Sellers had an 13.5% chance of getting a home sold  in West Redmond and East Bellevue in May, 2008.

May,   2008             347 homes for sale,  47 sales,     13.5% chance of selling.

April, 2008              289 homes forsale,   55 sales,     19%    chance of selling.

May,  2007              152 homes for sale,  97 sales,     63.8%  chance of selling.

Inventory in the area is up 128% from last year at this time.  Homes are selling in the area, but this area is no longer the fastest selling area on the Eastside.  The area has held the title for a long time, even in the slower market.  Because inventory has gone up so much, the area has beome increasingly more competitive. It will be interesting to see next month’s statistics.

The Education Hill area of Redmond had a 21.2% absorption rate this past month, surpassing the Redmond/Bellevue/Mircrosoft area by 7% in sales activity. 

If you are a seller, do not give up hope.  Be competitive and have your home show really well.

For a complete picture of the real estate market performance for May on the eastside, check out my eastside blog.