Now is the time to Sell Your Home!

Inventory continues to dive!

Homes are selling faster than new listings are coming on the market. In previous posts I have pointed out the trend of market tightening. Well, my search today shocked me! For the first time, in a long time, the East Bellevue/Microsoft area of Redmond (MLS area 530) the number of pending sales has outpaced the number of active listings. The ratio of active to pending is now  0.96:1 (110:114)! This is all price ranges of single family residences. There are less choices if you narrow down to homes under $600,000. The ratio for these homes is 0.72:1.

After seeing this I started to look aroung at other areas. In Seattle, north of the ship canal and south of 145th the numbers were even more stonger! There are 318 listings in MLS areas 705 & 710, and there are 370 pending sales! That is a stunning ratio of 0.85:1 for homes in all price ranges and the under $600,000 market’s ratio is 0.74:1.

With this level of inventory, it is the best time for a seller to be on the market since the housing crash.

Ask me how you can take advantage of this market!

The inventory of homes listed for sale is continuing to drop, following a trend began last summer. In my office I am hearing about multiple offers on some properties, even some that have been on the market for a while.

On the Eastside, the ratio of active listings to pending sales are at levels not seen since the real estate market peaked. Here is where the market is today:

CITY                      2/13/12         12/12/1       10/10/11          8/8/11

Bellevue                      1.35:1              1.60:1              2.08:1              1.89:1

Issaquah                      1.39:1              1.86:1              2.81:1              3.07:1

Kirkland                      1.32:1              1.57:1              2.25:1              2.34:1

Sammamish               1.26:1              1.84:1              2.03:1              2.58:1

This means that Bellevue has just over 1 month of  inventory for sale. In a normal real estate world, this would indicate a seller’s market. But in today’s reality it has stabilized the market. If the inventory remains low, it could lead to rising values.

In the MLS area 530, which includes East Bellevue and the Microsoft are of Redmond, the ratio is 1.26:1.

These numbers include residential properties in all price ranges, the higher the price, the higher the ratio. Million dollar plus homes in Bellevue have a ratio of 7:1.

All data was drawn from the Northwest Multiple Listing Service (NWMLS)

West Bellevue’s ratio of listings to pendings is a respectible 2.41:1 , that is 2.41 listings for every home under contract.

When the numbers are looked at closer, the statistics are amazing!

• West Bellevue homes under $1 million:  0.97 : 1  (44 listings, 45 pendings)
• West Bellevue homes under $750,000 : 0.72 : 1  (28 listings, 39 pendings)
• West Bellevue homes under $500,000 : 0.56 : 1  ( 5 listings,  9 pendings)

Demand for affordable homes in West Bellevue is soaring as the inventory plummets.

East Bellevue’s demand numbers continue to be strong: 1.59 : 1 (203 listings, 127 pendings), though not as white hot as those to the West.

Thanks to Ron Sparks, vice-president CBBain for the statistics.

This picture is from Bellevue's Spiritridge neighborhood

Homes in East Bellevue have been selling at a strong pace this summer. Today the ratio of listed homes to pending homes is at 1.4! That is there is 1.4 homes for sale for every home already under contract. This statistic is for all price ranges. The ratio gets tighter when I look at homes under $500,000. That ratio is 1.14! The affordability of East Bellevue and its access to Microsoft, Downtown Bellevue, & major freeways has made this area the hottest home sale area in our region!

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It looks like summer is finally coming to Sheridan Beach!
Though it is only in the 70′s, there is hope of tempetures in the 80′s this weekend. Grab your sunblock and head to the pool!