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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: 98 Days (Down From 100 Last Week)
Inventory of Active Listings: 509 (Up from 486 Last Week)
Inventory of Sold & Pending Listings: 184 (Up From 187 Last Week)
61 listings are absorbed by demand each month on average. (Up from 35 Last Week)
8.34 Months Worth of Supply (Down from 13.88 Last Week)
Average List Price: $897,520 (Down from $906,359 Last Week)
Average Sale Price: $733,068 (Up from $720,178 Last Week)
Median Sale Price: $625,000 (Up from $617,000 Last Week) (1/2 sell for more & 1/2 sell for less)
Analysis of MLS Area 500 for Single Family Homes: This market still favors buyers over sellers based on the fact that there is an 8 month supply of homes but this should not give buyers reason to hold off because average sale prices and median sale prices are both on the rise in spite of the supply.
Condominiums
Average Days on Market: 66 Days (Down From 70 Last Week)
Inventory of Active Listings: 135 Active Listings (Up from 118 from Last Week)
Inventory of Sold & Pending Listings: 73 (Up from 72 Last Week)
24 listings are absorbed by demand each month on average. (No Change From Last Week)
5.62 Months Worth of Supply (Up from 4.91 Last Week)
Average List Price: $340,276 (Up from $339,797 Last Week)
Average Sale Price: $319,242 (Up from $306,248 Last Week)
Median Sale Price: $295,000 (Up from $274,900 Last Week) (1/2 sell for more & 1/2 sell for less)
Analysis of MLS Area 500 for condos: There were two negative trends indicating a further slide into buyer territory but this market still favors sellers due to the fact that the absorbtion rate is under a 6 month supply. The two factors were an increase in active listings and an increase in the absorbtion rate. Sold listings increased as well and the average days on market went down which kept the region in balance. All prices have been on an upward trajectory for a few weeks in a row now.
MLS Area 350 (Northeast Renton / Renton Highlands, East Highlands, Briarwood)
Single Family Homes
Average Days on Market: 105 Days (Down from 106 Last Week)
Inventory of Active Listings: 458 (Up from 446 Last Week)
Inventory of Sold & Pending Listings: 224 (Up from 207 Last Week)
74 listings are absorbed by demand each month on average. (Up from 69 Last Week)
6.2 Months Worth of Supply (Down from 6.4 Months Last Week)
Average List Price: $585,466 (Up from $585,379 Last Week)
Average Sale Price: $515,383 (Up from $512,435 Last Week)
Median Sale Price: $450,000 (Up from $443,500 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 five weeks in a row and the absorbtion rate has been fluctuating between 6.2 and 6.4 months for four weeks in a row. This market is very healthy and remains balanced between buyers and sellers.
Condominiums
Average Days on Market: 71 Days (No Change From Last Week)
Inventory of Active Listings: 86 Active Listings (Up from 81 last week)
Inventory of Sold & Pending Listings: 33 (No Change from Last Week)
11 listings are absorbed by demand each month on average. (No Change from Last Week)
7.8 Months Worth of Supply (Up from 7.3 Months Last Week)
Average List Price: $254,983 (Down from $259,897 Last Week)
Average Sale Price: $227,620 (Up from $226,036 Last Week)
Median Sale Price: $202,000 (Down from $205,500 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 over the course of the last four weeks and the fundamentals that created this shift have continued last week. Aside from average days on market which held steady, every other fundamental favored buyers. Inventory is up while the the number of sold and pendings remained constant. 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 has remained there for five weeks in a row. This is what pushed the absorbtion rate up to a 7+ month supply which falls in buyer territory.
MLS Area 340 (Southeast Renton / Cascade, Tiffany Park, Talbot Hill, Benson Hill, Fairwood)
Single Family Homes
Average Days on Market: 91 Days (Down From 92 Last Week)
Inventory of Active Listings: 386 (Up from 379 Active Listings Last Week)
Inventory of Sold & Pending Listings: 178 (Up from 174 Last Week)
59 listings are absorbed by demand each month on average. (Up from 58 Last Week)
6.54 Months Worth of Supply (Up from 6.53 Months Worth of Supply Last Week)
Average List Price: $440,476 (Down from $442,303 Last Week)
Average Sale Price: $371,699 (Up from $368,529 Last Week)
Median Sale Price: $357,935 (Down from $357,950 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 six weeks ago. Sales returned to the levels they were at prior to the spike leaving this area in a balanced market for right now that has been inching ever-so-slightly into seller territory on a weekly basis.
Condominiums
Average Days on Market: 80 Days (No Change From Last Week)
Inventory of Active Listings: 111 Active Listings (Up from 107 Last Week)
Inventory of Sold & Pending Listings: 45 (No Change From Last Week)
15 listings are absorbed by demand each month on average. (Up From 14 Last Week)
7.4 Months Worth of Supply (Up from 7.1 Last Week)
Average List Price: $238,845 (Down from $242,094 Last Week)
Average Sale Price: $235,760 (Down from $242,843 Last Week)
Median Sale Price: $222,000 (Down from $230,000 Last WeeK) (1/2 sell for more & 1/2 sell for less)
Analysis of MLS Area 340 for Condos: This MLS area has been losing ground to buyers over the course of the last five weeks. At 7.4 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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