Redmond Real Estate Statistics
By Greg Perry, Eastside Realtor
Residential Absorption Rates, averaged over the last 7 weeks, show that NWMLS area 550 (Redmond/Carnation) is holding 30.5 weeks of inventory. (300.4 Active listings vs. 9.9 Pending sales).
For homes priced over $1,000,000 during this period, there are 63.8 Active homes with a sales rate of 0.7 Pending sales per week. This means in the above $1,000,000 inventory has 91 weeks of inventory.
Homes under $1,000,000 show an average of 236.6 homes with 9.2 selling per week for 25.7 weeks of inventory.
Lower priced homes in Area 550 are rapidly absorbing, yet at the same time inventory in the high end is increasing. (25.7 weeks under $1,000,000 vs. 91 Weeks over $1,000,000)
Here is the breakdown by price range, averaged over 7 weeks:
0-12 weeks = Seller's advantaged market
12-24 weeks = Balanced Market
24 weeks + = Buyer's advantaged market
$0 - $299,000 4.4 Active 0.3 Pending per week 15.5 Weeks Inventory
$300,000 - $399,999 7.3 Active 0.4 Pending per week 17.0 Weeks Inventory
$400,000 - $499,999 34.3 Active 1.6 Pending per week 21.8 Weeks Inventory
$500,000 - $599,999 39.4 Active 1.9 Pending per week 21.2 Weeks Inventory
$600,000 - $699,999 44.6 Active 1.4 Pending per week 31.2 Weeks Inventory
$700,000 - $799,999 43.3 Active 1.9 Pending per week 23.2 Weeks Inventory
$800,000 - $899,999 38.9 Active 1.6 Pending per week 24.7 Weeks Inventory
$900,000 - $999,999 24.4 Active 0.1 Pending per week 171.0 Weeks Inventory
$1,000,000 -$1,499,999 34.4 Active 0.6 Pending per week 60.3 Weeks Inventory
$1,500,000 -$1,999,999 12.3 Active 0.1 Pending per week 86.0 Weeks Inventory
$2,000,000 -$2,499,999 7.1 Active 0.0 Sales
$2,500,000 -$2,999,999 7.0 Active 0.0 Sales
$3,000,000 -$4,999,999 3.0 Active 0.0
Overall, in the last 7 weeks, there has been only 1 (one) sale for homes priced above $1.5 million.
Overall a couple of factors hurting high end sales are the lack of good jumbo loan products (which currently is starting to correct) and relocating, out of state buyers who are having a hard time selling their homes in California and other areas across the country to be able to make a purchase.
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