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April Showers Brought More Real Estate Sales on Seattle’s Eastside
Seattle Eastside real estate sales keep climbing! Home sales have increased by 35% since January of this year.
Buyers don't despair. We're starting to see a significant increase in the number of homes for sale, which is good for buyers. Sellers still have the advantage in the marketplace, though, because the supply is still low when compared to previous years when 3000-4000 homes were for sale each month on Seattle's Eastside.
Will the market ease up for buyers if more homes come up for sale? More than likely if the supply increases, the market will still perform well for sellers, but it may not be as frenetic. It still will be a matter of time before there are any big changes to the marketplace, but it will be interesting to see how the rest of the year plays out. We believe more homes will come up for sale as typically happens each summer as the school year comes to a close. Will this change the marketplace dynamics between buyers and sellers? Probably not much at this point, because we're still on the low side of supply.
Here are the specifics for April, 2013 as compared to April, 2012:
- 80% of the available homes sold this past April, 41% sold in April, 2012.
- Homes sold in 48 days, down from 101 days in April, 2012.
- In 2012 median pricing in April was $485,000. In 2013, April's median pricing was $565,000. Wow, that's a huge jump in median pricing. We're still expecting median pricing to continue to work its way back up to the higher $500+ range, but much will depend on how many homes come on the market.
If you'd like to know more about the value of your home, please don't hesitate to contact us.
Seattle Eastside March Real Estate Marched On!
Seattle Eastside Real Estate Sales Through March, 2013
Finally, there were a few more homes for sale on Seattle's eastside in March, the first month since August of last year!
Did this increase in inventory dampen the number of sales? So far, nothing has slowed down the rate of sales. In fact, the rate of home sales in Bellevue, Kirkland, Redmond, and other eastside cities was higher in March than February. Seventy-eight percent of the homes on the market sold! There is still more than one buyer for each home, so multiple offers remain the norm.
It's been hopping out there in the real estate market on the eastside. We're starting to see some Eastside buyers behave like Seattle buyers. This past weekend, a buyer pre-inspected one of our listings before making an offer. Rumor had it that there were going to be at least 4 offers on the table and this particular buyer wanted to come to that table with a very clean, straightforward offer. Buyers in Seattle have pre-inspected homes for years when the market has been hot. It's not something we've seen as much on the eastside, but we wouldn't be surprised if it continues.
Here are the specifics for March, 2013 as compared to March, 2012:
- 78% of the available homes sold this past March, 44% sold in March, 2012.
- Homes sold in 62 days, down from 109 days in March, 2012.
- In 2012 median pricing in March was $470,000. In 2013, March's median pricing was $560,000. We're expecting median pricing to continue to work its way back up to the higher $500+ range, particularly since inventory is still so low.
The Seattle Times reported a 17% increase in pricing from March, 2012 on the eastside.
It was the biggest monthly percentage gain since April 2012, when King County’s median home price started rising after 19 months of decline.
If you'd like more information specific to your home, don't hesitate to contact us.
If You Had a “For Sale” Sign in Your Yard in February on Seattle’s Eastside You Probably Sold Your Home!
Seattle-Eastside Real Estate Sales Through February, 2013
Did February's real estate sales top January? They sure did! Seventy-four percent of the homes on the market sold! Homes continue to sell with multiple offers and for over full price.
The number of homes dropped only a bit from January, and was the lowest number of homes for sale in over 20 years. Sales skyrocketed though, climbing from 605 to 713 homes. This number doesn't sound like a lot, until you consider the fact that only 968 homes were for sale.
The hot market continues, but two areas of Seattle's eastside were on fire. South Bellevue and Issaquah and East Bellevue and Redmond, near Microsoft. If a home had a "for sale" sign in the yard in these areas, it sold last month!
Sellers still need to price their homes for the market or the buyers will not come. Buyers will pay more than full price if there's competition from other buyers and the house is a well maintained with a market value price tag on it. Homes don't sell for more than full price if they are overpriced when they go on the market. But if buyers see the value of the home and there's more than one buyer, that's when a home sells for more than full price. Sellers must attract the buyers with a good value if they truly expect to attract multiple buyers and sell for at least full price and possibly more!
Buyers, since the ball is in the seller's court in 2013, you have to be prepared. Work with a Realtor who knows market value and whether it's worth paying more for a home if there are multiple offers. Find out if your Realtor has worked in this kind of seller's market before and how they handle multiple offers. Get pre-approved by your lender and have it in writing to present with your offer. Make a simple, clean offer. Include a good earnest money check to accompany the offer. Pre-inspect the house if the seller allows it, so you can be assured of an inspection, but not have it be part of the offer. It's one less contingency that you and the seller will have to sort out when comparing the offers and puts your in a better position.
The hottest selling price range was for homes priced under $350,000. Right behind it were the homes priced between $500-750,000. Fifty three homes sold for over $1,000,000 this past month. There's less than 2 months worth of inventory for all homes priced below $750,000!
The strong real estate market should continue. In the Seattle Times, Dick Conway, an economic forecaster said:
…. robust job creation by the likes of Boeing, Amazon and other major companies headquartered here should create more demand for new housing, which in turn will create construction jobs, and hunger for more housing.
Here are the specifics for February, 2013 as compared to February, 2012:
- 74% of the available homes sold this past February, 33% sold in February, 2012.
- Homes continued to sell quickly, in 79 days, which is down from 119 days in February, 2012.
- In 2012 median pricing in February was $447,000. In 2013, February's median pricing was $525,000. Median pricing has been a solid $500,000+ for months now and should continue to be for the next few months
If you'd like more information specific to your home, don't hesitate to contact us.
*The absorption rate is the percentage calculated by dividing the number of sales by the number of homes for sale.
Seattle Eastside Real Estate Sails into The New Year!
Seattle Eastside Real Estate Sales Through January, 2013
In January, buyers were lining up to buy the few available homes on Seattle's Eastside. Sixty-five percent of the homes on the market sold! There were so many buyers that most homes attracted multiple offers and sold for over full price.
For many months now, I've repeated myself. I've been reporting that the number of homes for sale during each of the last few months is the lowest number in 15 years, yet with each month the number has gotten smaller and smaller. The start of 2013 marks the first time the number of homes for sale has dropped below 1000 homes in such Eastside cities of Bellevue, Redmond, Kirkland, etc, I checked back to 1990, 23 years ago, and this is the lowest, and the lowest by far, number of homes for sale. Traditionally, there are several thousand homes for sale.
Sales, on the other hand, are high. Eastside real estate sales increased by 17% from January, 2012, while the number of homes for sale dropped by 44%. Redmond and East Bellevue continue with the top the absorption rate.* Over 95% of the homes near Microsoft sold last lmonth! There were only 44 homes on the market in those areas and 42 sold!
Fewer homes to buy + more sales = hot market.
Sellers, your ship has come in! But keep in mind, the homes that sell for the best prices are in show condition, not in need of repairs and are priced right.
Buyers, you have more of a challenge in this market. But it can be done. You can buy a home. Be prepared with a strong pre-qualification letter, learn your market, and have a Realtor representing you who is a savvy negotiator in multiple offer situations.
Here are the specifics for January, 2013 as compared to January, 2012:
- 65% of the available homes sold this past January, 24.5% sold in January, 2012.
- Homes continued to sell quickly, in 71 days, which is down from 106 days in January, 2012.
- In 2012 median pricing in January was $470,000. In 2013, median pricing was $514,000.
If you'd like more information specific to your home, don't hesitate to contact us.
*The absorption rate is the percentage calculated by dividing the number of sales by the number of homes for sale.
Seattle Eastside 2012 Real Estate Ends the Year on a High Note
What a year we had in real estate on the Seattle eastside! December real estate was on fire, just like much of 2012! Just over 1000 homes were for sale, about 1/2 as many as were for sale just a year ago. It's been over 15 years since there have been so few homes for sale in Bellevue, Kirkland, Redmond and other eastside cities. In a few eastside neighborhoods, every home for sale sold, but the bottom line is in every area most homes were selling, if they were priced right and showed well.
The area with the most sizzling sales activity was near Microsoft, in Redmond and East Bellevue. There was and is a dearth of listings, so every home that was for sale sold! Over 100% of the available homes sold in December! More than likely a few homes sold before they were on the market, causing the percentage of those sold to top 100 percent.
Our listings have been selling in a matter of days with multiple offers. Typically, homes sold for more than full price because of the intense competition and lack of inventory.
In 2012, 7300 homes sold on Seattle's eastside. Even with fewer homes for sale in 2012 than in 2011, more homes actually sold in 2012. In 2011, 5440 homes sold. In 2012, most of the homes sold were priced between $500-$750,000. The second most popular price range for homes in Eastside neighborhoods was $350-$500,000. Market time was really short by the end of 2012. It would have taken about 2 months to sell every home for sale, which was half the time it would have taken to sell off all of the available inventory in 2011.
Here are the specifics for December 2012 as compared to December, 2011:
- 46% of the available homes sold this past December, 17% sold in December, 2011.
- Homes continued to sell quickly, in 63 days, which is down from 106 days in December, 2011.
- In 2011 median pricing in December was $460,000. In 2012, median pricing was $506,000.
The median price of $506,000 listed above reflects the median price of the sales in December. The median price for homes sold in all of 2012 was $525,399, up from $502,784 in 2011. The chart below shows the median pricing for each of the last 5 years. As I've mentioned in previous posts, it makes more sense to look at the trendline (the red line) for the year then to just compare one month to another. It's clear that for the first time in the last 5 years, we are seeing a solid trend with price increases.
The fabulous activity in the 2012 eastside real estate market should continue into 2013. We've started the year with our listings selling just after the ink is dry on the listing and it's posted on the internet. With supply at an amazing low and demand still very high, there are multiple buyers for homes.
Seattle is on a strong path forward because of our strong economic footing, according to Jed Kolko, the chief economist at Trulia:
On the other hand, metros like Seattle, which came in second on the list of cities with the highest asking-price recovery, are on a smoother path to growth because of their strong economic fundamentals, he said.
If you'd like more information specific to your home, don't hesitate to contact us. Have a wonderful 2013.
The Hot Seattle Eastside Real Estate Market Helped to Warm Up Our Chilly November!
How did this past November's Seattle eastside real estate compare to November of 2011? Low inventory, strong sales, short market times, and increasing home values continued through November.
Why are so few homes for sale? Some sellers are underwater, some are waiting for prices to go up, and some are just not ready to move. Given this situation, expect to see our great real estate market continue into next year.
Our listings have been selling in a "heart beat," which is not surprising given the lack of inventory. We've listed 3 homes since the beginning of December and all have sold with multiple offers in 4 days or less and for over full price! Remember we said this holiday season is a great time to sell your home.
The reality is, even in this market, not all of the listed properties have sold. The homes that go in a "heart beat" show well and are priced well. We've had wonderful sellers to work with who have done all the right thihgs to get their homes ready to sell. In addition, our staging, photography, and pricing structure have helped them to sell their homes for more than full price
Here are the specifics for November 2012 as compared to November, 2011:
- 45% of the available homes sold this past November, 20% sold in November, 2011.
- Homes continued to sell quickly, in 66 days, which is down from 107 days in November, 2011.
- Last year median pricing in November was $469,000. This year, median pricing was $525,000.
If you'd like more information specific to your home, don't hesitate to contact us. We'll do a wrapup of 2012 after the first of the year. Have a wonderful 2013.
Seattle Eastside Real Estate in October, 2012? Fabulous!
How did this past October's Seattle eastside real estate compare to October of 2011? Can you say FABULOUS! This October was a fabulous real estate market in every way, fewer homes for sale, more sales, shorter market times, and a clear trend of increasing home values.
Here are the specifics:
- 51% of the available homes sold this past October, 21% sold in October, 2011. Over half the homes on the market sold!
- Homes sold in 62 days, which is down from 97 days in October, 2011. Homes are selling fast!
- Last year median pricing in September was at $469,000. This year, median pricing was $515,000.
- Homes sold within 4% of the original asking price.
Did the number of sales increase?
Yes, by a whopping 47%!
Did prices continue to increase?
Yes, they've continued to increase. Median pricing for the Seattle eastside has been $500,000 and above every month since May of this year, which clearly indicate a strong trend.
How does all this information impact you, if you're a seller? This is the best time to sell your home in 5 years!
Know how quickly homes in your area are selling. If your home is on the market for longer than the competition, your home is overpriced. If you have a lot of showings and your home does not sell, it's overpriced. If you have very few showings, then your home is overpriced. Since there are so few homes on the market, if your home is priced right and shows well, it will sell. If it's not, then it will sit there. In this market your home should be selling, if not, then look at your asking price. Even though there is not a lot for sale, buyers will still not overpay for a house.
How does this information impact you as a buyer?
Prepare yourself and become familiar with what you can buy for the money in your favorite locations. Take your time to do this. When you're comfortable with what's available, then it's easy to make a quick decision when the right house comes up. Expect multiple offers, if the house is a good one. Be prepared with a preapproval letter to accompany your offer. If it's a well priced home that shows beautifully, expect it to sell quickly and for close to, if not, full price.
If you'd like more information specific to your home, don't hesitate to contact us.
Top Ten Ways to Turn a Buyer Off To Your Home
You've decided to sell your home. Now buyers will be coming by to see your home. These buyers will decide if your house can be their home.
It feels strange to have people walking through your home. It also feels strange to have photos of your home online for all the world to see. Selling a home is not like living in a home. When you live in your home, it's your private retreat where you can keep you home as clean or as messy as you want. But now your home is "on the market" with online photos and buyers coming by. It's a very different experience, which means you will need to live differently.
Here are ten things you should not do while your home is for sale.
1. Be home during the showing. Leave when buyers are coming so they feel comfortable looking through all the rooms, cabinets, and closets. Buyers will feel free to discuss whether a home works for them.
2 Offer to show buyers around. Often sellers focus on what they think is important and what they love, but it may it may not be what a buyer loves. Imagine you had a gorgeous jacuzzi style tub and showed it off to buyers. If the buyers prefer showers, the jacuzzi tub may mean nothing. When sellers show buyers around, it makes the buyer feel you're still too tied to your home and not ready to sell.
3. Draw blinds and leave lights off. A house that feels dark doesn't feel warm and comfortable.
4. Have an unmade bed. Need I say more about this?
5. Leave dishes in the sink and on the counters. Again, pretty self explanatory, but buyers really don't want to see your mess.
6. Leave personal items out in the bathroom. No one wants to know you brush your teeth or blow your nose. Buyers want to feel the bathroom is pristine and ready for them.
7. Your PJ's on the floor. Oh, please.
8. Smoke smell. Buyers worry it will take a professional cleaning to eliminate smoke smell or the smell cannot be eliminated at all.
9. Cooking odors. Many people love to cook, but they don't want to smell food when they look at homes.
10.Unsecured pets. Make sure your pets, who think they need to protect your home, are secured and don't interfere with buyers who are looking at your home.
There are many other things you should not do that will detract from the buyer's experience when viewing your home. Remember, the buyer needs to feel good about your home if they plan to buy it. If they think the house is unkempt or you make them feel like they're intruding, more than likely they'll go buy another home. Show buyers you're ready to sell. Give them a positive picture and the "space' to buy your home.
August Real Estate Keeps Moving on Seattle’s Eastside
How was the real estate market on Seattle's eastside in August?
The market has been" steady as she goes!" This is a very good thing. We are experiencing a great real estate market that has followed a trend over the last few months and is far better than last year at this time.
The number of homes for sale has hardly changed at all. Ok, there were 8 fewer homes for sale in August, but that's just a drop in the bucket. And as we mentioned in a recent, the exact same number of homes were for sale in both June and July!
Did the number of homes for sale increase?
No, It hardly changed, but it did decline slightly. This had little impact on the market.
Did the number of sales increase?
Yes, by 6%. So we had about the same number of homes for sale, but more homes sold in August. This sounds good to me.
Did prices continue to increase?
Yes, they have continued to increase, but only slightly. Median pricing in July was $512,000. This August it's $520,000. Last August median pricing for the eastside was $506,000.
This is the third month in a row that median pricing has been up for the year. Again, this is a great trend!
The Seattle Times gave a very positive picture of the entire King County real estate market, which includes Seattle and the eastside cities of Bellevue, Kirkland, Redmond, Issaquah, Woodinville, and more. Glenn Crellin of UW's Runstad Center for Real Estate Studies said:
But for now, he added, the local market looks healthy. Rising prices are giving more formerly "underwater" homeowners — who once owed lenders more than their homes were worth — equity in their houses again, he said.
How did this past August compare to August of 2011?
- 38% of the available homes sold this past August, 20% sold in August, 2011.
- Homes sold in 63 days, which is down from 85 days in August, 2011. Homes are selling more quickly.
- Last year median pricing in August was at $506,000. This year, median pricing was $520,000.
- Homes sold within 4% of the original asking price. Last year homes sold within 7% of the asking price.
Is the Seattle eastside market strong? Yes, particularly compared to last year when there were almost 1000 more homes for sale! Add that to the fact that almost 1/3 more homes sold this past August than in 2011!
How does all this information impact you, if you're a seller?
Know how quickly homes in your area are selling. If your home is on the market for longer than the competition, there's a good chance your home is overpriced.
We recently spoke with a seller and told him the last few homes in his area in his price range sold in 2, 5, and 11 days. If his home is on the market for about 10-12 days with no offers, then his home will be overpriced for the market. Pricing a home correctly is the most important thing you can do as a seller. The next most important thing to do is hire someone who will guarantee you"ll have professional photography. Your home will have about 3 seconds to grab a buyer's attention on the internet, so make that 3 seconds work for you. If your home has lousy photos, you could potentially lose a good buyer. Make sure your home is decluttered, staged with your own furniture and good staging advice or with staged with the stager's furniture. As a seller, you're painting a picture for the buyer of how "cool" and wonderful it would be to live in your home, so set the stage, literally!
How does this information impact you as a buyer?
There is enough turnover in the supply each month for buyers to learn what values are in the marketplace. Find out what's available in your price range in your areas so you'll be prepared when the right home comes up. In some areas, multiple offers are the norm. In others, there may be some flexibility in the price. But if it is a well priced home that shows beautifully, expect it to sell quickly and for close to, if not, full price.
If you'd like more information specific to your home, don't hesitate to contact us.
The Strong Real Estate Market Continued Through July on Seattle’s Eastside
How hot was the Seattle Eastside real estate market in July?
The market was still hot, even if our summer has only been hot the last couple of weeks!
Ironically, it looks like July was almost a mirror image of June. Real estate stats for the two months are almost the same. The exact same number of homes were for sale in both June and July! We never see this.
Did the number of homes for sale increase? No
Did the number of buyers decrease? Sales increased by one!
Did prices continue to increase? Yes, they have continued to increase, but only slightly.
Even though the media has reported that real estate prices increased by 7% from July, 2011, truthfully, prices have not increased by that much on Seattle's Eastside, which encompasses the cities of Bellevue, Redmond, Kirkland, Issaquah, Woodinville, Sammamish. If prices were up by 7%, we would be heading towards a market similar to what existed before the market crash. I recently posted an article explaining what the actual increase in pricing is for eastside homes. Check it out because it gives a realistic explanation as to what is truly happening with market pricing.
With a 38% chance of getting a home sold in July, Seattle eastside home sellers had great odds of getting their home sold. The odds have dropped slightly over the last few months from March's high.
How did this past July compare to July of 2011?
- 38% of the available homes sold this past July, 21% sold in June, 2011.
- Homes sold in 64 days, which is down from 90 days in June, 2011.
- Last year median pricing was at $504,000. This year, median pricing was $517,000.
- Homes sold within 2% of the original asking price. Last year homes sold within 4% of the asking price.
All these statistics point to the positive. More homes sold in a shorter amount of time, and the median price was slightly higher than last year. Homes are selling in a shorter amount of time, with less of a price reduction and prices have stayed fairly stable when compared to June of 2011.
If you'd like more information specific to your home, don't hesitate to contact us.
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How hot was the Seattle Eastside real estate market in July?
The market was still hot, even if our summer has only been hot the last couple of weeks!
Ironically, it looks like July was almost a mirror image of June. Real estate stats for the two months are almost the same. The exact same number of homes were for sale in both June and July! We never see this.
Did the number of homes for sale increase? No
Did the number of buyers decrease? Sales increased by one!
Did prices continue to increase? Yes, they have continued to increase, but only slightly.
Even though the media has reported that real estate prices increased by 7% from July, 2011, truthfully, prices have not increased by that much on Seattle's Eastside, which encompasses the cities of Bellevue, Redmond, Kirkland, Issaquah, Woodinville, Sammamish. If prices were up by 7%, we would be heading towards a market similar to what existed before the market crash. I recently posted an article explaining what the actual increase in pricing is for eastside homes. Check it out because it gives a realistic explanation as to what is truly happening with market pricing.
With a 38% chance of getting a home sold in July, Seattle eastside home sellers had great odds of getting their home sold. The odds have dropped slightly over the last few months from March's high.
How did this past July compare to July of 2011?
- 38% of the available homes sold this past July, 21% sold in June, 2011.
- Homes sold in 64 days, which is down from 90 days in June, 2011.
- Last year median pricing was at $504,000. This year, median pricing was $517,000.
- Homes sold within 2% of the original asking price. Last year homes sold within 4% of the asking price.
All these statistics point to the positive. More homes sold in a shorter amount of time, and the median price was slightly higher than last year. Homes are selling in a shorter amount of time, with less of a price reduction and prices have stayed fairly stable when compared to June of 2011.
If you'd like more information specific to your home, don't hesitate to contact us.
