Northwest Multiple Listing Service members tallied more than 52,000 single family home and condominium sales in 2009, about 3.7% fewer than 2008, for a combined sales value of more than $17 billion. This report reflects activity of members in 19 counties encompassing nearly eighty percent of the state’s population.

Although the number of sales nearly matched 2008 levels, the dollar volume of the sales fell by 14.6%. Brokers attribute the drop to lower selling prices and higher volume of short sales and foreclosures.

Among the 19 counties included in this report, San Juan claimed the highest median sales price for single family homes at $443,500. King County followed at $380,000. System-wide the median price last year was $280,000.

For condos the median selling price was $235,000, down 7.3% from 2008. King County accounted for 6 out of every 10 condo sales, selling for a median price of $254,000.

Other highlights in the Annual MLS Summary:

• More than 8 out of 10 transactions was a “co-op” sale; listed by one office and sold by another.
• Single family homes accounted for 87% of total sales.
• 802 sales of single family homes fetched $1 million or more. The MLS map area for Bellevue/west of I-405 had the highest volume of million-dollar plus sales (120 closed sales). The highest priced home sale in the MLS system for 2009 was $15,560,000 for a home on Mercer Island.
• Reported 66 sales of condos sold for $1 million or more, 392 condos sold for $500,000 or more. Highest priced condo sold last year was in downtown Seattle for $9,750,000.

We are now Certified Distressed Property Experts®

A sign of the times?  Certified Distressed Property Expert©… everyone said it would never happen in Bellevue or Seattle.

But as the wave of real estate bad news scatters across our country — it was bound to catch up to us.

I have been amazed at the amount of ‘Short Sales’, Distressed Properties and Foreclosures that are now showing up in our neighborhoods throughout Bellevue, Seattle and the Eastside.

This ‘current real estate market’ is something we have never seen here before and it’s disturbing to see.

Joseph Brazen

In order to keep ahead of this ever-changing market I have recently obtained my designation to become a Certified Distressed Property Expert©. I was also joined in this course by one of my top Brazen Sotheby’s Sales Associates, Cindy Paur.

Now, with our Worldwide Marketing of Sotheby’s International Realty and our recent CDPE designation, we have positioned our company to be at the forefront of this ever changing real estate landscape. The best of both worlds. The ying and the yang. The good and bad of real estate. Most important the sellers today need the best agent and company to help them…an expert in marketing and someone who is on top of our local market.

Cindy Paur

If you know of someone who needs help with any of the above… please pass this along.

This is unchartered territory for most of us, the weirdest thing I have seen in my 30+ years of selling residential real estate. So I wanted to be prepared.

These issues are appearing in all price ranges… from $500,000 to (I just saw a short sale for) $2.9 million… with Sellers and Buyers in every neighborhood. An important  thing I learned is to “stay out of judgement”…”sometimes bad things do happen to good people”.

This was the first time this designation was offered in the state of Washington, I was one of 32 Realtors who attended this very first class in Washington, and was certified along with Cindy. So we’re here to help!

Local Knowledge – Worldwide Reach.

Welcome to Brazen Sotheby’s International Realty’s blog. Since this is our first entry, I want to spend some time telling you about all of the exciting changes our real estate brokerage has been a part of this year. (more…)