Debra Sinick

Posts Tagged ‘homes for sale’

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How Many Bellevue and Redmond Real Estate Sales Were Near Microsoft in January, 2012?

In Bellevue real estate, For Buyers, For Sellers, Market Statistics, Microsoft, Real Estate news, Redmond on February 17, 2012 at 12:39 pm
Home Sales Near Microsoft in Redmond and Bellevue

Bellevue and Redmond Real Estate Sales for Homes Near Microsoft, January, 2012

January was another good month for Bellevue and Redmond real estate near Microsoft.   Although, surprising, December, 2011 had more home sales.   There was the same amount of homes for sale in both December and January, but more homes actually sold in December!  Usually more homes sell the first of the new year rather than the end of the year and during the holidays, but not this year.

Twenty-six percent of the available homes sold** last in January and on average took 94 days to sell.

Median pricing jumped up from $380,000 to $460,000.   The number is based on the sales that happened during a particular month.  It’s more realistic to look at all the ups and downs over the year to see whether prices have really increased or not.  Prices over the past year have begun to stabilize, which is very good news.

We expect this year to be a strong year for real estate in the shadow of Microsoft.  Because there are so few homes on the market, the good homes that are priced well should sell quickly. Plus, the economy is on a slight upswing.  Buyers are not as nervous about making a home purchase.

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.

Have a great 2012.

By the way, where are Bellevue and Redmond, WA?


View Larger Map

*(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.

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How Was The Real Estate Market in Bellevue and Redmond Near Microsoft in December 2011?

In Market Statistics, Real Estate news, For Buyers, For Sellers, Redmond, Microsoft, Bellevue real estate on January 20, 2012 at 3:23 pm
Real Estate Activity Near Microsoft

Real Estate Sales in Redmond and Bellevue near Microsoft Through Dec. 2011

Closeup of a stone sign bearing the Microsoft ...

Image via Wikipedia

It’s hard to believe that in December so few homes were on the market in the Redmond and Bellevue neighborhoods surrounding Microsoft.   Only 125 homes were for sale near Microsoft.

These neighborhoods continue to out perform the rest of Redmond and Bellevue,* and the other eastside cities such as Sammamish, Issaquah, and Kirkland.  This doesn’t mean more homes sell in this area, but the percentage of homes that sell, the absorption rate, is almost always the highest on Seattle’s eastside.**  Thirty-six percent of the available homes sold last month and on average took 104 days to sell.

Why is there a higher percentage of homes selling in this area than other areas on the eastside?  Because of it’s close proximity to jobs, not just at Microsoft, but in Bellevue, Redmond, Kirkland, and Seattle.  Housing is more reasonably priced with the opportunity to find homes in a variety of price ranges.  The schools are good, the commute is great, and the access to parks and shopping is fairly easy.

Median pricing jumped up from $438,000 to $455,000.  But don’t get too excited as median pricing was down in November, from $527,000 to $418,000.

Does this mean median prices are on a roller coaster?  Not really, because the number is based on the sales that happened during a particular month.  It’s more realistic to look at all the ups and downs over the year to see whether prices have really increased or not.  Prices the past year began to stabilize, which is very good news.

A look back at 2011 real estate near Microsoft:

  • The highest number of homes for sale was in August with 210 homes.
  • The lowest number of homes for sale was 125 homes in December.
  • The number of homes for sale each month was between 160-200 homes, with the exception of December.
  • July- most homes sold (pending), 69.
  • January-least number sold (pending), 41
  • Between 40-70 homes sold (pending) each month.
  • Best absorption rate:  July with 37%**
  • Median prices remained stable at about $400,000 for the year.

If you’re thinking of selling, it usually is best to get on the market before the number of homes jump too high and competition is stiffer.  It’s usually easiest to sell your home when fewer homes are on the market.  So please look at the numbers above and think about moving sooner in the year.

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?


View Larger Map

*(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.

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How Strong Were Real Estate Sales in Redmond and Bellevue Near Microsoft in September, 2011?

In Bellevue real estate, For Buyers, For Sellers, Market Statistics, Microsoft, Real Estate news, Redmond on October 11, 2011 at 3:57 pm
Real Estate Sales Near Microsoft

Redmond and Bellevue Real Estate Sales for Homes Near Microsoft, September, 2011

Closeup of a stone sign bearing the Microsoft ...

Image via Wikipedia

September real estate sales for homes in Bellevue and Redmond were still very strong with the area beating out all the eastside cities and neighborhoods with the fastest market time.  In September, the average market time was 69 days.  Of the 204 homes on the market, 51 or 25% had accepted offers.  The 25% sales rate represents one of the strongest performing areas on the eastside.   Homes sold within 95% of the original asking price.

Median sales price increased to $503,000, the first time median pricing was up over $500,000 for the year.  Before September, the median pricing had bounced between $380,000-$488,000.  Remember though,  the median pricing for each month is only a reflection of what has sold that particular month.  It’s important to look at at least 6 months worth of sales to determine a more accurate median price point for an area.

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?


View Larger Map

*(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.)

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Weekly Real Estate Buzz in West Redmond, Near Microsoft, Through January 8, 2009

In For Buyers, For Sellers, Market Statistics, Real Estate news, Redmond, Weekly real estate updates on January 9, 2009 at 1:10 pm

With the snow and the holidays behind us, I’m back with the weekly real estate statistics for the Redmond neighborhoods near Microsoft.  I will be posting the real estate statistics every week  (with an occasional week off) so you can follow the real estate trends in your neighborhood.   This year, I will also offer some insight from real estate industry forecasters and gurus.  My goal is to keep you informed regarding the general real estate market and what’s happening down the street from you.   The year 2009 will continue to present all of us with new challenges, but homes will sell and buyers will buy those homes that are the best of the best.

The area represented by the statistics posted below is Redmond, 98052, south of highway 908.  The neighborhoods are all within shouting distance of Microsoft In real estate terms, we call this area 530.  The area on Education Hill is called area 550 and is not part of this report. The numbers in parentheses show last week’s totals. All numbers are gathered mid-day on Thursdays from NWMLS information.

Active listings:  53 (61)
New listings: 2 (1)
Sold Contingent: 0 (0)
Pending inspection: 2 (2)
Pending: 2 (0)
Closed Sales:  6 (4)
Rented: 0 (0)
Price Reductions: 7 (1)
Price Increases:0 (0)
Expired Listings: 8 (0)
Canceled Listings: 0 (0)
Temp Off Market: 0 (0)
Back on Market: 0 (0)
———————————

$0-$349,999:            2 (2)

$350,000-$499,999:  10 (10)

$500,000-$749,999:    24 (29)

$750,000-$999,999: 8 (10)

$1,000,000- $1,499,999:  5 (6)

$1,500,000- $2,999,999: 3 (3)

$3,000,000+                     1 (1)
———————————–
Average Price: $816,811 ($814,262)

Median Price: $648,000 ($648,000)

Average Days on Market: 108 (105)

Highest Priced Listing: $3,950,000 ($3,950,000)

Lowest Priced Listing: $335,000 ($349,950)

The numbers of homes for sale is still significantly lower than just a few weeks ago.  Hopefully, this trend will continue.

Closed sales:

$360,000 small bungalow on large lot. Original asking price of $374,950.  Sold in 195 days for 3% below the original asking price.

****Value was in the land for development, not the home.

$425,000 Edgebrook (east of Microsoft) rambler with 1500+ square feet, 3 bedrooms, 1.75 baths, original list price of $479,000, sold in 68 days below the final asking price of $459,000, sold  for 12% below the original asking price. Sold in 169 days.

****Nicely maintained and with its final price, became a good value.

$460,00o Charlson Place (east of Microsoft) two story.  Originally priced at $479,000 sold  about 4% below the original asking price after 28 days.

****Aggressively priced and sold in less than 30 days with minimal price reduction for that reason.

$490,000 Midentry home y near Grasslawn Park with 3 bedrooms, 2.25 baths, and 2300 square feet.  Original list price of $615,000.  Sold for 15% below the original asking price. Final asking price of $525,000. Sold in 123 days.

****Burnstead built, a name builder, and nicely updated.

$615,000 Two Story home in Wethersfield, off  NE 24th.  5 Bedrooms, 3 baths, and a large lot.  Original list price of $675,000, final list price of $645,000. Sold in 172 days for 9% below the original asking price. Sold in 172 days.

$806,950 New Camwest two story home in Evergreen Lane off 148th, north of Microsoft.  Original list price of $821,950, priced was increased (you know builders!) to $829,950.  Over 3000+ square foot home with 4 bedrooms, 2.5 baths, sold in over 100 days.

****Builders have been offering terrific financing options in order to sell homes.  This has helped to move some of their inventory of homes.

Here’s a few comments from some economic forecasters focusing on the amount of homes for sale, the inventory.  This is a critical piece to watch this year.  If there are less homes on the market because most of the homes for sale are well priced, this will be a good thing!

Matthew Gardner, local economist,  of Matthew Gardner LLC gave his opinion of what to expect with this year’s market on the Master Builder’s website.

“At our office we have been focused for some months now specifically on inventory levels. While prices do provide some measure of market performance, even more important is the relationship between supply and demand and trends in such numbers. With expectations of seasonally increasing sales activity, we continue to emphasize that supply will dictate and shape the spring selling season and, for the most part, the rest of the year.”

From Inman News Real Estate Connect in NYC, Barry Ritholtz, Director of Equity Research of Fusion IQ said:

“he looks at three indicators that would signal a turnaround: median home price-to-income ratios, inventory, and the cost of renting versus owning.”

Edit this entry.

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Weekly Real Estate Buzz in West Redmond Through August 7th, 2008

In For Buyers, For Sellers, Local information, Market Statistics, Microsoft, Real Estate news, Redmond, Weekly real estate updates on August 7, 2008 at 6:14 pm

The area represented by the statistics posted below is Redmond, 98052, south of highway 908.  The neighborhoods are all within shouting distance of Microsoft. In real estate terms, we call this area 530.  The area on Education Hill is called area 550 and is not part of this report. The numbers in parentheses show last week’s totals. All numbers are gathered mid-day on Thursdays from NWMLS information. 

 
Active Listings:  81 (76) 

New listings:  5 (4)

Pending inspection: 1 ( 2 )

Pending: 3 (5)

Closed Sales: 1 (2)

Sold Contingent:0 (0)

Rented: 0(0) 

Price Reductions: 2  (6)

Price Increases:     0  (0 )

Expired Listings:2  (0)

Cancelled Listings: 0 (1)

Temp Off Market:  0(0)

Back on Market: 0(0)

Rented  0 (0)
———————————

$0-$349,999:            0 (0)

$350,000-$499,999:  11 ( 9 )

$500,000-$749,999:    41 (39 )

$750,000-$999,999: 16 (17)

 $1,000,000- $1,499,999:  5 (4)

$1,500,000- $2,999,999: 6 (5)

$3,000,000+                     2 (2)
———————————–
Average Price:    $878,797  ($887,266)

Median Price: $668,250 ($672,450)

Average Days on Market: 56 (56)

Highest Priced Listing: $3,950,000 ($3,950,000)

Lowest Priced Listing: $364,950 ($379,000)

This week’s closed sale:

$589,950  Rambler style home in Cameret/Little Tree with a list price of $599,950, on the market for 12 days sold 2% under full price.  This home is 2500 square feet with 5 bedrooms and 2.5 baths.

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Inventory in the area just went to more than 81 homes.  The largest concentration of available homes falls in the $500-750,000 price range, as it includes almost half of the homes currently for sale.  The inventory is almost double what was available in April. 

I see home sales every week (I’ve been involved in four multiple offer situations in the last 7 weeks!) and believe buyers are out looking for homes. But as I say each week, the best priced home in the best condition wins the buyer.  Homes in this market will sell if they are an attractive home and a value.

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What Were The Chances of selling your West Redmond Home in February, 2008?

In For Buyers, For Sellers, Market Statistics, Real Estate news, Redmond on March 13, 2008 at 2:00 pm
Sellers had an 15.6% chance of getting a home sold  in West Redmond in February, 2008.
February, 2008       263 homes for sale,  41 sales,     15.6% chance of selling.
January, 2008         227 homes for sale,  36 sales,     15.8% chance of selling.
February, 2007         98 homes for sale,  57 sales,        58% chance of selling.

January 2007          107 homes for sale, 36 sales,  33.6% chance of selling.

Inventory continues to remain high, when compared to last year at this time.  Inventory right now is still be below last year’s high of October.  Our area continues to be one of the strongest on the Eastside, although we were outperformed slightly by the real estate activity on the Sammamish plateau.  

It’s still a tougher real estate market for sellers, but there’s a more balanced market these days. However, as I have reported in my weekly posts, I’ve seen several listings sell just after they hit the market.  These homes were priced well and showed beautifully when compared to the competition.

My mantra for 2008 ( I do repeat myself here):

  • Sellers must have the best home out there for the money.
  • Sellers must have the best marketing program to showcase their home. 
  • Sellers must be realistic and flexible with pricing.
  • Interest rates are fabulous.
  • Competition among buyers for homes will be less.
  • Buyers have great choices, the best in years.
  • Buyers will buy and homes will sell. 

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Weekly Real Estate Buzz in West Redmond through February 22nd, 2008

In For Buyers, For Sellers, Local information, Market Statistics, Real Estate news, Weekly real estate updates on February 22, 2008 at 12:03 pm

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The area represented by the statistics posted below is Redmond, 98052, south of highway 908.  The neighborhoods are all within shouting distance of Microsoft. In real estate terms, we call this area 530.  The area on Education Hill is called area 550 and is not part of this report. The numbers in parentheses show last week’s totals. All numbers are gathered mid-day on Fridays from NWMLS information. This real estate activity report will be online no later than Sunday each week. 

 
Active Listings:  47(53)

New listings:   2(4) 

Sold subject to inspection: 5(2)

Pending:  2(6)

Closed Sales:  1(0)

Sold Contingent:0(0)

Rented: 0(0) 

Price Reductions:  4(1)

Price Increases:     0(0)

Expired Listings: 0(1)

Cancelled Listings: 2(1)

Temp Off Market:  1(0)

Back on Market: 0(1)
———————————

$0-$349,999:             1(1)

$350,000-$499,999:  3(4)

$500,000-$749,999:   17(23)

$750,000-$999,999: 12(11)

 $1,000,000- $1,499,999: 12(12)

$1,500,000- $2,999,999: 2(2)
———————————–
Average Price:    $925,321 ($880,591)

Median Price: $765,000($725,000)

Average Days on Market: 85(88)

Highest Priced Listing: $2,880,000 ($2,880,000)

Lowest Priced Listing: $343,800($348,700)

My analysis of this week’s buzz: 

The number of available homes in the area dropped to 47 homes because there were only 2 new listings this week and 5 homes received offers.

 New listings: 

$749,000  two story in Manchester Estates near Microsoft with 2800+ square feet.

$760,000 two story home off NE 24th

Back on the market:

None this week

Homes receiving offers this week:

(actual sale price to be reported when the sale closes)

$348,700 a rambler town home in Sammamish Forest Manors

$518,950 a rambler in Little Tree listed originally at $580,000 and on the market for 276 days.

$649,880 4 bedroom two story with an updated kitchen located near Tam O’Shanter.  Market time was less than 14 days.

$725,000 2270 sq ft two story in Sheffield Greens originally priced at $738,000 and on the market for 166 days.

$749,950 two story in Lechner Ridge with a view and remodeled kitchen.  Market time about 7 days.

Pending sales this week: 

(inspection has been satisfied)

$569,950 new construction home in The Village of Redmond Heights off of NE 85th.  The home was originally priced at $609,950.

$624,000 A remodeled rambler re-listed at $624,000 down from its original price of $675,000.

Expired listings:

(Homes in which the listing contract has expired)

None this week.

Cancelled listings:

(Home has been taken off the market)

$575,000 a rambler in View Ridge

$585,000 a mid-entry in Vuelake which had been priced at $600,000.

Temporarily off the market:

$750,000 a remodeled tri-level in Spiritbrook, which had been listed last year.

Price reduction:

$343,800 now the most reasonably priced home in the area.  A town home in Sammamish Forest Manors.

$575,000 a midentry near Microsoft.  Originally $620,000.  Market time is 179 days.

$609,000 a two story in Wildwood Glen that was $620,000.  Market time is 116 days.

$765,000 a Gleneden two story was $795,000.  Market time is 28 days.

Closed sales:

(Homes in which the new owner has moved in!)

$905,872 a home in Claremont over by Microsoft had been listed at $899,000 after an original asking price in the mid 900′s.  It sold for more than the final list price.  This  could have been for a number of reasons:  work orders built into the sales price rather than performing the work, multiple offers so the sales price was bid up or seller concession in closing costs.

Homes are moving in area 530.  Because of this week’s 5 new offers and only 2 new listings, the total number of listings has dropped.  The biggest change in the number of active listings is in the $500-750,000 price range.  Two weeks ago there were 25 listings, last week 23, and this week 17. This continues to be the “bread and butter” price range for this area.  Market time in the area is down slightly from 90+ to 85 days. 

The interesting thing to note here is there have been a few listings in the last two weeks that have sold quickly at under 14 days.  Some homes that have been on the market for 100+ days also received offers. I suspect these homes sold now because their prices were more realistic for the current market.

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Weekly Real Estate Buzz in West Redmond through December 21st, 2007

In For Buyers, For Sellers, Market Statistics, Real Estate news, Weekly real estate updates on December 22, 2007 at 7:09 pm

update-post-it.pngThe area represented by the statistics posted below is Redmond, 98052, south of highway 908.  The neighborhoods are all within shouting distance of Microsoft. In real estate terms, we call this area 530.  The area on Education Hill is called area 550 and is not part of this report. The numbers in red show last week’s totals. All numbers are gathered mid-day on Fridays from NWMLS information.

  
Active Listings:  41(49)

New listings:   1(1) 

Sold subject to inspection: 3(0)

Pending:  1(2)

Closed Sales:  3(2)

Sold Contingent:1(0)

Rented: 0  (0) 

Price Reductions:  3(2)

Expired Listings:  1 (1)

Cancelled Listings: 2 (0)

Temp Off Market:  2 (0)
———————————–
Number of homes available: 41(49)

$0-$350,000:             0(1)

$350,000-$499,999:   2(3)

$500,000-$749,999:   21(26)

$750,000-$999,999:  7(8)

 $1,000,000- $1,499,999: 6(6)

$1,500,000- $2,999,999: 5(5)
———————————–
Average Price:    $892,633 ($837,967)

Median Price: $699,000 ($659,000)

Average Days on Market: 93(93)

Highest Priced Listing: $2,880,000 ($2,880,000)

Lowest Priced Listing: $434,950 ($349,600)

My analysis of this week’s buzz: 

There are now 11 less homes on the market this week than two weeks ago.  Five of these homes are off the market because the listings were cancelled, expired or are now temporarily off the market.  Temporarily off the market means the owner has suspended showings for a period of time and the home will be back on the market in the near future.  Some homeowners  do this over holiday periods.

In the $500-750,000, there are 5 less homes on the market.  This changed the average and median pricing.  It looks as if prices have gone up, but with less homes available in the mid-price range, the result is an increase in the average and median pricing.

There was some new activity at the high end of the market. The new listing of the week came on at $1,325,000.    The contingent sale is priced at $1,075,800. 

Three homes received offers this week. The previous week’s least expensive listing, priced just under $350,000, received an offer. Now the least expensive home in the area is $434,950. Other homes receiving offers were over in Hampton Place, priced at $509,999, and for a remodeled Tam O’Shanter home priced at $840,000.

Three home sales also closed this week. A rambler sold for an 8% reduction at $500,000.  Two homes in Spiritbrook closed this week.  One home sold for 6% less than the original asking price of $579,000.  The other sold for 8% below its starting price of $649,950.

Price reductions happened with three homes this week. (It seems to be the week of most things happening in threes!) Reductions ranged from $110,000 on a $900,000 home to $10,000 for a home priced in the high $500′s.

 Market time is sitting at the three month time period (there is that three again!) we first started to see last week. 

It will be interesting to see how the first quarter of 2008 plays out.  Generally, the market heats up that time of year and we see great sales activity.  I will keep you posted on the activity after the first of the year.

Happy Holidays and all the best in 2008!  The weekly buzz will resume in mid-January.

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Weekly Real Estate Buzz in West Redmond through December 14th, 2007

In For Buyers, For Sellers, Market Statistics, Real Estate news, Weekly real estate updates on December 16, 2007 at 6:19 pm

update-post-it.pngThe area represented by the statistics posted below is Redmond, 98052, south of highway 908.  The neighborhoods are all within shouting distance of Microsoft. In real estate terms, we call this area 530.  The area on Education Hill is called area 550 and is not part of this report. The numbers in red show last week’s totals. All numbers are gathered mid-day on Fridays from NWMLS information. 

New listings:   1(2)   New listing is actually a re-listed property.

Active Listings:  49(52)

Sold subject to inspection: 0(0)

Pending:  2(1)

Closed Sales:  2(7)

Sold Contingent:0 (0)

Rented: 0  (0) 

Price Reductions:  2(4)

Expired Listings:  1 (1)

Cancelled Listings: 0 (2)
———————————–
Number of homes available: 49(52)

$0-$350,000:             1(1)

$350,000-$499,999:   3(4)

$500,000-$749,999:   26(25)

$750,000-$999,999:  8(11)

 $1,000,000- $1,499,999: 6(6)

$1,500,000- $2,999,999: 5(5)
———————————–
Average Price:    $837,967 ($839,536)

Median Price: $659,000 ($699,000)

Average Days on Market: 93(85)

Highest Priced Listing: $2,880,000 ($2,880,000)

Lowest Priced Listing: $349,600 ($349,600)

My analysis of this week’s buzz: 

 Each of the past few weeks has brought a decrease in the number of homes for sale in the Redmond area around Microsoft.  For the first time in many weeks, there are less than 50 homes on the market.  Ironically, market time has increased by about 7 days each of the last few weeks.  It was only about a month ago that market time averaged  2 months.  Now market time is over 3 months at 93 days. Median and average pricing has dropped.  Median pricing is coming in around $10,000 below previous weeks. Average pricing is down about $40,000, which translates to a 6% drop in pricing.

The “new” listing has actually been on the market for two months with a $90,000 higher price tag.  The property, now priced at $655,000, is a large lot which may be subdividable.  In real estate terms, the “value is in the land” and not in the house. 

Two homes moved beyond the inspection contingency and the parties are heading towards closing.  One home is ten year old two story priced at $888,000.  It received an offer in about three weeks, which is fast in our current market.  The other pending sale, a Spiritbrook home priced at $629,950, is a large “spacemaker” home.  This home, at 3300 square feet, is aptly named with space meeting many needs. 

Two home sales closed this week.  A Burnstead built two story home in Sheffield Greens sold at $720,000, 8% below it’s original asking price of $779,000. The other closed sale went for 6% under the original asking price of $695,000, selling for $660,000.  This home was beautifully remodeled and sold in about three weeks.

In Sunny Ridge a two story, which has been on the market for about 6 months, reduced its price by $20,000 to $639,000.  Another rambler over in Strattonwood is now priced at $434,950, a 3.5% reduction.

Is this market tougher?  Obviously so, but we have seen a reasonable number of sales each week.  There is a healthy turnover in listings and sales each week.  As I have mentioned previously, the homes most aggressively priced, when compared to the competition, are the homes that are selling. 

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Weekly Real Estate Buzz in West Redmond through November 30th, 2007

In For Buyers, For Sellers, Market Statistics, Real Estate news, Weekly real estate updates on November 30, 2007 at 5:36 pm

update-post-it.pngThe area represented by the statistics posted below is Redmond, 98052, south of highway 908.  The neighborhoods are all within shouting distance of Microsoft. In real estate terms, we call this area 530.  The area on Education Hill is called area 550 and is not part of this report. The numbers in red show last week’s totals. All numbers are gathered mid-day on Fridays from NWMLS information. 

New listings:   3(8)  

Active Listings:  54(58)

Sold subject to inspection: 1(1)

Pending:  3(6)

Closed Sales:  7(2)

Sold Contingent: 1

Rented: 1 

Number of Price Reductions:  5(1)
———————————–
Number of homes available: 54(58)

$0-$350,000:              0(1)

$350,000-$499,999:  6(7)

$500,000-$749,999:   25(26)

$750,000-$999,999:  11(13)

 $1,000,000- $1,499,999: 7 (6)

$1,500,000- $2,999,999: 5(4)
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Average Price:    $850,255($823,391)

Median Price: $699,000 ($699,000)

Average Days on Market: 78(67)

Highest Priced Listing: $2,880,000( ($2,880,000)

Lowest Priced Listing: $369,400 ($369,400)

My analysis of this week’s buzz:

 There are two new categories of listings this week, which reflects market conditions.  One listing is now being rented and one listing is sold contingent.  When a  home is sold contingent, it means the buyer has a property to sell to obtain the money needed to close on this particular home.  Technically, the home  sold contingent is still available to other buyers. However, buyer number one has “first right of refusal” if another offer were to come in for this property. If buyer number one can perform without the sale of their present home, then this buyer would still be the buyer to get the home.  If buyer number one could not perform without selling his/her current home, then buyer number two would get the home.  Sometimes buyer number one obtains a bridge loan to complete the sale, and sometimes they drop out and let the home go to the second buyer.  There hasn’t been a contingent sale in the area for quite some time.  We’ve seen contingencies over the last few years more for new construction, but not many for a resale home.  This change is consistent with our change in market conditions and the need for sellers to be more flexible with offers they receive.

The listing in Sammamish Forest Manors, which was the least expensive home in Redmond near Microsoft and priced at $345,000, sold almost immediately as did another home priced just under $360,000 in the same neighborhood. 

There was a huge range of price concessions from less than a 1% reduction to a 30% reduction!  Most of the homes’ prices were reduced by 3-7% from the original asking price to the final sales price.

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