Posted by David Edwards under For Buyers, For Sellers, For Realty Professionals, Regional - West, Statistics, Marketing Reports, Washington
These numbers are based on a six month history.
MLS Area 500 (Newcastle, Bellevue South of I-90 & Issaquah South of I-90)
Single Family Homes
Average Days on Market: 102 Days (Up from 100 Last Week)
Inventory of Active Listings: 449 (Up from 423 Last Week)
Inventory of Sold Listings: 266 (Down from 322 Last Week)
44 listings are absorbed by demand each month on average. (Down from 54 Last Week)
10.2 Months Worth of Supply (Down from 7.83 as of Last Week)
Average List Price: $897,866 (Up from $886,871 Last Week)
Average Sale Price: $732,979 (Down from $744,172 Last Week)
Analysis of MLS Area 500 for Single Family Homes: The fundamentals seem to favor buyers of single family homes in MLS Area 500 right now. As expected, many sellers opted to wait until spring to list their homes and are now competing against other sellers with the same mindset. This contributed to a big spike in listing inventory. This MLS area went from a 7 month supply of homes to a 10 month supply. This means that if no other homes were listed, it would take 10 months to sell the current inventory at the rate that homes are currently being purchased in this area.
Condominiums
Average Days on Market: 62 Days (Up from 60 Last Week)
Inventory of Active Listings: 131 Active Listings (Down from 113 from Last Week)
Inventory of Sold Listings: 171 (Down from 184 Last Week)
29 listings are absorbed by demand each month on average. (Down from 31 Last Week)
4.51 Months Worth of Supply (Up from 3.65 Last Week)
Average List Price: $331,531 (Up from $330,657 Last Week)
Average Sale Price: $305,794 (Down from $306,221 Last Week)
Analysis of MLS Area 500 for condos: Based on the fact that it will take less than six months to absorb the current condo inventory in this area, it is still a sellers market but numbers indicate that this area is going through a shift which will favor buyers more and more every day. Days on market are up, inventory of listings is up, the average number of listings purchased each month is down and the average sale price has been down three weeks in a row. If you are a buyer, this is a great time to make a purchase and if you are a seller and need to get your condo sold this year, it would be prudent to list your home sooner than later.
MLS Area 350 (Northeast Renton / Renton Highlands, East Highlands, Briarwood)
Single Family Homes
Average Days on Market: 96 Days (Up from 95 Last Week)
Inventory of Active Listings: 442 (Up from 437 Active Listings Last Week)
Inventory of Sold Listings: 306 (Down from 332 Last Week)
51 listings are absorbed by demand each month on average. (Down from 55 Last Week)
8.66 Months Worth of Supply (Up from 7.95 Last Week)
Average List Price: $558,330 (Up from $554,497 Last Week)
Average Sale Price: $469,821 (Up from $459,181 Last Week)
Analysis of MLS Area 350 for Single Family Homes: My analyis of this area has not changed since last week. The average days on market have been steadily inching upwards over the course of the last six months but they held steady last week (only going up by one day) indicating a possible shift in this trend. List prices have remained consistently higher than average sale prices but average sales prices have not seen significant declines. In fact, the average list price is going down while the average sale price is going up three weeks in a row indicating a possible return to balance. The absorbtion rate of 8.66 months to sell all of the active listings if no new listings were added seems to favor buyers but all of the other fundamentals indicate a balanced market that neither favors buyers or sellers. Accurately priced homes are selling quickly and overpriced listings are driving the average days on market upwards.
Condominiums
Average Days on Market: 68 Days (Up from 64 Last Week)
Inventory of Active Listings: 70 Active Listings (Down from 71 last week)
Inventory of Sold Listings: 62 (Down from 65 Last Week)
10 listings are absorbed by demand each month on average. (Down from 11 from Last Week)
7 Months Worth of Supply (Up from 6.45 Last Week)
Average List Price: $257,249 (Down from $258,037 Last Week)
Average Sale Price: $227,058 (Down from $228,898 Last Week)
Analysis of MLS Area 350 for condos: Some of the most affordable condos in King County can be found in this MLS Area. Prices have been down for three weeks in a row but have not dipped significantly. The number of new listings is actually down by one this week even though the number of sold listings went up by 3 to balance this out. This market is balanced between buyers and sellers.
MLS Area 340 (Southeast Renton / Cascade, Tiffany Park, Talbot Hill, Benson Hill, Fairwood)
Single Family Homes
Average Days on Market: 88 Days (Up from 84 Last Week)
Inventory of Active Listings: 351 Active Listings (Up from 345 Last Week)
Inventory of Sold Listings: 266 (Down from 292 Last Week)
44 listings are absorbed by demand each month on average. (Down from 49 Last Week)
7.97 Months Worth of Supply (Up from 7.04 Last Week)
Average List Price: $439,658 (Up from $435,321 Last Week)
Average Sale Price: $386,108 (Up from $383,128 Last Week)
MLS Area 340 Analysis for Single Family Homes: This market has been inching towards a buyers a market from a sellers market but because my analysis is based on a six month historical trend, it includes August, September, October, November and December which were some of the worst months in the history of real estate due to the mortgage market meltdown these numbers might actually be telling a story that is worse than it is. In spite of the historical anomolies this MLS area has only seen moderate increases to average days on market and active listing inventory. Both the average list price and sale price are up significantly. This is a balanced market.
Condominiums
Average Days on Market: 75 Days (Up from 70 Last Week)
Inventory of Active Listings: 85 Active Listings (Down from 87 Last Week)
Inventory of Sold Listings: 83 (Down from 86 Last Week)
14 listings are absorbed by demand each month on average. (No change from Last Week)
6.07 Months Worth of Supply (Down from 6.21 Last Week)
Average List Price: $242,258 (Down from $243,665 Last Week)
Average Sale Price: $235,057 (Up from $234,862 Last Week)
MLS Area 340 for Condos: This MLS area is doing very well. Aside from the fact that the average days on market are up by five days since last week, all of the other fundamentals show a healthy sales climate for sellers. The absorbtion rate (the rate used to determine wether a market is balanced or in favor of either sellers or buyers) has actually gone down which is a welcome site to sellers of condos in this area. The best news of all is the fact that the absorbtion rate went down but not at the cost of average sales prices which actually went up at the same time.
If you are interested in statistical information for an MLS area not covered here, please respond to this post to let me know what neighborhood you live in and I will follow up with the statistics specific to your area of interest. You are also welcome to visit my website at http://www.davidjedwards.com/ where you can access my Market Snapshot research tool found on the left side of the homepage.
This information is deemed reliable but it is not guaranteed to be 100% accurate. I generated these statistics using the Northwest Multiple Listing Service. These statistics were not compiled or published by the Northwest Multiple Listing Service. The analysis of each MLS Area is based on the market statistics but is the personal opinion of the author.
David Edwards
REALTOR®
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com/
Blogsite: http://www.davidjedwards.com/renton-info-blog.asp
David J Edwards is a full time real estate agent and REALTOR® with Keller Williams Realty specializing in Residential Real Estate for buyers and sellers in Washington's Renton Highlands, Newcastle and South Bellevue.
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