West Redmond Real Estate Buzz

 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 parentheses show last week’s totals. All numbers are gathered mid-day on Fridays from NWMLS information. This real estate activity report will be online no later than Sunday each week. 

 
Active Listings:  57(53) 

New listings:   6(6)

Sold subject to inspection: 0(2)

Pending:  3(5)

Closed Sales:  5(2)

Sold Contingent: 0(0)

Rented: 0(1) 

Price Reductions:  4(4)

Price Increases:     0(0)

Expired Listings: 0(1)

Cancelled Listings: 0(1)

Temp Off Market:  0(0)

Back on Market: 0(0)
———————————

$0-$349,999:             0(0)

$350,000-$499,999:  7(6)

$500,000-$749,999:   26(23 )

$750,000-$999,999: 12(11)

 $1,000,000- $1,499,999: 9(10)

$1,500,000- $2,999,999: 3(3)
———————————–
Average Price:    $847,799($874,081)

Median Price: $696,000($724,950)

Average Days on Market: 62(63)

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

Lowest Priced Listing: $435,000($435,000)

My analysis of this week’s buzz: 

There are now 57 homes on the market in the area, the largest number of homes for sale since last October.  The inventory continues to increase, with the increases in homes for sale falling in the $500-750,000 price range.  The majority of homes in the West Redmond area fall into this price range category, so it is not surprising that there are more listings in this price bracket.

There are 6 new listings. Three homes received offers this week, resolved the inspection issues immediately, and went right to the pending status.  Ironically, two of the pending sales were for new construction in Parkside, the Bennett Homes off NE 40th near Microsoft.  Both had significant price reductions last week and both received offers this week.  Pricing is so critical in today’s market. There were 5 closed sales in which ownership changed hands. Closed sale prices ranged from 28% below the original asking price to 1% above the asking price.

Competition is a bit stiffer with the increase in inventory.  Sales have remained steady, but there are more homes to choose from.  Sellers need to be more flexible in pricing because of this increase in competition.

New listings: 

$450,000 Meadows town home with 1700+ sq. ft, 3 bedrooms/ 2.baths.

$495,000 a 1950’s home on a 13,500 sq. ft. lot with sub-divide potential.

$599,000 mid-entry east of Microsoft with a 13,500 sq. ft. lot, home needs TLC

$610,000 Tam O’Shanter rambler with 1600+ sq ft., 3 bedrooms, 1.75 baths. Tam O’Shanter has neighborhood amenities of a golf course, pool, and club house.

$629,950 Tam O’Shanter midentry with 4 bedrooms, 3 baths.

$849,950 11 year old two story home with 3030 sq. ft, 4 bedrooms, 2.75 baths.

Homes receiving offers this week:

The homes receiving offers this week all had the inspections resolved with a matter of days and are already pending sales.

Pending sales this week: 

(inspection has been satisfied)

$373,000 Strattonwood Midentry with 2 bedrooms, 1.5 baths, 1500+ sq ft., 1 car garage.

$998,800 Parkside at Wilshire new construction with 4 bedrooms and 3.75 baths

$1,099,000 Parkside at Wilshire new construction with 4 bedrooms, 4.25 baths.

Sold contingent:

(home has received an offer, but buyer has to sell current home to make the sale)

None this week

Expired listings:

(Homes in which the listing contract has expired)

None this week.

Cancelled listings:

(Homes taken off the market)

None this week.

Temporarily off the market:

None this week.

Price reductions:

  $598,000 Grasslawn Park two story, down from $625,000.

$599,950 down from $629,950 Charlson Place two story with a basement, 4 bedrooms and 3.5 baths.

$650,000 down from $698,000 for an Ardmore Village two story with 1993 square feet.

$1,129,000 down from $1,149,000 Sheffield Park two story built in 2007 with 5 bedrooms and 3 baths.

Closed sales:

(Homes in which the new owner has moved in!)

$449,950 for a town home in Sammamish Forest Manors with a list price of $449,950.  Sold for full price in 89 days.

$455,000 for two story near Spiritbrook, list price of $499,500, original list price of $ 625,000 Sold 28% below the original asking price.

$571,000, original list price of $569,000.  Sold in three days for 1% above the asking price.

$667,000 The Village at Redmond Heights.  List price of $669,000.  Original list price of $699,000.  Sold for 5% below the original list price in 171  days.

$775,000  Emerald Lane two story with an original price of $859,000 with the last list price of $819,000.    Sold for 9% below the original asking price.

Back on the market:

None this week.