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How Did April, 2010 Home Sales Stack Up in Your Seattle-Eastside Neighborhood?
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How did April, 2009 stack up to April, 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 31%.
Median sales price dropped from $524,000 to $514,950.
The number of homes for sale dropped by 20% and sales were up by 75% from last year.
The odds of selling a home were 35%.
Median sales price dropped from $500,000 to $450,000.
The number of homes for sale dropped by 2% and sales were up by 57%.
The odds of selling a home were 34%.
Median price decreased to $599,900 from $649,000.
The number of homes for sale dropped by 21% and sales were up 23%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 26%.
Median price increased to $409,500 from $399,950.
The number of homes for sale declined by 12% and sales were up by 18%.
The odds of selling a home were 22%.
Median price decreased to $575,000 from $649,000.
The number of homes for sale declined by 23% and sales were up by 102%.
The odds of selling a home were 20%.
Median pricing was down from $1,100,000 to $849,000.
The number of homes for sale decreased by 27% and sales increased by 62%.
Redmond/Education Hill/ Carnation
The odds of selling a home were 23%
Median pricing decreased from $554,950 to $514,995.
The number of homes for sale decreased by 11% and sales increased by 32%.
When compared to April, 2009, only one area of Seattle’s eastside showed an increase in median prices. This area encompasses Woodinville, Bothell, Kenmore, and Duvall.
The most significant decrease in pricing was in West Bellevue, just like last month. Home values in West Bellevue dropped by 23%. The other Seattle-eastside neighborhoods experienced a reduction in sales price, but not by as much.
Home sales, on the other hand, continued to be strong all over the eastside. Sales increases ranged from 18% in the Woodinville area to 102% in Kirkland, the only area with a triple digit increase in home sales this month.
Eighteen percent less homes are for sale on the eastside this year than last year.
What’s happening in your area? Are home sales strong? Do you expect it to continue?
What Were The Odds of Selling Your Seattle-Eastside Home in April, 2010?
Seattle-Eastside Real Estate Sales April 2010
The odds of selling a home on the Eastside in April, 2010 ranged from a low of 20% to a high of 35%, with an average 27% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
April, 2010 3084 homes for sale 847 homes sold 27.5% odds of selling.
March, 2010 2923 homes for sale 695 (was 778) homes sold 24% (was 27%) odds of selling.*
April, 2009 3600 homes for sale 477 homes sold 13% odds of selling.
*Adjusted from previous month’s numbers to reflect the actual number of homes sold and closed. Each month some sales fall apart and don’t close. A lower number of home sales may be reported at a later date to show the actual number of sales that did close.
_____________________________________________________________
April, 2009 Seattle-Eastside real estate market compared to April, 2010:
- Home sales continued on a roll in all Seattle-Eastside cities.
- As of this past week, there are 13,102 King County homes (houses and condos) for sale.
- Overall, the Seattle eastside number of homes for sale continues to rise as the year progresses with only a few dips in numbers for sale since the first of the year.
- The median price was down by 5%. (Keep in mind this is comparing last April’s numbers to this April and is not an indication of the total drop in price for the year.)
- Home sales on Seattle’s Eastside: up 47%!
- Number of homes for sale on Seattle’s Eastside: down 18%
Best odds of selling: Redmond, near Microsoft, and East Bellevue with the greatest odds of selling as 35% of the homes got offers.
Worst odds of selling: West Bellevue, with 20% of the homes getting accepted offers.
Biggest increase in sales from last year: There was 102% increase in the number of Kirkland homes sold this April than last April. Kirkland was the only area with a triple digit increase this month.
Smallest increase in sales from last year: Woodinville, Bothell, Kenmore, Duvall with an 18% increase in home sales over last year.
Decline in real estate sales from last year: None on the eastside. More homes sold in all areas of Seattle’s eastside this April than April, 2009.
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: 3084 homes.
Rate of home sales that failed and did not close: 13%
Seattle Eastside home sales should continue to be strong in May. My team and I are getting phone calls from both buyers and sellers who still want to make a move, but may have not been ready to do so simply for the tax credit.
What’s happening in real estate in your area? Are homes selling? Do you think you’ll see a change in real estate because the tax credit is gone?
The First Big Decline in Homes for Sale in King County Washington
Twelve days ago I wrote a post that King County properties for sale was rapidly heading up to the 2009 high. Just last week we were within 300+ homes/condos of the 2009 peak, which stands at 13,861. There 13,515 homes/condos for sale in King County that week.
This week we see the first big decline, with a drop of 570 properties. The number is back below 13,000, at 12, 946.
Phew, I was just beginning to wonder if we were going to surpass 2009’s real estate totals in the Seattle area. We may, as 2010 is still young, but it’s a breath of fresh air in the real estate market to see a drop in inventory (the number of homes and condos for sale). Sales have been brisk as many buyers were anxious to buy a home in the Seattle area before the expiration of the 2010 tax credit, which could explain the decline in inventory.
The next few weeks will be interesting. Normally the number of homes for sale does increase in the summer months in Seattle, but I’m wondering if a lot of sellers put their home on the market earlier this year to capture the activity with the 2010 home buyers’ credit.
Do you think the numbers will increase as we head into the summer?
King County Washington Properties for Sale, 5-3-10
The Number of King County WA's Properties For Sale is Climbing
The number of properties for sale in King County Washington is climbing. The total took a big jump over the last few weeks when 783 properties came up for sale. Since January when the year started with 9726 King County properties for sale, the numbers have gone up by 28%. Right now, the total is just 452 shy of the highest number of properties on the market in 2009. The big difference in 2010 is sales activity is going strong and beating 2009 numbers by a huge margin in all areas. Some Seattle neighborhoods, like Queen Anne, are seeing multiple offers. In the area where I work, Seattle’s eastside, has had double and triple digit increases in home and condo sales.
The increasing number of listings may change that some in the coming months. I’ll be watching the real estate sales numbers and keep you posted.
King County Properties For Sale
Photos Don't Tell Everything About a House, Go See It
Professionally staged and photographed-photo by Layne Freedle, Staging by Pam of Staging for Charisma
Professional photography and staging are, without question, necessary to sell a home in today’s marketplace. We have our stager and photographer ready for our sellers when they’re needed. I wouldn’t list a home for sale without professional staging or photography.
The Same Room Unstaged and Not Professionally Photographed
There are many other good real estate agents who believe the same thing as there are a lot of blog posts about horrible house photos. This is not a new idea, but one that’s taken a strong hold among good real estate agents.
There are, of course, some homes which show beautifully and don’t need the staging, but we all know, even if we don’t admit it, staging and photography are necessary marketing tools to get a home sold.
Sometimes we forget, great staging and photography are only the start. They’re not the complete story. You’ve got to get out and see the house “in the flesh.” This advice, by the way, is both for Realtors and home buyers. You can’t do an effective market analysis as a real estate agent or fall in love with a house as a home buyer unless you see it, smell it, and hear what’s going on in the neighborhood. You need to “touch” the house in a variety of ways to determine its true value.
I was reminded of this very thing yesterday when my business partner, Angie Bondurant, previewed a home that’s strong competition to an upcoming listing. The home looked gorgeous online, which it should in order to attract the most buyers, but two things were not apparent until Angie went to see the home. It smelled and it was dark. A smelly house, whether it’s that “old” smell, food smell, dog smell or something else, can be a total turnoff to a buyer, even if the home is gorgeous.
A dark house is the kiss of death in Seattle. Of course, it rains 24/7 here as the world thinks, so light, airy homes are popular. (In reality, there are a lot of gray days in Seattle, but it doesn’t rain all the time by any means) A bright home is always a plus in this climate.
This home ended up with two strikes against it, both of which had to be experienced by seeing the home. It was dark and smelly. Granted it was finished beautifully and this will help it to sell, but the other factors may limit it’s market time and final sales price.
So besides the amount of light and odors, other things to consider that aren’t apparent when you see photos online:
- How loud are the neighbors? Come visit the neighborhood a few random times.
- How loud is road noise with or without the windows open? Stop by during rush hour.
- How big are the rooms, really? Wide angle lens accentuate room sizes in photos.
- Check out the backyard for its true size.
- What do you see from each of the home’s windows? From the backyard?
What else should be experienced when viewing a home?
How Did March, 2010 Home Sales Stack Up in Your Seattle-Eastside Neighborhood?
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How did March, 2009 stack up to March, 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 31%.
Median sales price dropped from $513,025 to $497,500.
The number of homes for sale dropped by 22% and sales were up by 154% from last year.
The odds of selling a home were 34%.
Median sales price dropped from $499,000 to $464,995.
The number of homes for sale dropped by 12% and sales were up by 84%.
The odds of selling a home were 27%.
Median price increased to $539,450 from $519,900.
The number of homes for sale dropped by 24% and sales were up 93%.
Woodinville/Bothell/Kenmore/Duvall/North Kirkland
The odds of selling a home were 26%.
Median price decreased to $396,725 from $450,000.
The number of homes for sale declined by 18% and sales were up by 68%.
The odds of selling a home were 22%.
Median price increased to $515,000 from $490,000.
The number of homes for sale declined by 22% and sales were up by 118%.
The odds of selling a home were 18%.
Median pricing was down from $1,185,000 to $921,500.
The number of homes for sale decreased by 28% and sales increased by 24%.
Redmond/Education Hill/ Carnation
The odds of selling a home were 29%
Median pricing increased from $481,450 to $529,450.
The number of homes for sale decreased by 21% and sales increased by 18%.
When compared to March, 2009, three areas of Seattle’s eastside showed an increase in median prices including South Bellevue and Issaquah, Redmond and Carnation, and Kirkland. South Bellevue and Issaquah home prices remained steady for the third month in a row, which is the only area on the eastside to experience a consistent upswing in pricing.
The most significant decrease was in pricing was in West Bellevue, where median home values dropped by 22%. Most Seattle-eastside neighborhoods experienced a reduction in sales price.
Home sales, on the other hand, continued to be strong all over the eastside. Sales increases ranged from 18% in Redmond and Carnation to 154% on the plateau, Sammamish and Issaquah.
Twenty-one percent less homes are for sale on the eastside than last year. Although over 200 more homes are for sale than in February, which is typical for this time of year.
Seattle eastside home sales should continue to be strong through April. We’ll see what happens after that time, however, I don’t expect much to change for the higher price ranges. And nothing may change at all. We could continue to have a strong real estate market.
What’s happening in your area?
What Were The Odds of Selling Your Seattle-Eastside Home in March, 2010?
Seattle- Eastside Real Estate Sales, March 2010
The odds of selling a home on the Eastside in March, 2010 ranged from a low of 18% to a high of 34%, with an average 27% absorption rate. (The absorption rate is the number of homes for sale in any given month divided by the actual number of homes sold that month.)
March, 2010 2923 homes for sale 778 homes sold 27% odds of selling.
February, 2010 2706 homes for sale 506 (was 599) homes sold now 18% (was 22%) odds of selling.*
March, 2009 3711 homes for sale 305 homes sold 8% odds of selling.
*Adjusted from previous month’s numbers to reflect the actual number of homes sold and closed. Each month some sales fall apart and don’t close. A lower number of home sales may be reported at a later date to show the actual number of sales that did close.
_____________________________________________________________
March, 2009 Seattle-Eastside real estate market compared to March, 2010:
- Home sales were up in all Seattle-Eastside cities, a trend which we’ve seen since the first of the year.
- Last week, we hit 12,726 properties for sale in King County, exactly 3000 more properties than the first week in January.
- This week we saw the first significant drop in the number of King County properties for sale as the number dropped by 120 to 12,606. There’s only been one other week this year where the amount of homes for sale dropped and that was only by 8 homes.
- On Seattle’s eastside the number of homes for sale continues to rise as over 200 more homes came on the market this past month.
- The median price was down by 7%, the same as last month. (Keep in mind this is comparing last March’s numbers to this March and is not an indication of the total drop in price for the year.)
- Home sales on Seattle’s Eastside: up 85%!
- Number of homes for sale on Seattle’s Eastside: down 21%
Best odds of selling: Redmond, near Microsoft, and East Bellevue with the greatest odds of selling. Thirty-four percent of the homes got offers.
Worst odds of selling: West Bellevue, with only 18% of the homes getting accepted offers.
Biggest increase in sales from last year: The plateau cities of Sammamish and Issaquah, plus Fall City and North Bend, with 154% increase in the number of home sales from last year.
Smallest increase in sales from last year: Redmond and Carnation, with an 18% increase in home sales over last year.
Decline in real estate sales from last year: None on the eastside. More homes sold in all areas of the eastside this March than compared to March, 2009.
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: 2923 homes.
Rate of home sales that failed and did not close: 16%
What have you seen happening in your area? Are real estate sales popping?
For The Seattle Times view of the March, 2010 real estate market, check out this link. KPLU had a piece earlier this week about last month’s real estate activity.
What’s in store for April? What do you think will happen? I suspect the market will continue to be very strong, particularly in more affordable price ranges. Will our more positive real estate market continue after the April 30th deadline for the home buyer tax credit?
Seattle-Eastside Real Estate is Beginning to Turn Red
Seattle-eastside real estate is starting to see “red.” Red is a sellers’ market, which means the average market time to sell a Seattle eastside home in the areas marked in red is from 3-6 months.
I sell a lot homes in the “hottest Seattle eastside area, which we call area 530, East Bellevue and the Redmond neighborhoods around Microsoft. Homes sales were hopping this past month, with sales often happening in two weeks or less. If you live in any of the areas marked in “red” and your home is not selling, it’s priced too high compared to competition. If your home is overpriced, you’re helping to sell other homes and they’re selling at your expense.
Seattle proper remains the “hottest” area overall, but if you’re looking to buy on the eastside, all the areas are either a real estate market that’s balanced between buyer and seller (yellow) or in “red,” a sellers’ market.
Buyers markets were absent in March. There’s no green (for a buyers market) left on this map, with the exception of Vashon Island, so the buyers’ markets we’ve been experiencing over the last few years were no where to be seen in in March.
Will the map show the same colors next month? I believe April will also be a very strong month for Seattle-eastside real estate.
Which King/Snohomish County Areas Are Selling Faster?
What do the numbers on the map mean?
The map is divided into the numbered areas as defined by our Northwest Multiple Listing Service (NWMLS). Downtown Bellevue is area 520 and East Bellevue is area 530, as an example.
What do the colors mean?
Red means it’s a sellers’ market, a sellers’ advantage.
Yellow means a balanced market between buyers and sellers.
Green means it’s a buyers’ market.
If you take each area as shown on the map and look to the area number on the side of the map, it will tell you how long it would take to sell every home currently for sale if no other home came up on the market in that area.
King County WA has 3000 More Properties For Sale
King County has a lot more properties for sale than the first week of the year. The first quarter of 2010 has passed and there are now 24% more homes and condos for sale, exactly 3000 more. Each week of the year has seen an increase in the number of properties for sale with the exception of one week. Right now there are 12,726 properties for sale and we started the year with 9726 available properties in King County.
This is typical of the Seattle area real estate market. Each spring the number of properties for sale increases dramatically. The good news is most Seattle areas are experiencing a huge jump in real estate sales. But that’s for another post!
King County WA Real Estate 3-29-10
