August Real Estate Keeps Moving on Seattle’s Eastside

by The Beaupain Team

How was the real estate market on Seattle's eastside in August?

The market has been" steady as she goes!" This is a very good thing. We are experiencing a great real estate market that has followed a trend over the last few months and is far better than last year at this time.

The number of homes for sale has hardly changed at all. Ok, there were 8 fewer homes for sale in August, but that's just a drop in the bucket. And as we mentioned in a recent, the exact same number of homes were for sale in both June and July!

Did the number of homes for sale increase?

No, It hardly changed, but it did decline slightly. This had little impact on the market.

Did the number of sales increase?

Yes, by 6%. So we had about the same number of homes for sale, but more homes sold in August. This sounds good to me.

Did prices continue to increase?

Yes, they have continued to increase, but only slightly. Median pricing in July was $512,000. This August it's $520,000. Last August median pricing for the eastside was $506,000.

This is the third month in a row that median pricing has been up for the year. Again, this is a great trend!

The Seattle Times gave a very positive picture of the entire King County real estate market, which includes Seattle and the eastside cities of Bellevue, Kirkland, Redmond, Issaquah, Woodinville, and more. Glenn Crellin of UW's Runstad Center for Real Estate Studies said:

But for now, he added, the local market looks healthy. Rising prices are giving more formerly "underwater" homeowners — who once owed lenders more than their homes were worth — equity in their houses again, he said.

How did this past August compare to August of 2011?

38% of the available homes sold this past August, 20% sold in August, 2011.
Homes sold in 63 days, which is down from 85 days in August, 2011. Homes are selling more quickly.
Last year median pricing in August was at $506,000. This year, median pricing was $520,000.
Homes sold within 4% of the original asking price. Last year homes sold within 7% of the asking price.

Is the Seattle eastside market strong? Yes, particularly compared to last year when there were almost 1000 more homes for sale! Add that to the fact that almost 1/3 more homes sold this past August than in 2011!

How does all this information impact you, if you're a seller?

Know how quickly homes in your area are selling. If your home is on the market for longer than the competition, there's a good chance your home is overpriced.

We recently spoke with a seller and told him the last few homes in his area in his price range sold in 2, 5, and 11 days. If his home is on the market for about 10-12 days with no offers, then his home will be overpriced for the market. Pricing a home correctly is the most important thing you can do as a seller. The next most important thing to do is hire someone who will guarantee you"ll have professional photography. Your home will have about 3 seconds to grab a buyer's attention on the internet, so make that 3 seconds work for you. If your home has lousy photos, you could potentially lose a good buyer. Make sure your home is decluttered, staged with your own furniture and good staging advice or with staged with the stager's furniture. As a seller, you're painting a picture for the buyer of how "cool" and wonderful it would be to live in your home, so set the stage, literally!

How does this information impact you as a buyer?

There is enough turnover in the supply each month for buyers to learn what values are in the marketplace. Find out what's available in your price range in your areas so you'll be prepared when the right home comes up. In some areas, multiple offers are the norm. In others, there may be some flexibility in the price. But if it is a well priced home that shows beautifully, expect it to sell quickly and for close to, if not, full price.

If you'd like more information specific to your home, don't hesitate to contact us.

Eastside Real Estate • Financing • For Buyers • Market Statistics • Real Estate • September 11, 2012

Did Condo Prices Drop on Seattle’s Eastside in August, 2012?

by The Beaupain Team

First, a word about condo prices on Seattle's eastside:

Even though the news media said condo prices were down in King County, they appear to be holding steady in the Seattle's eastside cities of Bellevue, Redmond, Kirkland, etc, when compared to August 2011 pricing. This is good news for condo sellers who have gotten beaten up by pricing in the last few years. With the low supply of condos for sale, prices are no longer declining, and, in fact, they may begin rising. In June, July, and August, prices on the eastside did increase, which brought us back to the pricing in the middle of last year. Unfortunately, prices did drop last fall through the early spring of this year, but we have now caught up to the prices we had in mid-2011. It appears that market pricing is holding steady now and has increased in the last few months.

Now back to the number of sales:

Condo sales numbers are actually not much higher than August, 2011 when 194 condos sold. This year, 201 condos sold in August. Because there's about half the number of condos for sale this year than in 2011, the percentage of those that sold, the absorption rate, skyrocketed. Last year, 19% of the condos sold and this year, 43% sold.

Time on the market has also dropped to an average of 68 days to sell vs.116 days in August of 2011.

So what does this all mean if you are thinking of selling or have your condo on the market?

If your condo takes a long time to sell, then it is either overpriced or is not marketed well. Make sure your condo has great online photos to start. Staging can also be a big plus. Good pricing and great photos are the two most critical marketing pieces to getting your condo sold. Remember this is how buyers and other agents "see" your home first, so the pricing and online marketing are crucial to getting buyers through the door to actually see your condo and make an offer to buy it.

What does this all mean if you are a condo buyer?

With the pattern of price increases, this means we're past the bottom of the market pricing. This may be the time to make a purchase. With the short supply, pricing could continue to increase. Remember, too, that interest rates are still incredibly low. Don't forget to check the financial viablity of an condo association you're thinking of buying into. In a blog post I wrote a few months ago, I listed some of the important things to look for when checking condos out. The post looks at the issue from the seller's point of view, but these issues should be important to any buyer. Fortunately for the buyer, the law requires a seller to provide the answers in the form of a resale certificate which is reviewed as one of the conditions of an offer.

If you have any questions about the condo market, please feel free to contact us.

Eastside Real Estate • For Buyers • For Sellers • King County Real Estate • Market Statistics • Real Estate • August 16, 2012

The Strong Real Estate Market Continued Through July on Seattle’s Eastside

by The Beaupain Team

How hot was the Seattle Eastside real estate market in July?

The market was still hot, even if our summer has only been hot the last couple of weeks!

Ironically, it looks like July was almost a mirror image of June. Real estate stats for the two months are almost the same. The exact same number of homes were for sale in both June and July! We never see this.

Did the number of homes for sale increase? No

Did the number of buyers decrease? Sales increased by one!

Did prices continue to increase? Yes, they have continued to increase, but only slightly.

Even though the media has reported that real estate prices increased by 7% from July, 2011, truthfully, prices have not increased by that much on Seattle's Eastside, which encompasses the cities of Bellevue, Redmond, Kirkland, Issaquah, Woodinville, Sammamish. If prices were up by 7%, we would be heading towards a market similar to what existed before the market crash. I recently posted an article explaining what the actual increase in pricing is for eastside homes. Check it out because it gives a realistic explanation as to what is truly happening with market pricing.

With a 38% chance of getting a home sold in July, Seattle eastside home sellers had great odds of getting their home sold. The odds have dropped slightly over the last few months from March's high.

How did this past July compare to July of 2011?

38% of the available homes sold this past July, 21% sold in June, 2011.
Homes sold in 64 days, which is down from 90 days in June, 2011.
Last year median pricing was at $504,000. This year, median pricing was $517,000.
Homes sold within 2% of the original asking price. Last year homes sold within 4% of the asking price.

All these statistics point to the positive. More homes sold in a shorter amount of time, and the median price was slightly higher than last year. Homes are selling in a shorter amount of time, with less of a price reduction and prices have stayed fairly stable when compared to June of 2011.

If you'd like more information specific to your home, don't hesitate to contact us.

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How hot was the Seattle Eastside real estate market in July?

The market was still hot, even if our summer has only been hot the last couple of weeks!

Did the number of homes for sale increase? No

Did the number of buyers decrease? Sales increased by one!

Did prices continue to increase? Yes, they have continued to increase, but only slightly.

How did this past July compare to July of 2011?

38% of the available homes sold this past July, 21% sold in June, 2011.
Homes sold in 64 days, which is down from 90 days in June, 2011.
Last year median pricing was at $504,000. This year, median pricing was $517,000.
Homes sold within 2% of the original asking price. Last year homes sold within 4% of the asking price.

If you'd like more information specific to your home, don't hesitate to contact us.

Bellevue Real Estate • Eastside Real Estate • For Buyers • For Sellers • Issaquah Real Estate • Kirkland • Market Statistics • Real Estate • Redmond • Sammamish, WA Real Estate • August 15, 2012

The Seattle-Eastside Condo Market is Amazing!

by The Beaupain Team

Our amazing Seattle-Eastside real estate continues! How low can the supply of eastside condos go? In July there were only 463 condos for sale all over the Eastside, less than half the number of condos for sale in July of 2011! The supply is low and the prices have dropped considerably over the last few years as evidenced by the chart below. These market conditions bode well for buyers. Prices are at the bottom and with the low supply, they should begin rising. Unfortunately for the sellers who bought from 2007 on, it's still a tough market as pricing is well below the high experienced during that time.

Not only was the supply at the lowest I can remember, the number of sales were at the high so far for the year. There were 463 condos for sale and 236 of them sold! I've been in real estate on Seattle's eastside for 25 years and I've never seen anything like the lack of supply in the market we're experiencing now. In previous reports I mentioned if the supply of condos stayed on the low side, to expect the positive market to continue in Bellevue, Kirkland, Redmond, and the other cities east of Seattle. This was how the real estate market performed in July.

The chart beow shows the trend in pricing from 2008-2012 for condo sales on the eastside. Each blue bar represents a month during the years that are represented below. The red line that is drawn across each year shows where the median point is in pricing for the year.In 2008, the median pricing for condo sales on the eastside was $337,064. So far this year, the median pricing for sales is at $221,631. If you look at 2012, pricing has jumped up for the last two months, but on average, it's still lower than previous years.

Time on the market has also dropped to an average of 90 days to sell vs.109 days in June of 2011.

If you have any questions about the condo market, please feel free to contact us.

Bellevue Real Estate • Eastside Real Estate • For Buyers • For Sellers • Issaquah, WA • Kirkland • Redmond • Sammamish, WA • Windermere Real Estate • August 13, 2012

Did July’s Real Estate Prices Really Go Up By 7% on Seattle’s Eastside?

by The Beaupain Team

The Seattle media had screaming headlines recently about the 7% increase in King County real estate prices this July when compared to last July. Were the newspaper headlines right? As I've mentioned before, yes and no.

What did the media get correct when they said prices had gone up from July, 2011 to 2012?

They were only comparing the sales from July, 2011 to July, 2012. The median price was based on the sales that happened only in those two months. This could mean more expensive homes sold in 2012 than in 2011 or it could mean prices were higher. It is hard to know based on this one month. A snapshot of one month's real estate sales does not make a trend. It only shows how sales compared for those two months, so the Seattle Times was correct in stating the prices had gone up in from July, 2011 to 2012 by 7%. However, this is not the full picture.

How can you more accurately tell if real estate prices are going up, down or staying the same?

It's important to look at a pattern for a period of time, such as you can see in the chart above.

What does the chart show?

The chart is a compilation of all the home sales on the eastside, including such cities as Bellevue, Kirkland, Redmond, Woodinville, Sammamish, Issaquah and more. The NWMLS (Northwest Multiple Listing Areas) for these eastside cities are represented by area numbers 500-600 displayed at the top of the chart.

Windermere Real Estate compiled the data from each month and developed this chart to show median pricing for the past 5 years. If you look at the bottom of the chart, you'll see the years 2008-2012. Each blue bar above the years represents a month during each of the years. The red line going across the chart shows the median price point for each year. It was highest in 2008, when the median pricing for the year stood at $623,733 and had gone down consistently through the end of 2011, when the median pricing for the eastside stood at $502,784.

This year the chart shows the median pricing is creeping up, but here on the eastside and in other parts of King County, it's not up by 7%, but by about 3% so far for the year. The median for this year is at $518,309.

This is a much more accurate picture of real estate values on the eastside, not just a measure of one month's sales. Are you seeing similar trends in your area?

If you have questions about the value of your home, please feel free to contact us and we can take a closer look at the data for your home.

Bellevue Real Estate • Eastside Real Estate • For Buyers • For Sellers • King County Real Estate • Market Statistics • Real Estate • Windermere Real Estate • July 19, 2012

Strong Signs Continue for a Positive Real Estate Market on Seattle’s Eastside

by The Beaupain Team

How hot was the Seattle Eastside real estate market in June? In May I mentioned the market stats over the next few months would dictate whether Seattle-eastside real estate will remain a hot seller's market. In May I asked the following questions about Seattle eastside real estate. Now I'm asking those same questions about June's real estate market.

How did the real estate market do in June?

Did the number of homes for sale increase? Yes, by 85 homes, which is not a huge increase, but an increase just the same.

Did the number of buyers decrease? Sales decreased by 52 homes, which, truthfully, is not a big decline.

Did prices continue to increase? Yes, they have continued to increase, but only slightly.

The Seattle Times stated that prices increased by 10% from June, 2011 to June, 2012. Truthfully, prices have not increased by 10% on Seattle's Eastside, which encompasses the cities of Bellevue, Redmond, Kirkland, Issaquah, Woodinville, Sammamish. If that were the case we would be heading towards a market similar to what existed before the market crash. We really aren't seeing that right now. Prices have gone up, but on the eastside it really closer to a 2% increase from last year. Remember, to get an accurate read on price increases or decreases, it's important to track the prices over the year.

With a 40% chance of getting a home sold in June, Seattle eastside home sellers had great odds of getting their home sold. The odds have dropped slightly over the last few months from March's high. But since March, the odds of selling a home on the eastside have been consistently over 40%.

How did this past June compare to June of 2011?

40% of the available homes sold this past June, 20% sold in June, 2011.
Homes sold in 70 days, which is down from 94 days in June, 2011.
Median pricing remained almost the same. Last year median pricing was at $514,000. This year, median pricing was $513,000.
Homes sold within 4% of the original asking price. Last year homes sold within 7% of the asking price.
10% more homes sold this year.

All these statistics point to the positive. Homes are selling in a shorter amount of time, with less of a price reduction and prices have stayed fairly stable when compared to June of 2011.

If you'd like more information specific to your home, don't hesitate to contact us.

Bellevue Real Estate • Eastside Real Estate • For Buyers • For Sellers • King County Real Estate • Market Statistics • Real Estate • Windermere Real Estate • July 19, 2012

Were June Condo Sales on Seattle’s Eastside Still Hot?

by The Beaupain Team

What an amazing condo market on Seattle's Eastside! Since June of 2011, the number of condos for sale has continued to drop, and drop by alot. Last June there were 1139 condos for sale and this June there are less than 500! What a huge difference!

Not only are there fewer condos for sale, but the sales have been very strong, especially since February. The condo market has been even stronger over the past two months. Approximately 42% of the available condos sold in June. If the supply of condos stays on the low side, expect this positive market to continue in Bellevue, Kirkland, Redmond, and the other cities east of Seattle.

Median pricing was $235,000 this past month, whereas last year the median pricing for the month stood at $250,000. Don't worry too much about pricing for one month's worth of sales. As we always say, you must follow the trend over a period of months to measure any true increases or decreases in value. One month's real estate prices are only a reflection of the sales that happened that particular month.

Time on the market has also dropped to an average of 90 days to sell vs. 118 days in June of 2011.

So get our there and find a great home, but do your homework before getting in the car to look at properties. Check out the commute, the neighborhood, schools and anything else that is of importance to you before you start looking for a home. If you do that, you can target the right location to look for a home. You can then look for a home that works for you in a the right location.

Remember location, location, location is the primary rule of real estate. In today's world, location can mean many different things to people based on job location, commutes, and area amenities. Determine what it means to you and then go for the condos in that particular location.

If you have any questions about the condo market, please feel free to contact us.

For Homeowners • For Sellers • Make More Money Selling Your Home • Real Estate • June 27, 2012

It’s A Great Time in Seattle To Get Your Camera and Take Photos of Your Yard

by The Beaupain Team

I love this time of year in Seattle. I was out taking pictures of my yard the other day. Even if it's gray outside, which it often is, the flowers, the plantings and all the trees look just gorgeous. My yard is starting to look its best. Your yard is probably looking great, too. The fresh growth on the plants and trees and the flowers make such a beautiful backdrop for a home this time of year. Even if you don't have a lot of flowers, the fresh green colors still look terrific, so don't overlook your shrubs and trees.

Now think of your yard and how it looks in November. There's no comparison. It's obvious how wonderful everything looks compared to how the exterior of your home and yard look in November.

Don't waste this opportunity. Take time to snap some photos of your home and your yard. You'll have them available whenever you sell your home. In today's world, the online photos of your home are the first thing most buyers see. If the photos are great, there's a far better chance that a buyer will come see your home.

And don't forget to take pictures of your deck. Most of us don't have our patio furniture out in November so now is your chance.

Remember, you could sell some day in the throes of a deep and dark November! I'm sure you'd rather use photos of your yard taken in June than in November. You can always use great shots of your landscaping no matter the time of year you might be selling your home.

Happy picture taking!

Bellevue, WA • For Buyers • For Homeowners • Kirkland • June 22, 2012

How Safe Is Your Neighborhood? Crime Mapping Has Come to Bellevue and Kirkland

by The Beaupain Team

A public website where you can find out what types of crimes are happening in a neighborhood? You can now find this online in Bellevue and Kirkland and some other Washington cities. The City of Kirkland used a grant from Washington State to buy a crime mapping program that is available to anyone with a computer. The goal of the program is to raise the level of awareness regarding crime in the neighborhoods. The hope is people will see suspicious activity and report it to the police. Citizens will be empowered to assist the authorities and will be more knowledgeable about what is happening in their neighborhoods.

Aware citizens are a good thing. Just recently 3 burglars in Kirkland were caught because neighbors were being vigilant and reported suspicious activity to the police.

The program is not an attempt to scare people, but to raise the level of awareness of people within the community. With a raised level of citizen awareness, people will be even safer. No city is immune from crime, but here on the eastside, things are generally safe.

Who could benefit from this program?

Anyone who wants to know about the safety of their neighborhood.
Anyone who wants to increase their level of awareness about what is going on in a city.
Anyone who is thinking of buying a home and wants to check the safety of a neighborhood.

It's simple to access the program. You can log on by going directly to the site or through a link on the City of Kirkland website. When you input an address you can check for a variety of different crimes within a certain radius. No actual addresses are given as crimes are reported by blocks instead of a specific address.

The city has also added links to crime prevention tips for each type of crime and to the King County Sex Offender registry.

Other important things to know:

You can sign up for email alerts.
You can search for more than one place, ie.a school or job location.
You can create reports by category of crime or during a specific block of time.
There is a free iPhone app.

The information is updated by the police on a regular basis and is an attempt to keep the public well informed. In Kirkland data will be updated on Tuesdays-Thursdays. However, if there is an active crime investigation going on, reports may be withheld.

You can access a huge number of other cities across the United States. Sometimes it is good to do that to see how safe living in Kirkland and Bellevue is when compared to other cities in the nation.

Bellevue Real Estate • Eastside Real Estate • For Buyers • For Sellers • Issaquah Real Estate • Market Statistics • Real Estate • June 13, 2012

May Was a Strong Real Estate Market on Seattle’s Eastside

by The Beaupain Team

Seattle-Eastside Real Estate Sales Through May, 2012

With a 46% chance of getting a home sold in May, home sellers in Bellevue, Kirkland, Redmond and other eastside cities had great odds of getting their home sold. We saw a slight uptick in the number of homes for sale, but that did not change the fast paced nature of the market. When almost half of the homes for sale are selling, a few more listings doesn't make that much difference.

But if many more listing come on the market will that change the balance of the market between buyers and sellers? Time will tell, but historically when the demand outstrips the supply, we have a fast paced sellers market. If the supply increases, the competition between listings could heat up and we could have a good market, but not as fast paced. The market would be more balanced between buyers and sellers. The market balance in the upcoming months will hinge on the supply of available homes and the number of buyers.

The market is great, but 54% of the homes did not sell. One of the necessary elements necessary for a quick, well priced sale was more than likely missing for many of these homes. The homes that did not sell may have needed to be better priced or have sharper photos, smart staging and/or marketing. These homes may not have gotten the attention from the savvy buyers if one of the key elements for a successful sale was missing. They focused on those homes that are well priced and show well.

How did this past May compare to May of 2011?

46% of the available homes sold this past May, 24% sold in May, 2012.
Homes sold in 58 days, which is down from 76 days in May, 2012.
Median pricing remained the same at $500,000. This is very good news!
Homes sold within 96% of the original asking price. Last year homes sold within 92% of the asking price.
23% more homes sold this year.

The market stats over the next few months will dictate whether Seattle-eastside real estate will remain a hot seller's market.

Will the number of listings increase?

Will the number of buyers decrease?

Will prices continue to increase slightly?

Stayed tuned to to see how our eastside real estate market turns out! Check in with us next month.

If you'd like more information specific to your home, don't hesitate to contact us.