Weekly Real Estate Buzz for West Redmond, Near Microsoft, through October 2, 2008

The area represented by the statistics posted below is Redmond, 98052, south of highway 908. The neighborhoods are all within shouting distance of Microsoft. In real estate terms, we call this area 530. The area on Education Hill is called area 550 and is not part of this report. The numbers in parentheses show last week’s totals. All numbers are gathered mid-day on Thursdays from NWMLS information.

Active listings: 77 (83)

New listings: 4 (5)

Pending inspection:3 ( 2 )

Pending: 3 (3)

Closed Sales:7 (1)

Sold Contingent:0 (0)

Rented: 0(0)

Price Reductions: 8 (3)

Price Increases: 0 (0 )

Expired Listings:4 (0)

Cancelled Listings: 2 (1)

Temp Off Market: 0 (0)

Back on Market: (0)
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$0-$349,999: 2 (1)

$350,000-$499,999: 12 (13 )

$500,000-$749,999: 37 (41 )

$750,000-$999,999: 13 (15)

$1,000,000- $1,499,999: 7 (7)

$1,500,000- $2,999,999: 4 (4)

$3,000,000+ 2 (2)
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Average Price: $845,789 ($838,562)

Median Price: $639,950 ($639,950)

Average Days on Market: 79 (78)

Highest Priced Listing: $3,950,000 ($3,950,000)

Lowest Priced Listing: $349,950 ($349,950)

In the Microsoft area, the number of homes for sale dropped from last week’s high. Even with all the financial news, activity was brisk. There are people who still need to make a move for all the usual reasons, job change, marriage, divorce, and downsizing. Three homes received offers this week and three homes moved past the inspection to pending status, having received offers a couple of weeks ago. Price reductions were still happening as there were 8 this week and 7 home sales closed with the new owners moving into their new homes.

This week’s closed sales:

$340,000 Sammamish Forest Manors. Rambler style town home was priced at $364,950 and sold in 21 days, with 2 bedrooms and 2 baths, sold for 7% below the asking price. ***This a very popular and desirable floor plan as there are few one level townhomes with an attached two car garage.

$535,000 Midentry near Microsoft sold for FULL PRICE in ten days. ***Great value and well priced with 5 bedrooms, updating, and a private backyard.

$550,000 Lake Sammamish Parkway home with a view. Priced at $575,000, sold for 5% below the original asking price and on the market for 51 days. ***View properties are in demand in this price range.

$560,000 Idylwood tri-level with an original price of $599,750, last list price of $584,750, 3 bedrooms and 2.5 baths, 2500 square feet, sold in 49 days for 7% below the asking price. ***Nicely maintained home with a bright and light feel.

$629,000 Two story near Sheffield Greens with an original asking price of $689,000. Sold in 83 days for 10% below the asking price. 2800 square feet with 4 bedrooms and 2.5 baths. ***This home had good spaces and was located on a small cul-de-sac just a few blocks from Microsoft’s Redwest campus.

$$695,000 Manchester two story, near Microsoft’s main campus, with 2800 square feet, 4 bedrooms and 2.5 baths. It took 161 days to sell. Originally priced at $749,950, last listing price was $719,950, sold for 8% below the original asking price. ***nicely updated on a street of beautiful homes just blocks from Microsoft.

$850,000 Parkpointe two story built in 1996 with 3 bedrooms, 2.5 baths, 3220 square feet. Original price of $899,500, sold in 67 days for 6% below the original asking price. ***Nice newer neighborhood which ends in a cul-de-sac near Microsoft’s main campus. It’s hard to find neighborhoods of this size near Microsoft that were built after 1990.