- Real Estate Sales in Redmond and Bellevue through March 2012
The odds of selling a home in Bellevue and Redmond near Microsoft dropped from eighty percent to a “paltry” 69% in April! * Truthfully, 69% odds are still phenomenal. March and April have had the best odds for selling a home in the Microsoft area neighborhoods that I can remember and I’ve been selling homes around Microsoft for 25 years!**
The real estate market near Microsoft is hot, especially when compared to last year when the odds of selling a home stood at 28%. There were under 100 homes for sale in April. This is a very small supply of homes for sale, which is causing the demand for those homes to skyrocket. I expect to see some more homes coming on the market as the school year ends and people think about making a move. The supply of homes should still be on the lower side, though. We definitely need more listings!
In April, homes on average took 70 days to sell, which is less than the 90+ days it took to sell a home in March. Median pricing dropped slightly from $430,000 to $428,000. These numbers only show the median pricing for April. Remember to look at a number of months to see a trend in pricing.
Many of the new listings are selling with multiple offers at or slightly over full price. We’ve sold several listings with multiple offers. It seems like old times again! The difference is here is a much lower price point than in our past boom market.
If you’d like more information about your home’s value or how the market is doing in your neighborhood, please contact either Brooks, my business partner or me.
By the way, where are Bellevue and Redmond, WA?
*The data does not cover the entire cities of Redmond or Bellevue, but just the areas east of downtown Bellevue and highway 405 and near Microsoft in Redmond.
**The absorption rate is the number of homes for sale divided by those that actually sold.