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How Did January, 2011 Seattle-Eastside Condo Sales Compare to January, 2010?
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- This is the fewest number of condos for sale in years, and I mean years. I checked all the way back to the beginning of 2008. There were only two months in 2008 when less than 1100 condos were for sale on Seattle’s eastside.
This is a better time than most of the past three years (tax credit time is the exception) to sell a condo. Buyers are getting “off the fence” to buy, hence the higher absorption rate. The best of the best are selling quickly, while the rest just stay on the market.
January 2011 Condo Sales on Seattle's Eastside
- This is the fewest number of condos for sale in years, and I mean years. I checked all the way back to the beginning of 2008. There were only two months in 2008 when less than 1100 condos were for sale on Seattle’s eastside.
(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.)
January, 2011 1028 condos for sale 174 condos sold 17% odds of selling.
December, 2010 1084 condos for sale 120 (was 135) condos sold 11% (was 12%) odds of selling.
January, 2010 1217 condos for sale 117 condos sold 10% 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. 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.
If you plan to sell your condo in the near future, feel free to contact me if you have questions about what you need to do to get ready to sell. Every seller has to do a few things before putting a home on the market. If your home is positioned properly, it can be one of the lucky few to get an offer.
How Many Real Estate Sales Were on Seattle’s Eastside in January 2011 Compared to 2010?
[googlemaps http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=Bellevue,+WA&sll=37.0625,-95.677068&sspn=23.403932,58.271484&ie=UTF8&hq=&hnear=Bellevue,+King,+Washington&ll=47.610377,-122.200679&spn=0.310148,0.910492&z=10&output=embed&w=425&h=350]
How did January, 2010 compare to January, 2011 in your neighborhood?
(Click on the cities below to see real estate trends for the past 5 years. You’ll find the median pricing for each city and whether the number of homes for sale and the number of sales went up or down. 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 18%.
Median sales price hardly dropped: $499,900 to $493,975. Home values have been more stable here than anywhere else on the eastside.
The number of homes for sale increased by 4% and the number of home sales decreased by 4%.
A total of 118 homes sold.
The odds of selling a home were 28%.
Median sales price decreased by 9% to $409,925 from $450,000.
The number of homes for sale was down by 16% and sales were down by 14%.
A total of 54 homes sold.
The odds of selling a home were 19.5%.
Median price decreased from $559,900 to $460,000.
The number of homes for sale dropped by 10% and sales were down by 30%.
A total of 63 homes sold.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 18%.
Median price was down from $389,725 to $359,900.
The number of homes for sale declined by 3% and sales were down by 8%.
A total of 105 homes sold.
The odds of selling a home were 18%.
Median price increased to $506,950 from $499,950, a 1% increase.
The number of homes for sale declined by 19% and sales were down by 35%.
A total of 52 homes sold.
The odds of selling a home were 21%.
Median pricing was up from $899,000 to $1,000,000.
The number of homes for sale decreased by 11% and sales increased by 48%.
The total of 40 homes sold.
Redmond/Education Hill/ Carnation
The odds of selling a home were 20%
Median pricing decreased from $524,990 to $376,250.
The number of homes for sale decreased by 5% and sales decreased by 8%.
A total of 52 homes sold.
If you’d like more specific information about your neighborhood or home, feel free to contact me.
Has a Positive Trend Started in Seattle-Eastside Real Estate?
The positive trend in Seattle’s eastside real estate continued from December, 2010 to January’s sales. Maybe the uptick in December was not an anomaly? We’ll still need to wait and see.
This, again, is what the Seattle Times said after December’s home sales numbers were released:
• Buyers are climbing off the fence, even if they suspect prices will continue slipping, because they fear interest rates will rise and wipe out any savings.
There was a lot more “climbing off the fence” in January. Truthfully, the number of sales hasn’t increased all that much, but the number of homes the buyers have to choose from is a lot less. It’s that old law of supply and demand, which is what we call the absorption rate.*
There are fewer homes to choose from, so the good ones are grabbed up. That’s what feels different. The “fence sitters’ are jumping on the good home buys. Some homes that hit the market are gone in a matter of days. The homes that are priced right and show well are the homes that sell quickly.
Since the last two months have had stronger absorption rates, I hesitate to call it a trend just yet, but I’ll keep you posted. I can tell you that the number of buyers looking at homes, multiple offers (gasp), and the absorption rate (see below) have all increased since the first of the year.
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Seattle Eastside Real Estate Sales-January 2011
The odds of selling a home on the Eastside in January ranged from 18% to 28%, with an average 19.5% absorption rate.* Most home sellers on Seattle’s eastside had a 19/100 chance of selling their home last month.
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*(The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month. If the absorption rate is 10%, then 10 out of the 100 homes for sale sold that month.)
January, 2011 2392 homes for sale 467 homes sold 19% odds of selling.
December, 2010 2499 homes for sale 369 (was 397) homes sold 15% (was 16%) odds of selling.**
January, 2010 2588 homes for sale 460 homes sold 18% odds of selling.
**(Some home sales fail because of the buyer financing or an inspection. The number of sales is updated when we find out the actual number of homes that sold during that time.)
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January, 2011 Seattle-Eastside real estate market compared to January, 2010:
- The average price of pending homes (recently sold homes) went from $525,462 to $495,080, a 6% decrease in pricing.
- On 2-14-11, there were 10,530 King County homes (houses and condos) for sale.
- The number of homes sold on Seattle’s Eastside: down 11% from last year.
- Number of homes for sale on Seattle’s Eastside: The number of homes for sale in January, 2011 was 7% less than January, 2010.
Best odds of selling: East Bellevue/Redmond around Microsoft.
Worst odds of selling: Sammamish/Issaquah/North Bend/ Fall City.
Decline in home sales from last year: Three out of the 7 Seattle-eastside areas had fewer sales, South Bellevue, Kirkland, and Sammamish/Issaquah/North Bend/ Fall City.
What’s happening with real estate in your neighborhood?
How Many Condos Sold on Seattle's Eastside in Dec 2010 Compared to 2009?
December, 2010 beat out December, 2009 by 35 sales. Over 30% more Seattle-eastside condos sold in 2010 than in December, 2009.
(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.)
December, 2010 1084 condos for sale 135 condos sold 12.5% odds of selling.
November, 2010 1191 condos for sale 138 (was 150) condos sold 11.5% (was 12.5%) odds of selling
December, 2009 1174 condos for sale 100 condos sold 8.5% 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. 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.
Other than the spring when the tax credit was in place, December was one of the best months to sell a condo last year. Partly because there were fewer condos for sale, 31% fewer than the peak of 1552 in July. Competition fell off so much by the end of the year, the odds of selling increased. It will still be a challenge this year, but condos will sell.
If you plan to sell your condo in the next year or so, feel free to contact me if you have questions about what you need to do to get ready to sell. Most every seller has to do a few things before putting a home on the market for the world to see. If your home is in the best possible condition before going on the market, there’s a better chance your home will be one of those 9-12% of homes that gets the offer. The number seems a little scary because it still is low, but if your home is positioned properly, it can be one of the lucky few to get an offer.
How Many Real Estate Sales Were on Seattle's Eastside in Dec 2010 Compared to 2009?
[googlemaps http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=Bellevue,+WA&sll=37.0625,-95.677068&sspn=23.403932,58.271484&ie=UTF8&hq=&hnear=Bellevue,+King,+Washington&ll=47.610377,-122.200679&spn=0.310148,0.910492&z=10&output=embed&w=425&h=350]
Sales were much better in December, 2010 than Dec, 2009 almost everywhere, but not across the board. In 4 of the 7 Seattle-eastside real estate areas, sales percentages were up from 2009 t0 2010. Sales increases ranged from 2% in South Bellevue and Issaquah to 40% in Redmond/East Bellevue. East Bellevue and Redmond near Microsoft were hit pretty hard in December, 2009, but bounced back to be the strongest area on the eastside for most of 2010.
This month, I’ve included the total number of homes sold in each area in 2010. Some of the numbers are small, such as West Bellevue, when compared to areas such as Sammamish, etc. This is because West Bellevue is a much smaller area than Sammamish/North Bend/Snoqualmie/Fall City/and parts of Issaquah combined. Some of the areas cover huge numbers of homes and others do not.
The drop in the number of homes for sale on Seattle’s eastside continued in December, but did not hit the lowest point for the year. The number of homes for sale dropped to just above 11,000 at the close of 2010. Despite fewer homes on the market, home sales were moving in December. As I’ve said before, the homes with the best value proposition of price and condition got the attention of the buyers. Those were the homes that sold.
How did December, 2009 compare to December, 2010 in your neighborhood?
(Click on the cities below to see real estate trends for the past 5 years. You’ll find the median pricing for each city and whether the number of homes for sale and the number of sales went up or down. 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 15.5%.
Median sales price was virtually the same: $499,900 to $499,450.
The number of homes for sale increased by 17.5% and the number of home sales were the same as last year plus one home!
A total of 1755 homes sold in 2010.
The odds of selling a home were 20.5%.
Median sales price decreased by 5% to $424,500 from $445,000.
The number of homes for sale was down by 18% and sales were up by 40%.
A total of 797 homes sold in 2010.
The odds of selling a home were 19%.
Median price decreased from $610,450 to $569,995.
The number of homes for sale dropped by 6% and sales were up by 2%.
A total of 1012 homes sold in 2010.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 18%.
Median price was up from $410,944 to $437,000.
The number of homes for sale declined by 3% and sales were up by 11.5%.
A total of 1473 homes sold in 2010.
The odds of selling a home were 16%.
Median price increased to $549,000 from $491,000.
The number of homes for sale declined by 17% and sales were down by 10%.
A total of 794 homes sold in 2010.
The odds of selling a home were 12%.
Median pricing was down from $847,440 to $729,000.
The number of homes for sale decreased by 8% and sales decreased by 26.5%.
The total number of homes sold in 2010 was 415.
Redmond/Education Hill/ Carnation
The odds of selling a home were 12%
Median pricing decreased from $549,950 to $524,970.
The number of homes for sale decreased by 5% and sales decreased by 16%.
A total of 766 homes sold in 2010.
If you’d like more specific information about your neighborhood or home, feel free to contact me.
December, 2010, A Surprise in the Seattle Eastside Real Estate Market
How did Seattle’s eastside end its year in real estate? Surprising to some, there was a huge increase in the number of homes sold in some areas when compared to last year. Pending sales for the year on the eastside were up by 10%. Only a few of the eastside neighborhoods had home sales which were down from last year.
Several theories were proposed in The Seattle Times wrap up on December real estate:
• The market finally has worked its way through the lull it fell into after the tax credits’ expiration.
• Buyers are climbing off the fence, even if they suspect prices will continue slipping, because they fear interest rates will rise and wipe out any savings.
• There may have been a push to get some long-languishing short sales — sales for less than sellers owe lenders — closed before year-end.
Is this a trend that will continue into the New Year? It’s probably too early to say, but I’ll be watching over the next couple of months to see how 2011 real estate performs on the eastside. Do you think this will be the start of a change in local area real estate?
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Seattle Eastside Real Estate 2010 Snapshot
The odds of selling a home on the Eastside in November ranged from 12% to 20%, with an average 16% absorption rate.* Most home sellers on Seattle’s eastside had a 16/100 chance of selling their home last month.
*(The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month. If the absorption rate is 10%, then 10 out of the 100 homes for sale sold that month.)
December, 2010 2499 homes for sale 397 homes sold 16% odds of selling.
November, 2010 2818 homes for sale 455 (was 485) homes sold 16%(was 17%) odds of selling.*
December, 2009 2584 homes for sale 343 homes sold 13% odds of selling.
*(Some home sales fail because of the buyer financing or an inspection. The number of sales is updated when we find out the actual number of homes that sold during that time.)
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December, 2009 Seattle-Eastside real estate market compared to December, 2010:
- The average price of pending homes (recently sold homes) went from $536,205 to $513,009.
- On 12-27-10, there were 11,015 King County homes (houses and condos) for sale. There were approximately 4000 less homes for sale, 32% less, in King County now than in July.
- The number of homes sold on Seattle’s Eastside: down .7% from last year. The sales were almost the same as December, 2009.
- Number of homes for sale on Seattle’s Eastside: The number of homes for sale in December, 2010 was about 75 less than 2009.
- If you look at 2010, in 9 out of 12 months, 400-500 homes sold each month. But the number of homes for sale varied from July’s high of 3400+ to December’s low of 2499.
Best odds of selling: East Bellevue/Redmond areas around Microsoft.
Worst odds of selling: West Bellevue and downtown Redmond and Carnation.
Biggest increase in sales from last year: East Bellevue/Redmond near Microsoft.
Smallest increase in sales from last year: Downtown Redmond and Carnation.
Decline in home sales from last year: Two out of the 7 Seattle-eastside areas had fewer sales, West Bellevue and Sammamish/Issaquah/North Bend/ Fall City.
The peak of homes for sale in 2008: July, 4370 homes.
The peak of homes for sale in 2009: June, 3859 homes.
The peak of homes for sale in 2010: August, 3492 homes.
The number of eastside homes for sale at the start of 2010: 2588 homes.
The number of eastside homes for sale in December, 2010: 2499 homes.
How Was The Seattle Eastside Condo Real Estate Market in November, 2010?
Seattle Eastside Condo Sales Nov 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.)
November, 2010 1191 condos for sale 150 condos sold 12.5% odds of selling
October, 2010 1375 condos for sale 136 (was 147) condos sold 9% (was 11%) odds of selling.*
September, 2010 1448 condos for sale 130 (was 155) condos sold 9% (was 11%) odds of selling.*
November, 2009 1289 condos for sale 121 condos sold 9% 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. 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.
Wow, November showed the biggest drop in the number of Seattle-eastside condos for sale so far this year! There are 184 less condos for sale. We’re almost at the lowest point of inventory, that is the available condos, for the year. The peak of condos for sale was back in July, when over 1500 condos were for sale on the eastside.
Everyone is so focused on how much homes and condos are losing in value. Yes, there’s no one selling in today’s market that hasn’t lost money in the value of his/her home or condo in the last few years. But remember, if you’re selling because you’d like to buy another condo or home, that one will also cost a lot less than it would have been a few years ago.
If you plan to selling your condo in the next year or so, feel free to contact me if you have questions about what you need to do to get ready to sell. Most every seller has to do a few things before putting a home on the market for the world to see. If your home is in the best possible condition before going on the market, there’s a better chance your home will be one of those 9-12% of homes that gets the offer.
Happy Holidays and have a great 2011!
How Did November, 2010 Real Estate Sales Do In Your Seattle-Eastside Neighborhood?
[googlemaps http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=Bellevue,+WA&sll=37.0625,-95.677068&sspn=23.403932,58.271484&ie=UTF8&hq=&hnear=Bellevue,+King,+Washington&ll=47.610377,-122.200679&spn=0.310148,0.910492&z=10&output=embed&w=425&h=350]
In 5 of the 7 Seattle-eastside real estate areas, sales percentages were up by a lot from last year! Sales increases ranged from 13.5% in Redmond/Carnation to 47% in Redmond/East Bellevue.
We also saw a huge drop in the number of homes for sale on Seattle’s eastside over the past few months. A higher percentage of home sales and less homes for sale is good news. The market is still challenging. The homes with the best value proposition of price and condition grab the attention of the buyers. These are homes that are selling.
How did November, 2009 compare to November, 2010 in your neighborhood?
(Click on the cities below to see real estate trends for the past 5 years. You’ll find the median pricing for each city and whether the number of homes for sale and the number of sales went up or down. 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 16%.
Median sales price decreased from $552,500 to $474,000.
The number of homes for sale increased by 12% and sales were down by 15% from last year.
The odds of selling a home were 22%.
Median sales price decreased to $416,500 from $479,000.
The number of homes for sale was down by 12% and sales were up by 47%.
The odds of selling a home were 22%.
Median price decreased from $685,000 to $599,419.
The number of homes for sale dropped by 10% and sales were up by 26%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 15%.
Median price was down from $411,750 to $405,000.
The number of homes for sale declined by 3% and sales were up by 41%.
The odds of selling a home were 17%.
Median price decreased to $549,950 from $739,000.
The number of homes for sale declined by 16% and sales were up by 13.5%.
The odds of selling a home were 15%.
Median pricing was down from $996,500 to $829,500.
The number of homes for sale decreased by 9% and sales decreased by 3%.
Redmond/Education Hill/ Carnation
The odds of selling a home were 16 %
Median pricing decreased from $559,900 to $525,000.
The number of homes for sale decreased by 3% and sales increased by 16%.
If you’d like more specific information about your neighborhood or home, feel free to contact me.
Have a terrific holiday season and Happy New Year!
How Was The Seattle Eastside Real Estate Market in November, 2010?
Are Seattle-eastside home sales going “merrily” along? Merrily may be an extreme word to use in this case to describe Seattle-eastside real estate, however, it’s good news to see in 5 of the 7 eastside areas, there were more home sales this November than last. In some areas, there was a huge increase in the number of homes sold when compared to last year.
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Seattle Eastside Real Estate Sales, Nov 2010
The odds of selling a home on the Eastside in November ranged from 15% to 23%, with an average 17% absorption rate.* Most home sellers on Seattle’s eastside had a 17/100 change of selling their home last month.
*(The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month. If the absorption rate is 10%, then 10 out of the 100 homes for sale sold that month.)
November, 2010 2818 homes for sale 485 homes sold 17% odds of selling.
October, 2010 3267 homes for sale 477(was 519) homes sold 15% (was 16%) odds of selling.*
September, 2010 3487 homes for sale 422 homes sold 12% odds of selling.*
November, 2009 2943 homes for sale 431 homes sold 15% odds of selling.
*(Some home sales fail because of the buyer financing or an inspection. The number of sales is updated when we find out the actual number of homes that sold during that time.)
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November, 2009 Seattle-Eastside real estate market compared to November, 2010:
- The average price of pending homes (recently sold homes) went from $612,955 to $532,907.
- As of this past week, there were 11,519 King County homes (houses and condos) for sale, there are about 3000 less homes for sale in King County now than in July.
- The number of homes sold on Seattle’s Eastside: down 15% from last year.
- Number of homes for sale on Seattle’s Eastside: About 450 fewer homes for sale than in October, 669 less than in September and 125 less than November of 2009.
- If you look at all 4 months worth of sales above, you can see the number of homes sold does not vary as much as the number of homes for sale. Each month, between 422-485 homes sold. Whereas the number of homes for sale varied by as much as 600 homes.
Best odds of selling: South Bellevue/Issaquah, and East Bellevue/Redmond areas around Microsoft.
Worst odds of selling: West Bellevue and Woodinville/North Kirkland/Kenmore and Bothell.
Biggest increase in sales from last year: East Bellevue/Redmond near Microsoft.
Smallest increase in sales from last year: Kirkland, which had the highest increase in sales last month.
Decline in home sales from last year: There was a decline in 2 out of the 7 Seattle-eastside areas. Sammamish/Issaquah/North Bend/ Fall City had the largest decline in home sales.
The peak of homes for sale in 2008: July, 4370 homes.
The peak of homes for sale in 2009: June, 3859 homes.
The peak of homes for sale in 2010: August, 3492 homes.
The number of eastside homes for sale at the start of 2010: 2584 homes
The number of eastside homes for sale now: 2818 homes.
How are home sales going in your neighborhood? Do you see less “for sale” signs out there this past month?
Does Microsoft Still Have a Big Influence On Seattle's Eastside?
Does Microsoft still have a positive affect on Seattle’s eastside? Yes! Microsoft still has a huge impact on the eastside.
The map below shows only some of the eastside campuses:
[googlemaps http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=Microsoft+Computer+near+156th+Avenue+Northeast,+Redmond,+WA&sll=47.647756,-122.133025&sspn=0.038741,0.113811&ie=UTF8&hq=Microsoft+Computer&hnear=156th+Ave+NE,+Redmond,+King,+Washington&ll=47.584406,-122.229424&spn=0.281495,0.25636&output=embed&w=425&h=350]
Recently, the news has focused more on layoffs. There are a number of people who have been laid off and are struggling, which is truly unfortunate. This post is not an attempt to minimize what those who are without jobs are going through, but to focus on the strong influence Microsoft still has on Seattle’s eastside.
There’s little said about the increase in the number of Microsofties on Seattle’s eastside since 2007. There are now over 40,000 employees in the area. Back in 2007, there were just over 35,000. Imagine the impact these additional 5,000 employees and their families have on the eastside economy and quality of life. Imagine the impact of 40,000 people on the local economy. Since 2007, these five thousand more people are renting or buying homes, going out to eat, buying goods at stores and using local services.
Microsoft has had a huge impact on the real estate in the surrounding neighborhoods. The Bellevue and Redmond neighborhoods near Microsoft have consistently performed better than any other area on Seattle’s eastside. The number of homes that sell compared to the number that are for sale, the absorption rate, is almost always the strongest on the eastside. Most every month of the past few years, the Microsoft area of Redmond and Bellevue has had more homes selling when compared to the number for sale.
Does this make this area more expensive?
No, not by a long shot. The good news is there’s been a huge benefit to the whole eastside because of Microsoft and there are homes in most price ranges in the area.
The least expensive home in Bellevue is on the market for $227,000. The most expensive Bellevue home is a waterfront property on Lake Sammamish for $4,250,000. Most of the homes in the area are priced under $500,000. Most homes for sale right now, almost 1/2, fall into the $300-500,000 price range.
These 40,000 jobs help keep our economy and our real estate market going, even with the lay offs. The real estate market is still challenging, but homes are still selling. Clearly, the competition is tougher for the sellers right now as pricing and condition are everything. This very realistic real estate market should continue for a year or so.
The eastside, particularly near Microsoft, should fare better than many other parts of the country as the economy improves. People will continue to move in and out of the area for jobs.
What do you think?
