Will more homes come on the market in Redmond, WA in the next few weeks?  The answer is yes.  We are experiencing the typical spring Redmond real estate market coupled with the April 30th deadline for the home buyer tax credit.

This week there were four more homes for sale in Redmond.  As I mentioned last week, I know this number will increase, as my team and I are putting on 3 new listings in Redmond over the next couple of weeks.  I know other real estate agents are putting more Redmond homes up for sale in the next few weeks.

So I’ll repeat what I said in last week’s post:

The Redmond real estate market may be getting more competitive in certain price ranges with this increase in the number of homes for sale.  It will be important to watch the real estate activity over the next couple of weeks.  If you’re planning to sell your home, make sure your home is priced with this new competition in mind.  Remember, too, more than likely more homes are coming on the market in the next few weeks, so don’t overprice your home and get lost in all the shuffle.

There are only 46 days left to find a home, have an offer accepted, and use the 2010 home buyer tax credit.

For this week’s full report see below:

In real estate terms, we call this area 530. The area of Redmond called Education Hill is north of Redmond Town Center and is not part of this report.  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. In real estate terms, we call this area 530. The area of Redmond called Education Hill is north of Redmond Town Center and is not part of this report. The numbers in parentheses show last week’s totals. All numbers are gathered on Monday morning from NWMLS (Northwest Multiple Listing )information.

Number of homes for sale: 56 (55)

New listings: 5 (7)  plus 2 homes have come back on the market.

$350,000-$499,999: 20 (21)

$500,000-$749,999: 18 (16)

$750,000-$999,999: 5 (5)

$1,000,000- $1,499,999: 3 (4)

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

$3,000,000+ 2 (2)
———————————–
Average Asking Price of Homes for Sale: $750,247 ($772,936)

Median Asking Price of Homes for Sale: $515,975 ($522,450)

Average Days on Market: 90 (89)

Highest Priced Listing: $4,925,000 ($4,925,000)

Lowest Priced Listing: $259,950 ($269,950)

New listings: New listings range in price from the mid 300′s-high 600′s.  

Pending inspections and pending: Four homes received and accepted an offer.  Three homes are now pending, which means the buyer and seller have agreed on the results of a home inspection and are now moving towards closing.  Homes receiving offers were priced between the high 300′s to over one million dollars.

Price reductions: Eight this week.  This is more typical of the number of price reductions we used to see in most of 2009.

Homes off the market (homes that did not sell) None.

Closed home sales: Two home sales closed.

Days on Market: The market time is hovering around 3 months.  The time has been shortened mostly because there are a number of new listings on the market in Redmond over the last few weeks, so they’ve not been on the market for a long time.

Median price: Dropping slightly because more of the Redmond homes for sale are priced below 750k.

Closed Sales Of The Week:

Sales price: $465,000, Last asking price: $484,950, Original asking price: $529,000, sold in 124  days for 13% below the original asking price.

Sales price: $537,000, Last asking price: $549,000, Original asking price: $549,000, sold in 27 days for 3% below the original 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

3-9-10  12,324 homes for sale

Will more homes come on the market in Redmond, WA in the next few weeks because of the home buyer tax credit? So far this year,  the number of homes for sale in Redmond is staying on the lower side.  However, if you look at the King County real estate market (see below), the typical spring real estate trend is happening county wide.  More homes and condos are coming up for sale in many other areas.

There are only 61 days left to find a home, have an offer accepted, and use the  2010 home buyer tax credit.

For this week’s full report see below:

In real estate terms, we call this area 530. The area of Redmond called Education Hill is north of Redmond Town Center and is not part of this report.  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. In real estate terms, we call this area 530. The area of Redmond called Education Hill is north of Redmond Town Center and is not part of this report. The numbers in parentheses show last week’s totals. All numbers are gathered on Monday morning from NWMLS (Northwest Multiple Listing )information.

Number of homes for sale: 44 (48)

New listings: 0 (2)

$350,000-$499,999: 14 (14)

$500,000-$749,999: 15 (17)

$750,000-$999,999: 3 (3 )

$1,000,000- $1,499,999: 5 (6)

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

$3,000,000+ 2 (2)
———————————–
Average Asking Price of Homes for Sale: $859,480 ($852,947)

Median Asking Price of Homes for Sale: $586,500 ($604,475)

Average Days on Market: 106 (120)

Highest Priced Listing: $4,925,000 ($4,925,000)

Lowest Priced Listing: $269,950 ($269,950)

New listings: No new listings, which is good for the Redmond home sellers who are already on the market.

Pending inspections and pending: Two homes received and accepted an offer.  Two homes are now pending, which means the buyer and seller have agreed on the results of a home inspection and are now moving towards closing.  The offers this week were for homes priced in the $600′s and a waterfront home for $1.4+ million.

Price reductions: One this week.

Homes off the market (homes that did not sell) Five this past week, which is more than we’ve seen in a number of weeks..

Closed home sales: Two home sales closed.

Days on Market: For most of 2010, the average days on market has been about 4 months, but the number of days to sell dropped some this past week.

Median price: Dropping slightly

Closed Sales Of The Week:

Sales price: $380,000, Last asking price: $399,900, Original asking price: $525,000, sold in 304 days for 26% below the original asking price.

Sales price: $387,500, Last asking price: $399,500, Original asking price: $459,787, sold in 249 days for 16% below the original 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

3-2-10  11,655

King County real estate is following its typical pattern with more homes and condos coming on the market as we head into spring.  My question as I mentioned earlier:  “Will A Lot of Homes Come On The Market in King County in the next few weeks because of the home buyer tax credit?”  What do you think?

Number of King County, WA properties for sale, 03-02-10

Since the start of the year, only a few more homes are coming up for sale each week in Redmond, Washington.  Couple this with a few home sales each week,  the number of homes for sale in Redmond is staying pretty constant.  There are fewer price reductions and homes going off the Redmond real estate market than a few months ago.  There are a good number of houses for sale and many are at good prices.

There are only 67 days left to find a home, have an offer accepted, and use the  2010 home buyer tax credit.

For this week’s full report see below:

In real estate terms, we call this area 530. The area of Redmond called Education Hill is north of Redmond Town Center and is not part of this report.  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. In real estate terms, we call this area 530. The area of Redmond called Education Hill is north of Redmond Town Center and is not part of this report. The numbers in parentheses show last week’s totals. All numbers are gathered on Monday morning from NWMLS (Northwest Multiple Listing )information.

Number of homes for sale: 48 (48)

New listings: 2 (3)

$350,000-$499,999: 14 (15)

$500,000-$749,999: 17 (17)

$750,000-$999,999: 3 (4 )

$1,000,000- $1,499,999: 6 (5)

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

$3,000,000+ 2 (2)
———————————–
Average Asking Price of Homes for Sale: $852,947 ($841,415)

Median Asking Price of Homes for Sale: $604,475 ($604,475)

Average Days on Market: 120 (122)

Highest Priced Listing: $4,925,000 ($4,925,000)

Lowest Priced Listing: $269,950 ($279,000)

New listings: two this week, both priced in the high 500′s 

Pending inspections and pending: One home received and accepted an offer.  Two homes are now pending, which means the buyer and seller have agreed on the results of a home inspection and are now moving towards closing.  The offer this week was for a home priced at about 500k.  The pending sales were priced in the mid 500′s and over $2 million.

Price reductions: one this past week.

Homes off the market (homes that did not sell) Two  came off the market.

Closed home sales: One home sale closed.

Days on Market: For most of 2010, the average days on market has been about 4 months.

Median price: continues to be higher as a result of the 4 high end homes for sale in Redmond.

Closed Sales Of The Week:

One home sold and closed this week.

Sales price: $402,500, Last asking price: $409,000, Original asking price: $559,950, sold in 160 days for 29% below the original asking price.

Peak of homes for sale in 2009:

7-27-09   13,861

This year:

1-4-10       9726

2–22-10  11,583

Each week of 2010, on average, there are about 200 more homes for sale in King County.

Number of King County, Washington Properties for Sale, 2-22-10