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How Many Homes Sold in Your Seattle Eastside Neighborhood in April, 2011?
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How many homes sold in April, 2011 in your neighborhood?
The increasing number of home sales on Seattle’s eastside continues, despite what the news media is saying. Every month of this year has had a big increase in the number of home sales over the previous month. It would be great if our news reporting could be more balanced. Our real estate market is more balanced, so let’s hope the media figures it out! One local news source did peg the market fairly well.
Right now, Seattle’s eastside has the most “normal” real estate market that we’ve seen in years. A “normal” market means everything is happening from homes selling the minute they hit the market to homes taking months to sell and at reduced prices. The “hot” homes are selling. “Hot” homes are great values with a good price tag, are staged and ready to go. The homes that are not “hot” are taking a long time to sell and go through several price reductions before getting an offer.
The other issue working in favor of a more positive real estate market is that in every area on the eastside, except Sammamish, there are fewer homes on the market. Less supply=more demand.
(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 dropped: $514,950 to $499,900.
There were 701 homes for sale.
A total of 161 homes sold.
The odds of selling a home were 32%.
Median sales price decreased by 11% to $400,000 from $450,000.
176 homes were for sale
A total of 59 homes sold.
The odds of selling a home were 24%.
Median price decreased from $599,900 to $568,800.
322 homes were for sale.
A total of 91 homes sold.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 26%.
Median price was down from $409,500 to $397,000.
559 homes were for sale.
A total of 160 homes sold.
The odds of selling a home were 30%.
Median price decreased from $575,000 to $538,500Z .
282 homes were for sale.
A total of 94 homes sold.
The odds of selling a home were 22%.
Median pricing was down from $849,000 to $649,995.
170 homes were for sale.
A total of 45 homes sold.
Redmond/Education Hill/ Carnation
The odds of selling a home were 23%
Median pricing decreased from $514,995 to $462,475.
299 homes were for sale.
A total of 80 homes sold.
If you’d like more specific information about your neighborhood or home, feel free to contact me.
The Positive Real Estate Market on Seattle's Eastside Continued in April, 2011
Seattle Eastside Real Estate Sales Through April, 2011
Seattle-eastside real estate is looking good! The trend continues to be the most positive in the last four years. This positive market means this a good, but very realistic market. Some homes are selling within a week, others take longer, and some do not sell. In reality, it’s a balanced market in which the homes that sell quickly do so because of price and/or condition.
The usual spring spike in the number of homes for sale has also not happened so far this year. Last year in April there almost 450 more homes for sale on Seattle’s eastside than this past April.
In April 2011, there were 2634 homes for sale and 654 had offers. The number 464 in the last column on the chart shows how many homes sold and closed in April. In order for these sales to close in April, the offers would been accepted in February or March with an April closing date.
The absorption rate, the number of homes that sold during a particular month when compared to the number for sale, was 25%. One-fourth of the Seattle eastside homes for sale sold in April.
Are you seeing less “for sale” signs in your neighborhood? What about “sold” signs?
Does a 5 Piece Master Bath Increase A Home's Value?
You know what a 5 piece bath is, it has 5 pieces. These 5 pieces are easily (think Jack Nicholson) identifiable as a shower, bathtub, 2 sinks, and a toilet. The 5 piece master bath is expected in a certain style, age, and price range of a home in the Seattle eastside real estate market.
Here’s why I’m asking the question: My client and his wife are thinking of adding a wine cellar to their home. The only place a wine cellar would fit is in the main floor laundry room. The laundry would then need to move upstairs and be relocated to the master bath. The laundry could easily fit in the master bath in place of the soaking tub. I know it would be done well as everything these people do only adds quality and character to the home.
They bought a home built in the 1990’s that would be priced in today’s market for over $650,000. It’s a nice two story home with 4 bedrooms and 2.5 baths located in Bellevue. The master has a 5 piece bath, which is a typical feature of this caliber of home.
The home owners never use the soaking tub and think it’s wasted space. I hear this from a lot of buyers. The master bath looks more elegant with the tub, but the tub is rarely, if ever, used. I bet you know a lot people who don’t use their tubs, but take showers instead.
Master Bath Tub
Do you think a tub is needed for utility, looks, as an amenity?
Does it decrease the value of the home if there’s no tub in the master bath?
Would you choose to not buy a home of this caliber if there was no master bath tub?
Is it important for a home to keep the typical and expected features, such as 5 piece baths in a certain style of home?
What would you recommend? Would you suggest the home owners pursue this plan and add a wine cellar, take out the the soaking tub in the master bath and put the washer and dryer in its place?
I’m interested in hearing what you think. I’ll let you know what I think in another post. Stay tuned.
How Many Real Estate Sales Were in Your Seattle-Eastside Neighborhood in March, 2011?
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How many homes sold in March, 2011 in your neighborhood?
The number of home sales for the eastside took a huge jump over last month’s total. Each month of 2011 has seen a big increase in sales.
Are the sales stronger than March of 2010? No, they’re not. But remember, in March, 2010, buyers were scrambling to buy to get the tax credit. This March, buyers are out buying because they’re ready to buy, not because a tax credit is dangling in front of them. It’s been great to see the amount of activity in each neighborhood on the eastside. In reality, it’s the hot homes that are selling. “Hot” homes are great values with a good price tag and are staged and ready to go. The homes that are not “hot” are taking a long time to sell and go through a lot of price reductions before getting an offer.
(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 23%.
Median sales price dropped: $497,500 to $466,500.
There were 637 homes for sale.
A total of 160 homes sold.
The odds of selling a home were 29%.
Median sales price increased by .5% to $467,250 from $464,995.
166 homes were for sale
A total of 64 homes sold.
The odds of selling a home were 32.5%.
Median price increased from $539,450 to $571,470.
281 homes were for sale.
A total of 100 homes sold.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 27%.
Median price was down from $396,725 to $359,900.
556 homes were for sale.
A total of 175 homes sold.
The odds of selling a home were 25%.
Median price increased to $559,000 from $515,000, an 8.5% increase.
278 homes were for sale.
A total of 84 homes sold.
The odds of selling a home were 25%.
Median pricing was down from $921,500 to $780,000.
169 homes were for sale.
A total of 46 homes sold.
Redmond/Education Hill/ Carnation
The odds of selling a home were 24%
Median pricing decreased from $529,450 to $461,950.
287 homes were for sale.
A total of 86 homes sold.
If you’d like more specific information about your neighborhood or home, feel free to contact me.
How Many Real Estate Sales Were On Seattle's Eastside in March, 2011?
Seattle Eastside Real Estate Sales Through March 2011
I see a trend happening in eastside real estate. The Seattle Times was wondering if there was a trend being established in Seattle area real estate. It’s happening on the eastside. This trend started in December of last year. Since that time, the number of homes selling each month has increased. Home sales have almost doubled from December’s 351 sales to March’s 657 sales. That’s a huge increase, a 47% increase in real estate sales! It sure sounds like an upward trend to me.
Match this news with the fact that the number of eastside homes for sale has only increased by 150 homes since December and there’s a good real estate market on the eastside. Last year, there almost 440 more homes for sale in March.
In March 2011, there were 2540 homes for sale and 657 had offers. The number 452 in the last column on the chart shows how many homes sold and closed that month. In order for these sales to close in March, the offers would have happened in January or February.
So far this year, we haven’t seen the number of homes for sale jump up by much. But if many more homes come on the market, the upward trend in home sales could slow down. An increase in the number of homes for sale could have an impact on how quickly homes sell.
Are you seeing more sold signs in your neighborhood?
Is Your Seattle-Eastside Home Ready to be on the "Hot" List?
The last few weeks I’ve spent a lot of time helping soon-to-be home sellers get their homes ready for the market. I’ve spent time creating lists of cosmetic/structural items that need to be done to make a home market ready. I’ve recommended reliable contractors. I’ve helped to pick out paint colors, carpets, tile, vinyl, light fixtures, and then some, so people can do the updates necessary to get their home sold.
Color, carpet and tile samples
My car is on auto-pilot and assumes its heading to the Lowe’s or Home Depot in Bellevue each day!
Sometimes I think I should add interior decorator and project manager to my title. My business card says I’m a Realtor, but more often than not, I’m a decorator/project manager.
Seriously, this is a big part of my job and is one of the most important ways I can help sellers make the most money when selling a home. Recently, I’ve written some posts about how there’s a “hot” market and a “not” market on Seattle’s eastside. The homes that make it into the “hot” market are those that have been updated, staged, and photographed and look their best when out there on the market. These homes are market ready and look fabulous from day one. Nobody gets in to see these homes until the list of work is completed.
For most people, it’s work to get to the point where they are in the “hot” category. Most home sellers need a few weeks or months to get ready to sell. Some people even call me a year ahead, which is smart move. These people can then take their time to get their home ready. There’s no rush. But more often than not, I get the call a few weeks or months before the move. I’m okay with that time frame, but are you? Can you get your home ready for the market in just weeks or months?
Pick up the phone and call if you’re thinking of selling in the next year and want to be one of the “hot” homes.
How Many Real Estate Sales Were in Your Seattle-Eastside City in February 2011?
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How well did homes sell in February, 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%)
Thirty-five percent of the homes for sale around Microsoft in Redmond and East Bellevue sold last month. That’s an incredible number and one we haven’t seen for years. Overall, February was the most positive month for eastside home sales in the past several years!
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 23%.
Median sales price dropped: $499,995 to $489,990. Home values have been more stable here than anywhere else on the eastside.
There were 605 homes for sale.
A total of 153 homes sold.
The odds of selling a home were 35%.
Median sales price increased by 2% to $430,000 to $439,950.
157 homes were for sale
A total of 57 homes sold.
The odds of selling a home were 25.5%.
Median price decreased from $579,990 to $500,000.
283 homes were for sale.
A total of 83 homes sold.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 24.5%.
Median price was down from $397,000 to $375,000.
549 homes were for sale.
A total of 150 homes sold.
The odds of selling a home were 20%.
Median price increased to $542,725 from $537,500, a 1% increase.
251 homes were for sale.
A total of 60 homes sold.
The odds of selling a home were 18%.
Median pricing was down from $981,750 to $899,000.
174 homes were for sale.
A total of 37 homes sold.
Redmond/Education Hill/ Carnation
The odds of selling a home were 16%
Median pricing decreased from $474,950 to $450,000.
293 homes were for sale.
A total of 52 homes sold.
If you’d like more specific information about your neighborhood or home, feel free to contact me.
How Many Real Estate Sales were on Seattle's Eastside in February 2011?
Seattle Eastside Residential Real Estate Sales Through February, 2011
Despite what the media is reporting, February Seattle-eastside real estate sales were the strongest we’ve seen in a very long time. If you look all the way back to December, 2009, there were more real estate sales in February than any other month, except March and April of last year. More homes sold last March and April because of the tax credit. However, this February’s higher sales numbers had nothing to do with a tax credit, but everything to do with buyers being more ready and willing to buy a home. In February there were 2446 homes for sale and 565 homes sold.
The other good news is the number of homes for sale last month was still low when compared to the other months shown on the chart. Because of this, there was a higher percentage of homes selling, 23% in fact.
So far this year, real estate sales on the eastside of Seattle are trending upward. Because of the strong economic base found in such eastside cities as Bellevue, Redmond, Kirkland, and Issaquah, I believe this trend will continue, at least for the near future.
If the number of homes for sale jumps up, it could have an impact on how quickly homes will sell. If we stay with lower levels of inventory, it should help the homes on the market sell more quickly. But if we end up with numbers like we often do in the summer when we have had 14000+ homes in King County on the market, sales will slow down.
Are you seeing more real estate sales in your neighborhood?
How Badly is Seattle's Eastside Real Estate Affected by Distressed Sales
“Distressed Homes Sales Dragging Prices Down” screamed the print version of The Seattle Times, while the online version shouted “Median Home Price in King County Drops in February, Dragged Down by Bank Repos.
Pretty scary headlines. Scary headlines certainly attract readers. Distressed home sales, bank repos and short sales, are out there and affecting home values, but in varying degrees depending on which neighborhood is being discussed. If you read further down in the article:
The percentage of King County single-family homes that fit the “distressed” category in February varied widely by area, according to Windermere’s analysis.
By lumping all of King County together, it gives an inaccurate picture of Seattle real estate. Seattle real estate is far more localized. The neighborhoods of Queen Anne and Capitol Hill are usually the strongest performing areas, while the eastside suburbs of Bellevue, Redmond, Kirkland, and others are doing better than most of King County. The suburbs of Mercer Island and Medina have few distressed properties for sale.
The chart below gives a picture of the 2010 distressed property sales for all the counties around Seattle. My focus is on Seattle’s eastside neighborhoods, since it’s the market where I work. The eastside data is broken out from the rest of King County, because it’s usually different than the rest of the county. The pattern for distressed sales activity can be seen through 2010. The eastside had less distressed properties for sale than the rest of King County. I expect a similar pattern to continue in 2011, although the numbers may be different. When the 1st quarter numbers are released, I’ll report those numbers.
Irrespective of the distressed sales issue, homes are selling well in some areas. Prices are less than they were, but there are fewer homes for sale in many neighborhoods. So the old law of supply and demand is working in these neighborhoods. Near Microsoft in Redmond, there were three home sales that closed this past week. All the homes sold in less than 8 days. One was for full price, another for slightly over, and one sold for about 2% less than the asking price. Neighborhoods in Kirkland have a lot less homes for sale than is typical.
Distressed home sales are a part of the picture of Seattle eastside real estate, but they are not the complete picture. Too bad the screaming headlines didn’t balance more of the good news with the bad.
2010 Distressed Properties by Seattle Area Counties
What is happening in your neighborhood? Are homes selling? Are there a lot of distressed sales?
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.
