The area represented by the statistics posted below is Redmond, 98052, south of highway 908.  The neighborhoods are all within shouting distance of Microsoft. In real estate terms, we call this area 530.  The area on Education Hill is called area 550 and is not part of this report. The numbers in red show last week’s totals. All numbers are gathered mid-day on Fridays from NWMLS information. 

New listings:   1(2)   New listing is actually a re-listed property.

Active Listings:  49(52)

Sold subject to inspection: 0(0)

Pending:  2(1)

Closed Sales:  2(7)

Sold Contingent:0 (0)

Rented: 0  (0) 

Price Reductions:  2(4)

Expired Listings:  1 (1)

Cancelled Listings: 0 (2)
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Number of homes available: 49(52)

$0-$350,000:             1(1)

$350,000-$499,999:   3(4)

$500,000-$749,999:   26(25)

$750,000-$999,999:  8(11)

 $1,000,000- $1,499,999: 6(6)

$1,500,000- $2,999,999: 5(5)
———————————–
Average Price:    $837,967 ($839,536)

Median Price: $659,000 ($699,000)

Average Days on Market: 93(85)

Highest Priced Listing: $2,880,000 ($2,880,000)

Lowest Priced Listing: $349,600 ($349,600)

My analysis of this week’s buzz: 

 Each of the past few weeks has brought a decrease in the number of homes for sale in the Redmond area around Microsoft.  For the first time in many weeks, there are less than 50 homes on the market.  Ironically, market time has increased by about 7 days each of the last few weeks.  It was only about a month ago that market time averaged  2 months.  Now market time is over 3 months at 93 days. Median and average pricing has dropped.  Median pricing is coming in around $10,000 below previous weeks. Average pricing is down about $40,000, which translates to a 6% drop in pricing.

The “new” listing has actually been on the market for two months with a $90,000 higher price tag.  The property, now priced at $655,000, is a large lot which may be subdividable.  In real estate terms, the “value is in the land” and not in the house. 

Two homes moved beyond the inspection contingency and the parties are heading towards closing.  One home is ten year old two story priced at $888,000.  It received an offer in about three weeks, which is fast in our current market.  The other pending sale, a Spiritbrook home priced at $629,950, is a large “spacemaker” home.  This home, at 3300 square feet, is aptly named with space meeting many needs. 

Two home sales closed this week.  A Burnstead built two story home in Sheffield Greens sold at $720,000, 8% below it’s original asking price of $779,000. The other closed sale went for 6% under the original asking price of $695,000, selling for $660,000.  This home was beautifully remodeled and sold in about three weeks.

In Sunny Ridge a two story, which has been on the market for about 6 months, reduced its price by $20,000 to $639,000.  Another rambler over in Strattonwood is now priced at $434,950, a 3.5% reduction.

Is this market tougher?  Obviously so, but we have seen a reasonable number of sales each week.  There is a healthy turnover in listings and sales each week.  As I have mentioned previously, the homes most aggressively priced, when compared to the competition, are the homes that are selling.