December '10 - Reiling's Real Estate Market Report: Greater Seattle / Bellevue Area

By
Real Estate Agent with Veritus Realty Group and RE/MAX Metro+Eastside
Real Estate Market Overview  
Greater Seattle closed residential real estate sales November 2010Our Greater Seattle-Bellevue real estate market continues to show normal seasonal patterns in inventory and sales rates, with both declining through the holidays toward the bottom usually coming in January.

The most recent monthly median residential real estate market price of $359,950 in our area is now slightly below the previous low of $363,850 in March 2009, and right at the low end of the range we have been running in for nearly 2 years now. We are seeing reports of some recovery in the national housing market, but that is not reflected here yet, in spite of our relatively strong local economy.

The overall condominium market is continuing to look visibly weaker than the single family home market, with a slip now well below what had been the stable market price range since early '09. And condominium Months Supply is still rising steadily when it should be at least seasonally flattening, further underlining the apparent weakness in that market.

There are some specific issues weighing on the condominium market, and I will do an analysis of that for you in the January issue. I had planned to do it here, but the holiday rush just ran over me :-)

Current Market Statistics  

The links below provide a graphical summary of Real Estate Market Statistics for the Seattle/Bellevue/King County area over the most recent 3 years, for single-family homes and for condominiums.

Here's the charts for the current stats through November: (Required disclaimer: Statistics and graphs not compiled, reviewed or verified by the Northwest Multiple Listing Service)

 

           November 2010 Closed Real Estate Residential Sales - Greater Seattle:            November 2010 Closed Real Estate Condominium Sales - Greater Seattle:
               Click for Residential Market Charts                    Click for Condominium Market Charts

Monthly sales rates (number of transactions) for single-family homes are still significantly lower than at the same time last year. The number of new listings coming on the market continues to slow, as is seasonally expected. The Months Supply inventory number has dropped jogged up a bit again, but is still (barely) below the 8-month mark. The Fall-Out Ratio remains high, probably indicating a fair number of short sale offers still waiting on lender acceptance.

The condominium sales rate also continues significantly below both a year ago and two years ago, and now the median price has slipped even further from the stable range we've been in for the past year and a half, and the Months Supply rating has pushed up further, now above 13 months, and we are clearly seeing the effects of the pricing pressure you'd expect in a Buyers market.
Condominiums are not a homogeneous market, and we'll have a more in-depth analysis for you next month - stay tuned :-)

Wrap Up  
The Reiling Team website, www.GreaterSeattleHomesToday.com, has links on it for Current Weather and Current Traffic both of which may be pretty useful in our variable Winter weather - and I'll bet we'll get another chance to go sledding :-) If you want to run an ongoing search to keep an eye on your neighborhood, just visit our search site, Greater Seattle Home Search, and set it up. The main ReilingTeam site is also a pretty good landing site for any out-of-state friends you have that are thinking of relocating to the Seattle area. If you have any questions or just want to swap ideas on any real estate-related topic, we are always available to help you. And because our business depends on referrals, we appreciate your keeping an ear out for likely candidates to send our way - buyers, sellers, investors - and particularly for your out-of-town friends who want to move here!
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Best Regards,

  Chuck and Diane
Chuck & Diane Reiling
Veritus Realty Group & RE/MAX Metro+Eastside
(206) 850-3507
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