, with a 3% increase.  There were only two areas with an increase in the number of home sales on Seattle’s eastside.

Decline in real estate sales from last year: There was a decline in 5 out of the 7 Seattle-eastside areas with the largest decline in home sales  in West Bellevue with a 31%  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 in July, 2010: 3468 homes.

Rate of home sales that failed and did not close: 6%

For a picture of King County sales, check out The Seattle Times. The headline states sales are down, but prices are up.  Keep in mind the headline may not represent each area.  Prices are up slightly in some areas, down in others, and sales are down in 5 out of 7 eastside areas.

Posted on August 11, 2010 at 9:50 am
The Beaupain Team | Category: Bellevue Real Estate, Bellevue, WA, Financing, For Buyers, For Sellers, Issaquah Real Estate, Issaquah, WA, King County Real Estate, King County, WA, Kirkland, Real Estate, Redmond, Sammamish, WA, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA, Woodinville, WA Real Estate | Tagged , , , , , ,

What Were The Odds of Selling Your Seattle-Eastside Home in June, 2010?

Seattle-Eastside Real Estate Sales, June 2010

Seattle-Eastside Home Sales, June 2010

The odds of selling a home on the Eastside in June, 2010 ranged from a low of 9% to a high of 23%, with an average 15% absorption rate.  For the past few months, the absorption rate for all the Seattle-eastside areas had been in the double digits.  This month, downtown Redmond and Carnation are in the single digits,  at 9%.  It’s a stark contrast to April, 2010 with its low of 20% to a high of 35%, averaging a 27% absorption rate.

June’s real estate activity is more similar to May, when the numbers started looking more like last year’s real estate rather than the highs of April, 2010.  It’s ironic, in a sense, the tax credit did offer buyers a true incentive to buy, but if one looks at the total picture, there still may be many opportunities to “get a deal.” With the lowest interest rates in 30 years and the higher number of homes on the market, it’s becoming more of a buyer’s market again. ( I’ll be posting the map showing the different markets later this week.)  Plus, summer is the time to play outside for Seattleites, so there are usually less buyers competing for homes.

(The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)

June, 2010              3360 homes for sale     503 homes sold                  15 % odds of selling.

May, 2010               3209 homes for sale     492 (was 563) homes sold        15% (was 17.5%) odds of selling.*

June, 2009              3859 homes for sale     563  homes sold         15% odds of selling.

*Adjusted from previous month’s numbers to reflect the actual number of homes sold and closed. Each month some sales  fall apart and don’t close.  A lower number of home sales may be reported at a later date to show the actual number of sales that did close.

_____________________________________________________________

June, 2009 Seattle-Eastside real estate market compared to June, 2010:


  • Surprisingly, the average list price of pending homes (recently sold) went from $547,381 to $553,772.
  • As of this past week, there were 14,235 King County homes (houses and condos) for sale.
  • Is this the peak of the real estate market for the number of homes for sale this year?
  • Home sales on Seattle’s Eastside:   down 20%, which follows a much smaller drop of 7% in May.
  • Number of homes for sale on Seattle’s Eastside:  down 11%

Best odds of selling: Redmond, near Microsoft, and East Bellevue. 

Worst odds of selling: Carnation and Redmond, from downtown to north and east, with 9% of the homes getting accepted offers.

Biggest increase in sales from last year: A very small 3% increase in East Bellevue and Redmond, near Microsoft, home sales. 

Smallest increase in sales from last year: Same as above.  This area had the only increase in Seattle-eastside home sales in June.

Decline in real estate sales from last year: There was a decline in 6 out of the 7 Seattle-eastside areas. Redmond and Carnation had the largest decline in home sales with a 43% decline in the number of homes sold.  This area also had the largest decline in home sales last month.

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: 3360 homes.

Rate of home sales that failed and did not close: 13%

The sun is out now in Seattle (although a little late today), which tends to slow Seattle Eastside real estate sales.   The number of home sales could remain on the lower side in the near future for two reasons.  One is the slow down after the tax credit rush and the sunny weather and summer vacations.  People in Seattle like to play outside in the sun.

The slower home sales is ironic, given the high number of homes for sale, which means lots of choices and the screamingly low interest rates.   I believe there are some great deals out there for buyers right now.

For a picture of King County sales, check out The Seattle Times.

Posted on July 12, 2010 at 6:04 pm
The Beaupain Team | Category: Bellevue Real Estate, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Market Statistics, Real Estate, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Woodinville, WA | Tagged , , , , , ,

What Were The Odds of Selling Your Seattle-Eastside Home in May, 2010?

Seattle-Eastside Home Sales Activity, May, 2010

Seattle-Eastside Real Estate Sales, May 2010

The odds of selling a home on the Eastside in May, 2010 ranged from a low of 12% to a high of 20%, with an average 16.5% absorption rate.  Contrast this with April, 2010 odds with a low of 20% to a high of 35%, averaging a 27% absorption rate.

May’s numbers look more like May of last year than they do of April of this year.  This month may mark the back to reality of Seattle-eastside real estate or maybe not.  We’ll need to see how the rest of the year plays out as so many people rushed to buy and sell before the end of the tax credit.  There are still  buyers who want to buy and the sellers who need to sell, although this may be a time of adjustment.

(The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)

May, 2010               3209 homes for sale     529 homes sold              16.5% odds of selling.

April, 2010              3084 homes for sale     770 (was 847) homes sold      25%(was 27.5%) odds of selling.*

May, 2009               3841 homes for sale      547  homes sold         14% odds of selling.

*Adjusted from previous month’s numbers to reflect the actual number of homes sold and closed. Each month some sales  fall apart and don’t close.  A lower number of home sales may be reported at a later date to show the actual number of sales that did close.

_____________________________________________________________

May, 2009 Seattle-Eastside real estate market compared to May, 2010:

  • We are back to reality with Seattle-Eastside home sales.  The tax stimulus pushed both home buyers and sellers to act more quickly this year, so the high number of home sales in April may have contributed to the drop in number of eastside home sales in May.
  • The end of the tax stimulus had a greater impact on lower priced homes compared to higher priced homes.
  • The average list price of properties that are pending went from $512,060 to $646,545. This is an unprecedented change month to month.
  • As of this past week, there are 13,615  King County homes (houses and condos) for sale.
  • The median price was down by .9%, an insignificant drop.
  • Home sales on Seattle’s Eastside:   down 7%  The first down month in 2010.
  • Number of homes for sale on Seattle’s Eastside:  down 17%

Best odds of selling: Sammamish plateau areas of Sammamish, Issaquah, North Bend, and Fall City  with the best odds of selling as 20.5% of the Sammamish homes got offers.  

Worst odds of selling: Woodinville, Bothell, Kenmore, Duvall, and North Kirkland with 12% of the homes getting accepted offers.

Biggest increase in sales from last year: A small 6% increase in Sammamish home sales was the highest increase in Seattle-eastside real estate sales.  Quite a contrast to the double and triple digit increases we’ve seen the last few months.  As an example, there was 102% increase in the number of Kirkland homes sold in April, 2010 when compared to April, 2009.

Smallest increase in sales from last year: Kirkland home sales increased by 3%

Decline in real estate sales from last year: There was a decline in 5 out of the 7 Seattle-eastside areas, unlike the last few months when every eastside neighborhood experienced an increase in home sales. Redmond and Carnation had the largest decline in home sales with an 18% 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: 3209 homes.

Rate of home sales that failed and did not close: 10%

Seattle Eastside real estate tends to slow down a bit when the sun comes out, which hopefully is any day now!  The number of home sales could remain on the lower side in the near future for two reasons.  One is the slow down after the tax credit rush which we are now seeing and the upcoming (think positively) sunny weather and summer vacations.  People in Seattle like to play outside in the sun.  There are a number of people who are “gearing up” to make a move, so we may see stronger eastside real estate sales when summer comes to an end.

Ironically, when people ask me when is the best time time to sell a home, I tell them spring and fall are usually the best times.  However, homes sell each month and the ones that show the best and are priced competitively will be the ones to get the offer.

Posted on June 10, 2010 at 3:38 pm
The Beaupain Team | Category: Bellevue Real Estate, Bellevue, WA, For Buyers, For Homeowners, For Sellers, Issaquah Real Estate, King County Real Estate, Kirkland, Market Statistics, Real Estate, Real Estate News, Redmond, Sammamish, WA Real Estate, Seattle real estate, WA real estate, Windermere Real Estate, Woodinville, WA Real Estate | Tagged , , , , , ,

What Were The Odds of Selling Your Seattle-Eastside Home in April, 2010?

Real Estate Sales in Seattle-Eastside

Seattle-Eastside Real Estate Sales April 2010

The odds of selling a home on the Eastside in April, 2010 ranged from a low of 20% to a high of 35%, with an average 27% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)

April, 2010                3084 homes for sale       847 homes sold        27.5% odds of selling.

March, 2010             2923 homes for sale      695 (was 778)  homes sold    24% (was 27%) odds of selling.*

April, 2009               3600 homes for sale      477  homes sold         13% odds of selling.

*Adjusted from previous month’s numbers to reflect the actual number of homes sold and closed. Each month some sales  fall apart and don’t close.  A lower number of home sales may be reported at a later date to show the actual number of sales that did close.

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April, 2009 Seattle-Eastside real estate market compared to April, 2010:

  • Home sales continued on a roll in all Seattle-Eastside cities.
  • As of this past week, there are 13,102  King County homes (houses and condos) for sale.
  • Overall, the Seattle eastside number of homes for sale continues to rise as the year progresses with only a few dips in numbers for sale since the first of the year.
  • The median price was down by 5%.  (Keep in mind this is comparing last April’s numbers to this April and is not an indication of the total drop in price for the year.)
  • Home sales on Seattle’s Eastside:   up 47%!
  • Number of homes for sale on Seattle’s Eastside:  down 18%

Best odds of selling: Redmond, near Microsoft, and East Bellevue with the greatest odds of selling as 35%  of the homes got offers.  

Worst odds of selling: West Bellevue, with 20% of the homes getting accepted offers.

Biggest increase in sales from last year: There was 102% increase in the number of Kirkland homes sold this April than last April.  Kirkland was the only area with a triple digit increase this month.

Smallest increase in sales from last year: Woodinville, Bothell, Kenmore, Duvall with an 18% increase in home sales over last year.

Decline in real estate sales from last year: None on the eastside. More homes sold in all areas of Seattle’s eastside this April than April, 2009.

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: 3084 homes.

Rate of home sales that failed and did not close: 13%

Seattle Eastside home sales should continue to be strong in May.  My team and I are getting phone calls from both buyers and sellers who still want to make a move, but may have not been ready to do so simply for the tax credit.

What’s happening in real estate in your area?  Are homes selling?  Do you think you’ll see a change in real estate because the tax credit is gone?

Posted on May 14, 2010 at 1:21 pm
The Beaupain Team | Category: Bellevue Real Estate, For Buyers, For Sellers, Issaquah Real Estate, Kirkland, Real Estate, Redmond, Sammamish, WA Real Estate, Woodinville, WA Real Estate | Tagged , , , , , ,