What were the chances of a home in West Redmond selling in January, 2007?

As part of my blog for West Redmond, I will look at the market performance for the area and let you know what the sales activity was like for the previous month. I will answer this question each month:

What were the chances of a home selling this past month?

What were the chances of selling a home in West Redmond and East Bellevue?
(these areas considered the same areas in the MLS)

33% of the available homes sold in January, 2007.

There were 107 homes available for sale and 37 of them sold.

Statistics tell us it is a buyer's market as less than 45% of the homes sold. However, I believe the homes priced over $600,000 fall into a buyer's market. There is so little inventory under the $600,000 range that these homes, if they are priced right and show well, are going fast. Under $600,000 is more of a seller's market.


How do I get this information? I look at the statistics each month which you can find in this link or on my website, www.debrasinick.com. I analyze the supply and demand for each month. If the percent of the homes selling is 45% or below, we are looking at a buyer’s market. If this percentage, which we call the absorption rate, falls between 45-55%, then we have a market balanced between buyers and sellers. A market in which 55% of the available homes sell is a seller’s market. Last year, sellers markets were found in March through June, while the rest of the year was more in the buyer’s camp.

Each week I receive information specific to each area and price range on the eastside. For example, if you want to know how many homes in the Kirkland area are for sale and sold for $750,000-$1,000,000 this past week, I can tell you. It is critical to know the absorption rate so you will know what your chances of selling will be. By examining the statistics, I am able to tell you this information. I am happy to share those facts with you at anytime so you know what is happening in the market.