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Sep. 28, 2011 - Redmond WA Homes Sold 88% of 2001 volume

At first glance one would be elated to see that Homes in Redmond Washington appear to have recovered as to volume sold at 88% of 2001 "pre bubble" levels.

That is indeed good and healthy for Redmond generally, but not necessarily great news for people who are trying to sell their homes.

If you look at the breakdown of homes sold by age of home you will see that a high percentage of homes selling were built since 2001, and still being built right now. The light blue represents the # of homes sold in that age group in 2001. The dark blue shows the number of homes sold in 2010.

A huge drop in volume sold for all but the newest of homes.

When comparing that to areas like Federal Way that do not have as many new homes, the volume drop for homes built prior to 2001 is more comparable and the new homes are driving the Redmond Market as to volume sold and median home price generally.

 

Looking at the weaker lower tier price market in Federal Way, it's easy to see that the new homes in Redmond are what are propping up both the Redmond stats and the higher tier of home prices. 

Given the choice between new or old...many choose new. If there are not enough new homes for people to buy, the sales stats languish. I guess we need more teardowns. But to get there, land prices would have to go down considerably.

 

Maybe if all the new houses run out? Right now most people are staying on the sidelines if they can't get what they really want.

********

(Required Disclosure - Stats in this post and graphs are not compiled, verified or published by The Northwest Multiple Listing Service)

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Feb. 8, 2012 - RE: Redmond WA Homes Sold 88% of 2001 volume

Posted by Jennifer Sun The Insurance Specalist

Your post is very informative. I don't have all the stats that you have but we see a very similar trend here in California. It also great to see blogs that have stats to back up their claims.

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Feb. 22, 2012 - RE: Redmond WA Homes Sold 88% of 2001 volume

Posted by Realty In Raleigh

A great report compiled by you, It is very hard to understand the market these days, its very disturbing, at first glance 88% seem like a good thing but it carries a bad news for the sellers too,

Property sellers must be extra careful now.

 

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May. 31, 2012 - RE: Redmond WA Homes Sold 88% of 2001 volume

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Jun. 26, 2012 - RE: Redmond WA Homes Sold 88% of 2001 volume

Posted by chastine

 thanks for this wonderful post .. redmond homes :)

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Jun. 30, 2012 - RE: Redmond WA Homes Sold 88% of 2001 volume

Posted by Petter Joe

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ARDELL DellaLoggia of Sound Realty on Seattle Real Estate process and market including Kirkland, Bellevue, Redmond, Green Lake and most areas around the top of Lake Washington North of Downtown Seattle. Phone: 206-910-1000 - Mailto:ARDELLd@gmail.com

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