Are prices in West Redmond already going up this year?

In a previous post, I looked at last year's data for real estate sales in the Lake Washington school district. Since the Lake Washington Schools covers a much larger area than West Redmond, I wondered what the sales range in 2006 was for homes in West Redmond. We're just about to complete our first quarter of 2007 and I already see some great appreciation.

The least expensive home sale in West Redmond in 2006?

Last year, the least expensive homes sold in a neighborhood called Stratford Village which is just south of Redmond Way. Stratford Village is a PUD, a planned unit development. The homes are similar to town homes, but is a housing style between a condo and a single family home. A PUD is different from a condo because ownership is fee simple, and like single family homes, you own the land your home is built on. The least expensive home sale last year was $329,900.

The least expensive home sale so far in 2007?

Looking at closed sales for our first quarter, the price of $329,900 has already been beaten by $35,000 in Stratford Village, the same neighborhood! This represents about a 10% increase in value. This increase does not surprise me as few homes are currently on the market in West Redmond priced below 400k. I expect the appreciation to be really strong in the affordable price range since competition is so heavy for these homes.

I just sold a home in the Redmond part of Rose Hill and we had 5 offers for the home, which was listed at $419,900. I can tell you the sales price after it is a closed sale. But suffice to say, it was a great sales price.

The most expensive home sale in West Redmond in 2006?

There was a 3 million dollar sale on Lake Sammamish last year. This home was built in 2001, sat on a 17000+ square foot lot with 50 feet of waterfront. Waterfront is in a class by itself.

If we look at homes that are off the water, Marymoor Hill had a sale of $1,005,000 for an 11 year old home with 3700 square feet.

The highest sale price in 2007 thus far?

This year there are already a few sales for new construction homes that have surpassed the sales price of $1,005,000. Since these homes are still under construction, it will be a while before we see the numbers for these million dollar sales.

Our highest closed sale price right now is for $660,000 in the Pinehurst neighborhood. A home near Microsoft just went pending today. It's list price was $850,000. The sales price will be public information as soon as it is closed.

I expect West Redmond to appreciate in value at a pretty strong pace this year. If our inventory continues to be low, expect prices to really pop.