It’s been a busy week in real estate,  so this Redmond weekly real estate buzz post is late this week.

The good news is the Seattle-Eastside real estate market has a lot on its side right now.  I call it the real estate trifecta, although maybe it should be whatever the “five”fecta would be called.  There are three key elements, and then two other important points.  There is obviously, the 2010 home buyer tax credit, which I’ve written about before, low interest rates, and the lower, but still good, number of homes for sale. (**see the chart below showing the number of King County homes on the market) Besides these three elements, there’s also the looming changes in FHA financing and an increase in the number of foreclosures to hit the market this year:

Another factor is the backlog in foreclosures, which are dragging down values and adding to the housing supply. “By all accounts, that backlog is at a historic high,” says Gabriel. “It suggests that many more homes will be sold on a distressed basis either via foreclosure or short sale.”

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: 47 (48)

New listings: 3 (1)

$350,000-$499,999: 13 (17)

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

$750,000-$999,999: 4 (3 )

$1,000,000- $1,499,999: 6 (6)

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

$3,000,000+ 1 (1)
———————————–
Average Asking Price of Homes for Sale: $779,116 ($775,444)

Median Asking Price of Homes for Sale: $619,000 ($614,475)

Average Days on Market: 117 (119)

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

Lowest Priced Listing: $279,000 ($345,000)

New listings: three this week. More homes came on the market under $350,000.  The number of homes between $350-500,000 dropped to 13 homes from the 19 homes for sale just two weeks ago.

Pending inspections and pending: Five homes received offers, which means the Redmond real estate market is starting to pick up.  This is the best week of our short year so far.   One home is now pending.

Price reductions: Only one this week.

Homes off the market (homes that did not sell) One home is off the market.

Home sales: none this week

Days on Market: Starting to creep up.

Closed Sales Of The Week:

Peak of homes for sale in 2009:

7-27-09   13,861

Now:

1-25-10  10,734 an increase of over 1000 homes on the market in King County since the first of the year.

Number of King County Properties for Sale, 1-25-10

What do you see happening in Redmond’s real estate market?  Do you see homes selling?