Which Seattle Eastside City had the Fastest Real Estate Sales in September 2011?

by The Beaupain Team

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

2. Kirkland

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.

Eastside Real Estate • For Buyers • For Sellers • King County Real Estate • Market Statistics • Real Estate • Seattle real estate • October 12, 2011

The Seattle-Eastside Real Estate Market Feels Good!

by The Beaupain Team

Seattle-Eastside Real Estate Sales through September, 2011

Seattle’s eastside real estate market was very steady in September, 2011. It’s not dramatic with the highs and lows of the recent past, which is refreshing, plus eastside real estate sales are moving and moving well. It looks as if the peak of real estate sales for the year was back in May, when 24% of the available homes got offers. However, in September overall sales dropped only slightly, to 21%. The sales average of 21% means out of the 2713 homes for sale, 563 sold.

Real estate sales on the eastside improved dramatically when compared to last year. This means we’re experiencing a more normal, realistic market in 2011 than in 2010. There are fewer homes on the market and 33% more homes sold on the eastside this September when compared to last year. Our less volatile real estate market is our new normal and really is not bad at all!

On average, most homes were on the market for 90 days before they sold. Homes sold within 93% of the original asking price with the median sales price for the eastside at $526,000.

For Sellers • Real Estate • September 29, 2011

5 Ways to Tell Your Home is Priced Too High

by The Beaupain Team

Your home has been on the market for more than 30 days. Is your home overpriced?

Here are good some ways to tell if your home is overpriced:

No one comes to see your home. Since everything is online now, buyers decide which homes they want to see, sharing this information with their broker before they even get in the car. The buyers have calculated cost per square foot, looked at the photos, checked out the location, access to public transportation, the schools, etc. If a home seems overpriced for what it offers when compared to the competition, the buyer or the Realtor may nix the showing. The buyer may never come to see your home.
A lot of buyers come see your home, but only for one showing. There are no second showings. This means buyers have ruled your home out for what could be many reasons (see below) and don’t believe the value is there to make an offer. The buyers have already moved on to other homes.
None of the showing agents call to ask questions, which means their buyers do not have an interest in your home. They’ve ruled out your home because it is not value priced.
Your home is too dark, too small, lacking a bedroom, etc. No one expects you to add to your square footage or change anything structurally, but if this is the feedback, your home is not matching the asking price. Buyers compare your home to other homes for sale. They have an expectation of what a home should offer at a certain price point. If your home is smaller, has smaller rooms, lacks a bedroom, is darker, etc., compared to the competition, then it’s overpriced and will only make the competition look good. You can’t change these things about your home, but you can change the price to eliminate some of these objections. Years ago I had a home listed for a higher price than I recommended to the seller. There were a number of showings in which the feedback was negative. The seller was devastated. He had a well maintained home with a beautiful sun room addition and gorgeous landscaping. As soon as the price was reduced, the feedback changed. Buyers and agents thought the home was fabulous. Nothing about the house had changed, only the price. With the new price, came terrific feedback and an offer.
Other homes are selling, but your home is not. If nearby homes and homes in the general price range are selling, and your home is not, then it’s overpriced.

By no means is this a complete list of why homes are overpriced. There are many other reasons as to why a home does not sell because of price, can you add to this list?

Not Real Estate • September 22, 2011

Go Food Shopping on Seattle's Eastside on Saturday, the 24th

by The Beaupain Team

Emergency Feeding Program Collects for Eastside Month of Concern for the Hungry

There are hungry people on the eastside that need you! There’s an easy way for you to help. This weekend marks the start of the Eastside Month of Concern for the Hungry. Many eastside supermarkets will have volunteers from the Emergency Feeding Program standing by to collect food from shoppers. Please help donate all that you can so we can make this annual program successful and feed those who are in need.

If you can’t make it to the supermarket this weekend, there will be other collection days in different eastside areas on Saturdays in October. You can also donate throughout the month at a number of collection sites all over the eastside. There’s also a list of the most needed items. Interested in volunteering your time to help out? Here’s where you can sign up.

Thanks for your help!

Disaster Preparedness • For Homeowners • September 21, 2011

Update Your Emergency Food Supply and Donate Food at the Same Time!

by The Beaupain Team

September is disaster preparedness month. Are you prepared? The truth is most people haven’t done anything. So you are off the hook this time, but the reality is you need to do something! No one will be there to bail you out with food if there is a disaster. The first responders will be busy with much bigger issues auch as roads, bridges, office buildings, and airports.

I’ve put together an emergency kit with food, medical supplies, a first aid kit, juices, and water. I have everything we might need (I hope) if there’s ever an emergency. I’ve even got food and medications for our dog.

I put my emergency kit together last year and plan to change out the food each year. Thankfully, there are basics in a kit that never need updating like first aid kits, windup radios, plastic utensils, toilet paper, etc. I know it’s hard enough to create a kit, never mind updating the food every year. It’s important, though, to keep food that’s edible in the kit. Can you imagine if there was a disaster and you opened up your kit and everything had an expired shelf life? That would not be a good time thing.

Food supplies for an emergency kit

If you update your food supply on a yearly basis, you can kill two birds with one stone. I bought most of the food in bulk at Costco. Food like peanut butter, tuna fish, canned vegetables, canned soup, canned juice, and pudding cups which all have a long shelf life. Since I only want to update my emergency supply once a year, I bought new food to replenish the older food. I then donated the food I had on hand from the first food supply. The expiration date for most of the food was not until spring of next year. Since there were a variety of expiration dates, it would be too hard to keep the food fresh in the emergency kit unless it’s changed out all at once. It makes more sense to replace it on an annual basis and donate the previous year’s supply, since it’s well before the expiration date.

So now you can do three good things: Create an emergency kit, update foods and medications each year, and donate the previous year’s food before its out of date.

For tips on putting a disaster kit together, check the Red Cross and 3Days3Ways. Need a great place to donate? The Eastside Month of Concern for the Hungry starts this weekend. You can donate and many supermarkets on the eastside on Saturday, the 24th and all through this month.

Bellevue, WA • Eastside Real Estate • For Buyers • For Sellers • Issaquah, WA • Kirkland • Market Statistics • Real Estate • Redmond • Sammamish, WA • Woodinville, WA • September 15, 2011

How Many Real Estate Sales Were in Your Seattle-Eastside Neighborhood in August,

by The Beaupain Team

Seattle-eastside real estate sales results were so similar during June, July, and August I could have posted the same report with just a few exceptions each month! Overall, 23% of the available homes sold in August, the same as June and July!

[googlemaps http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=Eastside+of+Seattle&aq=&sll=47.610377,-122.200679&sspn=0.123598,0.359459&vpsrc=0&g=Bellevue,+WA&ie=UTF8&hq=Eastside+of&hnear=Seattle,+King,+Washington&t=m&ll=47.615847,-122.302272&spn=0.338201,0.11521&output=embed&w=425&h=350]

The only significant change happened in West Bellevue and East Bellevue and the Microsoft area around Redmond. Both these areas had fewer home sales in August than in July. It was most noticeable in the neighborhoods around Microsoft where sales have been consistently strong. In July, 38% of the homes sold and in August the sales numbers dropped back to 24%. The area still had the best return on the eastside, but it was more in line with other eastside neighborhoods.

There’s a good real estate market out there. The last time we saw a similar real estate market was back in the years between 1998-2002. The market during those years was what we considered to be a “normal” market, not a crazy market. Once again, we see a more “normal” market today.

How many homes sold in August, 2011 in your neighborhood?

(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%)

The plateau: Sammamish, Issaquah, North Bend, and Fall City

The odds of selling a home were 21%.

Median sales price dropped: $479,895 to $475,000.

There were 725 homes for sale.

A total of 174 homes sold.

Redmond/East Bellevue

The odds of selling a home were 24%.

Median sales price decreased from $494,900 to $479,950.

207 homes were for sale

A total of 60 homes sold.

South Bellevue/Issaquah

The odds of selling a home were 22%.

Median price decreased from $550,000 to $512,225

367 homes were for sale.

A total of 94 homes sold.

Woodinville/Bothell/Kenmore/Duvall/North Kirkland

The odds of selling a home were 23%.

Median price was down from $415,000 to $381,650.

589 homes were for sale.

A total of 148 homes sold.

Kirkland

The odds of selling a home was 22%.

Median price decreased from $641,000 to $595,000.

280 homes were for sale.

A total of 73 homes sold.

West Bellevue

The odds of selling a home were 17%.

Median pricing decreased from $869,000 to $754,500.

169 homes were for sale.

A total of 40 homes sold.

Redmond/Education Hill/ Carnation

The odds of selling a home were 21%

Median pricing decreased from $549,950 to $534,900.

319 homes were for sale.

A total of 79 homes sold.

If you’d like more specific information about your neighborhood or home, feel free to contact me.

Bellevue Real Estate • Eastside Real Estate • For Buyers • For Sellers • King County Real Estate • Real Estate • Seattle real estate • September 13, 2011

August Condo Sales on Seattle's Eastside Blew Past Last Year's Sales

by The Beaupain Team

Seattle-eastside condo sales

The number of condos to receive offers on Seattle’s eastside skyrocketed by 62% over last August. This good news was coupled with 31% fewer condos on the market. In August, there were 1032 condos for sale. Two hundred thirteen received offers and sold, representing an absorption rate of 21%.

Even though the odds of selling a condo are far stronger now, there were a number of the sales that didn’t stay together. Last month I reported 250 condo sales in July. Now it looks like only 224 of these sales actually “stuck.”Twenty-six sales or 11% failed to close.

Sales fail for many reasons. A condo may not pass inspection or an appraisal. The buyer may not get financing or the condo complex itself may not fit financing guidelines. This could be because there could be too many renters occupying units or there could be a pending lawsuit against the association. Situations such as this could affect the buyer’s ability to obtain a loan, even if the buyer is well qualified to buy. When obtaining financing for a condo, the condo and the association must also “qualify” in order for the loan to be approved.

Fortunately, the stock market volatility of last month did not slow the condo market down on the eastside. How did it affect your area?

Bellevue Real Estate • For Buyers • For Sellers • Issaquah Real Estate • King County Real Estate • Kirkland • Market Statistics • Real Estate • Redmond • Sammamish, WA Real Estate • Woodinville, WA Real Estate • September 12, 2011

Real Estate Sales on Seattle's Eastside Are The Best in Years!

by The Beaupain Team

Real Estate Activty on Seattle's eastside

Seattle-eastside real estate sales through August, 2011

The Seattle-eastside real estate market is only getting better and better! August home sales beat July and were way ahead of last August. This August was one of the best real estate markets in years!

Real estate sales were hopping. Thirty-three percent more homes received accepted offers this August than August of 2010. Almost 20% fewer homes were on the market, so less supply + more demand equaled more sales. In August, 22% of the homes for sale on Seattle’s eastside got offers. This means out of the 2811 homes for sale, 609 homes sold. On average, most homes sold within 85 days.

In King County, the number of homes for sale dropped below 10,000 for the first time since last May. Here on the eastside, we’re also seeing the lowest number of homes for sale. More than likely, the peak number of homes for sale was 2879 back in June.

Last month I questioned whether the surge in real estate sales would continue because of the volatility in the stock market. With August sales numbers, we’re seeing the most robust market we’ve seen in a long time. The stock market didn’t put a damper on eastside home sales.

Was your market affected by the stock market “roller coaster?”

For Buyers • For Sellers • Real Estate • Seattle real estate • September 7, 2011

There's a Good Real Estate Market in Seattle and on the Eastside

by The Beaupain Team

Image via Wikipedia

The real estate market in Seattle and on the eastside is doing well. The Seattle Times just published a great article about something all of us Realtors working in the trenches already know. It’s been good this year and has only gotten better as the year progressed. The article in The Times compares this year to last, but, in fact, this year is the best the real estate market has seen for the past 4 years.

I see the improvement in the real estate market every time I’m in front of the computer checking out the market activity in the NWMLS. Almost every day the number of sales surpasses the number of new listings, always a good thing. Showing activity is pretty consistent for many listings and, if it isn’t, then a home is overpriced. There have been homes selling with (gasp!) multiple offers. And last, but not least, sales numbers are higher, which means buyers are finding homes they’re happy with and think are a good enough value to make an offer. (Note: My comments relate only to those listings that are priced right as there are still many homes languishing on the market.)

The number of homes on the market has already reached its peak for the year. The number just dropped below 11,000 for the first time since May 9th of this year. We’re passed the peak in the number of homes for sale as the peak almost always falls in July of each year. This year the peak happened during the last week in June when there were 11,453 properties for sale in King County.

I expect the stronger real estate market to continue through the year. Many people are surprised when I tell them that September and October can be strong months to sell a home. Of course, our beautiful weather may slow us down for this week as people continue to play in the sun, but I do expect the fall to be an active real estate market.

I’ll be posting more data on the August real estate market as the information becomes available, so stay tuned.

What is your real estate market like now? Have you seen an improvement this year?

For Homeowners • Real Estate • August 31, 2011

Do You Have Enough Insurance to Rebuild Your Home?

by The Beaupain Team

Things like earthquakes and hurricanes happening in the U.S. got me thinking of the need to do an annual update for your house insurance.

Does your home need an insurance check up?

Trees Toppled on a Home

Do you have enough insurance coverage for your home? The real estate market changes all the time. The value of a home and its replacement cost changes, too. So get an evaluation of your home’s value on an annual basis and check your insurance coverage. If you ever need to use your insurance make sure have enough coverage.

Think:

deductibles

replacement costs for specific items such as art, jewelry, and family heirlooms

replacement cost to rebuild your home

umbrella policies and earthquake insurance.

Replacement cost to rebuild your home can be vastly different than its market value, something I’d not thought about. Replacement cost may more than you actually paid for your home. This is important! If your home burns down and you need to replace it, make sure you have enough coverage to actually replace it. It may be more expensive to rebuild your home than it was for you to purchase it.

According to my insurance agent, Doug Hamilton of State Farm Insurance, there have been situations in which home owners have only insured their homes for market value and were not completely covered when their homes burned down or were destroyed by a hurricane or tornado. Know what it would cost to replace your home and make sure your insurance covers that amount. It’s important to do this insurance update on an annual basis. As always, if you have more questions, contact your insurance agent or call Doug. He does a great job.