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Were there a lot of Distressed Real Estate Sales on the Eastside?
My last post focused on distressed sales in the counties around Seattle, a huge area. This post focuses on the eastside cities across Lake Washington from Seattle.
The hardest hit area for distressed property sales on Seattle’s eastside is what we Realtors call area 600 (see bottom of the chart above) which encompasses north Kirkland, Juanita, Duvall, Woodinville, Bothell, and Kenmore. Although all of these communities are fairly close to the eastside employment centers, the commute can be longer for many people. Parts of Woodinville and Duvall are still fairly rural in nature. Rural areas around Seattle have been hit harder with the decline in the real estate market. The higher number of distressed sales in these areas fits this model. More people want to live closer to work these days.
The area with the fewest number of distressed home sales was Mercer Island (area 510). Mercer Island is also one of the more expensive eastside cities. Situated between the eastside communities and downtown Seattle, it’s a desirable place to live. It’s a bedroom community located near the top economic centers with top notch schools and an easy commute to Seattle and the eastside.
Kirkland (area 560) is a very desirable location because it has good highway access, is close to jobs, and has a good school system. But the city has the second highest rate of distressed sales, which is surprising. The community encompasses a variety of housing styles and prices.from multi-million dollar waterfront homes to starter homes in the $200,000+ range.
The other eastside cities of Bellevue, Sammamish, Issaquah, and the closer in neighborhoods of Redmond, near Microsoft, had distressed sales ranging from 16-19% of the total real estate sales in the third quarter of 2011.
The theme here as in the last post is close-in locations near jobs is the better place to be. The eastside cities that fit this bill had the least amount of distressed sales.
Which Seattle Eastside City had the Fastest Real Estate Sales in September 2011?
Aubrey Cohen wrote an article about the fastest selling neighborhoods in Seattle, which prompted me to write this post about the fastest selling neighborhoods on Seattle’s eastside. What happens in Seattle, doesn’t just stay in Seattle, it also happens here on the Eastside!
Homes in East Bellevue and Redmond near Microsoft sold the fastest on Seattle’s eastside in September. Not only did these homes sell more quickly, in 69 days, but out of the 204 homes for sale, 51 got offers. These means that 25% of the homes in the area sold in September, among the best odds on Seattle’s eastside. The odds of selling a home in the Woodinville, Bothell areas also stood at 25%, which means September was one of the best months to sell a home in those cities.
Why do homes in East Bellevue and Redmond sell more quickly? Because they’re close to employment centers and transportation and have a broader range of more affordable housing. With the main Microsoft campus in Redmond and on the border of Bellevue, there’s a huge number of jobs right in the area. In addition, there’s easier freeway and bus access to Seattle than in the outlying suburbs.
West Bellevue is the most expensive area on the eastside, although it’s proximity to Seattle, schools, and housing make it the premier location on the eastside. The higher price point in the area means fewer buyers can afford West Bellevue, which increases the market time. Longer market time here is a function of pricing, not desirability.
Why is market time important? It’s one indication of the desirability and affordability of an area and both are key to future growth and appreciation. People like to live in convenient areas with good schools and affordable housing. (Remember affordability is relative to each area of the country.)
The cities below are grouped together to follow our MLS areas (multiple listing service) and shows how our statistical information is reported.
Which Seattle-eastside city had the fastest selling homes?
1. Redmond/East Bellevue
The odds of selling a home were 25%.*
Median sales price decreased (y-o-y)** to $503,000 from $560,000.
204 homes were for sale
A total of 51 homes sold.
Days on the market: 69
2. Kirkland
The odds of selling a home was 21%.
Median price increased from $516,000 to $626,000.
270 homes were for sale.
A total of 57 homes sold.
Days on Market: 87
3. South Bellevue/Issaquah
The odds of selling a home were 18%.
Median price decreased from $533,000 to $529,000.
362 homes were for sale.
A total of 65 homes sold.
Days on market: 88
3 (tie). Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 25%.
Median price was down from $415,000 to $380,000.
558 homes were for sale.
A total of 139 homes sold.
Days on Market: 88
4. The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 19%.
Median sales price increased from $486,000 to $500,000.
There were 714 homes for sale.
A total of 137 homes sold.
Days on the market: 90
5. Redmond/Education Hill/ Carnation
The odds of selling a home were 19%
Median pricing increased from $541,000 to $580,000.
321 homes were for sale.
A total of 62 homes sold.
Days on Market: 100
5. West Bellevue
The odds of selling a home were 19%.
Median pricing decreased from $956,000 to $936,000.
164 homes were for sale.
A total of 31 homes sold.
Days on Market: 127
Overall, market time is excellent in all of the eastside cities. As I mentioned above, Seattle-eastside real estate is one of the bright spots in the country. Companies in the area are hiring and people continue to want to live here because of the quality of life, the job market, and good schools.
If you’d like more specific information about your neighborhood or home, feel free to contact either Brooks or me.
*(The odds of selling a home in each area is a result of the number of homes for sale divided by the actual number of home sales, so if 10 out of 100 homes sold, the odds of selling would be 10/100 or 10%)
** (y-o-y) median pricing is comparing year over year numbers.
How Many Real Estate Sales Were in Your Seattle-Eastside Neighborhood in August,
Seattle-eastside real estate sales results were so similar during June, July, and August I could have posted the same report with just a few exceptions each month! Overall, 23% of the available homes sold in August, the same as June and July!
[googlemaps http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=Eastside+of+Seattle&aq=&sll=47.610377,-122.200679&sspn=0.123598,0.359459&vpsrc=0&g=Bellevue,+WA&ie=UTF8&hq=Eastside+of&hnear=Seattle,+King,+Washington&t=m&ll=47.615847,-122.302272&spn=0.338201,0.11521&output=embed&w=425&h=350]
The only significant change happened in West Bellevue and East Bellevue and the Microsoft area around Redmond. Both these areas had fewer home sales in August than in July. It was most noticeable in the neighborhoods around Microsoft where sales have been consistently strong. In July, 38% of the homes sold and in August the sales numbers dropped back to 24%. The area still had the best return on the eastside, but it was more in line with other eastside neighborhoods.
There’s a good real estate market out there. The last time we saw a similar real estate market was back in the years between 1998-2002. The market during those years was what we considered to be a “normal” market, not a crazy market. Once again, we see a more “normal” market today.
How many homes sold in August, 2011 in your neighborhood?
(The odds of selling a home in each area is a result of the number of homes for sale divided by the actual number of home sales, so if 10 out of 100 homes sold, the odds of selling would be 10/100 or 10%)
The plateau: Sammamish, Issaquah, North Bend, and Fall City
The odds of selling a home were 21%.
Median sales price dropped: $479,895 to $475,000.
There were 725 homes for sale.
A total of 174 homes sold.
Redmond/East Bellevue
The odds of selling a home were 24%.
Median sales price decreased from $494,900 to $479,950.
207 homes were for sale
A total of 60 homes sold.
South Bellevue/Issaquah
The odds of selling a home were 22%.
Median price decreased from $550,000 to $512,225
367 homes were for sale.
A total of 94 homes sold.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 23%.
Median price was down from $415,000 to $381,650.
589 homes were for sale.
A total of 148 homes sold.
Kirkland
The odds of selling a home was 22%.
Median price decreased from $641,000 to $595,000.
280 homes were for sale.
A total of 73 homes sold.
West Bellevue
The odds of selling a home were 17%.
Median pricing decreased from $869,000 to $754,500.
169 homes were for sale.
A total of 40 homes sold.
Redmond/Education Hill/ Carnation
The odds of selling a home were 21%
Median pricing decreased from $549,950 to $534,900.
319 homes were for sale.
A total of 79 homes sold.
If you’d like more specific information about your neighborhood or home, feel free to contact me.
How Many Homes Sold in Your Seattle-Eastside Neighborhood in July, 2011?
[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 many homes sold in June, 2011 in your neighborhood?
It’s uncanny to see how similar July real estate sales on Seattle’s eastside were to June’s sales results. On most of the eastside, the numbers varied only slightly from June. Twenty-three percent of the homes for sale on the eastside sold, with the Redmond and Bellevue area around Microsoft leading the way with 38% of the homes selling. In the majority of eastside neighborhoods, the chance of selling a home ranged between 20-23%.
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: $539,950 to $519,000.
There were 771 homes for sale.
A total of 165 homes sold.
Redmond/East Bellevue
The odds of selling a home were 38%.
Median sales price increased from $422,475 to $429,950.
189 homes were for sale
A total of 85 homes sold.
South Bellevue/Issaquah
The odds of selling a home were 24%.
Median price decreased from $599,475 to $578,500.
380 homes were for sale.
A total of 110 homes sold.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 23%.
Median price was down from $499,950 to $369,475.
598 homes were for sale.
A total of 158 homes sold.
Kirkland
The odds of selling a home was 23%.
Median price decreased from $549,900 to $541,500.
288 homes were for sale.
A total of 76 homes sold.
West Bellevue
The odds of selling a home were 20%.
Median pricing decreased from $1,299,000 to $1,074,475.
175 homes were for sale.
A total of 42 homes sold.
Redmond/Education Hill/ Carnation
The odds of selling a home were 20%
Median pricing increased from $548,000 to $549,000.
337 homes were for sale.
A total of 75 homes sold.
If you’d like more specific information about your neighborhood or home, feel free to contact me.
Real Estate Sales Continued to be Strong on Seattle's Eastside in July, 2011
Seattle Eastside Real Estate Sales Through July, 2011
The chart above speaks for itself. July real estate sales were going strong on Seattle’s eastside. More homes sold in July than in any month since May, 2010.
Will this surge in real estate sales continue? Since the news regarding the stock market from last week, it remains to be seen if August will hold up to the sales growth we’ve seen since December of last year.
The number of properties for sale in King County still remains low compared to the last few summers when King County had over 14,000 properties for sale. As of August 8th, there were 11,091 properties for sale in King County. Here on the eastside, there were 2863 available properties. If you compare the number of homes for sale on the Eastside this July to last July, there were 17% less homes and condos on the market this year.
In July there were 2863 homes for sale and 646 of these homes received offers and sold. The absorption rate, the number of homes that sold during a month compared to the number for sale, was 22%.
But what’s also important to note is 12% of the sales from June failed. I had reported 661 sales in June, but this month I see only 587 of them stayed together.
The bottom line is more homes are selling than previously, but it’s also hard to keep the sales together. Failed sales can be the result of poor inspections, trouble with the buyer’s financing, an appraisal that does not agree with the sales price or a buyer getting cold feet and backing out.
How is the real estate market doing in your area? Do you see similar trends?
How Many Real Estate Sales Were in Your Seattle-Eastside Neighborhood in June, 2011?
[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 many homes sold in June, 2011 in your neighborhood?
June continued to be a strong month for real estate sales on Seattle’ eastside. In fact, June may have been the strongest month for real estate sales on Seattle’s eastside in four years. The Puget Sound Business Journal stated more homes sold this month than in recent months. Every area did far better than previous months and previous years. The Redmond and Bellevue area around Microsoft led the pack with almost 40% of the homes selling. Almost every other area had a minimum of 20% of the homes selling. More homes are selling than we’ve seen in years, but there are still a lot of homes that are languishing on the market. Know your competition, so your home will land in the 20%+ homes that are selling.
A past client of mine is moving back to the eastside after about 5 years. He was really surprised to hear that the homes near Microsoft are actually more affordable than those in South Bellevue. The Bellevue Schools are getting a lot of press because several of the high schools are landing on top 100 lists of the top high schools. But in reality, parts of Bellevue have been more expensive for years because of the easy I-90 access to Seattle. This may explain why the area around Microsoft is usually the hottest real estate market. It’s a great location, close to jobs, has good schools, and slightly more affordable housing prices.
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: $525,000 to $494,950.
There were 765 homes for sale.
A total of 190 homes sold.
Redmond/East Bellevue
The odds of selling a home were 38%.
Median sales price decreased to $449,900 from $482,500.
193 homes were for sale
A total of 79 homes sold.
South Bellevue/Issaquah
The odds of selling a home were 21%.
Median price decreased from $599,994 to $519,000
364 homes were for sale.
A total of 91 homes sold.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 23%.
Median price was down from $419,973 to $369,950.
572 homes were for sale.
A total of 147 homes sold.
The odds of selling a home was 19.5%.
Median price decreased from $624,950 to $535,000.
286 homes were for sale.
A total of 71 homes sold.
West Bellevue
The odds of selling a home were 20%.
Median pricing decreased from $890,000 to $719,950.
181 homes were for sale.
A total of 43 homes sold.
Redmond/Education Hill/ Carnation
The odds of selling a home were 20.5%
Median pricing increased from $474,950 to $549,900.
331 homes were for sale.
A total of 77 homes sold.
If you’d like more specific information about your neighborhood or home, feel free to contact me.
Need to Recycle? Come on Down to Windermere Real Estate For free Recycling This Saturday
Need to Recycle? Come on Down to Windermere Real Estate For free Recycling This Saturday
How Strong Were June, 2011 Real Estate Sales on Seattle's Eastside?
Seattle-Eastside Real Estate Sales Through June, 2011
How strong were June, 2011 real estate sales on Seattle’s Eastside? This summer’s real estate market is going to stay stronger than what we usually see during a Seattle summer. Traditionally, the highest number of homes for sale during a year comes near the end of July. With this increased competition, it can make it more challenging to sell your home. Although the number of eastside homes for sale has increased each month, the increase is nothing like the numbers we’ve seen during June of the last few years.
This year, the number of homes for sale is increasing, but at a much slower pace than last year. In King County as a whole, there are 11,320 properties for sale. Last year at the end of July, there were 14,639 properties on the market. This translates to 33% fewer homes on the market in King County this year. On the eastside, there were 15% less homes for sale in June. Since there’s still a great selection of homes for sale, the smaller number of available homes increases the odds of a home selling.
In fact, we had multiple offers on two listings this week alone. I find we have a lot of showings on our listings, so buyers are definitely out there more than they usually are in the summer months.
The number of sales this past month dipped a little from the previous month, but only by 12 homes. In May, we saw the highest number of homes sell in a month so far this year. As a reminder, in April of last year, there’s a very high number of home sales. This was artificially high as buyers tried to “cash in” on the tax credit. This year, the sales numbers are not inflated by any other issue. Real estate sales are fueled by the amount of job hiring in the area and by buyers who are more willing to move on with their lives, literally.
In June 2011, there were 2880 homes for sale and 661 of these homes had offers. The absorption rate, the number of homes that sold during a month compared to the number for sale, was 23%. Almost one quarter of the Seattle eastside homes for sale sold in June.
How is the real estate market doing in your area? Is it as strong as what we’re seeing here or is a little slower.
How Many Real Estate Sales Were in Your Seattle Eastside Neighborhood in May, 2011?
[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 many homes sold in May, 2011 in your neighborhood?
May real estate sales are proof again that real estate is local. Seattle eastside real estate is doing relatively well when compared to the last few years and to other parts of the country. Regardless of what the national news reports about real estate, Seattle area real estate sales are better than most parts of the country.
In most eastside areas, roughly 1/4-1/3 of the homes on the market sold. In some areas of the eastside, such as East Bellevue, Redmond near Microsoft, and Kirkland, more than 30% of the available homes sold. These areas tend to shine, particularly East Bellevue and Redmond, near Microsoft. These neighborhoods have a mix of housing styles and prices and are located close to good schools and jobs. The areas that are further out tend to be on the slower end of the sales spectrum. More home buyers in today’s market are looking for the convenience of living close to amenities.
I also should qualify my statements regarding the market. Prices are not up, but remained stable in some areas and lost ground in others.
Seattle’s eastside has a “normal” real estate market when considering the market over the last few 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.
From the Seattle Times Eric Pryne:
While the rise in pending sales was more modest on the Eastside, King County’s priciest area, closed single-family sales in May actually were up 6 percent from the same month last year — bucking the countywide trend — while prices fell just 4 percent, less than half the countywide drop.
Windermere’s Deasy attributed that in part to hiring by major Eastside employers. “People will start to see houses sell before they have a chance to act on them,” he predicted.
Eastside condo sales also were up from May 2010, climbing 15 percent. Countywide, however, condo sales fell nearly 4 percent, and the median price — $215,000 — was down 14 percent.
(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 22%.
Median sales price dropped: $559,880 to $487,000.
There were 752 homes for sale.
A total of 186 homes sold.
The odds of selling a home were 34%.
Median sales price decreased to $409,000 from $480,000.
189 homes were for sale
A total of 73 homes sold.
The odds of selling a home were 29%.
Median price decreased from $624,975 to $538,000.
342 homes were for sale.
A total of 113 homes sold.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 28%.
Median price was down from $451,126 to $375,000.
541 homes were for sale.
A total of 177 homes sold.
The odds of selling a home was 30%.
Median price decreased from $575,000 to $538,500.
282 homes were for sale.
A total of 94 homes sold.
The odds of selling a home were 29%.
Median pricing increased from $1,280,000 to $1,350,000.
167 homes were for sale.
A total of 51 homes sold.
Redmond/Education Hill/ Carnation
The odds of selling a home were 21%
Median pricing decreased from $519,950 to $411,950.
325 homes were for sale.
A total of 74 homes sold.
If you’d like more specific information about your neighborhood or home, feel free to contact me.
May Real Estate Sales Were Strong on Seattle's Eastside
Seattle Eastside Residential Real Estate Sales Through May, 2011
On Seattle’s eastside, there have been 6 straight months with an increase in the number of real estate sales. There’s clearly a trend here, although some people do not agree there’s a trend in Seattle real estate. The trend in sales is matched by the slower increase in the number of homes for sale. If you look at May last year, there were 3360 homes for sale on the eastside and this year there were only 2733 homes for sale.
The number of homes that sold in May, 2011 is close to the highest number of sales for last year, which happened in April. Last year sales were inflated by the tax credit. This year there’s no tax credit available. This year’s real estate sales are fueled by buyers who feel comfortable moving forward and purchasing homes because prices are down, they want and need to buy. Interestingly, when I speak with buyers at open houses they tell me they’re seeing some of the good homes moving rather quickly. The buyers are taking notice and buying those homes that are priced well.
In May 2011, there were 2733 homes for sale and 720 of these homes had offers. The absorption rate, the number of homes that sold during a month compared to the number for sale, was 26%. One-fourth of the Seattle eastside homes for sale sold in May.
How is the real estate market doing in your area?
