Introducing: West Redmond Weekly Real Estate Buzz

Everyone wants to know the latest real estate happenings in the neighborhood. Here is the answer. If you follow the numbers listed here each week, it will be easier to understand the market trends specific to the Redmond neighborhoods near Microsoft. There are overall trends in real estate, but not all neighborhoods perform in exactly the same way at the same time. Here is your chance to see this Redmond activity on a weekly basis.

If you look at the articles every Friday you will find:

total number of homes for sale
Number of homes available in each price range
Most expensive home for sale
Least expensive home for sale
if inventory is up or down from the previous week
Number of homes receiving offers that week (pending or sold subject to inspection, STI)
Number of closed sales
Average days on the market
Number of price reductions
-------------------------------------------------------------------------------------
The West Redmond weekly real estate buzz for the week of August 10-17th ( 8:30 AM)

Active: 47 homes

0-$499,999: 2

$500,000 - $749,999: 29

$750,000 - $999,999: 8

$1,000,000 - $1,499,999: 5 ( All new construction off NE 40th)

$1,500,000 and above: 2

Least expensive home: $399,600

Most expensive home: $1,850,000

Pending sales: 1 at $649,900

Closed sales: 2

1 closed at $735,000, final list price was $750,000, original list price was over $800.000

1 closed at $760,000, final list price was $760,000

New listings: 6

Average days on the market: 56

Price reductions this week: 4

My general impressions: Of the 48 homes listed, there are a total of 13 price reductions, including the 6 homes reduced this week. During the time I have been working on this report, 1 home listing, which is not included in the total active listings, went off the market.

The "bread and butter" price range for the area is the $500-$750,000 price range as this is the range for most of the inventory. Homes above $1,000,000 tend to be new construction or waterfront. There is one home priced at $1,595,000 that is not new construction or waterfront, but it is also 5300 square feet.

But the real eye opener for me was 7 homes of the 47 active listings have had offers and are back on the market. Two homes had two offers that flipped on inspection. Two of the other fail sales were new construction homes that are not complete.

Does this mean these homes had more problems or did the buyer's simply back out? It can mean one of three things, the buyer and seller could not agree on inspection items, there was a problem with the home or the buyer backed out for reasons we may never know. Maybe that buyer got cold feet, lost a job or their financing. If there were problems with the home, then the seller would need to disclose the identified problems to the next buyer.

I wonder if we will see more fail sales with the change in lending.

I will be following this activity in this blog. Let me know if there is anything else you would like me to research.