Real estate sales in Redmond are still going strong.  There were lots of home sales closing this past week.

(The weekly real estate buzz post has moved and will now be published at the beginning of each week.  The “Hot Sales Price of the Week” will now be posted at the end of each week.)

For this week’s full 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 (59)

New listings: 4 (3)

$350,000-$499,999: 19 (20)

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

$750,000-$999,999: 9 (7 )

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

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

$3,000,000+ 0 (0)
———————————–
Average Asking Price of Homes for Sale: $637,956 ($629,091)

Median Asking Price of Homes for Sale: $559,850 ($550,000)

Average Days on Market: 115 (116)

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

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

New listings: The number of homes for sale is still down at the lower end, even with 4 new listings this past week.  The real estate market in Redmond is becoming even more balanced between buyers and sellers.  This means some homes will sell quickly and for close to full price, others will take time to sell and undergo price reductions, and other homes will not sell.  There’s still a great selection of homes for sale near Microsoft, which is good for buyers who want to live in the area.

Pending inspections and pending: Fewer home sales happened this past week than the previous week.  Two homes had offers and one home sale went pending, moving on past the building inspection.

Price reductions: Six homes priced from below $300,000 up to the high 700′s had price reductions this past week.

Homes off the market(homes that did not sell): Fourteen homes came off the market during the past few weeks.

Home sales: Five homes closed this week.

Closed Sales Of The Week:

$390,000 last asking price: $450,000, original asking price: $450,000, sold in 132 days for 14% below the original price.

$405,000 last asking price: $399,000, original asking price: $399,000, sold in 5 days for 1% above the asking price.

$425,000 last asking price: $470,000, original asking price: $539,000, sold in 319 days for 22% below the original price.

$490,000 last asking price: $549,000, original asking price: $599,888, sold in 69 days for 17% below the original price.

$940,000 last asking price: $995,000, original asking price: $995,000, sold in 55 days for 6% below the original price.

Peak of homes for sale so far for 2009:

7-27-09   13,861

10-19-09  12,997  the number of homes for sale in King County has dropped by about 400 homes just in the past few weeks.  Hmm…maybe it’s a good time to be a home seller!  The competition is much less than it was during the summer.