Posted by David Edwards under For Buyers, For Sellers, For Realty Professionals, Regional - West, Statistics, News & Media, Regional News, Renton, Market
I found some interesting trends in the numbers I track this morning.
These numbers are based on a three month historical analysis. I ran the numbers just now and I have compared them with the same report that I ran three weeks ago.
It's fascinating to see that the inventory of active listings has dropped in all three MLS areas that I track. This was true for single family homes as well as condominiums. The inventory of sold and pending properties was either flat or down as well. This means that the reduction in listings was not absorbed by buyers. Rather, they likely expired or were cancelled.
I believe many sellers have finally come to the conclusion that real estate prices can go down. A fact many sellers refused to accept over the course of the last 14 months. Buyer activity has remained steady but the market has improved due to the drop in inventory.
The percent of listings selling each month on average is up or unchanged in every category. This is simply because of lower inventory.
MLS Area 500 (Newcastle, Bellevue South of I-90 & Issaquah South of I-90)
Single Family HomesAverage Days on Market: 105 Days (Up from 103 last period) I
nventory of Active Listings: 541 (Down from 576 last period)
Inventory of Sold & Pending Listings: 211 (Down from 219 last period)
70 listings are absorbed by demand each month on average. (Down from 73 last period)
13% of active listings are selling each month on average. (Up from 12% last period)
7.7 Months Worth of Supply (Down from 7.9 last period)
Average List Price: $905,942 (Up from $896,502 last period)
Average Sale Price: $642,184 (Down from $644,644 last period)
Median Sale Price: $570,000 (No change from $570,000 last period) (1/2 sell for more & 1/2 sell for less)
Analysis of MLS Area 500 for Single Family Homes: This area favors buyers over sellers based on the fact that there is a 7.7 month supply of homes. This means that if no additional homes were listed, it would take 7.7 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: 88 Days (Down from 90 last period)
Inventory of Active Listings: 141 (Down from 160 Active Listings last period)
Inventory of Sold & Pending Listings: 58 (Up from 55 last period)
19 listings are absorbed by demand each month on average. (Up from 18 last period)
13% of active listings are selling each month on average. (Up from 11% last period)
7.4 Months Worth of Supply (Down from 8.8 last period)
Average List Price: $319,136 (Down from $329,526 last period)
Average Sale Price: $280,187 (Down from $293,035 last period)
Median Sale Price: $256,500 (Down from $263,500 last period) (1/2 sell for more & 1/2 sell for less)
Analysis of MLS Area 500 for Condominiums: This area favors buyers over sellers based on the fact that there is a 7.4 month supply of homes. This means that if no additional homes were listed, it would take 7.4 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: 109 Days (Up from 108 last period)
Inventory of Active Listings: 409 (Down from 441 last period)
Inventory of Sold & Pending Listings: 199 (Down from 209 last period)
66 listings are absorbed by demand each month on average. (Down from 70 last period)
16% of active listings are selling each month on average. (Up from 15% last period)
6.2 Months Worth of Supply (Down from 6.3 months last period)
Average List Price: $528,465 (Down from $536,379 last period)
Average Sale Price: $432,381 (Up from $431,642 last period)
Median Sale Price: $396,725 (Up from $389,950 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 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: 105 Days (Up from 97 last period)
Inventory of Active Listings: 80 Active Listings (Down from 85 last period)
Inventory of Sold & Pending Listings: 41 (Up from 40 last period)
14 listings are absorbed by demand each month on average. (Up from 13 last period)
18% of active listings are selling each month on average. (Up from 16% last period)
5.7 Months Worth of Supply (Down from 6.5 months last period)
Average List Price: $245,931 (Down from $246,638 last period)
Average Sale Price: $242,814 (Up from $235,835 last period)
Median Sale Price: $222,750 (Down from $225,650 last period) (1/2 sell for more & 1/2 sell for less)
Analysis of MLS Area 350 for Condominiums: This area is balanced between buyers and sellers based on the fact that there is a 5.7 month supply of homes. This means that if no additional homes were listed, it would take 5.7 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: 116 Days (Up from 110 last period)
Inventory of Active Listings: 357 (Down from 388 last period)
Inventory of Sold & Pending Listings: 178 (Down from 185 last period)
59 listings are absorbed by demand each month on average. (Down from 62 last period)
17% of active listings are selling each month on average. (Up from 16% last period)
6.0 Months Worth of Supply (Down from 6.0 months worth of supply last period)
Average List Price: $420,630 (Down from $426,631 last period)
Average Sale Price: $361,447 (Down from $378,189 last period)
Median Sale Price: $342,000 (Down from $356,000 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 6.0 month supply of homes. This means that if no additional homes were listed, it would take 6.0 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: 94 Days (Up from 92 last period)
Inventory of Active Listings: 104 (Down from 105 active listings last period)
Inventory of Sold & Pending Listings: 59 (Down from 60 last period)
20 listings are absorbed by demand each month on average. (No change from 20 last period)
19% of active listings are selling each month on average. (No change from 19% last period)
5.2 Months Worth of Supply (Down from 5.3 last period)
Average List Price: $220,293 (Down from $224,279 last period)
Average Sale Price: $215,117 (Up from $214,888 last period)
Median Sale Price: $208,000 (Down from $211,000 last period) (1/2 sell for more & 1/2 sell for less)
Analysis of MLS Area 340 for Condominiums: This area is balanced between buyers and sellers based on the fact that there is a 5.2 month supply of condos. This means that if no additional condos were listed, it would take 5.2 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.
Comments(0)