What were the chances of selling a home on Seattle's Eastside in June, 2007?

Sellers had a 30% chance of getting a home sold on the Eastside.

Single family home activity:
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This month, June 2007: 3107 homes available, 841 sold, 30% chance of selling
Last month, May 2007: 2823 homes available, 871 sold, 31% chance of selling
Last year, June 2006: 2168 homes available, 883 sold, 47% chance of selling
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If you click on statistics, this will bring you to my webpage where you can find the latest sales charts on all the Eastside areas.

With summer in Seattle the tradition continues: more flowers and more “for sale” signs sprouting up in yards all over. Competition has increased dramatically since the first of the year when there were only 2402 properties, homes and condos, for sale. There are now 3947 homes and condos available, a 60% increase over the first of the year. We have hit a peak so far for the year.

What a difference a year makes! With 3100 single family homes on the market, there are almost 1000 more homes for sale than last June. The amount of inventory has increased, but the sales numbers have dropped a bit from last month and last year at this time.

Buyers have 43% more homes and condos to choose from this year than last year. It’s a great time for a buyer to buy. However, buyers must know how each neighborhood is selling based on the competition. When you look at my next posting regarding the specific areas around the Eastside, you will see that the neighborhood makes a difference. Some areas are far more competitive with many homes for sale. Other areas are still lacking in inventory. Knowing this information as a buyer will help to determine how to negotiate.

I just re-listed a home in the English Hill area for $10,000 less than we had priced it at in April. The increased competition in the marketplace and the fact that sales in the area have declined led me to recommend a price that was $10,000 less than a few months ago. The market is not dropping, just a bit more competitive right now.

For sellers, the average price of a home is still far above last year’s pricing. The average price of a single family home is up 10% from last year. This year the median price on the Eastside is $691,922 and last year it was $624,687. Condo pricing has increased by 12.7% from $303,285 to $341,725. (Please see my posting on June’s condo market which will follow)

The sellers who get an offer and sell their homes in this increasingly competitive market are fully informed regarding the market conditions and the competition. Pricing based on a sale from March is not the way to net the most money. March is already history. Pricing must be established just before going on the market by understanding the actual competition and pricing a home accordingly.

Stayed tuned and look at an upcoming entry for statistics about specific neighborhoods.