NWMLS AREA 530 East Bellevue -- Market Statistics PART 2
Yesterday we looked at a study of NWMLS Area 530, East Bellevue for all price ranges under $700,000. Today we'll complete the study by taking a peek at the upper end SOLD inventory. Again, these statistics are for residential sales (not condos).
Here's a review of the terminology: OLP = Original List Price, LP = List Price (at the time of sale), SP = SOLD price and CDOM = Continuous Days on Market.
Let's start with the price range of $701,000 - $900,000.
| $701,000 - $900,000 | 2007 | 2008 | Difference |
| OLP (Original List Price) | $806,187 | $820,613 | 101.78% |
| LP (List Price) | $811,153 | $806,610 | 99.43% |
| SP (SOLD PRICE) | $794,311 | $787,067 | 99.09% |
| SP % LP | 97.92% | 97.58% |
| SP % OLP | 98.52% | 95.91% |
| Average Sq/Ft | 2859 | 2936 | 77 |
| Price Sq/Ft | $280.48 | $273.50 | ($6.98) |
| CDOM | 92 | 82 | 10 |
| Units | 15 | 15 | 0 |
The surprising statistic here is that market time in this price range dropped 10 days! In this range, sellers in 2008 started close to 2% more than where sellers started in in 2007. SOLD prices were down just a touch.
On average, sellers started about 4% too high and settled within 2.5% of the LP at the time of sale.
Conclusion: The data here was surprising to me in a couple of ways. Both 2007 and 2008 had 15 units close with 2008 beating the 2007 market time by 10 days. On average, sellers found themselves over the market by 4% and needed to reduce their LP to get their sale. 2007 had 3 full price sales, 2008 had 2. The best buyer negotiation in 2008 was 96% of LP.
$901,000-$1,500,000
| $901,000 - $1,500,000 | 2007 | 2008 | Difference |
| OLP (Original List Price) | $1,076,900 | $1,178,625 | 109.44% |
| LP (List Price) | $1,076,900 | $1,105,125 | 102.62% |
| SP (SOLD PRICE) | $1,063,800 | $1,068,236 | 100.41% |
| SP % LP | 98.78% | 96.66% |
| SP % OLP | 98.78% | 90.63% |
| Average Sq/Ft | 3139 | 3552 | 413 |
| Price Sq/Ft | $358.77 | $322.46 | ($36.31) |
| CDOM | 52 | 171 | -119 |
| Units | 5 | 4 | 1 |
In this highest price range for area 530, 2007 had 5 closed sales and 2008 had 4. This year sellers started over 9% off the mark.
From the four sales in 2007 one settled at full price, the other settled for 97.5, 94.2 and 95.6 percent of LP.
Conclusion: As I would have expected, there was more negotiatiating in this highest price range. The highest price sold (closed) during this period in 2008 was $1,242,000.
Overall conclusions: In the 3 month period of this study, overall closed 2008 volume was very close to 2007 levels. Sellers tried for more, but received about the same as 2007 sellers. Again, I would have expected buyers in the upper prices to be able to negotiate better deals, however, the lowest price buyers did better.
This study confirms for me that sellers in 530 E Bellevue should not be expecting much in the way of appreciation in this current market. They should consider pricing at early 2007 levels for their best opportunity for a quicker (and most profitable) sale.
It is important to understand that any market conclusions from this study be limited to only this study. Data and conclusions are for East Bellevue NWMLS area 530. All market areas are unique and may exhibit different sales trends.
As much as I would like to immediately break down every Eastside and Seattle area in a similair study, I simply don't have the time to do it. I will do these studies from time to time using different areas as I make time. However, if you would like information on your neighborhood / price range, just send me an emal!
To see Part One of this study, click: http://www.workingforyou.typepad.com//realestate/2008/04/its-finally-cle.html
Information compiled, but not verified or published by the NWMLS.
By Greg Perry, Eastside Realtor
www.425Realty.com
;)
;)
