Debra Sinick

Archive for June, 2009|Monthly archive page

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If It’s Tuesday, Go To Redmond’s Gold Class Cinema

In Exploring Redmond, Redmond, Things to do in Redmond on June 30, 2009 at 3:58 pm

Looking for ways to have fun in Redmond, but save some money?

Redmond Gold Class Cinema

Redmond Gold Class Cinema

The Village Road Show Gold Class Cinemas are a fun experience, one that’s a special treat.  I’ve gone to see a movie there and it was quite special. The cinema has a wonderful bar and lounge area.  The seats were truly cushy, sort of like a souped up barcalounger.  Sometimes I wonder if people occasionally fall asleep in them!

The service was outstanding and it’s certainly nice to have someone bring food and drinks to you while you watch a movie.  If you’ve never attended, it’s great fun.  The Gold Show can be pricey, so head over there on Tuesday to save a little money. The Affordable Seattle blog says food is 1/2 price and beer and wine by the glass are $3.00.

Come to think of it, the Affordable Seattle Blog is probably something we should all check back with every once in awhile.

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The Hot Price for Redmond and Bellevue Homes Sales, 6-24-09

In For Buyers, For Sellers, Market Statistics, Real Estate news, Redmond on June 29, 2009 at 3:47 pm

Hottest price range of the week:

  • Most number of home sales $400-499,999  4 homes sold in the price range.
  • Most number of homes for sale $400-499,999  59 homes for sale.

This past week there were 291 homes for sale and 10 homes received offers.

Home Sales in Redmond and Bellevue, 6-24-09

Home Sales in Redmond and Bellevue, 6-24-09

What was the hottest price range of the week in East Bellevue (east of 405)  and West Redmond?

This chart is updated weekly by (Windermere Real Estate/East, Inc.,using MLS data to show the price ranges of the homes sold each week.

Here’s how it’s set up:

The colors show who has the advantage in a particular price range. 

  • Green means the buyer has the advantage with many homes to choose from and not that many selling.
  • Yellow means the number of homes for sale and the number of sales in the price range is balanced between the buyer and the seller.
  • Red indicates a sellers’ market where the seller may have the advantage as more homes are selling when compared to what’s available.

Down the side of the chart, the home sales activity is broken down into a price bracket of $99,999. All the homes priced between $400,000-499,999, as an example, are put together in one price category in the chart.

Across the top, the chart is broken down into real estate activity by the week.

If you take the $400-499,999 line and follow it across the chart, you’ll see what has happened each of the last seven weeks.  There are three columns under each week. On the left side of the column is the number of homes for sale in East Bellevue and Redmond, near Microsoft.  The middle column shows how many homes sold that week, and the final column under the date shows the months supply of homes for sale.  In other words, if no other homes came up for sale, it would take 4.4 months to sell all of the homes in the $400-499,999 price range.

The last section shows the 7 week average of each category, the number of homes for sale, the number sold, and the months supply.

The color yellow, which stands for a balanced market between buyers and sellers,  has been few and far between on these charts.  It’s been a very long time since we’ve seen a balanced real estate market anywhere. Most columns have been green, marked with a buyers’ advantage, for a very long time. It’s been an even longer time since we’ve seen so much read, a buyer’s market, too.

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Weekly Real Estate Buzz in West Redmond, Near Microsoft, June 25th, 2009

In For Buyers, For Sellers, Market Statistics, Real Estate news, Redmond, Weekly real estate updates on June 26, 2009 at 7:51 pm


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.

Number of homes for sale: 82 (89)

New listings: 0 (7)

Sold Contingent: 0 (0 )

Pending inspection: 5 (4)

Pending: 2 (4)

Closed Sales: 4 (1)

Rented: 0 (0)

Price Reductions:5 (10)

Price Increases:0 (0)

Expired Listings: 2 (0)

Canceled Listings: 0 (0)

Temp Off Market: 1 (0)

Back on Market: 0 (0)

Re-listed: 1 ( 3)

———————————

$0-$349,999: 2 (2)

$350,000-$499,999:  26 (28)

$500,000-$749,999: 34 (36)

$750,000-$999,999: 9 ( 11 )

$1,000,000- $1,499,999: 7 (7)

$1,500,000- $2,999,999: 3 (4)

$3,000,000+ 1 (1)
———————————–
Average Asking Price of Homes for Sale: $710,098 ($722,981)

Median Asking Price of Homes for Sale:  $579,950 ($599,000)

Average Days on Market: 88 (84)

Highest Priced Listing: $3,400,000 ($3,400,000)

Lowest Priced Listing: $299,995 ($299,995)

New listings: None this week, which is good news since we were at a record high this past week.

Price reductions: There were 5 price reductions this week, half of the number we saw last week.

Home sales: 5 homes received offers and are working through inspections and 2 homes had the inspections satisfied and are now pending.  We see a constant turn-over with homes in Redmond selling.  The 5 homes getting offers this week were mostly priced between $450-625,000.  There was one for over $2 million dollars.  This home is on Lake Sammamish and has been on the market for almost a year.

Closed Sales Of The Week

$419,950  Five year old home backing to highway 520.  Original list price of $529,950, last list price of $435,000.  sold in 226 days.  Newer daylight rambler.

****Because this home backed to the highway, it had to be an incredible deal to grab the attention of a buyer.

$468,200 Tri-level in Tam O’Shanter, a golf course community with 3 bedrooms and 2.5 baths.  Original asking price of $499,700, sold in 59 days.

**** Tam O’Shanter is a highly desirable neighborhood because of its swim club and golf course.  The home was priced well and sold in a very reasonable amount of time.

$493,000 Central Park North.  New construction with an original asking price of $652,000, last asking price of $589,900, sold in 530 days.

****again, a killer deal.

$515,000  Wildtree remodeled two story with almost everything new.  Original price of $546,000, final asking price of $524,999, sold in 61 days.

****beautifully redone, this home was like new.

The Seattle PI had an interesting article about the  local real estate market. The Seattle real estate market is stronger than much of the rest of the west.

Sales of existing houses and condos in May were up just over 30 percent from April in King County, compared with increases of 6.6 percent in the West and 9.2 percent nationwide, according to data from the Northwest Multiple Listing Service and the National Association of Realtors.

But county sales were down 20 percent from May 2008, compared with an increase of 8.7 percent in the West and a 6.6 percent drop nationwide.

The market has been fueled by first time buyers with 29% of  home sales being purchased by first time buyers.

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Hot Sales Price for Homes in Redmond and Bellevue, June 17th, 2009

In For Buyers, For Sellers, Market Statistics, Real Estate news, Redmond on June 23, 2009 at 1:31 pm

Hottest price range of the week:

  • Most number of home sales $400-499,999 and $500-599,000  7 homes sold in each price range.
  • Most number of homes for sale $400-499,999  64 homes for sale.

This past week there were 298 homes for sale and 22 homes received offers.

East Bellevue and West Redmond Home Sales 6-17-09

East Bellevue and West Redmond Home Sales 6-17-09

What was the hottest price range of the week in East Bellevue (east of 405)  and West Redmond?

This chart is updated weekly by (Windermere Real Estate/East, Inc.,using MLS data to show the price ranges of the homes sold each week.

Here’s how it’s set up:

The colors show who has the advantage in a particular price range. 

  • Green means the buyer has the advantage with many homes to choose from and not that many selling.
  • Yellow means the number of homes for sale and the number of sales in the price range is balanced between the buyer and the seller.
  • Red indicates a sellers’ market where the seller may have the advantage as more homes are selling when compared to what’s available.

Down the side of the chart, the home sales activity is broken down into a price bracket of $99,999. All the homes priced between $400,000-499,999, as an example, are put together in one price category in the chart.

Across the top, the chart is broken down into real estate activity by the week.

If you take the $400-499,999 line and follow it across the chart, you’ll see what has happened each of the last seven weeks.  There are three columns under each week. On the left side of the column is the number of homes for sale in East Bellevue and Redmond, near Microsoft.  The middle column shows how many homes sold that week, and the final column under the date shows the months supply of homes for sale.  In other words, if no other homes came up for sale, it would take 4.4 months to sell all of the homes in the $400-499,999 price range.

The last section shows the 7 week average of each category, the number of homes for sale, the number sold, and the months supply.

The color yellow, which stands for a balanced market between buyers and sellers,  has been few and far between on these charts.  It’s been a very long time since we’ve seen a balanced real estate market anywhere. Most columns have been green, marked with a buyers’ advantage, for a very long time. It’s been an even longer time since we’ve seen so much read, a buyer’s market, too.

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From My Inbox: Hopelink Helps School Children In Redmond

In Local information, Redmond, School news on June 22, 2009 at 9:02 pm

Hopelink launches campaign to outfit low-income kids with tools for school

Thanks to Hopelink, more than 1,700 low-income schoolchildren in north and east King County will get the supplies they need to start school ready to learn.

REDMOND, Wash. – Hopelink, the largest social services agency serving East and North King County, is collecting school supplies to distribute to low-income schoolchildren, as part of its annual Kids Need School Supplies drive in July and August. Thanks to local donors – companies, service organizations and individuals – Hopelink will distribute backpacks and other supplies to schoolchildren who, without help, would lack the school-required tools they need to complete their schoolwork.

Given the tight financial circumstances of many families, particularly during the economic downturn, receiving these items from Hopelink will help conserve the precious cash resources families need for food and other necessities. Hopelink expects more parents than ever before to request school supplies this fall, based on the large increases in pleas for all sorts of help that Hopelink has experienced. *

Hopelink’s Kids Need School Supplies drive is collecting monetary donations as well as a wide range of school supplies. Hopelink is in particular need of three-ring binders (two-inch size), tab dividers for binders, wide-tip and narrow-tip markers, erasers, backpacks for older kids, scissors for older and younger kids (Fiskars is a reliable brand), pencil boxes and pencil pouches and rulers. The school supplies will be distributed to Hopelink client families in late August through Hopelink’s food bank locations in east and north King County.

Hopelink Center Manager Teresa Andrade is spearheading the project and said it’s impossible to overstate its importance. “We’re talking about supplying essential tools to children for whom education means everything, including a way out of poverty,” Ms. Andrade said. “The children are thrilled to receive the supplies, because it means they can better fit in with their classmates and be confident they’ll have what they need to get their work done.”

“Most of us grow up with pencils, paper, art supplies, dictionaries and such at home, so we take those things for granted, but that’s definitely not the case for the children in the families that Hopelink serves,” Ms. Andrade concluded.

As every parent knows, school supplies are expensive. As every child knows, it’s embarrassing to show up for the first day of school with the “wrong” supplies or, worse yet, no supplies at all. And as most teachers know, it’s not always easy to scrape together makeshift supplies for those students whose families just couldn’t come up with the money for binders, scissors, markers and rulers.

To make a donation of supplies or cash to be used to purchase supplies, call 425.869.6000 or go to www.hope-link.org. Donations may also be made in person at any of Hopelink’s centers in Shoreline, Bothell, Kirkland, Bellevue, Redmond or Carnation.

For more information, contact Teresa Andrade at 425 485-6521 or teresawa@hope-link.org, or visit www.hope-link.org.

* 25% more people came to Hopelink food banks in April 2009 than in April 2008.

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Since 1971, Hopelink has served homeless and low-income families, children, seniors and people with disabilities in north and east King County. Hopelink promotes self-sufficiency for all members of our community and helps people make lasting change by assisting people to meeting their needs for food, shelter, homelessness prevention, family development and stabilization, transportation and adult literacy skills.  For more information on Hopelink and its services, call 425.869.6000 or visit www.hope-link.org.

Denise Stephens

Public Relations Specialist

Office: 425-869-2440; Cell: 206-605-6843

Work Hours: M-W-F, 9:30 a.m.-5:00 p.m.

www.hope-link.org

http://youthlink.hope-link.org/

http://twitter.com/Hopelink

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Two Weeks of West Redmond Real Estate Buzz

In For Buyers, For Sellers, Market Statistics, Real Estate news, Redmond, Weekly real estate updates on June 19, 2009 at 2:24 pm

If you are looking for real estate statistics in Redmond, here’s two weeks in one.  Last Friday turned out to be a really busy day for real estate, so there was no time to do a weekly update.  Not to mention that the disk on my computer also was corrupted, so I decided to report on the weekly sales for the past two weeks in one report.


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.

West Redmond Real Estate Buzz Through June, 11th, 2009

Number of homes for sale: 84 (83)

New listings: 5 (6)

Sold Contingent: 0 (0 )

Pending inspection: 2 (1)

Pending: 1 (3)

Closed Sales: 2 (2)

Rented: 0 (0)

Price Reductions: 7 (7)

Price Increases:0 (0)

Expired Listings: 0 (1)

Canceled Listings: 2 (1)

Temp Off Market: 0 (0)

Back on Market: 0 (2)

Re-listed: 0 ( 2)

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$0-$349,999: 2 (3)

$350,000-$499,999:  29 (28)

$500,000-$749,999: 31 (31)

$750,000-$999,999: 11 ( 11 )

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

$1,500,000- $2,999,999: 4 (3)

$3,000,000+ 1 (0)
———————————–
Average Asking Price of Homes for Sale: $723,220 (691,275)

Median Asking Price of Homes for Sale:  $588,850 ($579,000)

Average Days on Market: 84 (81)

Highest Priced Listing: $3,400,000 ($2,249,000)

Lowest Priced Listing: $315,000 ($299,900)

New listings: from the low 400′s up to $3.4 million, 3 of the new listings are under $600.000.  Two of the new listings are over $1.5 million.

Price reductions: 7  price reductions each of the last 3 weeks, mostly for homes priced under $700,000.

Closed Sales Of The Week

$370,950  Town home in the Meadows, a planned unit development with 1630 square feet, 2 bedrooms, 2.5 baths, and a loft room.  Original list price of $389.950, last sales price of $369,950. Sold in 43 days for 6% below the original asking price.

****Great location just down the road from Microsoft.  Sited on a cul-de-sac and backing to a greenbelt, the Meadows has a path to Marymoor, a club house, and a pool.  This price range is considered an affordable price range for the area.

$504,000  Mid-entry home in Spirtibrook (my listing) with 2800+ square feet, 4 bedrooms, 3 baths.  Original list price of $539,500, last asking price of $517,777, sold in 43 days for 7% below the original asking price.

****This home was down the street from Ben Rush Elementary School, backed to Spiritbrook Park, and had extensive updating with a new kitchen, windows, and hardwood floors.

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West Redmond Real Estate Buzz Through June, 18th, 2009

Number of homes for sale: 89 (84)

New listings: 7 (5)

Sold Contingent: 0 (0 )

Pending inspection: 4 (2)

Pending: 4 (1)

Closed Sales: 1 (2)

Rented: 0 (0)

Price Reductions:10 (7)

Price Increases:0 (0)

Expired Listings: 0 (0)

Canceled Listings: 0 (2)

Temp Off Market: 0 (0)

Back on Market: 0 (0)

Re-listed: 3 ( 0)

———————————

$0-$349,999: 2 (2)

$350,000-$499,999:  28 (29)

$500,000-$749,999: 36 (31)

$750,000-$999,999: 11 ( 11 )

$1,000,000- $1,499,999: 7 (6)

$1,500,000- $2,999,999: 4 (4)

$3,000,000+ 1 (0)
———————————–
Average Asking Price of Homes for Sale: $722,891 ($723,220)

Median Asking Price of Homes for Sale:  $599,000 ($588,850)

Average Days on Market: 84 (84)

Highest Priced Listing: $3,400,000 ($2,249,000)

Lowest Priced Listing: $299,995 ($315,000)

New listings: This may be the most number of homes on the market in Redmond, near Microsoft, since I started writing this post back a few years ago!  More homes are clearly coming on the market each week.

Price reductions: This week also represents the highest number of price reductions, with 10 reductions in the asking price for homes.  There were 7  price reductions each of the last 3 weeks, mostly for homes priced under $700,000.

Still there is a steady turnover with homes selling each week in the Redmond area near Microsoft.  It’s always going to be a popular location because of the neighborhood’s proximity to employment centers, easy commute, schools, parks and shopping.

Closed Sales Of The Week

$675,000  Marymoor Hill two story built by Burnstead in 1994 with 3190 square feet, 4 bedrooms, 2.75 baths. Original list price of $950,000, final asking price of $750,000, sold in 381 days for 29% below the original asking price.

****Marymoor Hill is a highly desirable neighborhood filled with wonderful homes.  This home probably was caught in a downward spiral of pricing, chasing the market down until it was a fabulous deal.

Have a great weekend.  (Hey, where did the sun go?)

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Hot Price Range of The Week in Bellevue and Redmond, 6-10-09

In For Buyers, For Sellers, Market Statistics, Real Estate news, Redmond on June 16, 2009 at 10:16 pm

Week of June 10th, 2009:

Hottest price range of the week:

  • Most number of home sales $600-699,999, 8 homes sold
  • Most number of homes for sale $400-499,999  71 homes for sale.

This past week there were 294 homes for sale and 21 homes received offers.

Real Estate Activity in Bellevue and Redmond 6-10-09

Real Estate Activity in Bellevue and Redmond 6-10-09

What was the hottest price range of the week in Bellevue and Redmond?

This chart is updated weekly by (Windermere Real Estate/East, Inc.,using MLS data0 to show the price ranges of the homes sold each week.

Here’s how it’s set up:

The colors show who has the advantage in a particular price range. 

  • Green means the buyer has the advantage with many homes to choose from and not that many selling.
  • Yellow means the number of homes for sale and the number of sales in the price range is balanced between the buyer and the seller.
  • Red indicates a sellers’ market where the seller may have the advantage as more homes are selling when compared to what’s available.

Down the side of the chart, the home sales activity is broken down into a price bracket of $99,999. All the homes priced between $400,000-499,999, as an example, are put together in one price category in the chart.

Across the top, the chart is broken down into real estate activity by the week.

If you take the $400-499,999 line and follow it across the chart, you’ll see what has happened each of the last seven weeks.  There are three columns under each week. On the left side of the column is the number of homes for sale in East Bellevue and Redmond, near Microsoft.  The middle column shows how many homes sold that week, and the final column under the date shows the months supply of homes for sale.  In other words, if no other homes came up for sale, it would take 4.9 months to sell all of the homes in the $400-499,999 price range.

The last section shows the 7 week average of each category, the number of homes for sale, the number sold, and the months supply.

The color yellow, which stands for a balanced market between buyers and sellers,  has been few and far between on these charts.  It’s been a very long time since we’ve seen a balanced real estate market anywhere. Most columns have been green, marked with a buyers’ advantage, for a very long time. It’s been an even longer time since we’ve seen so much read, a buyer’s market, too.

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What Were The Chances of Selling Your Redmond Home, Near Microsoft, in May, 2009?

In For Buyers, For Sellers, Market Statistics, Real Estate news, Redmond on June 11, 2009 at 11:49 am

Sellers had a 23% chance of getting a home sold in West Redmond and East Bellevue, both neighborhoods near Microsoft, in May, 2009.

(the numbers for the chart below may vary slightly from the MLS statistics posted in the above link, but the variation is slight.  The overall trend in the market is the same. The other charts also show the 5 year trend in real estate.)

Bellevue and Redmond real estate activity, May 2009

Bellevue and Redmond real estate activity, May 2009


The chance of selling a home is determined by the absorption rate, which is the percentage of homes that sell each month compared to the number of  homes for sale.  If there’s a 10% chance a home sells, then 10 out of 100 home sellers accepted an offer on their home during that month.  Ninety out of 100 home sellers did not get a mutually accepted offer.

May 2009             286  homes for sale        64  homes sold,            23%  chance of selling.

April, 2009          260 homes for sale,           49 homes sold,             23% chance of selling.

May, 2008             346 homes for sale,         45 homes sold,             13% chance of selling.

Real estate sales in Redmond continues to improve from the first of the year. Twenty-three out of 100 homes received offers in May.

What’s happening with real estate prices in Redmond? The median sales price decreased from $559,950 to $515,000 a decrease of 8%  The odds of selling a home in Redmond were up by 10% over last year and the number of homes for sale, was down by 16%.  Both are good news for the real estate market in Redmond.

New listings and sales have continued to pop up in Redmond, near Microsoft this past month.  There’s been a healthy turn-over of homes selling in the Redmond, although we are near the high point of homes for sale with 286 homes for sale.d

For the full picture of May’s real estate activity for the Seattle eastside, check out my eastside blog.

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What Was Last Week’s Hot Price Range for Home Sales In East Bellevue and West Redmond?

In For Buyers, For Sellers, Market Statistics, Microsoft, Real Estate news, Redmond, Weekly real estate updates on June 8, 2009 at 8:34 pm

Home Sales in East Bellevue and Redmond Through June 3rd, 2009

Home Sales in East Bellevue and Redmond Through June 3rd, 2009

What was the hottest price range of the week in Bellevue and Redmond?

This chart is updated weekly by (Windermere Real Estate/East, Inc.,using MLS data0 to show the price ranges of the homes sold each week.

Here’s how it’s set up:

The colors show who has the advantage in a particular price range. 

  • Green means the buyer has the advantage with many homes to choose from and not that many selling.
  • Yellow means the number of homes for sale and the number of sales in the price range is balanced between the buyer and the seller.
  • Red indicates a sellers’ market where the seller may have the advantage as more homes are selling when compared to what’s available.

Down the side of the chart, the home sales activity is broken down into a price bracket of $99,999. All the homes priced between $400,000-499,999, as an example, are put together in one price category in the chart.

Across the top, the chart is broken down into real estate activity by the week.

If you take the $400-499,999 line and follow it across the chart, you’ll see what has happened each of the last seven weeks.  There are three columns under each week. On the left side of the column is the number of homes for sale in East Bellevue and Redmond, near Microsoft.  The middle column shows how many homes sold that week, and the final column under the date shows the months supply of homes for sale.  In other words, if no other homes came up for sale, it would take 4.9 months to sell all of the homes in the $400-499,999 price range.

The last section shows the 7 week average of each category, the number of homes for sale, the number sold, and the months supply.

The color yellow, which stands for a balanced market between buyers and sellers,  has been few and far between on these charts.  It’s been a very long time since we’ve seen a balanced real estate market anywhere. Most columns have been green, marked with a buyers’ advantage, for a very long time. It’s been an even longer time since we’ve seen so much read, a buyer’s market, too.

Week of June 3rd, 2009:

Hottest price range for the week: $300-399,999.

  • Most number of home sales $300-399,999, 8 homes sold
  • Most number of homes for sale $400-499,999  74 homes for sale.

Week of May 27th, 2009

Hottest price range for the week.: $400-499,999

  • Most number of home sales:  $400-499,999  5 homes sold. 
  • Most number of homes for sale:  $400-499,999  66 homes for sale.

Week of May 20th, 2009

Hottest price range of the week: $500-599,950

  • Most number of home sales:  $500-599,999 6 homes sold.
  • Most number of homes for sale: $400-499,950  66 homes for sale.

You might assume the least expensive price range has the most activity every week, but that’s not the case as shown by the real estate sales in Bellevue and Redmond over the last few weeks.  It’s safe to say, most home sales in Bellevue and Redmond are happening under $500,000 and definitely below $600,000.  Since the week of April 27th, only two homes have sold above $1,000,000. Interestingly, there were four homes that sold between $900-999,999.  These were new construction homes with prices above the $1 million mark.  The prices were dropped below $1,000,000 and these homes then sold.  Since there aren’t a lot of homes for sale in this price range, when one sells, the price range becomes a sellers’ market.  Clearly, the $300-399,999 is more of a seller’s market than any of the other price ranges.    Every one of the  price ranges has flipped back and forth between seller, buyer or a balanced market over the last seven weeks.

It will be interesting to see what develops over the next few weeks as I’m seeing more homes come up for sale in Bellevue and Redmond.  I expect it to continue to be very competitive with most of the home sales falling below $500,000. What do you predict?

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Weekly Real Estate Buzz in West Redmond, Near Microsoft, Through June 4th, 2009

In For Buyers, For Sellers, Market Statistics, Real Estate news, Redmond, Weekly real estate updates on June 5, 2009 at 2:42 pm


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: 83 (75)

New listings: 6 (3)

Sold Contingent: 0 (0 )

Pending inspection: 1 (5)

Pending: 3 (3)

Closed Sales: 2 (1)

Rented: 0 (0)

Price Reductions: 7 (7)

Price Increases:0 (0)

Expired Listings: 1 (0)

Canceled Listings: 1 (0)

Temp Off Market: 0 (0)

Back on Market: 2 (2)

Re-listed: 2 ( 0)

———————————

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

$350,000-$499,999:28 (25)

$500,000-$749,999: 31 (26)

$750,000-$999,999: 11 ( 12 )

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

$1,500,000- $2,999,999: 4 (3)

$3,000,000+ 0 (0)
———————————–
Average Asking Price of Homes for Sale: $691,275 (698,097)

Median Asking Price of Homes for Sale:  $579,000 ($579,900)

Average Days on Market: 81 (89)

Highest Priced Listing: $2,249,000 ($2,388,000)

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

The Redmond area around Microsoft reached a new high of 83 homes for sale, the highest number on the market in the area since the end of September, 2008. In the summer and fall of 2008, it was not uncommon to see about 80 homes for sale in this part of Redmond.  So far this year, the number of homes for sale has been far below that amount until just recently.  It’s typical to see more homes coming on the market this time of year because school is ending, but there are a higher number of homes for sale.  New listings in Redmond came on the market between the $400-1.7 million, with most of the homes new on the market priced up to $699,950.  Price reductions followed the same path, with most happening below $700,000.  Two homes in the multi-million dollar range had significant reductions, one with $100,000 and the other with a $200,000 reduction.

The Puget Sound Business Journal published an article that home values in King County were on the increase, but only nominally. One Realtor quoted in the article said we had hit the bottom of the real estate market.  We’ll know we’ve been at the  bottom when we get past it and the market actually continues to go up.  One month of slightly higher home values is terrific news, but does not show any clear trends.  When we do hit bottom, we will bump along for some time. From the real estate activity I’m doing and what I’ve seen, there is a healthy amount of homes selling in Redmond.   I think we are close to, if not at, the bottom for home values in Redmond.

Closed Sales Of The Week

$659,950  New construction, Camwest two story with 2805 sq. ft, 4 bedrooms, 2.5 baths.  Original asking price of $714,950, reduced to $669,950 and sold for $659,950 in 94 days.  This home sold for 8% below the original asking price.

****This is typical of new home sales.  New construction is selling well when the builder is flexible with pricing.

$725,000 All Seasons, a small cul-de-sac blocks from Microsoft with a home build in 1989 with 3150 square feet.  It sold for full price in 11 days.

****This home was priced aggressively, was in a fabulous location blocks from Microsoft,  and had a view.  It had a steep driveway which was compensated for by the price.

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