What were the chances of selling an Eastside home in April, 2007?

Sellers had a 36% chance of getting a home sold in April, 2007.

(Don’t forget to look at the attached charts on my website, http://www.debrasinick.com/. (Click on statistical reports for April 2007 and the statistics-year to date charts.)

Bottom line for April?

There was an increase in inventory of 14% for both single family homes and condos, an increase of 404 properties. In April there were a total of 3065 properties for sale. This is the largest inventory for sale since October of last year, when 3168 homes/condos were for sale. Because of this jump in inventory and a slight decline of about 100 sales, the chances of selling a home in April were 36%, down 10% from March to April.

Below you will see how each Eastside market is performing. Sellers in most areas had less of a chance of selling this past month because the inventory increased. Is the real estate market beginning to decline? NO. We are just experiencing the typical spring increase in inventory.

The median price is now is $655,946, UP from $587,545 in April 2006 and DOWN from $671,385 in March, 2007. Do not worry! The median price is a result of what actually sold that month, so there will be slight peaks and valleys in the median price throughout the year. At the end of 2007, I believe prices will still be up. The year began with the median price below $600,000, so we are already on a rise.


I have two clients who emailed me about these stats this past month. One asked that I put together a simple chart and one asked for the stats to show single family homes only, so here is my simple chart comparing single family home sales on the Eastside:


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This month April 2007: 2444 homes available, 734 sold. 31% chance of selling.
Last month March 2007: 2126 homes available, 826 sold 38% chance of selling.
Last year April 2006: 1838 homes available, 835 sold 45% chance of selling.
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What were the chances of selling a home in your area?

The plateau area with Sammamish, Issaquah, North Bend, and Fall City
Sellers had a 30% chance of selling, DOWN from the 40% in March and DOWN from 52% last April.

This area wins for the most number of homes for sale and the most number of sales.


The West Redmond/East Bellevue
Sellers had a 45% chance of selling, DOWN from 58% in March, and DOWN from 65% last April.

This area still wins for the highest absorption rate on the Eastside.


Woodinville/Bothell/Kenmore/Duvall

Sellers had a 37% of selling, UP from 35% in March, and DOWN from 55% last April.


Kirkland
Sellers had the SAME change of selling this past month as last month, with a 29-30% chance, DOWN from 34% last April.


South Bellevue
Sellers had a 25% chance of selling, DOWN from 40% in March, DOWN from 39% last April.

West Bellevue
Sellers had a 28% chance of selling, DOWN from 35% in March, and DOWN from 33% last April.


Redmond/Education Hill/Carnation
Sellers had a 35% chance of selling, DOWN from 48% in March, and DOWN from 41% last April.


News for condo sellers and buyers: Good news, inventory is on the rise!

There was an almost 40% increase in the number of condos for sale this year as opposed to April of last year. The chances of a seller selling a condo this April is 60%, DOWN from last year at this time when there was a 90% chance of selling. A 60% chance for sellers to sell is still wonderful.

Debra’s monthly tip: Start thinking about exterior maintenance on your home. Line up the painters, roofers, etc as their busy season is fast approaching. For a list of contractors, click on the service referral button on my website.