Will more homes come on the market in Redmond, WA in the next few weeks because of the home buyer tax credit? So far this year,  the number of homes for sale in Redmond is staying on the lower side.  However, if you look at the King County real estate market (see below), the typical spring real estate trend is happening county wide.  More homes and condos are coming up for sale in many other areas.

There are only 61 days left to find a home, have an offer accepted, and use the  2010 home buyer tax credit.

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: 44 (48)

New listings: 0 (2)

$350,000-$499,999: 14 (14)

$500,000-$749,999: 15 (17)

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

$1,000,000- $1,499,999: 5 (6)

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

$3,000,000+ 2 (2)
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Average Asking Price of Homes for Sale: $859,480 ($852,947)

Median Asking Price of Homes for Sale: $586,500 ($604,475)

Average Days on Market: 106 (120)

Highest Priced Listing: $4,925,000 ($4,925,000)

Lowest Priced Listing: $269,950 ($269,950)

New listings: No new listings, which is good for the Redmond home sellers who are already on the market.

Pending inspections and pending: Two homes received and accepted an offer.  Two homes are now pending, which means the buyer and seller have agreed on the results of a home inspection and are now moving towards closing.  The offers this week were for homes priced in the $600′s and a waterfront home for $1.4+ million.

Price reductions: One this week.

Homes off the market (homes that did not sell) Five this past week, which is more than we’ve seen in a number of weeks..

Closed home sales: Two home sales closed.

Days on Market: For most of 2010, the average days on market has been about 4 months, but the number of days to sell dropped some this past week.

Median price: Dropping slightly

Closed Sales Of The Week:

Sales price: $380,000, Last asking price: $399,900, Original asking price: $525,000, sold in 304 days for 26% below the original asking price.

Sales price: $387,500, Last asking price: $399,500, Original asking price: $459,787, sold in 249 days for 16% below the original asking price.

Peak of homes for sale in King County, WA in 2009:

7-27-09   13,861

This year, in 2010:

1-4-10       9726

3-2-10  11,655

King County real estate is following its typical pattern with more homes and condos coming on the market as we head into spring.  My question as I mentioned earlier:  “Will A Lot of Homes Come On The Market in King County in the next few weeks because of the home buyer tax credit?”  What do you think?

Number of King County, WA properties for sale, 03-02-10