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)

$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)
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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.