This past week was a quieter week for Redmond home sales.  I expect with the Thanksgiving holiday, this week will also be on the quiet side.

The first time home buyer tax credit has been expanded and extended, which is great news for home sellers.  If you plan to make a move and are buying a home under $800,000, then you may be eligible to receive a tax credit. Not only will first time buyers be the beneficiaries of the tax credit, but many move-up or move-down buyers can also get a piece of the home buyer tax credit, and that could mean you!

For this week’s full report see below:

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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: 54 (54)

New listings: 1 (2)

$350,000-$499,999: 21 (20)

$500,000-$749,999: 18 (19)

$750,000-$999,999: 7 (8 )

$1,000,000- $1,499,999: 4 (4)

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

$3,000,000+ 1 (0)
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Average Asking Price of Homes for Sale: $707,996 ($643,703)

Median Asking Price of Homes for Sale: $549,500 ($550,000)

Average Days on Market: 128 (123)

Highest Priced Listing: $4,280,000 ($1,690,000)

Lowest Priced Listing: $279,950 ($280,000)

New listings: There was only one new listing for sale this past week, which is now the most expensive home for sale in Redmond, near Microsoft. 

Pending inspections and pending: Home sales in Redmond were happening, but not at a frenetic pace.  Three homes are now pending sales, which means the buyers and sellers have negotiated through the inspection process. There were no new home sales this week.

Price reductions: Price reductions remained steady, but still not as many as we’ve seen in recent months.

Homes off the market (homes that did not sell): Two

Home sales: Two home sales closed this week.

Median and average pricing jumped up from last week because of the one new listing on the market, a waterfront property for $4280,000.

Closed Sales Of The Week:

$500,000, last asking price: $519,000, original asking price: $519,950, sold in  137 days, 11% below the original price.

$669,800, last asking price: $689,900, original asking price: $689,900, sold in 137 days, 3% below the original price.

Peak of homes for sale so far for 2009:

7-27-09   13,861

Now:

11-23-09  11,980 The second lowest weekly number of properties for sale in King County in all of 2009.  The week with the lowest number of homes on the market was January 5th, the first week of the year.

Happy Turkey Day!  Enjoy your family and your friends this holiday weekend.