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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.
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.
It Could Be The Difference Between Selling and Not Selling Your Seattle-Eastside Home
“It could be the difference between selling and not selling your Seattle-Eastside Home,” she said while sitting in her friend’s Redmond condo. The “she” is not me, but a home owner who contacted me to talk about selling her home. At one point, our discussion moved towards the things she would need to do before putting her home on the market. I rattled off the usual maintenance and upgrade items, which I’ve recently written about on this blog. She nodded her head. She understood. But instead of the usual comments I get regarding maintenance and upgrades, she knew it didn’t mean her home would sell for more than it’s worth. She knew that handling the maintenance items and some upgrades before her home went on the market simply meant she’d have a better chance of selling her home.
Most of the time when I talk with home sellers, the more common response is: If I do these maintenance and small upgrades, how much more will my home be worth? Most people think doing these items, like cleaning windows, replacing roofs or carpets will net more money than a home is worth. More than likely it won’t. It will, as she said, make the difference between selling and not selling an eastside home.
As an example, a home has to have a roof with 5 years of life left in it in order for a home to qualify for financing. Yes, a home must also qualify, along with the buyer, in order for the loan to go through. Having a good roof or a new roof, will not net more money, it simply will mean a home can sell and the buyer is able to get a loan on the property.
New carpet, as opposed to old, dirty or worn carpet also means the odds of selling a home will increase. Buyers don’t buy homes with old, worn materials. In today’s real estate market, buyers don’t have to. There are a lot of choices out there. Many of the homes are good homes that are priced right and show well. These are the homes that make it into the “sold” category. They are the homes that sell. The homes with deferred maintenance or few upgrades will be in the category of homes that don’t sell.
The Seattle’s eastside real estate market is a different than some other parts of the country. Back east, where I’m from, many homes are older and the expectation for updating and upgrades is not the same. Here on Seattle eastside, the typical buyer is looking for homes that are move-in ready. These buyers have are extremely busy. Some are handy with a hammer, some are not, but most want to move in and not have to think about fixing up a home.
So take a look at the link in the first paragraph. To sell in the eastside market, you’ve got to do some of the things on the maintenance/upgrade list. There’s a whole host of things that should be done before a home goes on the market so the home will net the price it deserves.
Are You Looking For Good Contractors to Help You With Your Seattle-Eastside Home?
Are you looking for good people? Good people are hard to find. I‘ve got good people, good people who can help you take care of your home. Recently, my real estate networking group created a huge list of good contractors for almost anything and everything to do with a home.
As an example, do you have any of the following?
- got stumps to grind (not an ax), but stumps in your yard
- got an oil tank?
- got mold?
- got moles?
- Got pests? (The four legged critter kind)?
Do you need the following?
- A sewer scope?
- Septic system checked or pumped?
- dock permit?
- Well driller?
- Security system?
- Estate salesperson?
- garage salesperson?
- Granite installer?
- painter?
- roofer?
- Furnace technician?
- Garage door fixed?
- Concrete installer?
I have the person(s) for you. Having connections helps me, and you, a lot. Between my personal experience with a number of contractors and my connections to other Realtors and past clients who have great recommendations, I have the list of good people for you and your home!
Contact me if you’ve got a problem or need a service, I have good people for you! By the way, if you know good people, feel free to send them my way. I’m always happy to add to the list.
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?
How Many Homes Sold in Your Seattle Eastside Neighborhood in April, 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 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?
How Many Real Estate Sales Were in Your Seattle-Eastside Neighborhood in March, 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 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.
