a new record: 100 listings for East Bellevue (98008)
Today (August 15th) we finally hit the magic 100 number for listing in east Bellevue (98008) on ZipRealty. We are actually now above where we were in October 2006, where we previously peaked at 95 listings (before listings fell down into the '30s by spring).
Maybe Bellevue isn't QUITE so special after all... That said, we are nearing the end of the peak selling season, and we do tend to see listings start to pile up into the fall. When we hit 200 we will know something really strange is afoot.
Maybe Bellevue isn't QUITE so special after all... That said, we are nearing the end of the peak selling season, and we do tend to see listings start to pile up into the fall. When we hit 200 we will know something really strange is afoot.
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I also notice the same mass of signs for large developments that I've been seeing all summer. It doesn't look as if their homes are flying off the shelves...
In my bike-ride around lake Sammamish I counted 100 listings, the most I've seen for the year so far. Most notable is the number of condos for sale. Even in small complexes that couldn't have more than 20 units I would see 4 or 5 for sale signs.
There are quite a few "price reduced" signs showing up now, and I can't help but notice how some very fancy homes have had for sale signs up since early spring. On the other hand, it's true that there are a good number of homes that seem to be selling quickly as well, with "sold" stickers gracing plenty of signs that had been up less than a month ago. Maybe some sellers are much more realistic about pricing than others?
I am amazed at the volume of construction going up around the lake. You can hardly go a block without seeing some new house going up. There aren't any massive developments occuring (with the exception of one 80 unit condo-plex just north of Issaquah) but every vacant lot, or wooded slope, seems to have a foundation and frame sprouting up.
What is obsessive about biking around lake Sammamish?
I'll grant that I read every article I can find on the real-estate and finance industry (like I have been for several years now). The way I see it, the credit bubble, and ensuing contraction, will be the biggest single event in the lives of my generation (a 30 something). Just as people who lived through the 1930s never forgot it, I don't think anyone alive today will forget what came to pass when the great global credit bubble popped.
Every day I wake up giddy to read the news to see what has happened around the world while I was sleeping. In fact, this year I have hardly been able to sleep for more than 4 or 5 hours a night since I am so excited by what is happening. I feel as if I have been given a front-row seat to one of the greatest events to unfold in human history, and I don't want to miss a moment of it.
It's almost as if I was given a time-machine back to early 1929 and was given the extraordinary chance to watch events unfold for the next 10 years. It's just SO exciting!
Of course, it's also frustrating at the same time since it's hard to just be completely detatched and have no oppinion on what happens as it unfolds.
But if he uses this :shock: emoticon, can he be insane again?
Are these stats separate from the homes/condos numbers?
I'd love to do a search on that and find out how many lots we have built up in inventory on the eastside.
Sorry, I don't know how to break out these stats. There are some additional stats I would dearly love to track. 1) How many builders have homes for sale that aren't on MLS? 2) How many for-sale-by-owners are there?
When I do my regular bike rides around Lake Sammamish I notice an extraordinary amount of building sprinkled about on empty lots. I don't see any massive tract developments, but it seems as if people are trying to use up every available empty lot (or converting older lots into multiple stamp sized homes). I don't think these homes show up in MLS.
This is already way above the record for last year and the spring season has barely begun...
All I can say is "wow"! This is blowing away all the records I have seen, diligently watching this zip code for the last few years. Normally inventory doesn't start creeping up till the end of the summer/fall.
For King County overall it there are 425,451 and 12738 for sale, or 1 in every 33.
Seems like 98008 still has a way to go to have the same ratio for sale as the rest of the county.
As you can see our inventory is far in excess of anything seen from at least the fall of 2006 (which is the earliest data on the chart).
I now see 209 properties for sale in 98008.
Are we there yet? Or do I hear any bids for 300 by April 2009?
Hmmm... ZipRealty is only showing 193 listings for 98008 this evening, but we are definitely getting close to the 200 area. Things are definitely getting interesting...