In this weeks Real-Time Market Profile, the median single family home price in Bellevue this week is $722,250. The 730 homes have ben on the market for an average of 170 days.
Inventory and days-on market are climbing, while the Market Action Index has been flat recently. The trends point to a weakening market.
To get a tightly targeted understanding of homes in the market, I break each locale into quartiles. Each quartile is 25% of the homes listed. They are broke out as follows:
- Most Expensive 25% of homes
- Upper-middle 25% of homes
- Lower-middle 25% of homes
- least expensive 25% of homes
I will refer to the quartiles in the trend graphs below.
PRICE
The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.
QUARTILE PRICES
Often, I find insights by watching pricing trends within the quartile segments. Price weakness is evident across the board. All four quartiles have been in price decline in recent weeks. Look to the Market Action Index as a leading indicator of the bottom of the market.
INVENTORY
Inventory has been climbing lately. Note that we had a dip in January and are adjusting for seasonality.
MARKET ACTION INDEX
Residential house prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. Watch this index for sustaind changes: if the index falls into the Buyer's Market zone for a long period, prices are likely in for a downward correction.
The bellevue market is currently quite strongly in the Buyer's Market zone. The 90-day Market Action Index stands at 10. With several months of inventory available at the current sales rate, buyers should find ample choice.
The market has settled in at a relative stasis in inventory and sales conditions. It's a Buyer's market that has seen prices trend lower. Expect that consistent up trends in demand will be required before price trends change significantly.
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