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What Were The Odds of Selling Your Seattle-Eastside Home in March, 2010?
Seattle- Eastside Real Estate Sales, March 2010
The odds of selling a home on the Eastside in March, 2010 ranged from a low of 18% to a high of 34%, with an average 27% 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.)
March, 2010 2923 homes for sale 778 homes sold 27% odds of selling.
February, 2010 2706 homes for sale 506 (was 599) homes sold now 18% (was 22%) odds of selling.*
March, 2009 3711 homes for sale 305 homes sold 8% 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.
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March, 2009 Seattle-Eastside real estate market compared to March, 2010:
- Home sales were up in all Seattle-Eastside cities, a trend which we’ve seen since the first of the year.
- Last week, we hit 12,726 properties for sale in King County, exactly 3000 more properties than the first week in January.
- This week we saw the first significant drop in the number of King County properties for sale as the number dropped by 120 to 12,606. There’s only been one other week this year where the amount of homes for sale dropped and that was only by 8 homes.
- On Seattle’s eastside the number of homes for sale continues to rise as over 200 more homes came on the market this past month.
- The median price was down by 7%, the same as last month. (Keep in mind this is comparing last March’s numbers to this March and is not an indication of the total drop in price for the year.)
- Home sales on Seattle’s Eastside: up 85%!
- Number of homes for sale on Seattle’s Eastside: down 21%
Best odds of selling: Redmond, near Microsoft, and East Bellevue with the greatest odds of selling. Thirty-four percent of the homes got offers.
Worst odds of selling: West Bellevue, with only 18% of the homes getting accepted offers.
Biggest increase in sales from last year: The plateau cities of Sammamish and Issaquah, plus Fall City and North Bend, with 154% increase in the number of home sales from last year.
Smallest increase in sales from last year: Redmond and Carnation, with an 18% 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 March than compared to March, 2009.
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: 2923 homes.
Rate of home sales that failed and did not close: 16%
What have you seen happening in your area? Are real estate sales popping?
For The Seattle Times view of the March, 2010 real estate market, check out this link. KPLU had a piece earlier this week about last month’s real estate activity.
What’s in store for April? What do you think will happen? I suspect the market will continue to be very strong, particularly in more affordable price ranges. Will our more positive real estate market continue after the April 30th deadline for the home buyer tax credit?
Seattle-Eastside Real Estate is Beginning to Turn Red
Seattle-eastside real estate is starting to see “red.” Red is a sellers’ market, which means the average market time to sell a Seattle eastside home in the areas marked in red is from 3-6 months.
I sell a lot homes in the “hottest Seattle eastside area, which we call area 530, East Bellevue and the Redmond neighborhoods around Microsoft. Homes sales were hopping this past month, with sales often happening in two weeks or less. If you live in any of the areas marked in “red” and your home is not selling, it’s priced too high compared to competition. If your home is overpriced, you’re helping to sell other homes and they’re selling at your expense.
Seattle proper remains the “hottest” area overall, but if you’re looking to buy on the eastside, all the areas are either a real estate market that’s balanced between buyer and seller (yellow) or in “red,” a sellers’ market.
Buyers markets were absent in March. There’s no green (for a buyers market) left on this map, with the exception of Vashon Island, so the buyers’ markets we’ve been experiencing over the last few years were no where to be seen in in March.
Will the map show the same colors next month? I believe April will also be a very strong month for Seattle-eastside real estate.
Which King/Snohomish County Areas Are Selling Faster?
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 it’s 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.
You Should Buy This House!
Created by Redmond WA home sellers with a sense of humor and a great house for sale in the Seattle eastside city.)
The Scrabble Board Says: "You Should Buy This House"
Make More Money Selling Your Home, Part 2, Set The Price At The Last Minute
Selling your home? Wait until the last minute to set the price, and I mean the last minute.
Why would you do that? Because real estate prices can be a moving target. What worked a month or even a week or a day ago may not be the right price for your home.
When home sellers call me months before they plan to sell, I always give a price range rather than an exact price for their home. I tell sellers they’ll need to wait to measure the real estate market right before the home goes on the market.
Again, why should you hold off until the last minute?
Because if your home is not the best value, you’ll help to sell the other homes. Or you could be leaving money on the table, even in this market.
So here’s what needs to happen. Before pricing a home for sale, I look at it when it’s completely ready for the market. I look at the home as if I were a buyer. I’ve also got to know the competition the very day your home goes on the market. The buyer will know the competition, and probably will have seen it, so I’ve got to do the same thing. I’ll visit the other homes, looking at them, too, as if I were a buyer, and then compare them to your home.
You might be able to ask a higher price if your home shows better than the competition. Or maybe there are more homes competing with your home, so you need to be at a better price. The price you ask for your home when you head out of the starting gate is critical, so get the price right and wait to set your asking price just before you go for sale.
What do you think?
King County WA has 3000 More Properties For Sale
King County has a lot more properties for sale than the first week of the year. The first quarter of 2010 has passed and there are now 24% more homes and condos for sale, exactly 3000 more. Each week of the year has seen an increase in the number of properties for sale with the exception of one week. Right now there are 12,726 properties for sale and we started the year with 9726 available properties in King County.
This is typical of the Seattle area real estate market. Each spring the number of properties for sale increases dramatically. The good news is most Seattle areas are experiencing a huge jump in real estate sales. But that’s for another post!
King County WA Real Estate 3-29-10
Make More Money Selling Your Home By Planting A Little "Green"
There’s a saying in real estate, “Plant a Little Green, Make A Lot of Green.” (From a CRS newsletter)
Beautiful Flowers Fill A Front Yard
Since spring is here, I’ll be doing a series about things you can do to dress your home up and get it ready for the party, oops, I mean a home sale. The series will be called “Make More Money Selling Your Home.”
My last post said to get your camera and take photos of your yard while there’s spring and summer color. I suggested taking photos so you’d have them available when you decide to sell your home, after all you may need to sell in the depths of winter. Remember in January your yard looks like it’s died a slow death. Everything looks so bleak and uninviting.
This post is for those of you who have work to do in your yard first, before you take the photos. It’s for those of you who must plant a little green, to make some green. It’s for those of you who need to do some yard cleanup and painting. And it’s for those of you who have never thought about planting anything before. You’ll need to get that garden equipment out and get to work. I know you don’t want to bother, but you will make more money whenever you sell if you have some great photos of your yard. Street appeal is everything when you want to get people inside your home.
It doesn’t have to be complicated. Keep it simple. Clean up your planting beds or, if you’re lucky, pay someone to do that. Then plant some annuals right now and take some photos. Winter pansies and ranuculus work really well and are simple and easy. Winter pansies cost about $1.49 each. Plant 15 annuals, take photos, total planting time should be 30-45 minutes. I just did this planting bed below, so I know the cost and the time. You don’t even need a green thumb to do this. I don’t have a green thumb. You don’t even have to worry about maintaining the plants on a long term basis (because they are going to die since they are annuals), but you can plant these plants easily for a little money. If you have more planting beds, you should plant more flowers.
The Planting Bed Before
The Planting Bed After, Filled With Color
Don’t want to do anything now? Geraniums and other annuals are coming soon. So take a little time this spring or summer and think a little green. It will make you more money when you sell your home.
Are You Selling Your Home In The Next Five Years?
Are you selling your home in the next 5 years? Well, grab your camera now and take pictures of your yard. Seattle is beautiful right now, so take advantage of the natural color that surrounds your home. You’ve got a few months coming up, so start now and take photos throughout the spring and summer season. After all, you never know when you may decide to sell your home, it could be in the dead of winter when everything is gray here in Seattle. Photos of your home in any season can be used when selling your home, no matter what the time of year.
Seattle spring flowers
Spring in Seattle
Seattle Eastside Real Estate Was "Normal" in February, 2010
King and Snohomish County WA Real Estate, February, 2010
The truly “hot” Seattle real estate areas in February, 2010, those in red, are in the core neighborhoods of Seattle itself. However, almost all of the map is in “yellow”, which means the average market time for a home to sell in other Seattle areas is between 3-6 months. This means we’ve had another month with a very balanced, “normal” Seattle real estate market. A normal real estate market is when supply and demand balance out to be 3-6 months to get a home sold. A balanced market is not a reflection of home values, but a reflection of the real estate sales activity.
On most of Seattle’s eastside, home prices are down, but sales have gone up dramatically, anywhere from 52% to 193%, depending on the neighborhood. Prices are lower in most eastside areas, fewer homes have been on the market compared to last year, and more homes are selling.
Will the colors on the Seattle real estate map stay the same in the coming months? It’s hard to answer this question now, but I do know the number of homes coming up for sale is growing pretty quickly. The increase in the number of Seattle-eastside homes and condos for sale could impact the total number of properties that sell and the market time to get a sale. With the April 30th deadline for the home buyer tax credit, much will depend on how many homes are on the market and the interest rates. Check my March eastside blog posts next month to find out what will happen.
What’s your prediction for Seattle-eastside real estate in the coming months? Will “yellow,” representing a balanced real estate market between home buyers and sellers still be the predominant color on the map?
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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.
What Were The Odds of Selling Your Seattle-Eastside Condo in February, 2010?
Seattle-Eastside Condo Real Estate, Feb 2010
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
February, 2010 1333 condos for sale, 194 condos sold, 14% odds of selling.
January, 2010 1217 condos for sale, (now 121) 141 condos sold, (now 10%) 12% odds of selling.*
February, 2009 1195 condos for sale 85 condos sold, 7% odds of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close. Fifteen percent of condo sales originally reported in January failed to close. Some of the reasons sales fail are the buyer and seller don’t agree on the building inspection, the condo does not appraise for the sales price or the buyer’s financing does not come through.
There’s been a 9% increase in the number of Seattle-Eastside condos for sale but the number of home sales jumped up dramatically. There were 73 more condos sold on Seattle’s eastside in February than in January. The sales numbers are still behind the peak of sales in September and October of 2009, but they’re inching closer to those numbers, which is a good sign.
More condos are coming up on the market as Seattle-eastside home sellers traditionally put their homes on the market in the spring. The push to get a home or condo on the market is compounded by the 2010 home buyer tax credit deadline of April 30th.
There are 45 days left to use the home buyer tax credit into 2010. If you’d like to move and take advantage of the tax credit, you need to get a move on!
