What can you believe?
I published this report as study guide for brokers. It is a bit overloaded with data. After reading it, I thought that there would be a few homeowners that would be interested as well. Be sure to contact me with any questions.
Reports that you hear or read about the national and local real estate markets are full of data and predictions. Some are factual and others are a stretch of the truth to get eyeballs on their story. Most stories have limited data gleaned from a specific area and a report written to sound like it is for the whole state, city or zeroed into a specific neighborhood.
In Washington state, as in every state, trying to make a general statement about the trends of the real estate market that fits every market is not possible.
Quarterly data with the same sampling area will usually give us a reasonable view and comparison of what is going on in the real estate market. In this report we are looking at a quarterly report of the residential resale market in Seattle’s eastside.
2021 3rd Quarter in Seattle’s Eastside:
- Last year 2,091 homes were SOLD through Q3 and this year it’s 2,844 up 25%.
- .74 months of inventory (MOI) last year and this year we have only .30 MOI.
- Last year the SOLD price was $925,000 and this year it’s $1,362,000 up 47%.
- Last year 52% of homes SOLD were priced under 1M and this year it was 20%.
- The median home is 22% more expensive this quarter YOY. (4bd/2.5bth/2440SqFt)
- 78% of the homes were under contract in the first week.
- No single-family homes were SOLD under $500,000.
Data from NWMLS General Search: Bellevue, Redmond, Kirkland, Issaquah…Residential…No new const…No condo/townhouses
The following is information is from the September press release released by the Northwest Multiple Listing Service. In this report we are looking at the residential market in most of the state. Unlike the Seattle’s Eastside report above, this is a monthly report.
Addressing 26 counties in the state collectively from the September NWMLS Press release:
- New Listings Taken was down a bit from last year (YOY).
- Only 7,757 total active listings available, a drop of nearly 14.8% YOY.
- The number of pending sales slipped about 6% YOY.
- The number of closed sales remained about the same YOY.
- Median SOLD Prices for the 26 counties is $570,000 up 14% YOY.
Looking to King County Alone:
- The inventory of available listings plummeted 32% YOY.
- The median selling in King County was $825,600 a gain of 6.7%.
Looking at outlying Counties:
- Prices in Kittitas County surged more than 26% YOY. (Includes Ellensburg)
- Outlying counties to King County posted YOY increases at or above 15%,
I’ve done another search for Quarterly (90 day) SOLD price increase for East Bellevue (530). This shows NWMLS area 530 with an increase of nearly 11% YOY.
2020: Only 7 SOLD properties 2% over list price Median SOLD price $772,000
2021: Only 9 SOLD properties 7% over list price Median SOLD price $860,000
Now, let’s take a look at the results of the data we have collected. The increase is anywhere from 6% in King County to 47% in Seattle’s Eastside. Here you can see why we just can’t use a broad-brush stroke to report on the real estate market.
Let’s see the variation of price increase.
- Seattle’s Eastside: Unbelievable increase of 47%.
- Bellevue’s area 530: Increase of 11%
- NWMLS 26 counties: Increase 14% YOY.
- King County: Increase of 6.7%.
- Kittitas County: Increase more than 26% YOY.
- Outlying counties to King County: Up at or above 15%.
What can you believe? If this sparked questions, contact Tom Perry today to learn more about the market and how trends affect a home’s value. He has more than 25 years’ experience and has created systems to ensure the best possible journey and an easy path to come out on top of negotiations.
Tom Perry – 206-713-2538 [email protected] Realty Executives Brio – Bellevue, Wa.