Posted by David Edwards under For Buyers, For Sellers, For Realty Professionals, Regional - West, Statistics, Marketing Reports, Washington

These numbers are based on a three month history.

MLS Area 500 (Newcastle, Bellevue South of I-90 & Issaquah South of I-90)
Single Family Homes
Average Days on Market: 108 Days
Inventory of Active Listings: 448 (Down from 449 Last Week)
Inventory of Sold & Pending Listings: 158
52 listings are absorbed by demand each month on average.
8.61 Months Worth of Supply
Average List Price: $927,552
Average Sale Price: $709,352

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 has an 8.6 month supply of homes. This means that if no other homes were listed, it would take 8.6 months to sell the current inventory at the rate that homes are currently being purchased in this area.

Condominiums
Average Days on Market: 71 Days
Inventory of Active Listings: 130 Active Listings (Down from 131 from Last Week)
Inventory of Sold & Pending Listings: 72
24 listings are absorbed by demand each month on average. (Down from 31 Last Week)
5.42 Months Worth of Supply
Average List Price: $339,878
Average Sale Price: $307,222

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 and the average number of listings purchased each month is down. 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: 105 Days
Inventory of Active Listings: 442 (No change from Last Week)
Inventory of Sold & Pending Listings: 191
63 listings are absorbed by demand each month on average.
7 Months Worth of Supply
Average List Price: $588,859
Average Sale Price: $499,156

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. 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 four three weeks in a row indicating a possible return to balance. The absorbtion rate of 7 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: 71 Days
Inventory of Active Listings: 69 Active Listings (Down from 70 last week)
Inventory of Sold & Pending Listings: 36
12 listings are absorbed by demand each month on average.
5.75 Months Worth of Supply
Average List Price: $263,657
Average Sale Price: $234,833

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. 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: 96 Days
Inventory of Active Listings: 345 Active Listings (Down from 351 Last Week)
Inventory of Sold & Pending Listings: 166
55 listings are absorbed by demand each month on average.
6.27 Months Worth of Supply
Average List Price: $446,729
Average Sale Price: $370,853

MLS Area 340 Analysis for Single Family Homes: This market has been inching towards a buyers a market from a sellers market for about three months however this is currently a balanced market.

Condominiums
Average Days on Market: 80 Days
Inventory of Active Listings: 87 Active Listings (Up from 85 Last Week)
Inventory of Sold & Pending Listings: 43
14 listings are absorbed by demand each month on average. (No change from Last Week)
6.2 Months Worth of Supply
Average List Price: $239,854
Average Sale Price: $232,193

MLS Area 340 for Condos: This MLS area is doing very well.  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.