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Updated Renton Real Estate, Newcastle Real Estate & South Bellevue Real Estate Market Statistics (As of March 24th, 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, Statistics, Marketing Reports, Washington

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: 104 Days (Down From 106 Last Week)
Inventory of Active Listings: 479 (Up from 469 Last Week)
Inventory of Sold & Pending Listings: 163 (No Change From Last Week)
54 listings are absorbed by demand each month on average. (No Change from 53 Last Week)
8.87 Months Worth of Supply (Up from 8.68 Last Week)
Average List Price: $908,754 (Down from $909,934 Last Week)
Average Sale Price: $700,695 (Down from $696,832 Last Week)
Median Sale Price: $600,000 (Down from $605,000 Last Week) (1/2 sell for more & 1/2 sell for less)

Analysis of MLS Area 500 for Single Family Homes: Sellers have acknowledged that they need to bring their prices in line with buyers expectations in order to sell in a reasonable amount of time. This can be seen by a reduced list and sale prices. This realization among sellers puts the rest of the fundamentals on track to balance the market between buyers and sellers. This MLS Area tends to favor buyers of single family homes right now.

Condominiums
Average Days on Market: 71 Days (No Change From Last Week)
Inventory of Active Listings: 127 Active Listings (Up from 123 from Last Week)
Inventory of Sold & Pending Listings: 66 (Down from 72 Last Week)
22 listings are absorbed by demand each month on average. (Down from 25 Last Week)
5.77 Months Worth of Supply (Up from 4.13 Last Week)
Average List Price: $341,289 (Up from $340,704 Last Week)
Average Sale Price: $311,123 (Up from $306,142 Last Week)
Median Sale Price: $281,635 (Up from $280,000 Last Week) (1/2 sell for more & 1/2 sell for less)

Analysis of MLS Area 500 for condos: MLS Area 500 for condos has been doing extremely well but this slowed down slightly last week. The average list price, sale price and median sale price have all been up for two weeks in a row which is the result of strong fundamentals in previous weeks. However, the the inventory of sold and pending listings went down while the active listings increased for the second consecutive week, which increased the absorbtion rate. Nonetheless, this area still gives sellers a comfortable advantage over buyers right now. Buyers need not dispair. The fact that sellers are pricing their homes so that they are attractive to buyers is contributing to health of this MLS Area.
MLS Area 350 (Northeast Renton / Renton Highlands, East Highlands, Briarwood)
Single Family Homes
Average Days on Market: 103 Days (No Change from Last Week)
Inventory of Active Listings: 440 (Down from 443 Last Week)
Inventory of Sold & Pending Listings: 207 (No Change from Last Week)
69 listings are absorbed by demand each month on average. (No Change from Last Week)
6.3 Months Worth of Supply (Down from 6.4 Months Last Week)
Average List Price: $590,302 (Down from $593,484 Last Week)
Average Sale Price: $501,253 (Down from $512,778 Last Week)
Median Sale Price: $446,700 (No Change from Last Week) (1/2 sell for more & 1/2 sell for less)

Analysis of MLS Area 350 for Single Family Homes: We're still in a balanced market for single family homes in MLS Area 350. The average days on market have held steady for four weeks in a row and the absorbtion rate actually went down last week which is a sign of a healthy market. This market is still balanced between buyers and sellers.

Condominiums
Average Days on Market: 72 Days (Down from 73 Days Last Week)
Inventory of Active Listings: 79 Active Listings (Up from 77 last week)
Inventory of Sold & Pending Listings: 34 (No Change from Last Week)
11 listings are absorbed by demand each month on average. (No Change from Last Week)
7.1 Months Worth of Supply (Up from 7.0 Months Last Week)
Average List Price: $262,682 (Up from $260,798 Last Week)
Average Sale Price: $238,657 (Up from $235,468 Last Week)
Median Sale Price: $235,000 (Up from $232,000 last week) (1/2 sell for more & 1/2 sell for less)

Analysis of MLS Area 350 for condos: This MLS Area shifted from a balanced market to a buyers market two weeks and the fundamentals that created this shift remained in constant last week. Aside from average days on market which actually went down, everything else favored buyers. Inventory is up while the the number of sold and pendings remained unchanged. This area has been absorbing 12 listings a month for three weeks in a row until two weeks ago when it went down to 11 and stayed there last week. This is what pushed the absorbtion rate up to a 7 month supply which is in buyer territory.

MLS Area 340 (Southeast Renton / Cascade, Tiffany Park, Talbot Hill, Benson Hill, Fairwood)
Single Family Homes
Average Days on Market: 94 Days (No Change From Last Week)
Inventory of Active Listings: 362 (Up from 349 Active Listings Last Week)
Inventory of Sold & Pending Listings: 182 (Up from 180 Last Week)
61 listings are absorbed by demand each month on average. (Up from 60 Last Week)
5.93 Months Worth of Supply (Up from 5.82 Months Worth of Supply Last Week)
Average List Price: $441,859 (Down from $442,113 Last Week)
Average Sale Price: $368,384 (Down from $371,939 Last Week)
Median Sale Price: $358,950 (Down from $359,950 last week) (1/2 sell for more & 1/2 sell for less)

Analysis of MLS Area 340 for Single Family Homes: This market has been inching towards a buyers a market from a sellers market for about three months now but there was a large spike in the number of sold and pendings three weeks ago. That trend slowed last week which has caused the absorbtion rate to continue to up slightly but this area is still in seller territory.

Condominiums
Average Days on Market: 81 Days (Up from 78 Last Week)
Inventory of Active Listings: 110 Active Listings (Up from 109 Last Week)
Inventory of Sold & Pending Listings: 42 (Down from 43 Last Week)
14 listings are absorbed by demand each month on average. (No Change From Last Week)
7.9 Months Worth of Supply (Up from 7.8 Last Week)
Average List Price: $239,947 (Down from $240,698 Last Week)
Average Sale Price: $237,712 (Up from $235,791 Last Week)
Median Sale Price: $227,500 (Up from $225,000 Last WeeK) (1/2 sell for more & 1/2 sell for less)

Analysis of MLS Area 340 for Condos: This MLS area has been holding steady but sellers have lost ground in slight increments three weeks in a row and its pushed this area into buyer territory. The average days on market increased along with active listings while sold and pendings went down. When this happens, there is no place for the absorbtion rate to go but up, which is good for buyers and bad for sellers. At 7.9 months worth of supply, this area favors buyers over sellers right now.

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 http://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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