As I expected, the Thanksgiving holiday week was on the quiet side for Redmond real estate sales.  But the important thing is that people got to be with friends, family, and enjoy a great meal.

The first time home buyer tax credit has been expanded and extended, which is great news for home sellers and buyers.  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!

With the tax credit, the low interest rates, and the lower inventory, if you are thinking of making a move next year, earlier in the year would be better.  The number of homes for sale, the competition seems to creep up in the spring and summer.

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

Number of homes for sale: 54 (54)

New listings: 1 (1)

$350,000-$499,999: 23 (21)

$500,000-$749,999: 17 (18)

$750,000-$999,999: 6 (7 )

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

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

$3,000,000+ 1 (1)
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Average Asking Price of Homes for Sale: $697,200 ($707,996)

Median Asking Price of Homes for Sale: $539,925 ($549,500)

Average Days on Market: 132 (128)

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

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

New listings: There was only one new listing for sale this past week in Redmond, near Microsoft.

Pending inspections and pending: Redmond home sales were slow for the Thanksgiving week as home buyers and sellers were focused on family and turkey.

There was one new home sales this week.

Price reductions: Price reductions were not as many as we’ve seen recently, which is a reflection of the lower number of homes for sale.

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

Home sales: Four home sales closed this week.

Median and average pricing is similar to last week when it jumped up with the new listing on the market, a waterfront property for $4,280,000.

Closed Sales Of The Week:

$416,000, last asking price: $435,000, original asking price: $450,000, sold in 30 days, 8% below the original price.

$465,000, last asking price: $480,000, original asking price: $550,000, sold in 136 days, 16% below the original price.

$500,000, last asking price: $500,000, original asking price: $519,950, sold in 137 days, 4% below the original price.

$590,000, last asking price: $630,000, original asking price: $674,900, sold in 284 days, 13% below the original price.

Peak of homes for sale so far for 2009:

7-27-09   13,861

Now:

11-23-09  11,797

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.