A Stampede for Homes in Bellevue, Kirkland and other Eastside Cities in March

The chart tells it all!  Look at the huge, and I mean huge, jump in sales over the past few months, a 56% increase in sales since January.  Forty-six percent of the available homes sold in March. There’s a big stampede out there for homes in Bellevue, Kirkland, Redmond and other eastside cities. This stampede means there’s often more than one buyer for a home, causing multiple offer situations.

We’re starting to see a pattern with eastside real estate. Lots of homes are selling and homes are selling quickly because there’s such a huge demand.  Almost 900 homes were added to the market in March, but with 771 sales, the number of homes for sale has stayed almost the same.  There was a small drop of 52 homes for sale from February to March.

How did this past March compare to March of 2011?

• 46% of the available homes sold this past March. 23% sold in March, 2011.
  
• Homes sold in 109 days, which is down from 137 days in March, 2011.
• Median pricing was down to $470,000 from $500,000.
• Homes sold within 93% of the original asking price.  Last year homes sold within 91% of the asking price.
• 24% more homes sold this year.

I expect to see this real estate data change as this fast paced market continues.  Expect to see median home prices stay more level, market time to decline, and homes selling closer to the asking prices.

The Seattle eastside market is not following the usual trends we see this time of year. Usually market trends follow more of what the chart shows for last year.  The number of homes for sale usually increases each month until in peaks sometime in the summer.  As the year comes to an end, the number of homes for sale usually drops. We’re not seeing this at all this year.  This year, we see fewer homes for sale each month.  The big news, though, is still in the number of homes that sell each month.  

Not all homes sell in a heartbeat. You can’t just put a sign in the front yard and expect everyone to line up.
The homes that are positioned properly in terms of price and condition relative to the competition are the homes that sell quickly.   Your home has to show well and be priced competitively in order to grab the attention of the buyers.