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: 100 Days (Up from 98 last period)
Inventory of Active Listings: 582 (Up from 578 last period)
Inventory of Sold & Pending Listings: 249 (Up from 241 last period)
83 listings are absorbed by demand each month on average. (Up From 80 Last Period)
7.0 Months Worth of Supply (Down from 7.2 last period)
Average List Price: $884,200 (Down from $886,802 last period)
Average Sale Price: $715,332 (Down from $728,771 last period)
Median Sale Price: $626,750 (Up from $623,000 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 7.0 month supply of homes. This means that if no additional homes were listed, it would take 7.0 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: 80 Days (No change from 80 last period)
Inventory of Active Listings: 148 Active Listings (Up from 147 last period)
Inventory of Sold & Pending Listings: 87 (Up from 84 last period)
29 listings are absorbed by demand each month on average. (Up from 28 last period)
5.1 Months Worth of Supply (Down from 5.3 last period)
Average List Price: $335,105 (Up from $332,747 last period)
Average Sale Price: $325,956 (Down from $333,007 last period)
Median Sale Price: $312,196 (Down from $314,995 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 5.1 month supply of homes. This means that if no additional homes were listed, it would take 5.1 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: 103 Days (No change from 103 last period)
Inventory of Active Listings: 467 (Up from 466 last period)
Inventory of Sold & Pending Listings: 260 (Down from 261 last period)
87 listings are absorbed by demand each month on average. (No change from 87 last period)
5.4 Months Worth of Supply (No change from 5.4 months last period)
Average List Price: $551,289 (Down from $551,983 last period)
Average Sale Price: $452,115 (Up from $447,865 last period)
Median Sale Price: $414,000 Up from $400,000 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 5.4 month supply of homes. This means that if no additional homes were listed, it would take 5.4 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.
Condominiums
Average Days on Market: 92 Days (Up from 89 last period)
Inventory of Active Listings: 81 Active Listings (Down from 85 last period)
Inventory of Sold & Pending Listings: 42 (Up from 41 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 6.1 months last period)
Average List Price: $249,778 (Down from $253,097 last period)
Average Sale Price: $245,642 (Down from $247,115 last period)
Median Sale Price: $225,500 (Down from $229,950 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: 101 Days (No change from 101 last period)
Inventory of Active Listings: 396 (Up from 388 last period)
Inventory of Sold & Pending Listings: 201 (Down From 203 last period)
67 listings are absorbed by demand each month on average. (Down from 68 last period)
5.9 Months Worth of Supply (Up from 5.7 months worth of supply last period)
Average List Price: $431,055 (Up from $430,342 last period)
Average Sale Price: $367,948 (Down from $371,781 last period)
Median Sale Price: $359,950 (No change from $359,950 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 5.9 month supply of homes. This means that if no additional homes were listed, it would take 5.9 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: 87 Days (No change from 87 last period)
Inventory of Active Listings: 119 (Down from 123 active listings last period)
Inventory of Sold & Pending Listings: 53 (Up from 48 last period)
18 listings are absorbed by demand each month on average. (Up from 16 last period)
6.6 Months Worth of Supply (Down from 7.7 last period)
Average List Price: $229,832 (Down from $230,537 last period)
Average Sale Price: $313,214 (Down from $218,558 last period)
Median Sale Price: $218,500 (Down from $231,000 last period) (1/2 sell for more & 1/2 sell for less)
Analysis of MLS Area 340 for Condos: This area is balanced between buyers and sellers based on the fact that there is a 6.6 month supply of condos. This means that if no additional condos were listed, it would take 6.6 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 in Washington's Renton Highlands, Newcastle and South Bellevue.
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