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How Did February, 2010 Home Sales Stack Up in Your Seattle-Eastside Neighborhood?
[googlemaps http://maps.google.com/maps?source=s_q&hl=en&geocode=&q=Seattle-eastside&sll=47.709762,-122.011414&sspn=0.310487,0.911865&ie=UTF8&split=1&radius=21.22&rq=1&ev=zo&hq=Seattle-eastside&hnear=&ll=47.709762,-122.011414&spn=0.310487,0.911865&t=h&output=embed&w=425&h=350]
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?
What Were The Odds of Selling Your Seattle-Eastside Home in Feb, 2010?
Seattle-Eastside Residential Real Estate Statistics-Feb 2010
The odds of selling a home on the Eastside in February, 2010 ranged from a low of 16.5% to a high of 29%, with an average 22% 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.)
February, 2010 2706 homes for sale 599 homes sold, 22% odds of selling.
January, 2010 2588 homes for sale, (n0w 477) 539 homes sold, (now 18%) 20% odds of selling.*
February, 2009 3574 homes for sale, 264 homes sold, 7% 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. (see explanation below)
_____________________________________________________________
February, 2009 Seattle-Eastside real estate market compared to February, 2010:
- Home sales were up in all Seattle-Eastside cities.
- The number of homes for sale has begun its “spring creep up”. The year started out at the lowest point in three years. We’re now seeing more on the market. Expect to see a jump in homes for sale with the March report coming next month.
- The median price was down by 7%. (Keep in mind this is comparing last February’s numbers to this February and is not an indication of the total drop in price for the year.)
- Home sales on Seattle’s Eastside: up 103%!
- Number of homes for sale on Seattle’s Eastside: down 25%
Best odds of selling: Redmond, near Microsoft, and East Bellevue with the greatest odds of selling. Twenty-nine percent of the homes got offers.
Worst odds of selling: West Bellevue with only 16.5% of the homes getting accepted offers.
Biggest increase in sales from last year: South Bellevue with 193% increase in the number of home sales from last year.
Smallest increase in sales from last year: West Bellevue, with a 52% 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 the eastside this February than last February, which is no big surprise.
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: 2706 homes.
Rate of home sales that failed: 12%
Will our more positive real estate market continue after the April 30th deadline for the home buyer tax credit? What do you think?
Fixing Up Your Home to Sell? Call Your Real Estate Agent First.
Getting ready to sell your home and needing to get it in show condition? There was a great article filled with tips on what to fix to get your home ready in last week’s Seattle Times. But there was one important thing I disagreed with in the article.
So before you call a real-estate agent, go over the property to determine what needs to be repaired or possibly replaced. Make a list of both major and minor jobs. Tackle big projects first.
I disagree, call your Real Estate agent first! Why? Because your agent can help you with this list, saving you time and money.
Here’s an example of what I’m talking about:
I’ll never forget the time an excited client called me to list their home. They’d spent several months preparing their home for sale. Teal blue carpet greeted me when the front door was opened. My heart sank. It was brand new carpet. They were so proud of it. They just loved the color. Unfortunately, this carpet color was the number one complaint I heard from buyers and other agents. Buyers didn’t love the teal blue. It took a lot longer to sell the house because of the carpet color, costing the sellers time and money with the sale of their home.
I could give other examples, but the point is a seasoned real estate professional who’s out working with buyers on a regular basis will be in a position to tell you what needs to be done. Since agents are out seeing homes all over Seattle’s eastside and work with both buyers and sellers, they’ll know what’s expected in the marketplace. Buyers will need to be excited about your home, see it as fresh and ready, and a good value in order to buy. The agent can help you establish what the right amount of repairs and remodeling is so to meet the expectation of your local real estate market and the local buyers. You don’t want to overdue it nor do you want to “under do” it either. You don’t want to replace your bathroom vanity, as an example, if you don’t need to do so. Maybe a dimensional formica or engineered granite will work in your home instead of granite. Maybe you don’t need to do a complete kitchen remodel, but new appliances will do the trick. The goal is to have your home looking “mahvalous” as Billy Crystal would say, by only doing the things that really should be done.
Your agent will help you develop a list of the important things that must be done down to the “it would be nice to be done” category. By doing so, the real estate agent will help you spend your money wisely. A good agent will know some of what an inspector, appraiser, and a buyer will expect to be done. It’s impossible to know everything, since not all things are visible and every home and buyer are different, but a real estate agent can add quite a lot from past experience. They’ll have a list of skilled contractors who show up on time and do the job right. Your real estate agent may also know contractors who are more reasonably priced who could do the job.
If you don’t already have an established relationship with an agent, interview agents right away. Establish a working relationship with the agent you select to represent you. Expect this agent to be your home advisor from the “get go,” well before the buying public knows you want to sell. The agent should spend time helping you create your repair list, making contractor and materials suggestions, and provide general advice about the local real estate market. This should all happen well before you go on the real estate market and the “For Sale” sign is posted in your yard.
Should You Buy a Home on Seattle's Eastside Now or Wait?
Should you buy a home now on Seattle’s eastside now or wait until after the tax credit expires at the end of April?
People were talking on the Wall Street Journal site and on Zillow about this very issue. Today people don’t just ask, “How’s the real estate market?” They ask, “What do you think will happen to the real estate market after the tax credit?”
Here are some of the things people are wondering:
- Do I buy now?
- Do I wait?
- Will I get a better deal now or if I wait?
- Is it worth passing on the tax credit and waiting to see if prices come down after April 30th?
- Is it better to buy now because there is a healthy number of homes for sale and good interest rates?
- Will there be more homes to choose from later?
- Will interest rates go up and cancel out any possible decline in prices?
I got my crystal ball out as did many others. Money Magazine made a strong case for buying now. Warren Buffett, on the other hand, thought the real estate market would pick up in 2011. Luke Mullins of US News and World Report presented the positive aspects of home ownership, even in today’s real estate market. Truthfully, no one knows what will happen and we can only speculate about what may happen with prices, the number of homes on the market and interest rates. But all these variables should be considered when making a decision about whether to purchase a home now or later.
I believe there are good deals on a home now and will be after the tax credit, but it’s on a case by case basis. Here’s why I say this:
Right now…
$6500-8000 home buyer tax credit available for most buyers.
Historically low interest rates.
Good selection of homes, many with very realistic home sellers and prices.
Having the tax credit of $6500-8000 and terrific interest rates, increases buying power. Typically, your loan payment is amortized over 15 or 30 years, a lower interest rate means more dollars per month in your pocket.
Later…
Will prices drop after the tax credit goes away on April 30th? No one really knows. There may be more homes on the market, which we typically see in the summer months in the Seattle area. If so, the law of supply and demand will kick in. More homes + less demand= lower prices. But we really don’t know if this will happen. We don’t know if there will be less demand. We can only guess. We can only gamble on what may be.
However, there’s a good chance interest rates will go up, which means purchasing power will go down. If rates go up 1%, then purchasing power goes down by about 10%. This means if you could afford a home for $330,000, if rates do go up by 1%, you would then qualify for a home at $300,000.
The impact of interest rates on buying power
Buying a home will, obviously, be less expensive if prices drop (but we don’t know if they will), and mortgage rates could also be a higher ( again, just a guess, but looking pretty certain), which could more than cancel out any savings in the price of the home. Remember, I’m not just talking about your initial investment, I’m talking about spreading the total cost out over the time you own your home.
The location factor:
Real estate is hyperlocal. There is no one size fits all real estate locales, individual buyers or individual sellers. Some areas of the Seattle- eastside real estate market will remain stronger than others. Within each city on the Eastside, Bellevue, Redmond, Kirkland, it will vary. The East of Market neighborhood in Kirkland may be vastly different than Kirkland’s Rose Hill real estate market. We see that today with a difference in real estate sales performance in different areas on Seattle’s eastside. So no one should make a “one size fits all” about the real estate market. It will depend on how hot the area is, how many homes are on the market, and how hot the house may be. ( The Queen Anne neighborhood in Seattle seems to remain hot through most real estate markets, as an example.)
Some neighborhoods will be full of homes for sale and the homes in these areas will need to be priced more competitively. Other areas will have fewer homes to buy. These areas will have stiff competition among the sellers to grab the buyers. Buyers will be looking harder at the overall value each home brings them.
The home factor:
In every real estate market, you’ll find fabulous homes. These homes will be perfect, priced right, and terrific values. Homes that shine will be the ones to sell in any market.
The emotional factor…
For most people, it’s a huge personal decision when to buy and what home to buy. If you find a great house and are able to get it for a reasonable price for the real estate market at the time, it may make sense to you to buy. There are the financial aspects of buying a home and the emotional aspects. You might find the home you can’t live without and it’ll be worth it to you to buy now rather later. You may not find a home now and miss using the home buyer tax credit, but you may not want to buy a home now just to get the tax credit.
There are going to be great homes now and in the future. There are also going to be great deals now and in the future. The difference in today’s market is you’re dealing with a known quantity. You have to decide what works for you.
What do you think will happen with the Seattle-eastside real estate market later this year?
Is The Seattle Eastside Home Sales Race Soon to Be On?
Everyone who has wanted to sell on Seattle’s eastside in the last few years seems wants to sell in the next 60 days, including me.
I know some home sellers Angie Bondurant, my business partner, and I will be representing have been madly getting their homes ready to sell. I bet contractors on Seattle’s eastside are busier than they’ve been in a long time. The contractor I use has gone from working on a rental home I plan to sell to a client’s home. As home seller wanna-bes, we’re all in the same boat, scrambling to meet the looming deadline of April 30th. We’re hoping to catch that home buyer who wants to get the benefit of the 2010 home buyer tax credit. (By the way, I don’t think the market will fall apart after April 30th, 2010, but those thoughts will be for another post)
Right now, the number of homes and condos for sale in King County is doing it’s normal spring time creep up (yes, it’s spring here in Seattle). So far, the number of properties for sale isn’t unusually high.
- King County, WA Real Estate For Sale, 3-2-10
In some of the Seattle-eastside neighborhoods where I’ve sold a lot of homes and which I blog about, I’ve talked about the fact that there are fewer homes on the market. I think that may be changing and I am wondering if others are experiencing the same thing.
Are other Realtors seeing the same thing happening with their business?
Do you have more homes coming up for sale in the next 60 days?
Do you expect to sell more homes or condos in the next 60 days because of the tax credit?
Are home owners seeing more “For Sale” signs popping up in their neighborhoods?
Latest Cost Effective New Products for Your Home Remodel
A big part of my job as a Realtor is to help home sellers prepare their homes for the market by giving people ways to add value to their home so they’ll get the highest sales price. I’m constantly looking for different and cost effective ways to give sellers options for updating a home. I also encourage past clients to contact me when thinking of remodeling, so I like to keep up with the latest home remodeling ideas.
The Styled, Staged, and Sold blog discusses “hot home products for 2010.” Their list of favorite new home products had great ideas for remodeling, safety, energy savings tips, and locks that can’t be bumped.
Did you know most locks on the doors to your home can be “bumped”open?
Not something you want to have happen with your home. I first heard about locks that can’t be bumped open when a client of mine told me about changing the locks on her home. Her home security alarm had gone off 4 times. She thought it was time to upgrade her home’s door locks to the bump proof variety.
After hearing about this situation from my client and reading about unbumpable locks online, I thought I’d pass this information on. In reading about unbumpable locks, I also learned the brand of “bump-proof” lock you buy for your home should be checked out to make sure it’s truly “bump proof.”
The blog post also talls about some other interesting home products. I really like the metal tiles that could be used as a kitchen backsplash. The tiles come in brushed nickel, bronze, and copper finishes. They looked really cool and could dress up a kitchen for not a lot of money.
The inexpensive crown moldings sounded like they could be a great way to dress up a room.
Stainless steel paint? It sounds like it could be a terrific way to go, but I’m having trouble picturing paint looking like smooth, cool stainless steel. I’d love to know if this really works.
Has anyone tried it? If it does work, it would be a great thing.
Check these home products and remodeling tips out. Let me know if you try any of the items. I’d love to be able to tell people about experiences you’ve had with these products or other cost effective remodeling ideas.
And while you are at it, change your locks!
Universal Design or "Aging In Place"-Find Out More At The Seattle Home Show
“Aging in place?” Yes, we’re all aging, even as we just stand in place, but “aging in place” is really about growing older safely and comfortably in the familiar surroundings of your home. Since no one gets out of “here” without aging first, except Brad Pitt in The Curious Case of Benjamin Button, this post is for all us, our friends, family, parents, etc. Even if you’re a twenty something today, you’ll be thinking about these issues sooner for family members and, later, for yourself. Some boomers are now in their mid-60’s, so it’s definitely time for both boomers and their families to think about where the boomer generation wants to live comfortably and safely. So listen up, it won’t cost you anything.
Aging in place has a number of different and similar names, such as universal design, barrier-free living or accessible design.
universal design boils down to making housing spaces and commonly used features more accessible to the broadest range of occupants.
Universal design works not just for the aging, but comfortably for everyone, hence the design qualities are “universal.” The person navigating a front stoop with a baby carriage would benefit from a level threshold, just as someone who has difficulty walking, which is the beauty of universal design.
Level Entry-Universal Design
Completely level entry which works for everyone
Dwell Magazine had a good post explaining Universal Design concepts. It’s great to see such a “hip” magazine promoting Universal Design.
Would you like to learn more about aging in place from some local experts?
If you attend next week’s Seattle Home Show, Emory Baldwin, Mike Vowels and Tom Minty will be presenting two seminars at the show, together with Andrea Petzel of the City of Seattle’s Department of Planning and Development. Their talk is about “Backyard Cottages: A Sustainable Approach to Adding Housing Capacity,” using a universally designed backyard cottage for changing family needs.
Two presentations will be given one on Tuesday, February 23rd at 12:30 PM, and then again on Saturday, February 27th at 11:30 AM.
You’ll also find him on Seattle Home Show’s Idea Street.
Emory Baldwin is something of an expert on Universal Design. AARP and the NAHB (National Association of Home Builders) recognize great universal design by picking 10 nicely crafted universal design features/homes/buildings each year. Emory Baldwin has been noticed again for the great universal design elements of his own home. ZAI, Inc, Mr. Baldwin’s firm is front and center with universal design. Since he is an expert in the field, this is a great opportunity to learn more about the topic.
Bill Gates Calls for Zero Energy Emissions
It’s funny, last night I was just talking with a neighbor about Bill Gates and how he and Melinda had the power to change the world, making it a better place for all. Previously, The Gates Foundation has focused mostly on health and education. Now Mr. Gates is taking on climate change.
Gates spoke about his commitment to using his massive philanthropic resources (the Gates Foundation is the world’s largest) to make life better for people through public health and poverty alleviation (“vaccines and seeds” as he put it). Then he said something he’s never said before: that is it because he’s committed to improving life for the world’s vulnerable people that he now believes that climate change is the most important challenge on the planet.
His formula for zero emissions was explained:
CO2=P+S+E+C
According to Gates, P is for people, S is for the services needed by the people, energy (E) is what it takes to provide these services, and C is for the CO2, the amount of carbon emitted from the production of the energy to provide these services to the population.
Alex Steffen in his Worldchanging post had an addition to the Gates equation:
What’s more, protecting and healing the biosphere is essential to meeting the climate crisis itself. Logging our forests, over-burdening our oceans, converting land for agriculture and grazing, all these are huge contributors to our climate problem, and restoring the capacities of natural systems to absorb carbon dioxide is a critical part of the solution.
In order to truly succeed, we need to improve the quality of our natural systems at about the same rate at which we’re converting the economy to clean energy. Properly, Gates’ Equation would include a value for nature:
CO2 = P x S x E x C ÷ N
This post is an important one. I like the “global” perspective of the issue. Mr. Steffen believes we need to rethink “our relationship to stuff” and plan more effectively with interactive systems or networks, such as designing zero-impact cities.
Cities are the tools we need for reinventing prosperity. We can build zero-impact cities, and we need to. Any answer to the problem of climate change needs to be as focused on reinventing the future as powering it.
After reading through the post, I skimmed the comment section. Some don’t think zero emissions is possible. Many people will find this all to daunting of a proposition, but it’s a goal worth working towards. Even if it’s not fully achieved, working in the direct of zero emissions is the direction we should be heading towards.
What do you think about zero emissions? I realize this is a very complex issue and I’m only skimming the surface here, but is talk about it realistic? Is it a goal we should strive for in our daily lives?
Postscript:
This morning I read a post on Gates’ talk which comments some of the flaws with Gates’ plan.
The plan may have flaws in its implementation, which others are better equipped to address, but from my vantage point, Gates can play a huge role in raising the awareness for climate change. Perhaps the climate experts should sit down and hash out a plan with Mr. Gates. Having the voice of Bill Gates on your side is huge.
How Did January, 2010 Home Sales Stack Up in Your Seattle-Eastside Neighborhood?
[googlemaps http://maps.google.com/maps?source=s_q&hl=en&geocode=&q=Seattle-eastside&sll=47.709762,-122.011414&sspn=0.310487,0.911865&ie=UTF8&split=1&radius=21.22&rq=1&ev=zo&hq=Seattle-eastside&hnear=&ll=47.709762,-122.011414&spn=0.310487,0.911865&t=h&output=embed&w=425&h=350]
How did January, 2009 stack up to January, 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 21%.
Median sales price dropped from $535,000 to $499,000.
The number of homes for sale dropped by 24% and sales were up by 60% from last year.
The odds of selling a home were 28%.
Median sales price dropped from $480,000 to $450,000.
The number of homes for sale dropped by 22% and sales were up by 103%.
The odds of selling a home were 27%.
Median price stayed the same at $559,000.
The number of homes for sale dropped by 27% and sales were up 84%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 18.5%.
Median price decreased to $389,725 from $438,200.
The number of homes for sale declined by 21% and sales were up by 63%.
The odds of selling a home were 23%.
Median price dropped from $512,440 to $499,950.
The number of homes for sale declined by 21% and sales were up by 90.5%.
The odds of selling a home were 12%.
Median pricing was down from $1,027,500 to $899,000.
The number of homes for sale decreased by 32.5% and sales increased by 35%.
Redmond/Education Hill/ Carnation
The odds of selling a home were 21%
Median pricing increased to $524,990 from $484,950.
The number of homes for sale decreased by 21.5% and sales increased by 73%.
Median home prices in January, 2010 increased only in one Seattle-Eastside area, Redmond, when comparing 1-09 to 1-10. If you look at the full year, prices in that area did not increase. South Bellevue and Issaquah home prices remained steady when compared January, 2009.
All other eastside areas showed a decline in pricing. The most significant decrease was in West Bellevue, where median home values dropped by almost a third. Sales in West Bellevue continued to increase from last year, although the increase was lower than what was seen in December, ’09.
Redmond, near Microsoft, and East Bellevue are booming with home sales once again, after a couple of slow months. But again, the statistics do not show prices up in this area, although home sales certainly are up!
With the extension of the home buyer tax credit, smaller numbers of homes for sale, low interest rates, real estate activity should be brisk in the first part of the year. For these reasons, if you want to sell your home and move in 2010, do it now, rather than later in 2010.
A Great Picture of Seattle Real Estate in January, 2010
King and Snohomish County Real Estate 1-31-10
There’s a “normal” real estate market in the Seattle area. What’s a normal real estate market? It’s a real estate market in which the market is evenly balanced between both buyers and sellers, which is a good thing.
Much like December, Seattle in January was “yellow,” on the map. “Yellow” means it would take 3-6 months to sell all of the available homes if no other homes come on the market. This is a good balance of homes for sale. Prices are still down and fewer homes are on the market than most of 2009, but more homes are selling.
Since it’s a normal real estate market, the best homes will “pop,” selling quickly while the overpriced homes will sit on the market through a price reduction or two before they sell or not sell at all. Some homes have sold in less than a week because they are great ones that are priced right and shine above the competition.
I’m seeing the extension of the 2010 home buyer credit continue to do its job of jump starting real estate sales. The first part of 2010 should be pretty active for both home buyers and sellers. After April 30th when the home buyer tax credit goes away, much will depend on how many homes are on the market and the interest rates.
What do the numbers on the map mean?
The map is divided into the numbered areas as defined by our Northwest Multiple Listing Service (NWMLS). Downtown Bellevue is area 520 and East Bellevue is area 530, as an example.
What do the colors mean?
Red means it’s a sellers’ market, a sellers’ advantage.
Yellow means a balanced market between buyers and sellers.
Green means its a buyers’ market.
If you take each area as shown on the map and look to the area number on the side of the map, it will tell you how long it would take to sell every home currently for sale if no other home came up on the market in that area.
