The Eastside Real Estate (agent) Bubble

By Greg Perry, Kirkland Realtor

Just as Eastside median prices experienced a bubble, the Eastside real estate agent count experienced one, as well.

The following chart represents September numbers in the year indicated:

Eastside Real Estate Agents

In 1998, the NWMLS had 2,276 real estate agents in the Eastside areas 500-600. Agent counts modestly rose until 2002 where they started expanding in excess of 10% per year until the peak in 2007 with 5,485. Agent counts immediately started withdrawing at the rate of approximately 10% per year for 2008 and 2009. 2009 started the year with 4,605 Eastside agents in January. At September's end there were 4,498 agents representing a 9% decline year to date.

For combined residential and condo PENDING sales, the Eastside had 686 Pending sales in 2008 and 908 Pending sales in 2009 for a 32% increase, while Active listings fell 14% (5531 in 2008 vs. 4780 in 2009). Months of supply in 2008 was 11.2. In 2009, months of supply improved to 5.3%.

To understand NWMLS areas, see map: