Have we hit the peak of homes for sale in Redmond this year?  We are now seeing the number of Redmond homes for sale dropping.  This is a good thing and a typical situation that happens at the end of most summers.  It seems as if we hit the peak of homes for sale almost exactly the same day last year!  Must be something about everyone wanting to sell in the summer.  However, summer is often one of the toughest times to sell.

This is a challenging real estate market, no doubt, but if a home is priced right and is perceived as a good value and it shows well, it will sell in a short amount of time and for a good price. (see this week’s sale below.)  In order to make the cut, which means be the house the buyer makes an offer to buy,  buyers need to feel they are getting a good value and a good price.  If your home is not the best value, your home will not get the offer. You will help to sell another home instead!

For this week’s full report see below:

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.  All numbers are gathered on Mondays from NWMLS (Northwest Multiple Listing )information.  The area of Redmond called Education Hill is north of Redmond Town Center and is not part of this report. The numbers in parentheses indicate the previous week’s total, although last week was a compilation of three weeks worth of information.

Number of homes for sale: 56 (59)

New listings: 1 (2)

$350,000-$499,999: 22 (24)

$500,000-$749,999: 18  (17)

$750,000-$999,999: 6 (7)

$1,000,000- $1,499,999: 2 (2)

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

$3,000,000+ 1 (1)
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Average Asking Price of Homes for Sale: Information not available this week (With the new NWMLS system this should be available later this summer.)

Median Asking Price of Homes for Sale: Same as above

Average Days on Market: Ditto

Highest Priced Listing: $3,925,000 ($3,925,000)

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

New listings: The new listing was priced in the low 600′s.  This week there are fewer homes for sale between $350-$749,999 than last week.  The other price ranges have the same number of homes for sale.

Pending inspections and pending: There were 4 offers on homes priced from the mid 300′s to just under $1 million.

Pending home sales ranged from mid $300′s to mid $400′s.

Price reductions: Just a couple this week.

Price increase: None

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

Closed home sales: One home sale closed, which means the sale was completed.

Days on Market: N/A

Median price: N/A

Closed Sales Of The Week:

Sales price: $500,000 Last asking price: $525,000, Original asking price: $525,000, sold in 4 days for 1% below the 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

8-30-10    14,473

So far, the highest number of King County homes and condos for sale was the end of July when the number hit 14,639. This is truly ironic since the high for last year was the same week of the year.   The number of properties for sale in King County has been bouncing around near this number the last few weeks.