Tip O’Neill, the renowed Speak of the House, is given credit for saying, “All politics is local.” In fact, Tip learned this quote from his father after Tip lost the only political race in his career, a race for the Cambridge City Council.
Tip revealed the true attribution of the quote In his 1987 autobiography, Man of the House.
“This was the only race I ever lost in my life, but in the process, I learned two extremely valuable lessons. During the campaign, my father had left me to my own devices, but when it was over, he pointed out that I had taken my own neighborhood for granted. He was right: I had received a tremendous vote in the other sections of the city, but I hadn’t worked hard enough in my own backyard. ‘Let me tell you something I learned years ago,’ he said. ‘All politics is local.'” (This quote taken from Daniel Grays Geekbooks.com)
So it is with real estate. The national media constantly provides us national statistics of how the market is doing. And, local media often picks it up and repeats it. However, as in politics, “All Real Estate is Local.” And, by local, I mean right down to the neighborhood you are interested in. The statistics I’m about to share with you are for the “local Bellevue market.” This will give you a good idea of what is happening in the city of Bellevue, WA. However, the demographics and real estate in Bellevue vary widely from neighborhood to neighborhood and to get a clearer picture of what is happening in your neighborhood in Bellevue it’s important to look at the statistics for that neighborhood.
This information is readily available. If you would like to know what is happening in your neighborhood send me an email at glenellis@glenellis.com. I’m happy to demonstrate what is going on right where you live.
Now, let’s take a look at this month’s statistics.
We always start with the average number of days properties have been on the market. It’s important to keep in mind that this is an average of all “Sold” properties. There are other properties that have been on the market for longer times that have not sold. And, some properties sell very quickly when they are in great condition and priced right. By the way, the range for this month was as few as 21 days and as many as 134 days.
All of these charts show the year-over-year activity for each category. When we compare all of the October 2009 charts with October of 2008 we can see continual improvement in the Bellevue market. Here is the chart for Average Number of Days on the Market in Bellevue, WA for October 2009.
Total Days on Market for sold homes in Bellevue, WA in October 2009
The total number of units sold in Bellevue in October 2009 was 81 in comparison to one year ago when 61 units sold. We are seeing the effects of the normal yearly market cycle where real estate activity typically slows down from October through February although, in this case, more units sold in October than September. This is an important trend to watch.
Total Units Sold in Bellevue, WA in October 2009
The total volume is closely tied to the total number of units sold and the chart this month looks like this. Once again the trend is upward and we should all find this encouraging. Unless, of course, you are thinking about buying in which case it might make sense to move soon rather than wait for prices to start going up again.
Total Sold Volume in Bellevue, WA in October 2009
Median sales price is a good way to keep track of price trends. Here’s what it looks like this month. The median sales price for the last several months has leveled off and is remaining fairly stable. Year-over-year October of 2009 was $580,000 compared to October 2008 at $540,000.
Median Sales Price for residential real estate in Bellevue, WA in October 2009
The final chart has a lot of information embedded into it. In fact, it may be a bit difficult to understand. Nonetheless, I believe it is one of the most important charts if you are a seller. Even though prices and days on the market may go up and down, one thing remains constant in all markets and in all economies. The closer you come to market value when you first list your home the faster it will sell and the more you will get for it. The longer your home stays on the market the more “shop-worn” it becomes and like any product that has been “on the shelf” for too long it starts to look old, boring and not very interesting. The moral then is: Make your home look great and price it right.
I am always willing to talk with you about how to prepare your home for market and what the market is telling us about the market value for your home. This is often called a “CMA.” CMA stands for Comparable Market Analysis or Competitive Market Analysis. I call the market study I do the “Maximum Home Value Examination.” Give me a call and we can talk about it.
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