Wow, the real estate numbers in Redmond are great! What a difference from a few months ago.  For the  week’s fulll report see below:

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 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: 59 (65)

New listings: 3 (4)

$350,000-$499,999: 20 (22)

$500,000-$749,999: 23 (27)

$750,000-$999,999: 7 (7 )

$1,000,000- $1,499,999: 5 (6)

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

$3,000,000+ 0 (0)
———————————–
Average Asking Price of Homes for Sale: $629,091 ($656,271)

Median Asking Price of Homes for Sale: $550,000 ($568,975)

Average Days on Market: 116 (126)

Highest Priced Listing: $1,690,000 ($1,690,000)

Lowest Priced Listing: $279,950 ($279,950)

Wow!

New listings: Even with 3 homes new to the market,  the number of homes for sale is the lowest in the Redmond area, near Microsoft since  the beginning of March when 58 homes were for sale. In June of this year, we reached 83 homes for sale in the area.   The real estate market is becoming even more balanced between buyers and sellers these past few months.

Pending inspections and pending: Lots of homes are selling with 6 homes receiving offers and 3 others moving past the inspection phase to pending for a total of nine sales.

Price reductions: Five homes priced from below $300,000 up to the high 600′s had price reductions this past week.

Homes off the market(homes that did not sell): It looks like a lot of homes did not sell and the sellers decided to take them off the market.  However, a few of them are back on the market and re-listed.

Home sales: Three homes closed this week.

Closed Sales Of The Week:

$290,000 last asking price: $299,995, original asking price: $320,000, sold in 98 days for 10% below the original price.

$400,000  last asking price: $400,000, original asking price: $400,000, sold in 5 days for full price.

$488,000 last asking price: $499,500, original asking price: $ 524,500, sold in 79 days for 8% below the original price.

There are new NWMLS (Northwest Multiple Listing Service) rules on blogging about listings.  No longer can any comments be made regarding any home sales.  Since I’ve worked for so many years in the neighborhoods around Microsoft, I’m very familiar with the neighborhoods and homes and it was easy to give my opinions about why a home sold.   However, with the new MLS rules, I no longer can comment on other listings.  So I’ll keep it short and sweet and report the facts about home sales, which is public information.

Peak of homes for sale so far for 2009:

7-27-09   13,861

9-28-09  13,048   a drop of 340 homes and condos for sale in the past week in King County.

Don’t forget, the first time buyer $8000 tax credit is going away now. First time home buyers must close on a home purchase no later than November, 30th, 2009 to be eligible for the tax credit.  This means it’s best to purchase a home no later than mid-October in order to close on time.  You’ve got about a week left!