Posted by David Edwards under For Buyers, For Sellers, For Realty Professionals, Regional - West, Statistics, Marketing Reports, Renton
Note: NWMLS implemented some Area Designation and Boundary changes in the Newcastle/Renton area to more accurately reflect the true market areas in this section of Bellevue/Renton. The boundary changes took effect on June 24th, 2008. To view a map that shows the old and new
boundaries, click here: http://www.nwmls.com/discover/library/monday_update/MonUpdates/MU2008/Jun08/KC_SW_350_500.pdf.
These numbers are based on a three month historical analysis that compares this week with last week.
MLS Area 500 (Newcastle, Bellevue South of I-90 & Issaquah South of I-90)
Single Family Homes
Average Days on Market: 101 Days (Up from 101 last period)
Inventory of Active Listings: 572 (Down from 580 last period)
Inventory of Sold & Pending Listings: 250 (Down from 252 last period)
83 listings are absorbed by demand each month on average. (Down From 84 Last Period)
6.9 Months Worth of Supply (No change from 6.9 last period)
Average List Price: $889,834 (Down from $892,966 last period)
Average Sale Price: $701,754 (Down from $709,307 last period)
Median Sale Price: $630,000 (Up from $629,950 last period) (1/2 sell for more & 1/2 sell for less)
Analysis of MLS Area 500 for Single Family Homes: This area is balanced between buyers over sellers based on the fact that there is a 6.9 month supply of homes. This means that if no additional homes were listed, it would take 6.9 months to absorb the current inventory. A market is considered balanced when the supply of homes is close to a six month supply. A supply of five months or less would favor sellers. A supply of seven months or more would favor buyers.
Condominiums
Average Days on Market: 81 Days (Up from 79 last period)
Inventory of Active Listings: 158 (Up from 157 Active Listings last period)
Inventory of Sold & Pending Listings: 84 (Up from 83 last period)
28 listings are absorbed by demand each month on average. (No change from 28 last period)
5.6 Months Worth of Supply (No change from 5.6 last period)
Average List Price: $330,100 (Down from $331,033 last period)
Average Sale Price: $314,965 (Down from $318,608 last period)
Median Sale Price: $306,746 (Up from $303,300 last period) (1/2 sell for more & 1/2 sell for less)
Analysis of MLS Area 500 for condos: This area is balanced between buyers and sellers based on the fact that there is a 5.6 month supply of homes. This means that if no additional homes were listed, it would take 5.6 months to absorb the current inventory. A market is considered balanced when the supply of homes is close to a six month supply. A supply of five months or less would favor sellers. A supply of seven months or more would favor buyers.
http://www.nwmls.com/discover/library/maps/areamaps/King/500-East%20Side-South_all.pdf
MLS Area 350 (Northeast Renton / Renton Highlands, East Highlands, Briarwood)
Single Family Homes
Average Days on Market: 107 Days (Down from 108 last period)
Inventory of Active Listings: 453 (Down from 462 last period)
Inventory of Sold & Pending Listings: 243 (Down from 250 last period)
81 listings are absorbed by demand each month on average. (Down from 83 last period)
5.6 Months Worth of Supply (No change from 5.6 months last period)
Average List Price: $549,968 (Down from $553,201 last period)
Average Sale Price: $457,615 (Down from $451,902 last period)
Median Sale Price: $420,000 (Up from $413,000 last period) (1/2 sell for more & 1/2 sell for less)
Analysis of MLS Area 350 for Single Family Homes: This area is balanced between buyers and sellers based on the fact that there is a 5.6 month supply of homes. This means that if no additional homes were listed, it would take 5.6 months to absorb the current inventory. A market is considered balanced when the supply of homes is close to a six month supply. A supply of five months or less would favor sellers. A supply of seven months or more would favor buyers.
Condominiums
Average Days on Market: 92 Days (No change from 92 last period)
Inventory of Active Listings: 81 Active Listings (Up from 78 last period)
Inventory of Sold & Pending Listings: 41 (Down from 43 last period)
14 listings are absorbed by demand each month on average. (No change from 14 last period)
5.8 Months Worth of Supply (Down from 5.5 months last period)
Average List Price: $247,714 (Down from $248,465 last period)
Average Sale Price: $236,052 (Down from $242,440 last period)
Median Sale Price: $213,725 (Down from $225,500 last period) (1/2 sell for more & 1/2 sell for less)
Analysis of MLS Area 350 for condos: This area is balanced between buyers and sellers based on the fact that there is a 5.8 month supply of homes. This means that if no additional homes were listed, it would take 5.8 months to absorb the current inventory. A market is considered balanced when the supply of homes is close to a six month supply. A supply of five months or less would favor sellers. A supply of seven months or more would favor buyers.
http://www.nwmls.com/discover/library/maps/areamaps/King/350-Renton%20Highlands.pdf
MLS Area 340 (Southeast Renton / Cascade, Tiffany Park, Talbot Hill, Benson Hill, Fairwood)
Single Family Homes
Average Days on Market: 104 Days (Up from 103 last period)
Inventory of Active Listings: 400 (Up from 393 last period)
Inventory of Sold & Pending Listings: 193 (Down From 195 last period)
64 listings are absorbed by demand each month on average. (Down from 65 last period)
6.2 Months Worth of Supply (Up from 6.0 months worth of supply last period)
Average List Price: $426,997 (Down from $427,073 last period)
Average Sale Price: $363,982 (Down from $367,642 last period)
Median Sale Price: $355,000 (Down from $357,000 last period) (1/2 sell for more & 1/2 sell for less)
Analysis of MLS Area 340 for Single Family Homes: This area is balanced between buyers and sellers based on the fact that there is a 6.2 month supply of homes. This means that if no additional homes were listed, it would take 6.2 months to absorb the current inventory. A market is considered balanced when the supply of homes is close to a six month supply. A supply of five months or less would favor sellers. A supply of seven months or more would favor buyers.
Condominiums
Average Days on Market: 87 Days (Up from 86 last period)
Inventory of Active Listings: 126 (Up from 125 active listings last period)
Inventory of Sold & Pending Listings: 52 (Down from 56 last period)
17 listings are absorbed by demand each month on average. (Down from 19 last period)
7.4 Months Worth of Supply (Up from 6.6 last period)
Average List Price: $226,719 (Down from $227,771 last period)
Average Sale Price: $211,421 (Up from $210,820 last period)
Median Sale Price: $212,500 (No change from $212,500 last period) (1/2 sell for more & 1/2 sell for less)
Analysis of MLS Area 340 for Condos: This area favors buyers over sellers based on the fact that there is a 7.4 month supply of condos. This means that if no additional condos were listed, it would take 7.4 months to absorb the current inventory. A market is considered balanced when the supply of condos is close to a six month supply. A supply of five months or less would favor sellers. A supply of seven months or more would favor buyers.
http://www.nwmls.com/discover/library/maps/areamaps/King/340-Renton-Benson%20Hill.pdf
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.
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