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)

$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)
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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.