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

If you were a seller in February, your chances of selling a home in West Redmond/East Bellevue were pretty wonderful.

Sellers had a 58% change of selling a home in February, 2007, definitely a seller's market. There were 57 sales during the month.

Of all the areas on the Eastside, West Redmond/East Bellevue has some of the lowest number of homes for sale. If you look at my earlier post about the chances of selling a home on the Eastside in February, 2007, you will see at the end of February, there were only 98 homes available for sale in West Redmond/East Bellevue, an astonishingly low number. Kirkland, on the other hand, had 275 homes on the market, quite a big difference.

The areas around Microsoft and West Redmond are really going strong. Inventory is light under the 700k range. Some recent sales(some were mentioned in my previous post): In the Pinehurst neighborhood, a Burnstead built neighborhood of two story homes, a home was listed for $630,000 and sold for $660,000. In the Meadows, a planned unit development, the largest free-standing home in the neighborhood was priced at $525,000 and sold for $554,000. I sold a home on Rose Hill that had five offers and will close at more than full price.

A word of caution: pricing is on the side of sellers, but each home must be analyzed according to its current competition. Some homes will be able to be priced more aggressively and some will not. For example, if there's only one or two properties competing with a home for the same buyer, it may be easier to be more aggressive with pricing. However, if the competition creeps up from there, pricing for a home should be less aggressive. Competition is most important to analyze right up to the minute the home goes on the market.