The local Seattle Eastside real estate market is holding steady at a solid Yellow (Balanced Market), with a few areas of Bellevue and Kirkland moving into the Red zone…(a Seller’s Advantage Market). When we talk about our area recovering economically, this is what we are looking for…more of a balanced market, month over month and that’s what we’re seeing on the Seattle Eastside. As reported in the Puget Sound Business Journal, sales volume was up in May, and prices dropped in King County. The price drop we’re seeing is due to the highly discounted short-sales and bank-owned properties bringing the averages down in King County.
The Seattle Eastside had a sales volume of 547 closed sold properties for the month of May with 120 of those selling as short-sales and bank-owned (22%). This is below the King County average of approximately 33%. Seattle’s Eastside is seeing a decrease in the number of short-sale and bank-owned properties, and the inventory of quality homes in median price points are now seeing some multiple-offer scenarios.
Some important info for May 2011 Seattle Eastside:
- Median Active List Price $641,978
- Pending for the month (volume) 805
- Closed Sales (volume) 547
- Median Closed Sale Price $507,653
- Days on Mkt-Pending 76