Monday Market Update – Eastside Residential

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor

This week we will be looking at the Residential market absorption rates for the Eastside over the last 7 weeks. When looking at these numbers, keep in this in mind:

• These are an average of the all price ranges in the area. Some price ranges are definitely moving faster than others! If you would like to know how things break down in a specific price range for an area, send me an email at tony@eastsidehomes.com
• These numbers are a result of the sales activity over the last 7 weeks when comparing the number of active listing vs. the number of pending sales to determine what the market absorption rate is for a particular area.
• When measuring the heat of the market, the following rules apply:
• 12 weeks or less = Seller’s Market
• 12-24 weeks = Balanced Market
• 24 or more weeks = Buyer’s Market

Residential Only, NWMLS Area 500 (Bellevue, South of I-90) = 42.6 weeks of inventory

Residential Only, NWMLS Area 510 (Mercer Island) = 97.5 weeks of inventory

Residential Only, NWMLS Area 520 (Bellevue, West of 405) = 68.8 weeks of inventory

Residential Only, NWMLS Area 530 (Bellevue, East of 405) = 32.9 weeks of inventory

Residential Only, NWMLS Area 540 (East of Lake Sammamish) = 42.3 weeks of inventory

Residential Only, NWMLS Area 550 (Redmond/Carnation) = 45.5 weeks of inventory

Residential Only, NWMLS Area 560 (Kirkland/Bridle Trails) = 39.1 weeks of inventory

Residential Only, NWMLS Area 600 (Juanita/Woodinville) = 45.1 weeks of inventory

If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

Average Price Per Square Foot in Sammamish, Washington

Here is a quick look at the average price per square foot of homes and condos in Sammamish for the last two years.

The chart starts off at $266.33 per square foot in October 2006, then peaks at $280.72 per square foot in April 2007. As of September 2008 the price is $250.54 per square foot.

 

If you would like to more about home price trends in a particular area, feel free to contact me.

Posted By:

Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

Has the King County Real Estate Market reached the bottom?

This is a complicated question. To discover the answer, we must know the forces that control our market. Real estate is a supply vs. demand business and is heavily related to the rate of absorption of the inventory.

Absorption Rates
If we have low inventory and high demand the absorption rate is high and we have a seller’s market. Conversely, if we have high inventory and low demand the absorption rate is low, we have a buyer’s market – which is where we are at today.

March of 2007 marked the last month that we had a strong sellers market. As we entered the second quarter of 2007, the pendulum started to swing. Inventory started to rise and sales began to fall off.  If you look at the chart below, you will see the change. 

 
 
All these numbers relate to the absorption of inventory. In the second quarter of 2007, the rate of absorption of inventory began to decline. See the chart below.

 
You will notice that the absorption of the inventory is at its lowest levels in a decade. The rate of absorption on this chart has been at 15% for the last 12 months. In fact, we have numbers that are far from average.

The average pace of the King County Market
In-spite of showing resistance to go below 15%, the current numbers are well below our averages for last 10 years. Here is what we normally expect:

9309 Active Listings per month
2939 Pending Sales per month
32% Absorption Rate

When you compare these numbers to our current market, there are many more sellers wanting to sell and fewer buyers wanting to purchase.

Are we still adding “Fuel to the Fire”?
New listing are the fuel on the fire. When looking at the question “ Have we reached the bottom of the absorption rate?” you need to analyze the state of our inventory.  Is it getting better or worse?

This chart shows a steady decline in the number of new listings coming to market since March 2008. It also shows the total amount of available listings stabilizing with last years numbers. Finally, you will notice that pendings are beginning to stabilize versus 2007 and September we surpassed the number for 2007 by 4.18%.

So have we reached the bottom?
Looking at this data alone, I would think it is likely. However, as I write this… the stock market has been taking a tremendous beating for the last 3 weeks. Now the big question is… will the real estate market recover on its own or will it require the stock market to stabilize before housing will do so too. Only time will tell!

Certainly, savvy investors will see that this is an amazing time to invest in real estate, especially when compared to the recent performance of the stock market!

If you would like to know more about investing in real estate, feel free to contact me.

Posted By:

Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

Monday’s Market Update – Seattle Condos

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor

This week we will be looking at the Condo market absorption rates for the Seattle Area over the last 7 weeks. When looking at these numbers, keep this in mind:

1.       These are an average of the all price ranges in the area. Some price ranges are definitely moving faster than others! If you would like to know how things break down in a specific price range for an area, send me an email at tony@eastsidehomes.com

2.       These numbers are a result of the sales activity over the last 7 weeks when comparing the number of active listing vs. the number of pending sales to determine what the market absorption rate is for a particular area.

3.       When measuring the heat of the market, the following rules apply:

a.       12 weeks or less = Seller’s Market

b.      12-24 weeks = Balanced Market

c.       24 or more weeks = Buyer’s Market

Area 710 remains the bright spot on this chart with lots of movement in the under 300k range.  Area 140 is off across the board and has  110 weeks of inventory in the 300-399k range. Should be some opportunities there!

Condo Only, NWMLS Area 140 (West Seattle) = 43.1 weeks of inventory (was 28.2 four weeks ago)

Condo Only, NWMLS Area 380 (Central Seattle) = 25.4 weeks of inventory (was 23.2 four weeks ago)

Condo Only, NWMLS Area 385 (SODO/Beacon Hill) = 22 weeks of inventory (was 29.5 four weeks ago)

Condo Only, NWMLS Area 390 (Central Seattle) = 29.8 weeks of inventory (was 33.5 four weeks ago)

Condo Only, NWMLS Area 700 (Queen Anne/Magnolia) = 39.4 weeks of inventory (was 30.3 four weeks ago)

Condo Only, NWMLS Area 701 (Belltown, Downtown) = 36.6 weeks of inventory (was 31.2 four weeks ago)

Condo Only, NWMLS Area 705 (Ballard/Greenlake) = 28.6 weeks of inventory (was 32.4 four weeks ago)

Condo Only, NWMLS Area 710 (North Seattle) = 16.4 weeks of inventory (was 17.9 four weeks ago)

Condo Only, NWMLS Area 715 (Richmond Beach) = 30.1 weeks of inventory (was 25.8 four weeks ago)

Condo Only, NWMLS Area 720 (Lake Forest Park) = 40.4 weeks of inventory (was 34.8 four weeks ago)

If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

King County’s Median Price Still Holding On!

The median price for residential homes in King County continues to hold steady!  In spite of “supply vs. demand” that favors a buyer in most areas and price ranges, the median price has shown modest gains this year.  Here is a break down month by month:

Month	2008 – Year to date	2007 – Year to date
January	$435,000	$429,495
February	$430,000	$429,925
March	$435,000	$439,900
April	$439,000	$448,555
May	$439,183	$450,000

 

This chart clearly shows we have lost some of the appreciation gained in 2007, which ended with a YTD (year to date) median price of $455,000. However the prices have not continued to drop in 2008, in fact they show a gain of almost one percent.

A one percent gain does not sound amazing when you look at the double digit gains we had in 2004 to 2006! But, it is very impressive when you consider the supply vs. demand ratio we have had for the last 8 months. This ratio has averaged 7 months of inventory for the last eight months with little movement in either direction. At these levels… the buyer is favored in negotiations, but the median prices are holding steady.  It is notable… the buyer is likely getting a larger home for their dollar this year as compared to last. Unfortunately, the MLS does not track price per square foot in its statistics, but the CMA’s (comparable market analysis) I have done this year would validate this point.

So does this mean the King County real estate market has reached its’ bottom? I am not that bold to make such a proclamation! However, I can confidently say that the sky is not falling as some would have you believe.

There is an old saying… “You will know when the bottom has come when it has passed”. This is very true and if buyers are sitting on the sidelines waiting for the bottom to come (and go) they may not have much longer to wait.

Note: The numbers above are represent all of King County. Each area and price range is at a different level of activity. If you would like to know how things are going in your specific area, I welcome you to contact me.

Posted By:
Tony Meier
Eastside and Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

Monday Market Update – Eastside Residential

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor

 

 

 

This week we will be looking at the Residential market absorption rates for the Eastside over the last 7 weeks. When looking at these numbers, keep in this in mind:

1.       These are an average of the all price ranges in the area. Some price ranges are definitely moving faster than others! If you would like to know how things break down in a specific price range for an area, send me an email at tony@eastsidehomes.com

2.       These numbers are a result of the sales activity over the last 7 weeks when comparing the number of active listing vs. the number of pending sales to determine what the market absorption rate is for a particular area.

3.       When measuring the heat of the market, the following rules apply:

a.       12 weeks or less = Seller’s Market

b.      12-24 weeks = Balanced Market

c.       24 or more weeks = Buyer’s Market

Another mixed bag this week, with only slight declines or improvements. Area 520 showed the most improvement, but with over a year of inventory at current absorption rates, the Buyer’s are still in control.

Residential Only, NWMLS Area 500 (Bellevue, South of I-90) = 41 weeks of inventory (was 43.2 four weeks ago)

Residential Only, NWMLS Area 510 (Mercer Island) = 32.7 weeks of inventory (was 26.8 four weeks ago)

Residential Only, NWMLS Area 520 (Bellevue, West of 405) = 57.4 weeks of inventory (was 79.4 four weeks ago)

Residential Only, NWMLS Area 530 (Bellevue, East of 405) = 26.7 weeks of inventory (was 23.4 four weeks ago)

Residential Only, NWMLS Area 540 (East of Lake Sammamish) = 32 weeks of inventory (was 30.9 four weeks ago)

Residential Only, NWMLS Area 550 (Redmond/Carnation) = 30.7 weeks of inventory (was 32 four weeks ago)

Residential Only, NWMLS Area 560 (Kirkland/Bridle Trails) = 63.5 weeks of inventory (was 51 four weeks ago)

Residential Only, NWMLS Area 600 (Juanita/Woodinville) = 39.9 weeks of inventory (was 35.9 four weeks ago)

If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com

10940 250th Ave NE, Redmond, WA “Redmond Listing” on Novelty Hill

Redmond Listing on Novelty Hill – “10940 250th Ave NE, Redmond WA”
Tony Meier, Redmond Realtor

Novelty Hill View Estate on 10+ Acres with 7000 s.f. of premium construction!

Tony Meier Windermere Real Estate/ S.C.A., Inc. Office Phone: 425-883-0088 Direct Phone: 425-466-1000 Pager: 425-466-1000 Tony@eastsidehomes.com

Interior Photos
Foyer The exquisite foyer features fruit wood stained maple floors, grand staircase with wrought iron railing, maple hand railing and Schoenbek crystal chandelier. Custom leaded glass doors and windows provide gracious light. Half bath of entry for your guests. . . . . . . . Full details can be found at www.NoveltyHillEstate.com
Living Room Stunning living room with soaring 21 ft ceilings, opens to large patio with breathtaking valley & mountain views. The custom built, hand carved mantel & grand mirror, accent the fireplace & living room. The acoustically designed alcove makes playing the piano a joy! ———- Full details can be found at www.NoveltyHillEstate.com
Hand carved mantel wraps the gas fireplaces with marble surround. Towering mirror reflects beautiful interior elements	Tall picture windows frame with graceful arches frame to outstanding views French doors lead to view patio
Grand piano stage is maple wrapped with a marble platform. Sound chamber enhances acoustics and eliminates echoes	Piano alcove shown with previous owners furniture
	Beautiful columns draw you in!
Dining Room & Butlers Pantry Elegant dining room with ample seating for twelve or more! Rich chair rail, crown molding and wainscoting invite your guests. Bay windows overlook front grounds. Schoenbek crystal chandelier provides the light. Attached butlers pantry with custom built cherry cabinets and corian counters make storing your fine china easy! ———- Full details can be found at www.NoveltyHillEstate.com
Photo shows previous owners use
Kitchen/Family Room Spacious kitchen with cherry cabinets, corian counters, double oven and attached pantry. The family room and informal dining area features a wood burning stove, wet bar, grand views and opens to rear yard and gazebo. . . . . . . . Full details can be found at www.NoveltyHillEstate.com
	Wet bar with refrigerator, display cabinets and wine rack
Large informal nook area with French doors to rear yard	Large informal nook area with French doors to rear yard
Family room has excellent views and features a brick hearth with gas stove/heater and fruit stained maple hardwood floor
Master Suite Wonderful main floor master suite with outstanding views. The master bath features cherry cabinets, tile floors and countertops, glass block shower, walk-in-closet and attached room which could be used as a workout room or nursery. ———- Full details can be found at www.NoveltyHillEstate.com
Master suite has curved wall entry. Relaxing sitting area has view of rear grounds and mountains. Three pane custom windows with no maintenance blinds.
Master bath has tile floor and counters, cherry cabinets, gass block shower & walk-in closet
Large antique armoire (included)
Den/Office Large den features ample storage with hand built cherry walls, box beam ceiling, cabinets, book shelves and desk. Maple hardwood floor and large seating area. ———- Full details can be found at www.NoveltyHillEstate.com
Exercise/Bonus/Nursery The multiuse room is located just of the master bedroom. Perfect as an excercise room, bonus/craft room or nursery for an infant or toddler. . . . . . . . Full details can be found at www.NoveltyHillEstate.com
	Photo from previous owners use
Guest Suite Upper level has additional bedroom suite (could be second master) with walk-in closet & ¾ bath. French doors lead to enclosed sun room with beautiful views! . . . . . . . Full details can be found at www.NoveltyHillEstate.com
Sun room off of guest suite	Guest suite
Full bath	Huge walk-in closet
Guest Rooms Two large guest rooms upstairs with adjacent baths will have your guests feeling right at home! . . . . . . . Full details can be found at www.NoveltyHillEstate.com
Guest room with French doors and large double closets – could also serve as a media room	Guest room with French doors and large double closets – could also serve as a media room
Guest suite with attached full bath and walk-in closet	Guest suite with attached full bath and walk-in closet
Guest suite with attached full bath and walk-in closet	Guest suite with attached full bath and walk-in closet
Photo shows previous owners use	Photo shows previous owners use
Mud Room Mud room with door to rear yard. Ample cabinets, laundry sink and attached 3/4 bath – perfect after a day playing in the yard! . . . . . . . Full details can be found at www.NoveltyHillEstate.com
	3/4 bath
Extra room over garage Framed in and ready for your customization. Possibilities included… in-law suite, wine room with entertainment spaces, spa and workout space, or remove center walls for a huge media or bonus room. You can create what you want with this flexible space! . . . . . . . Full details can be found at www.NoveltyHillEstate.com
Area for half bath
Framed for sauna

Exterior Photos
The Home Custom built in 1997, this home is in excellent condition! . . . . . . . Full details can be found at www.NoveltyHillEstate.com
Circular paver drive with fountain. Brick wall, post and iron rail frames entryway.	Majestic picture windows provide lots of light and magnificent views. Wrought iron railings, cobble paver patio and brick staircase lead to rear yard
Stately columns & gracious arches great you. Double door entry welcomes you in. Sophisticated leaded glass entertains your eyes!
The Grounds This home is on apprx. 10.26 acres with 2 separate tax lots, perfect for building a second residence/guest house. With apprx. 2 acres landscaped, this home features a gazebo, heated greenhouse, ample covered wood storage, agricultural well and fountain! . . . . . . . Full details can be found at www.NoveltyHillEstate.com
The View!!! Breathtaking view of Snoqualmie Valley, Duvall and the Cascades! . . . . . . . Full details can be found at www.NoveltyHillEstate.com
The View – Close Up Imagine coming home to this stunning view each day! . . . . . . . Full details can be found at www.NoveltyHillEstate.com
Close up of the view
Mt Baker

General Photos
Parcel Map These aerials show the landscaped section of the property. To the East is NGPE so your view will always remain! To the West there are several flat acres which could be accessed off of up to 248th Ave NE. This land is perfect for recreation, equestrians or to build a second home on the included building lot! . . . . . . . Full details can be found at www.NoveltyHillEstate.com

King County – Median Price Climbs 10% Over Last 12 Months

King County Median Price Up 10% From March 2006

By: Tony Meier
Redmond Realtor

The numbers are just in and I have update my spreadsheets that I use to stay abreast of the market place.  King County still remain a strong sellers market with 10% appreciation since March 2006.  The median priced resale home was worth $399,000 in March 2006 and is now closing at $439,900.  The market has increased 3.51% in 2007 as noted by the graphs below…

While the market remains hot… the rate of appreciation is showing signs of slowing. From March 2004 to March 2005 the median price rose 15%. From March 2005 to March 2006 the median price rose 14%.  The graphs below show the absorbtion rate of the market place.  The pace remains quite active, but does show declines as compared to the red hot markets of 2005 and 2006. 

So what does all this mean?  Well for sellers… it indicates they are still in the drivers seat, however they will have more competition this year, so correct pricing will be critical to their success.  For buyers… it means the good homes will still sell quickly and they may still have to compete in a multiple offer enviroment, but the pace will be a bit slower than the last 2 years.

Keep in mind these graphs represent a wide range of homes thrs oughout the county.  There are areas and price ranges that are in the midst of a red hot sellers market, while other segments of the market clearly are favored towards the buyer.  Be sure you know which segement of the marketplace you are in before making any real estate moves!

Tony Meier
EastsideHomes.com
Redmond Realtor
tony@eastsidehomes.com