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Updated Renton Real Estate, Newcastle Real Estate & South Bellevue Real Estate Market Statistics (As of May 19th, 2008)

By
Real Estate Agent with Edwards Real Estate Group, Inc.

Posted by David Edwards under For Buyers, For Sellers, For Realty Professionals, Regional - West, General Information, Statistics, News & Media

These numbers are based on a three month historical analysis that is updated on a weekly basis.

MLS Area 500 (Newcastle, Bellevue South of I-90 & Issaquah South of I-90)
Single Family Homes
Average Days on Market: 97 Days (Up From 95 Last Week)
Inventory of Active Listings: 562 (Up from 542 Last Week)
Inventory of Sold & Pending Listings: 253 (Up From 217 Last Week)
51 listings are absorbed by demand each month on average. (Up From 72 Last Week)
11 Months Worth of Supply (Up from 7.5 Last Week)
Average List Price: $883,481 (Down from $886,613 Last Week)
Average Sale Price: $747,990 (Down from $741,774 Last Week)
Median Sale Price: $625,000 (Down from $626,000 Last Week) (1/2 sell for more & 1/2 sell for less)

Analysis of MLS Area 500 for Single Family Homes: This market has seen drops in the absorption rate for three weeks in a row. However, the area still favor buyers over sellers based on the fact that there is an 11 month supply of homes. A market is considered balanced when the supply of homes is closer to a six month supply.

Condominiums
Average Days on Market: 69 Days (Up From 68 Last Week)
Inventory of Active Listings: 144 Active Listings (Down from 145 Last Week)
Inventory of Sold & Pending Listings: 99 (Up from 80 Last Week)
20 listings are absorbed by demand each month on average. (Up From 26 Last Week)
7.2 Months Worth of Supply (Up from 5.57 Last Week)
Average List Price: $337,384 (Down from $336,167 Last Week)
Average Sale Price: $321,810 (Down from $326,488 Last Week)
Median Sale Price: $306,900 (Down from $308,425 Last Week) (1/2 sell for more & 1/2 sell for less)

Analysis of MLS Area 500 for condos: The condo market in MLS Area 500 had been fighting to stay within buyer territory for the last three months with moderate success. The absorption rate is at 7.2 months. (a six month supply is considered a balanced market).
MLS Area 350 (Northeast Renton / Renton Highlands, East Highlands, Briarwood) 
Single Family Homes
Average Days on Market: 103 Days (Down from 105 Last Week)
Inventory of Active Listings: 459 (Up from 448 Last Week)
Inventory of Sold & Pending Listings: 311 (Up from 267 Last Week)
62 listings are absorbed by demand each month on average. (Up from 88 Last Week)
7.4 Months Worth of Supply (Up from 5.0 Months Last Week)
Average List Price: $579,342 (Down from $582,648 Last Week)
Average Sale Price: $497,702 (Down from $496,343 Last Week)
Median Sale Price: $436,000 (Up from $425,500 Last Week) (1/2 sell for more & 1/2 sell for less)

Analysis of MLS Area 350 for Single Family Homes: Last week's numbers show that buyer activity remained strong. The average days on market went down. The absorption rate is the key number to watch. At 7.4 months, things look great for buyers which means the same is true for sellers who are willing to price their homes correctly in this MLS Area.

Condominiums
Average Days on Market: 75 Days (No Change From Last Week)
Inventory of Active Listings: 83 Active Listings (No Change From last week)
Inventory of Sold & Pending Listings: 48 (Up from 42 last Week)
10 listings are absorbed by demand each month on average. (Down from 14 Last Week)
8.3 Months Worth of Supply  (Up from 5.9 Months Last Week)
Average List Price: $252,390 (Down from $256,394 Last Week)
Average Sale Price: $244,503 (Down from $249,087 Last Week)
Median Sale Price: $245,000 (Up from $240,000 last week) (1/2 sell for more & 1/2 sell for less)

Analysis of MLS Area 350 for condos: Real estate trends indicate a shift a market that favors buyers over sellers in this MLS Area. The absorption rate dropped is 8.3 months. A market with a six month supply of homes is considered balanced between buyers and sellers. A market with less than a six month supply of homes typically favors buyers.

MLS Area 340 (Southeast Renton / Cascade, Tiffany Park, Talbot Hill, Benson Hill, Fairwood)
Single Family Homes
Average Days on Market: 93 Days (Up From 92 Last Week)
Inventory of Active Listings: 395 (Up from 392 Active Listings Last Week)
Inventory of Sold & Pending Listings: 232 (Up from 192 Last Week)
46 listings are absorbed by demand each month on average. (Down from 64 Last Week)
8.58 Months Worth of Supply (Up from 6.12 Months Worth of Supply Last Week)
Average List Price: $437,413 (Down from $442,997 Last Week)
Average Sale Price: $374,629 (Down from $380,142 Last Week)
Median Sale Price: $361,855 (Down from $363,975 Last week) (1/2 sell for more & 1/2 sell for less)

Analysis of MLS Area 340 for Single Family Homes: Based on an absorption rate of 8.58 months, this market now favors buyers over sellers. An average of 46 listings are being absorbed each month out of 395 listings available for purchase which basically says there are buyers out there but they are only interested in the homes that are priced correctly for their condition and location. 

Condominiums
Average Days on Market: 85 Days (Up from 84 Last Week)
Inventory of Active Listings: 109 Active Listings (Up from 101 Last Week)
Inventory of Sold & Pending Listings: 63 (Up from 54 last Week)
13 listings are absorbed by demand each month on average. (Down From 18 Last Week)
8.3 Months Worth of Supply (Up from 5.6 Last Week)
Average List Price: $233,948 (Down from $236,472 Last Week)
Average Sale Price: $235,819 (Down from $239,952 Last Week)
Median Sale Price: $230,000 (Down from $232,500 Last WeeK) (1/2 sell for more & 1/2 sell for less)

Analysis of MLS Area 340 for Condos: The absorption rate jumped up in this area last week pushing things back into buyer territory.

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 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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