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How did February, 2009 stack up to February, 2010 in your neighborhood?
(Click on the cities below to see real estate trends for the past 5 years. You’ll find the median pricing for each city and whether the number of homes for sale and the number of sales went up or down. The odds of selling a home in each area is a result of the number of homes for sale divided by the actual number of home sales.)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 19.5%.
Median sales price dropped from $522,250 to $499,995.
The number of homes for sale dropped by 18% and sales were up by 98% from last year.
The odds of selling a home were 29%.
Median sales price dropped from $457,475 to $430,000.
The number of homes for sale dropped by 26% and sales were up by 120%.
The odds of selling a home were 25%.
Median price stayed the same at $579,950.
The number of homes for sale dropped by 30% and sales were up 193.5%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 25%.
Median price increased to $397,000 from $381,450.
The number of homes for sale declined by 26% and sales were up by 95%.
The odds of selling a home were 21%.
Median price dropped from $687,000 to $537,500.
The number of homes for sale declined by 28% and sales were up by 106%.
The odds of selling a home were 16.5%.
Median pricing was down from $1,00,000 to $981,750.
The number of homes for sale decreased by 33% and sales increased by 52%.
Redmond/Education Hill/ Carnation
The odds of selling a home were 25%
Median pricing decreased to $474,950 from $524,900.
The number of homes for sale decreased by 27% and sales increased by 90%.
Median home prices in February, 2010 increased only in one Seattle-Eastside area, which includes Woodinville, North Kirkland, Bothell, and Duvall, when comparing 2-09 to 2-10. Although, if you look at the full year, prices in that area did not increase. Remember, this post only compares the month of February’s numbers to last February and does not include the entire year’s activity and information. South Bellevue and Issaquah home prices remained steady for the second month in a row, which is a very strong sign for those neighborhoods.
Most of the other Seattle-eastside neighborhoods experienced a reduction in sales price. The most significant decrease was in Kirkland, where median home values dropped by 21%. Sales in Kirkland, however, are up by 106%. I think Kirkland home buyers are feeling that real estate prices are more manageable in Kirkland and are more willing to buy a home in Kirkland now.
The increase in the number of home sales ranged from 52% in West Bellevue to 193.5% in South Bellevue and Issaquah. However, with the exception of West Bellevue, the increase in Seattle-eastside real estate sales was no less than 90% more than last February’s home sales.
The number of homes for sale in all Seattle-eastside neighborhoods was lower than last February with an average of 25% less homes for sale. This number will not be as low come March as more Seattle-eastside homes have been coming up for sale since the beginning of the month. Stay tuned for next month’s report, when I’ll have all the real estate data for the month.
I anticipate Seattle-eastside home sales to continue at this strong pace during the month of March as home buyers scramble to use the 2010 home buyer tax credit.
What do you think?
