Aubrey Cohen wrote an article about the fastest selling neighborhoods in Seattle, which prompted me to write this post about the fastest selling neighborhoods on Seattle’s eastside. What happens in Seattle, doesn’t just stay in Seattle, it also happens here on the Eastside!
Homes in East Bellevue and Redmond near Microsoft sold the fastest on Seattle’s eastside in September. Not only did these homes sell more quickly, in 69 days, but out of the 204 homes for sale, 51 got offers. These means that 25% of the homes in the area sold in September, among the best odds on Seattle’s eastside. The odds of selling a home in the Woodinville, Bothell areas also stood at 25%, which means September was one of the best months to sell a home in those cities.
Why do homes in East Bellevue and Redmond sell more quickly? Because they’re close to employment centers and transportation and have a broader range of more affordable housing. With the main Microsoft campus in Redmond and on the border of Bellevue, there’s a huge number of jobs right in the area. In addition, there’s easier freeway and bus access to Seattle than in the outlying suburbs.
West Bellevue is the most expensive area on the eastside, although it’s proximity to Seattle, schools, and housing make it the premier location on the eastside. The higher price point in the area means fewer buyers can afford West Bellevue, which increases the market time. Longer market time here is a function of pricing, not desirability.
Why is market time important? It’s one indication of the desirability and affordability of an area and both are key to future growth and appreciation. People like to live in convenient areas with good schools and affordable housing. (Remember affordability is relative to each area of the country.)
The cities below are grouped together to follow our MLS areas (multiple listing service) and shows how our statistical information is reported.
Which Seattle-eastside city had the fastest selling homes?
1. Redmond/East Bellevue
The odds of selling a home were 25%.*
Median sales price decreased (y-o-y)** to $503,000 from $560,000.
204 homes were for sale
A total of 51 homes sold.
Days on the market: 69
The odds of selling a home was 21%.
Median price increased from $516,000 to $626,000.
270 homes were for sale.
A total of 57 homes sold.
Days on Market: 87
3. South Bellevue/Issaquah
The odds of selling a home were 18%.
Median price decreased from $533,000 to $529,000.
362 homes were for sale.
A total of 65 homes sold.
Days on market: 88
3 (tie). Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 25%.
Median price was down from $415,000 to $380,000.
558 homes were for sale.
A total of 139 homes sold.
Days on Market: 88
4. The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 19%.
Median sales price increased from $486,000 to $500,000.
There were 714 homes for sale.
A total of 137 homes sold.
Days on the market: 90
5. Redmond/Education Hill/ Carnation
The odds of selling a home were 19%
Median pricing increased from $541,000 to $580,000.
321 homes were for sale.
A total of 62 homes sold.
Days on Market: 100
5. West Bellevue
The odds of selling a home were 19%.
Median pricing decreased from $956,000 to $936,000.
164 homes were for sale.
A total of 31 homes sold.
Days on Market: 127
Overall, market time is excellent in all of the eastside cities. As I mentioned above, Seattle-eastside real estate is one of the bright spots in the country. Companies in the area are hiring and people continue to want to live here because of the quality of life, the job market, and good schools.
If you’d like more specific information about your neighborhood or home, feel free to contact either Brooks or me.
*(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, so if 10 out of 100 homes sold, the odds of selling would be 10/100 or 10%)
** (y-o-y) median pricing is comparing year over year numbers.