So how was the October real estate market on Seattle’s eastside? Thankfully (it’s almost Thanksgiving after all), the number of homes on the market is down.
The odds of selling a home on the Eastside in October ranged from 9.5% to 20%, with an average 16% absorption rate.* Most home sellers on Seattle’s eastside had a 16/100 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 the 100 homes for sale sold that month.)
October, 2010 3267 homes for sale 519 homes sold 16% odds of selling.
September, 2010 3487 homes for sale 475 homes sold 14% odds of selling.*
October, 2009 3240 homes for sale 537 homes sold 17% 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.)
October, 2009 Seattle-Eastside real estate market compared to October, 2010:
- The average price of pending homes (recently sold homes) went from $543,469 to $508,175.
- As of this past week, there were 12,942 King County homes (houses and condos) for sale, the first time this number has dropped below 13,000 since May 5th of this year!
- The number of homes sold on Seattle’s Eastside: down 19% from last year.
- Number of homes for sale on Seattle’s Eastside: Over 200 fewer homes for sale than last year, following the trend in the market, which is great to see.
- 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: The Sammamish and Issaquah plateau, plus North Bend, Snoqualmie and Fall City.
Worst odds of selling: West Bellevue, at 9.5%, again the neighborhood is falling below a 10% absorption rate because it is one of the most expensive areas on Seattle’s eastside, which means less buyers can afford to live in the area.
Biggest increase in sales from last year: Kirkland! I could see it happening this past month. It looks like Kirkland real estate has risen from the summer doldrums, with an increase of 9% in sales from last year. The only area on the eastside to experience an increase.
Smallest increase in sales from last year: For want of a better way to describe it, the Redmond and Bellevue areas around Microsoft experienced the same number of sales in October this year as last. So no increase, but no decline in sales either!
Decline in home sales from last year: There was a decline in 5 out of the 7 Seattle-eastside areas. Woodinville, Kenmore, Duvall, Bothell and North Kirkland had the biggest decline in sales, which were down 40%.
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: 3267 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?