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Seattle Eastside Condo Sales Were Still Strong in February
The positive Seattle Eastside condo market continued through February! Seventy percent of the available condos sold last month in, on average, 2 months time. The median price for condos increased from $247,000 in 2013 to $263,000 this past February. There's a strong demand with little supply, which translates to higher prices.
Since condos were harder hit than single family homes during the downturn, this is welcome news. Many more condo owners are finding that they are no longer underwater and are now able to make a move.
If you'd like more information about the condo market or your condo in particular, please feel free to contact us. We're here to help!
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.
How Fast Are Seattle Eastside Condos Selling?
Seattle Eastside Condo Real Estate Sales
Seattle Eastside condo inventory is amazingly low as we start the year. The amount of condos for sale is actually very similar to what was available for sale in January, 2013. It'd be difficult to find two years that start out so similarly. There were 287 condos for sale this past January and 286 in January, 2013!
If all of the condos on the market in January were to sell, it would have only taken 1.4 months. Condos have been selling within 96% of the asking price.
Median pricing has gone from $210,000 to $275,000, a hefty jump.
So enjoy Valentine's Day and think about making your move earlier, rather than later next year.
If you'd like more information about the condo market or your condo in particular, please feel free to contact us. We're here to help!
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!
Is the Seattle Eastside Real Estate Market Healthy in the First Quarter of 2014?
2013 3rd Quarter Distressed Sales
The number of distressed sales, bank owned and short sales, has dropped in half from 2011. Only 13% of the real estate sales on Seattle's Eastside at the close of 2013 were distressed sales. More and more homeowners are reaping the benefits of the increase in sales prices and are no longer underwater. This is good news for the marketplace and bodes well for 2014.
Prices should continue to increase as long as the general supply is low and the demand is strong. We expect to see even fewer distressed sales this year as the market is heating up with the low inventory.
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!
Condos are Selling Well During the Holiday Season on Seattle’s Eastside
Seattle Eastside Condo Sales Through November, 2013 
Looking back at November Seattle Eastside Condo real estate, we continued to see a seller's market. Inventory declined as the number of condos for sale dropped almost 20% from October. But sales were still strong, as 60% of the available condos sold. Not everyone just ate turkey in November!
I'm expecting to see similar results in December. Sales will be strong, but not as high a number as the peak month of August when over 260 condo sold. Still, with such low inventory, the chances of selling a condo that's priced correctly and shows well are quite high. Buyers are out looking and hoping to find a new home, even though it is the holiday season.
If you're thinking of selling next year, think about making a move early in the season. The pattern you see in the above chart is a typical yearly pattern. Fewer condos will be on the market the first few months of the year, so it's a great time to sell. There's less competition.
So enjoy the holidays and think about making your move earlier, rather than later next year. Happy Holidays!
If you'd like more information about the condo market or your condo in particular, please feel free to contact us. We're here to help!
Buyers Bought Homes, Not Just Turkey, in November on Seattle’s Eastside
Seattle Eastside Real Estate Sales Through November, 2013
More home sellers take their homes off the market in November, thinking buyers have gone shopping for presents instead of for homes. The roller coaster pattern you see in the chart with inventory and sales is typical of most years. The supply of homes for sale tends to drop off as winter comes to Seattle. The number of homes sold in November also dropped from previous months, but there was still a healthy number of real estate sales on Seattle's eastside. Almost half of the homes for sale, 46%, sold in November.
Median pricing for November sales was $555,000. Median pricing has remained above $550,000 since April of this year. Homes sold in about 5 weeks, which is a short sales time. Homes were not selling within a matter of days as we saw in the spring, but a 5 week time frame is probably a healthier time period for the market. It means the market is still fast and strong, but not as frenetic.
But back to the roller coaster pattern you see in the chart above. Since the number of homes for sale is so low, and probably will continue to be in December, if you're thinking of making a move in 2014, think about it early in the year. Inventory in January should continue this trend and be very low, but creeping up as the month progresses. Competition will be less because of this lack of supply, increasing the chances for a quick sale and a strong price.
Here are the specifics for November, 2013 as compared to November, 2012:
- 46.5% of the available homes sold this past November, 41.5% sold in November, 2012.
- Homes sold in 43 days, down from 67 days in October, 2012.
- In 2012 median pricing in November was $525,000. In 2013, November's median pricing was $555,000.
If you'd like to know more about the value of your home or are thinking about a move, please don't hesitate to contact us.
Enjoy your holidays and have a Happy New Year!
Seattle Eastside Condo Sales Are Still Going Strong
Seattle Eastside Condo Sales Through October, 2013
More condos sold in October than in September on Seattle's Eastside. In fact, October was one of the best months for condo real estate this year. There were 257 condo sales, 11 sales less than the top month of sales in August. Turn over has been excellent as the number of new properties for sale each month has remained strong, but with so many selling, the number of available condos stays low.
The number of condos for sale dropped, which is typical of this time of year. Many sellers think that fall is a slow time of year to sell, which is often not the case as this October demonstrates.
Median pricing dropped some this month back to $250,000. Median pricing peaked in the high 270's range in July. Pricing stayed fairly steady until October. We'll know if the drop in pricing in October was just an anomaly when we see how November and December condo real estate pans out.
If you'd like more information about the condo market or your condo in particular, please feel free to contact us. We're here to help!
Were October Seattle Eastside Real Estate Sales Still Strong?
Seattle Eastside Real Estate Through October, 2013
Real estate sales were still strong in October on Seattle's Eastside. Fewer homes were for sale than in September, but sales increased (the red line shows the pending sales for each month) October was far from the slowest month for sales. There were fewer sales in five other months this year. As you can see, April-August had the best run of real estate sales and October was just behind August for the number of sales.
Here are the specifics for October, 2013 as compared to October, 2012:
- 51% of the available homes sold this past October, 43% sold in October, 2012.
- Homes sold in 41 days, down from 62 days in October, 2012.
- In 2012 median pricing in October was $515,000. In 2013, October's median pricing was $572,000.
If you'd like to know more about the value of your home, please don't hesitate to contact us.
