View Larger MapIn real estate terms, we call this area 530. The area of Redmond called Education Hill is north of Redmond Town Center and is not part of this report. The numbers in parentheses show last week’s totals. All numbers are gathered mid-day on Thursdays from NWMLS information.

The area represented by the statistics posted below is Redmond, 98052, south of highway 908 and east of 140th Ave NE. The neighborhoods are all within shouting distance of Microsoft.  In real estate terms, we call this area 530. The area of Redmond called Education Hill is north of Redmond Town Center and is not part of this report. The numbers in parentheses show last week’s totals. All numbers are gathered mid-day on Thursdays from NWMLS information. (Wednesday this week!)

Number of homes for sale: 75 (79)

New listings: 3 (14)

$0-$349,999: 3 (3)

$350,000-$499,999:25 (26)

$500,000-$749,999: 26 (28)

$750,000-$999,999: 12 ( 13 )

$1,000,000- $1,499,999: 6 (6)

$1,500,000- $2,999,999: 3 (3)

$3,000,000+ 0 (0)
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Average Asking Price of Homes for Sale: $698,097 (695,578)

Median Asking Price of Homes for Sale:  $579,900 ($579,900)

Average Days on Market: 89 (83)

Highest Priced Listing: $2,388,000 ($2,388,000)

Lowest Priced Listing: $299,900 ($299,900)

Phew!   Only 3 new listings came on the market this week, unlike last week when there were a record breaking 14 new listings on the market. Three homes for sale received and accepted offers, 5 homes moved beyond the inspection phase and are now pending, both signs of an active real estate market in the area.  Price reductions are still happening at a strong pace, as 7 homes reduced asking prices this week.  Competition is still strong, but we’ve seen several homes sell in a matter of days because they were priced well and showed well.  One example is a tri-level in Braeburn that came on the market for $499,950 and was sold quickly.  The home was immaculate, had a beautiful sunroom, and a gorgeous yard, making it very desireable.

Closed Sales Of The Week

$430,000 Rambler in View Ridge with 1300+ square feet, 3 bedrooms, and 1.75 baths.  This home was only on the market for 9 days and sold for slightly over 3% below its asking price of $445,000.

****It’s rare in this market for a home to sell for its full asking price, even in multiple offer situations or if the home is on the market for s short time.  A  home selling just a few percent below the asking price in a few days, is actually terrific news.

One piece of real estate news is  mortgage rates have gone up to about 4.91% per a report on Thursday’s MSNBC. We must also remember an interest rate in the high 4′s or low 5′s is still incredible and at historic low’s.  Putting this increase into perspective, rates are still absolutely phenomenal.  I expect the increase in rates may affect refinances more than new buyers.

Have a great weekend and get out enjoy the sun.  For those of you who want to play “Antiques Road Show” for a day, bring your antiques to be appraised at the Redmond Senior Center on Saturday.