With the 2010 home buyer tax credit expansion and extension, the low interest rates, and the lower number of homes for sale in Redmond, I’m repeating my message from last week:

“if you’re 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: 53 (54)

New listings: 0 (1)

$350,000-$499,999: 22 (23)

$500,000-$749,999: 16 (17)

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

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

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

$3,000,000+ 1 (1)
———————————–
Average Asking Price of Homes for Sale: $705,041 ($697,200)

Median Asking Price of Homes for Sale: $550,000 ($539,925)

Average Days on Market: 140 (132)

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

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

New listings: none this week. 

Pending inspections and pending: Redmond home sales were slow this week with only two new home sales and one sale moving to pending after a building inspection.

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): two

Home sales: Four home sales closed this week.

Days on Market: are increasing over the last few weeks with about a week of time to sell a home added to each week’s average number of days on the market.

Closed Sales Of The Week:

$395,000, last asking price: $420,000, original asking price: $486,950, sold in 217 days, 19% below the original price.

$428,000, last asking price: $425,000, original asking price: $425,000, sold in 2 days, 1.5% ABOVE the original price.

$450,000, last asking price: $499,000, original asking price: $675,000, sold in 336 days, 33% below the original price.

$480,000, last asking price: $489,000, original asking price: $489,000, sold in 16 days, 2% 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.