May. 26, 2008 - Redmond Condo Stats

Condo Market - RedmondWashington

Volume Changes:

Sold 1/1/07 to 5/15/07 - 310    153 condos sold

Sold 1/1/08 to 5/15/08 - 130 106 condos sold

Volume down 30% (Much better than Bellevue or Kirkland or the County as a whole)

Currently in escrow awaitng close 48

Currently for sale 156.  By 2007 standards that would have been just over 4 months of inventory.

By 2008 standards that is over 6.6 months of inventory.

Median days on market has increased from 19 days to 56 days.

Prices are down by 3.5% from $307 per square foot to $296 per squre foot (median)

I expect to see median days on market getting better.  The median price per square foot of properties for sale is more in line with what they are actually selling for than in Bellevue or Kirkland. 

May. 26, 2008 - RE: Redmond Condo Stats

Sold 1/1/07 to 5/15/07 - 310 condos sold

Sold 1/1/08 to 5/15/08 - 130 condos sold

HOw does that come to just 30% drop??

May. 26, 2008 - RE: Redmond Condo Stats

Thanks for picking that up.  the 310 and 130 were from Kirkland.  I did a strike out and replaced it with Redmond's 153 vs, 106.

I cut and paste the posts from previous areas to cut down on the typing, and then replace the numbers only.  I'll double check to see if any other number are "the same" and re-check the data.

So 30% down as to volume is correct at 153 vs. 106 without carrying out the digits on the fraction.  Luckily I hand write the data so I can make corrections easily.

Appreciate the shout out.