Will more homes come on the market in Redmond, WA in the next few weeks?  The answer is yes.  We are experiencing the typical spring Redmond real estate market coupled with the April 30th deadline for the home buyer tax credit.

This week there were four more homes for sale in Redmond.  As I mentioned last week, I know this number will increase, as my team and I are putting on 3 new listings in Redmond over the next couple of weeks.  I know other real estate agents are putting more Redmond homes up for sale in the next few weeks.

So I’ll repeat what I said in last week’s post:

The Redmond real estate market may be getting more competitive in certain price ranges with this increase in the number of homes for sale.  It will be important to watch the real estate activity over the next couple of weeks.  If you’re planning to sell your home, make sure your home is priced with this new competition in mind.  Remember, too, more than likely more homes are coming on the market in the next few weeks, so don’t overprice your home and get lost in all the shuffle.

There are only 46 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: 56 (55)

New listings: 5 (7)  plus 2 homes have come back on the market.

$350,000-$499,999: 20 (21)

$500,000-$749,999: 18 (16)

$750,000-$999,999: 5 (5)

$1,000,000- $1,499,999: 3 (4)

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

$3,000,000+ 2 (2)
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Average Asking Price of Homes for Sale: $750,247 ($772,936)

Median Asking Price of Homes for Sale: $515,975 ($522,450)

Average Days on Market: 90 (89)

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

Lowest Priced Listing: $259,950 ($269,950)

New listings: New listings range in price from the mid 300′s-high 600′s.  

Pending inspections and pending: Four homes received and accepted an offer.  Three 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.  Homes receiving offers were priced between the high 300′s to over one million dollars.

Price reductions: Eight this week.  This is more typical of the number of price reductions we used to see in most of 2009.

Homes off the market (homes that did not sell) None.

Closed home sales: Two home sales closed.

Days on Market: The market time is hovering around 3 months.  The time has been shortened mostly because there are a number of new listings on the market in Redmond over the last few weeks, so they’ve not been on the market for a long time.

Median price: Dropping slightly because more of the Redmond homes for sale are priced below 750k.

Closed Sales Of The Week:

Sales price: $465,000, Last asking price: $484,950, Original asking price: $529,000, sold in 124  days for 13% below the original asking price.

Sales price: $537,000, Last asking price: $549,000, Original asking price: $549,000, sold in 27 days for 3% 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

3-9-10  12,324 homes for sale