Market Report Year-end 2010: Westchester Heights Redmond

Housing Market Report 2010: Westchester Heights Redmond, WA on Novelty Hill 

The Westchester Heights neighborhood in Redmond, WA is one of Novelty Hill’s most sought after neighborhoods, bordering Redmond Ridge to its west.  This makes it highly convenient to the nearby QFC Food Center and the shops, banks, and restaurants that round out the shopping area there.  People love living in Westchester Heights, a Buchan Community built in 1989-1991.

• 2010 Westchester Heights Redmond, WA neighborhood home values remained consistent with  2009 sales…although there were 57% fewer homes sold in 2010.

• Sold Homes 2010:  Units sold in Westchester Heights neighborhood decreased 57% to 4 closed sales (with a backlog of 2 pending sales) while the median sale price of $805,000 remained exactly the same as 2009.

• Sold homes average price per square foot:  The Westchester Heights average price per square foot decreased 11% from $224 to $199 in 2010 in spite of the average sale price increasing.  The biggest factor influencing the sale values from house to house was the level of updating and whether or not the roof had been replaced. 
  
• Roof Replacement:  These homes are now 20-22 years old and roof replacements have started throughout the neighborhood.  In 2009 three of the seven sold homes had replaced their shake roofs.  In 2010 two of the four homes sold had done so. Replacement costs can run $35-45,000 or more. Homes are also being sold with 5-year roof certifications with services. 
• Sold homes average total sale price:  The Westchester Heights neighborhood average sale price increased 2.8% from $773,500 in 2009 to $795,000 in 2010.  Sale prices ranged from $690,000 to $880,000.  The $880,000 sale was bid up $45,000 over the list price due to multiple offers being presented by several agents.        

• List prices of homes:  The Westchester Heights Redmond WA average list price of the 4 sold homes was $798,500.  The list price to sales price ratio was 99.5% of the last published list price. The sale price as compared to the original list price of the homes was 95.7%.  Only the one home that received multiple offers didn’t reduce their original asking price. Agents typically will reduce the original asking price within the first 45 days if no offer has been received.
• Average market time:  In 2010 properties stayed on market 40% fewer days.  Market time was shortened to 115 days, down from 191 days in 2009.

• Distressed property sales:  distressed property sales in Westchester Heights Redmond has NOT been a factor.  There have been no distressed property sales in either 2009 or 2010.  Better times have arrived, the odds are diminishing that Westchester Heights will be impacted by the low sale prices associated with distressed property sales. 
• Pending Sales:  at year-end were 2 pending sales, neither of which was a distressed property both of which were priced in the high $700,000's. Those sales now have closed and came in at $782,500 and $716,000. 
• Active 2011 listings:  Currently there is only one home listed in the Westchester Heights neighborhood.  The two pending sales will close soon and this article will be edited and figures adjusted when this occurs. 

The NWMLS officially recognizes Westchester Heights in Redmond WA as an established neighborhood for agents to organize their listings, with clear boundaries and 101 homes. For more information on this or other Novelty Hill or Union Hill Redmond  properties, please contact the author Rich Willard from this blog or my website. 

Rich Willard is a Seattle native and Bellevue Windermere agent who publishes articles like this for consumers interested in specialized market knowledge of Redmond neighborhoods. He handled one of the neighborhood sales mentioned in this year's report.