Here are the newest sales figures for the Eastside Real Estate Market Report - 2011 Sales Activity for Residential and Condominiums. Here are two major signs that the local eastside market is staring to stabilize and strengthen.
The first being total “Sales Activity” for 2011.
I have been tracking the sales activity in the greater eastside area and noticed promising trends that the bottom is near. When reviewing the sales figures for Eastside South (I-90 corridor), Mercer Island, Bellevue East, Bellevue West, Redmond, Kirkland, Juanita, Woodinville, and Bridle Trails the report clearly shows that there have been more sales in 2011 than the previous year by 12% for single-family homes. Condominiums on the other hand notched a 24% increase in sales over the previous year 2010. The strongest community with the most sales was Bellevue East with +107% increase and the weakest community being Redmond/Carnation with -31% drop in closed sales.
Eastside Residential Sales 2011- Market Activity (Single Family Homes)
Eastside Condominium Sales 2011- Market Activity (Condominiums)
The second promising factor is “Median Sales Price” for 2011.
Home values have been down overall in Seattle and in the greater eastside area for 2011, but when comparing year or year, they are starting to show some stabilization. The hardest hit community was Bellevue East with a -15% drop in median sales prices for single family homes, while Mercer Island increased by 1%. As a whole there was a -7% price decrease in the communities for single family homes.
Condominiums are the hardest hit when it comes to real estate sales for 2011. The report shows an overall price decrease of -13% with the hardest hit community being Juanita/Woodinville with -35% loss in values followed by Bellevue West and Eastside South (I-90 corridor) with -20%. The community with the most stable prices for condominiums was Bellevue East with an increase of 3%.
Eastside Residential Median Sales Price-2011 (Single Family Homes)
Eastside Condominium Median Sales Price-2011 (Condominiums)
When looking at numbers for the past two years, 2011 was a great year with more closed sales, and prices coming down slightly in comparison to 2010, 2009, 2008… when we had more inventory and higher percentage of home values being loss.
A projection for 2012 from Mr. J. Lennox Scott sums it up very well… “All over we are seeing healthy marketplaces emerge as the inventory levels drop, and as you get closer to the job centers of Seattle and Bellevue, the marketplace is looking strong again. 2012 will be the continuation of a strengthening marketplace, especially in the more affordable to mid range priced homes”.
– Courtesy of the NWMLS.