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2011 Condo Market Report for Redmond, Washington

2011 Condo Market Report for Redmond, Washington

2011 Condo Market Report for Redmond, Washington

Real estate, the economy and politics was in the minds and conversations of most people last year. Now that 2011 is over we can accurately report activity, averages and trends in this 2011 Condo Market Report for Redmond, Washington.

Redmond real estate activity was sluggish but picking up based on the data available to the Phil Leng Team. We sold 68 homes in 2011, with an average market time of 49 days. Not in line with the overall market. Our client's success is based on our aggressive marketing and networking throughout the area, region and nation. To be sure, our clients properties are strategically placed where the prospective buyers are looking.

The overall statistics for Redmond are sobering. Look at the graph below. Sales are down significantly. Regardless, many condos were sold - the people with the "sold" units are happy campers. Green is good. The Red bar is the number of houses for sale in any given month, just sitting there. The Green bar is the number of houses sold in any given month. Happy people moving on with their lives. Which of these two categories would you want to be in? (Definitley a loaded question!) The Red category, or the Green category? The Phil Leng Team will help you go "Green", get your condo sold promptly, help you get on with your lives.
2011 Market Report Condos for Redmond, Washington

The trend of median sold prices in Redmond is down though not as dramatically as the national or state trends. Some areas have seen price drops up to 60%, so we are relatively insulated in our market. The median price in this 2011 Condo Market Report for Redmond, Washington has seen a 13% reduction through 2011.2011 Market Report Condos for Redmond, Washington

The number of new properties going for sale every month has been down the last quarter of 2011, although the year-over-year has shown an increase. It looks like the trend of new listings in this 2011 Condo Market Report for Redmond, Washington is down the last quarter of last year, up 12% year-over-year. If you like your condo, and do not need to sell it in the next 5-10 years, why put it up for sale?
2011 Market Report Condos for Redmond, Washington

The Average Days on Market in Redmond appears to have dropped slightly. Again, this is a year-over-year comparison. Quarterly trends are quite different. The graph shows a 2% decrease in days on the market year-over. This could be a good time to buck the trend.

2011 Market Report Condos for Redmond, Washington

If you are a serious seller and need to sell, the next graph is good news. The Months supply of inventory in Redmond Washington has gone down. The graph shows 68% year-over-year reduction. But I believe this is a real trend from this 2011 Condo Market Report for Redmond, Washington as those who do not really need to sell simply defer their plans until a later time.2011 Market Report Condos for Redmond, Washington

If you are a serious seller and need to sell in Redmond, hire the Phil Leng Team. We have the experience and the track record to help you reach your real estate goals this year.

All data for this 2011 Condo Market Report for Redmond, Washington is from the NWMLS and is their property. Accuracy has not been independently verified.



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Posted Tuesday Jan 17