Redmond, Near Microsoft and East Bellevue, WA Real Estate, Feb 2010

Sellers had 29% odds of getting a home sold in West Redmond and East Bellevue, both neighborhoods near Microsoft, in February, 2010.  (The NWMLS, the Northwest Multiple Listing Service, compiles the data together from East Bellevue and the Redmond area around Microsoft.)  Again, the Redmond WA neighborhoods around Microsoft and East Bellevue are showing the best odds for home sellers as the area had the highest odds of getting a home sold.

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.

February, 2010         217 homes for sale     62 homes sold            29% odds of selling.

January, 2010           212 homes for sale    (now 51) 60 homes sold      (now 24%)  28% odds of selling.*

February, 2009        289 homes for sale    24 homes sold            8 % 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.

The most popular price range so far this year in Redmond and East Bellevue, WA? $300-399,999.

I expect to Redmond WA home sales stay strong in the near future as both buyers and sellers scramble to take advantage of the 2010 home buyer tax credit.

For the complete picture of Seattle-eastside real estate, check out the February blog post on eastside real estate buzz and also take a look at The Seattle Times assessment of Seattle area real estate.

What do you see happening with real estate in your area?