East Bellevue and Redmond Real Estate Sales Near Microsoft, October. 2011

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Real estate sales in Redmond were the strongest on the eastside.  The news media focused on the drop in real estate values for all of King County.  It’s important to look more locally at the real estate market to get a more accurate picture of what’s truly happening.   This post looks at the sales activity in the Bellevue and Redmond neighborhoods around Microsoft.

The sales percentage and market time were the strongest of the eastside cities, which is often typical.  Thirty percent of the available homes in this area sold last month and homes took 56 days to sell.  The best absorption rate and the shortest market time on all of the eastside!

Median pricing actually went up a bit in the area this past month, from $427,000 to $435,000.  These numbers are based on the sales that happened during October and is a function of what sold that particular month.  We’ll need to follow the next several months to see if prices in the area are increasing or decreasing.

There is some good news about our real estate market:

1.    The eastside is in a better position, literally and figuratively, than many parts of King County.  It has a stronger economic base and a better location:

What you see emerging in our local market is an East/West corridor,” (Stan) Humphries (of Zillow) said, with houses holding their value in Eastside neighborhoods with good access to State Route 520 and Interstate 90 for an easy commute to work.

2.    Home prices are also becoming far more affordable.  Right now home values are the most affordable they’ve been in 17 years.   Home ownership may be cheaper than renting!

With fewer homes on the market, more affordable prices, and low interest rates, we have a more positive and realistic look for the real estate market.

If you’d like more specific information about your home and where it should be positioned to sell, don’t hesitate to contact Brooks Beaupain, 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.)