A more balanced real estate market in Redmond?  Buyers and sellers have more of a level playing field.  Prices are not up, but there’s a great selection of terrific homes for sale.

All in all, this was a quieter week for real estate sales in Redmond.

(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:

View Larger Map

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 on Monday morning from NWMLS (Northwest Multiple Listing )information.

Number of homes for sale: 59 (59)

New listings: 3 (4)

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

$500,000-$749,999: 22 (23)

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

$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: $637,089($637,956)

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

Average Days on Market: 116 (115)

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

Lowest Priced Listing: $244,950 ($279,950)

New listings: There were three new listings for sale this past week.

Pending inspections and pending: Sales seem to be slowing to less than a handful per week.

Price reductions: Price reductions are also decreasing.  Two weeks ago, there were 8 homes with price reductions, this week there are four homes with reduced prices.

Homes off the market (homes that did not sell): Again, the number is down significantly as only one home for sale came off the market.

Home sales: Three homes closed this week.

Closed Sales Of The Week:

$490,000 last asking price: $499,500, original asking price: $595,000, sold in 276 days for 16% below the original price.

$490,000 last asking price: $490,000, original asking price: $490,000, sold in 21 days for FOR FULL PRICE.

$623,700 last asking price: $649,000 original asking price: $669,000, sold in 44 days for 7% below the original price.

Peak of homes for sale so far for 2009:

7-27-09   13,861

Now:

10-26-09  12,865

The number of homes for sale in King County keeps dropping.  There are about 1000 less homes available than three months ago.,  We’re back to the number of homes for sale experienced earlier this year.  Since there are still a lot of homes to choose from, this bodes well for the market, both for the sellers, and still good for the buyers.  Buyers still have a great selection of homes to choose from.

Sales have surged and only time will tell if it’s the result of the first time home buyers tax credit of $8000.

Weekly Wee