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

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.