Redmond, East Bellevue Real Estate Sales, Nov 2009
Sellers had 17% odds of getting a home sold in West Redmond and East Bellevue, both neighborhoods near Microsoft, in November, 2009. (The NWMLS, the Northwest Multiple Listing Service, puts the data together from East Bellevue and the Redmond area around Microsoft.)
If you check the link above, it shows the 5 year trend in real estate. The numbers for the Trendgraphix chart may vary slightly from the MLS statistics posted in the above link, but the variation is slight. The overall trend in the market is the same.
November, 2009 243 homes for sale 41 homes sold 17 % odds of selling.
October, 2009 253 homes for sale 47 ( now 39) homes sold 18.5% (now 15%) odds of selling*
November 2008 287 homes for sale 27 homes sold 9% odds of selling.
*Adjusted sales numbers reflect sales that failed and did not close.
The odds of selling a home is determined by the absorption rate, which is the percentage of homes that sell each month compared to the number of homes for sale. If there’s a 10% chance a home sells, then 10 out of 100 home sellers accepted an offer on their home during that month. Ninety out of 100 home sellers would not have a mutually accepted offer. Seventeen out of 100 homes received and accepted offers in November.
What’s happening with real estate prices in Redmond and East Bellevue?
The median sales price remained the same at $479,000. The number of homes for sale declined by 18% from last November, and the number of homes sold in Redmond increased by 9%.
Home sales in Redmond and East Bellevue have slowed considerably. The other cities on the eastside have shown an increase in the percentage of home sales, while this area has slowed. It could be Redmond and East Bellevue will now have home sales more in line with the rest of the Seattle-Eastside real estate market.
However, with the passage of a bill giving more widely available tax credits to home buyers, I am expecting the real estate market to be strong during the first part of 2010. The number of homes on the market is down considerably and is at the lowest on Seattle’s eastside since March 2007.
Less homes for sale combined with low interest rates and the tax incentive ought to keep the real estate market humming.
For the full picture of Seattle-Eastside real estate, check out my eastside real estate blog.
West Redmond Real Estate Buzz
