How Did October, 2010 Real Estate Sales Do In Your Seattle-Eastside Neighborhood?
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Ok, the real estate market is slower, that much we all know, but it’s not dead and there are homes selling. These are the homes that stand out compared to the competition, because they show well and are seen as a value. Today’s pricing is similar to 2005 pricing. I’ll post another piece which shows these numbers.
Sales were down by a huge amount in Woodinville, Kenmore, Bothell, Duvall, and North Kirkland. The sales dropped by 42% from last year.
The number of homes for sale in King County has dropped below 13,000 for the first time since early May. On Seattle’s eastside, the number of homes for sale is down by about 200 homes. These numbers are headed in the right direction.
In “Microsoft land”, the neighborhoods of Redmond and East Bellevue near Microsoft’s home base, the sales prices actually went up by about 1% in value. Remember, the median pricing for any month will reflect the sales for that month and it is important to look at several months or more to see the real trend. I wish I could say this month’s increase was the norm, but if you look at past posts and the charts in the link above, you’ll see this is not the case.
Expect to see more homes come off the market as we head towards the holidays. We started the year with 9700+ homes for sale in King County, which was the lowest number of the year. So if you plan to sell next year, think about getting on the market early, when your home will have less competition.
Happy Turkey Day!
How did October, 2009 compare to October, 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 20%.
Median sales price decreased from $509,000 to $477,500.
The number of homes for sale increased by 16% and sales were down by 9% from last year.
The odds of selling a home were 18%.
Median sales price increased to $449,900 from $445,000.
The number of homes for sale was up by 2% and sales were even with last year.
The odds of selling a home were 15%.
Median price decreased to $514,500 from $592,500.
The number of homes for sale dropped by 1.5% and sales were down by 28%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 11%.
Median price was down from $429,975 to $403,450.
The number of homes for sale declined by 2% and sales were down by 41%.
The odds of selling a home were 19%.
Median price decreased to $488,900 from $500,000.
The number of homes for sale declined by 7% and sales were down by 9%.
The odds of selling a home were 9.5%.
Median pricing was down from $1,150,000 to $948,000.
The number of homes for sale decreased by 9% and sales decreased by 27%.
Redmond/Education Hill/ Carnation
The odds of selling a home were 16 %
Median pricing decreased from $449,995 to $474,950.
The number of homes for sale increased by 8% and sales decreased by 32%.
What real estate activity have you seen in your neighborhood? If you would like more specific information about your neighborhood or home, feel free to contact me.
How Was The Seattle-Eastside Real Estate Market in October, 2010?
How Did September, 2010 Seattle-Eastside Real Estate Sales Do In Your Neighborhood?
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How did September, 2009 compare to September, 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 13%.
Median sales price increased from $493,995 $500,000.
The number of homes for sale increased by 15% and sales were down by 25% from last year.
The odds of selling a home were 17%.
Median sales price decreased to $464,750 from $499,500.
The number of homes for sale was up by 15% and sales were down by 25%.
The odds of selling a home were 13%.
Median price decreased to $520,000 from $564,900.
The number of homes for sale dropped by 8% and sales were down by 4%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 14%.
Median price was down from $399,975 to $389,500.
The number of homes for sale declined by 6% and sales were down by 15%.
The odds of selling a home were 13%.
Median price increased to $599,000 from $549,950.
The number of homes for sale declined by 8% and sales were down by 17%.
The odds of selling a home were 13%.
Median pricing was down from $1,012,000 to $899,000.
The number of homes for sale decreased by 15% and sales decreased by 30%. (Another big hit!)
Redmond/Education Hill/ Carnation
The odds of selling a home were 14.5 %
Median pricing increased from $449,950 to $499,925.
The number of homes for sale increased by 5% and sales decreased by 2%.
The real estate sales numbers are down on Seattle’s eastside, which is no big surprise to many of us. However, again we see median pricing up in 3 out of 7 neighborhoods. Don’t get too excited though. The median pricing is based on the homes that sold that month, not on the trend for the whole year. I can safely say median pricing is down since last year all over the eastside, even if a month or two shows an increase. We have to look at the overall trend for the year.
Sales were down by a lot, 30% in West Bellevue. In East Bellevue/Redmond near Microsoft and on the Sammamish plateau, sales were down by 25%. These are big numbers.
The number of homes for sale on Seattle’s eastside is starting to head downward. (This is a good thing.) There are 400 fewer homes on the market in King County than just a few weeks ago. I expect to see that number continue to drop.
What real estate activity have you seen in your neighborhood?
How Was The Seattle-Eastside Real Estate Market in September, 2010?
So how was the September real estate market on Seattle’s eastside?
The odds of selling a home on the Eastside in September ranged from 13% to 17%, with an average 14% absorption rate.* Most home sellers on Seattle’s eastside had a 14/100 change of selling their home last month. The absorption rates were pretty consistent throughout the whole eastside.
*(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 100 homes sold that month.)
September, 2010 3487 homes for sale 475 homes sold 14% odds of selling.
August, 2010 3492 homes for sale 473 (was 491) homes sold 13.5% (was 15%) odds of selling.*
September, 2009 3518 homes for sale 581 homes sold 19.5% 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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September, 2009 Seattle-Eastside real estate market compared to September, 2010:
- The average price of pending homes (recently sold homes) went from $532,922 to $521,576. Two neighborhoods showed an increase in prices for the month.
- As of this past week, there were 13,867 King County homes (houses and condos) for sale.
- The number of homes sold on Seattle’s Eastside: down 18% from last year.
- Number of homes for sale on Seattle’s Eastside: Almost 250 more homes for sale than last year.
- The reality is the actual number of homes selling has not changed all that much, it’s the competition that has increased by a huge margin. Since it is more competitive out there, the homes that are priced right and show well are the homes the buyers pick to buy.
Best odds of selling: Redmond, near Microsoft, and East Bellevue.
Worst odds of selling: West Bellevue, although it’s within a hair of most all the other eastside neighborhoods.
Biggest increase in sales from last year: None, there was no increase in home sales from last year to this year in any of the eastside areas.
Smallest increase in sales from last year: No increases.
Decline in home sales from last year: There was a decline in 7 out of the 7 Seattle-eastside areas. West Bellevue had the largest decline in home sales with 30% decline in the number of homes sold. The Sammamish plateau area and the Redmond/East Bellevue area around Microsoft both had 25% 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 number of eastside homes for sale at the start of 2010: 2584 homes
The number of eastside homes for sale now: 3487 homes.
For a picture of King County sales, check out The Seattle Times.
What are you seeing in your neighborhood? Are some doing better than others?
What Were The Odds of Selling Your Seattle-Eastside Home in August, 2010?
The odds of selling a home on the Eastside in August, 2010 ranged from a low of 6% to a high of 21%, with an average 14% absorption rate. This month, West Bellevue is in the single digits, at 6%.
The real estate activity in the summer months has turned out to be very different than the activity in the spring. Clearly, both buyers and sellers rushed to buy and sell before the tax credit expired. We have a buyers’ market for most of the eastside again, which means buyers can choose from a variety of nice homes and probably not find other buyers competing with them.
(The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
August, 2010 3492 homes for sale 491 homes sold 15% odds of selling.
July, 2010 3468 homes for sale 470 homes sold 13.5% odds of selling.
August, 2009 3604 homes for sale 580 homes sold 16% odds of selling.
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August, 2009 Seattle-Eastside real estate market compared to August, 2010:
- The average price of pending homes (recently sold homes) went from $543,639 to $532,692. Some neighborhoods showed an increase in prices for the month.
- As of this past week, there were 14,333 King County homes (houses and condos) for sale, less than late July’s high of 14,639.
- Home sales on Seattle’s Eastside: down 2.5% from last August’s number.
- Number of homes for sale on Seattle’s Eastside: down 3% from last year.
- The reality is some homes are selling well, but it is only those homes priced well and showing well.
Best odds of selling: Redmond, near Microsoft, and East Bellevue.
Worst odds of selling: West Bellevue
Biggest increase in sales from last year: An 8% increase in home sales in Redmond, near Microsoft and East Bellevue.
Smallest increase in sales from last year: Same as above. This area had the only increase in Seattle-eastside home sales in August.
Decline in real estate sales from last year: There was a decline in 6 out of the 7 Seattle-eastside areas. West Bellevue had the largest decline in home sales with 65% decline in the number of homes sold.
The peak of homes for sale in 2008: July, 4370 homes.
The peak of homes for sale in 2009: June, 3859 homes.
The number of eastside homes for sale at the start of 2010: 2584 homes
The number of eastside homes for sale now: 3492 homes.
For a picture of King County sales, check out The Seattle Times.
How Did August, 2010 Seattle-Eastside Real Estate Sales Stack Up In Your Neighborhood?
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How did August, 2009 stack up to August, 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.)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 16%.
Median sales price decreased from $515,000 $479,895.
The number of homes for sale increased by 9% and sales were down by 17% from last year.
The odds of selling a home were 21%.
Median sales price increased to $494,900 from $475,000.
The number of homes for sale were up by 4% and sales were UP by 8%.
The odds of selling a home were 14%.
Median price increased to $550,000 from $499,500.
The number of homes for sale dropped by 13% and sales were down by 26%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 13%.
Median price was down from $425,000 to $415,000.
The number of homes for sale declined by 2% and sales were down by 27%.
The odds of selling a home were 14%.
Median price increased to $641,000 from $581,919.
The number of homes for sale declined by 13% and sales were down by 27%.
The odds of selling a home were 6%.
Median pricing was down from $899,475 to $869,000.
The number of homes for sale decreased by 16% and sales decreased by 65%. (Ouch!)
Redmond/Education Hill/ Carnation
The odds of selling a home were 15%
Median pricing increased from $542,250 to $549,950.
The number of homes for sale increased by 12% and sales decreased by 10%.
Real estate sales numbers are down on Seattle’s eastside, with the exception of one area. The East Bellevue and Redmond area near Microsoft showed a slight increase in the number of homes sold. This area was also the only area to show an increase in median price, number of homes on the market (not so good), and number of homes sold. However, median pricing was up in 3 other areas, South Bellevue and Issaquah, Kirkland, and Redmond and Carnation.
The number of homes for sale on Seattle’s eastside is the highest for this year, but should be experiencing a downward swing as we head into fall. Right now, though, there are a lot of choices out there and not as many buyers to compete with. Good buys are out there if you take your time and check out the homes for sale.
What real estate activity have you seen in your neighborhood?
How Did July, 2010 Seattle-Eastside Real Estate Sales Stack Up In Your Neighborhood?
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How did July, 2009 stack up to July, 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.)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 12.5%.
Median sales price increased from $525,000 to $539,950.
The number of homes for sale increased by 2% and sales were down by 24% from last year.
The odds of selling a home were 16%.
Median sales price dropped from $470,000 to $422,475.
The number of homes for sale increased by 8% and sales were down 27%.
The odds of selling a home were 16.5%.
Median price decreased from $617,000 to $599,475.
The number of homes for sale dropped by 16% and sales were UP by 5%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 14%.
Median price dropped by 2%, from $460,000 to $449,950.
The number of homes for sale declined by 9% and sales were down by 13.5%.
The odds of selling a home were 15%.
Median price decreased to $549,900 from $599,000.
The number of homes for sale declined by 16.5% and sales were UP by 3%.
The odds of selling a home were 11.5%.
Median pricing was UP from $950,000 to $1,299,000.
The number of homes for sale decreased by 24% and sales decreased by 31%.
Redmond/Education Hill/ Carnation
The odds of selling a home were 17%
Median pricing increased from $499,000 to $548,000.
The number of homes for sale increased by 1% and sales decreased by 5%.
Although real estate numbers are mostly down on Seattle’s eastside, 3 areas, similar to last month, showed an increase in median prices while the others all showed a reduction. Most likely, this was a result of more high end sales than seen previously this year. Many of the first time buyers bought because of the tax credit, so there are fewer first time home buyers making entry level purchases.
The high end real estate market is performing better than it was earlier this year. In July, West Bellevue had a 37% increase in the median pricing, a direct result of the homes that sold that month. This number greatly influenced the trend in the eastside showing the median pricing to increase in July. Median pricing is a function of the actual homes that sell during that particular month.
So I’d recommend not getting too excited if the median pricing went up this past month in your neighborhood. It will be important to see if the trend continues and it’s not just because more high end homes are selling.
The number of home sales were down in almost all of the Seattle eastside neighborhoods, which follows a typical pattern for summer when people choose to do other things, like go on vacation, than look for a home. Slower sales may also be impacted by the fear about jobs and the economy.