Updated Renton Real Estate, Newcastle Real Estate & South Bellevue Real Estate Market Statistics (As of July 21st, 2008)

Posted by David Edwards under For Buyers, For Sellers, For Realty Professionals, Regional - West, Statistics, Marketing Reports, Renton

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: 99 Days (Up From 98 Last Period)
Inventory of Active Listings: 570 (Down from 582 Last Period)
Inventory of Sold & Pending Listings: 254 (Up From 252 Last Period)
85 listings are absorbed by demand each month on average. (Up From 84 Last Period)
6.7 Months Worth of Supply (Down from 6.9 Last Period)
Average List Price: $889,112 (Down from $896,030 Last Period)
Average Sale Price: $739,091 (Down from $745,338 Last Period)
Median Sale Price: $629,250 (No change from $629,250 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 6.7 month supply of homes. This means that if no additional homes were listed, it would take 6.7 months to absorb the current inventory. A market is considered balanced when the supply of homes is close to a six month supply. This area is trending towards a balanced market.

Condominiums
Average Days on Market: 74 Days (Up From 73 Last Period)
Inventory of Active Listings: 151 Active Listings (Down from 157 last period)
Inventory of Sold & Pending Listings: 85 (Down from 88 last period)
28 listings are absorbed by demand each month on average. (Down from 29 last period)
5.4 Months Worth of Supply (No change from 5.4 last period)
Average List Price: $332,539 (Down from $335,379 last period)
Average Sale Price: $333,758 (Down from $336,925 last period)
Median Sale Price: $315,000 (Down from $315,900 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 5.4 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.

MLS Area 350 (Northeast Renton / Renton Highlands, East Highlands, Briarwood) 
Single Family Homes
Average Days on Market: 100 Days (Up from 99 last period)
Inventory of Active Listings: 463 (Down from 464 last period)
Inventory of Sold & Pending Listings: 281 (Down from 282 last period)
94 listings are absorbed by demand each month on average. (No change from 94 last period)
4.9 Months Worth of Supply (No change from 4.9 months last period)
Average List Price: $554,072 (Down from $555,491 last period)
Average Sale Price: $444,448 (Down from $449,924 last period)
Median Sale Price: $407,000 (Down from $408,500 last period) (1/2 sell for more & 1/2 sell for less)

Analysis of MLS Area 350 for Single Family Homes: This area favors sellers overs buyers based on the fact that there is a 4.9 month supply of homes. This means that if no additional homes were listed, it would take 4.9 months to absorb the current inventory. A market is considered balanced when the supply of homes is close to a six month supply.

Condominiums
Average Days on Market: 86 Days (Up from 82 last period)
Inventory of Active Listings: 85 Active Listings (Down from 89 last period)
Inventory of Sold & Pending Listings: 47 (Up from 46 last period)
16 listings are absorbed by demand each month on average. (Up from 15 last period)
5.3 Months Worth of Supply  (Down from 5.9 months last period)
Average List Price: $254,647 (Down from $255,379 last period)
Average Sale Price: $255,077 (Up from $249,194 last period)
Median Sale Price: $247,500 (Up from $245,000 last period) (1/2 sell for more & 1/2 sell for less)

Analysis of MLS Area 350 for condos: This area slightly favors buyers over sellers based on the fact that there is a 5.3 month supply of homes. This means that if no additional homes were listed, it would take 5.3 months to absorb the current inventory. A market is considered balanced when the supply of homes is close to a six month supply.

MLS Area 340 (Southeast Renton / Cascade, Tiffany Park, Talbot Hill, Benson Hill, Fairwood)
Single Family Homes
Average Days on Market: 100 Days (No change from 100 last period)
Inventory of Active Listings: 394 (Up from 381 active listings last period)
Inventory of Sold & Pending Listings: 199 (Up From 197 last period)
65 listings are absorbed by demand each month on average. (Up from 63 last period)
6.1 Months Worth of Supply (Up from 5.8 months worth of supply last period)
Average List Price: $434,324 (Down from $434,368 last period)
Average Sale Price: $372,620 (Up from $371,805 last period)
Median Sale Price: $360,000 (No change from $360,000 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 6.1 month supply of homes. This means that if no additional homes were listed, it would take 6.1 months to absorb the current inventory. A market is considered balanced when the supply of homes is close to a six month supply.

Condominiums
Average Days on Market: 87 Days (No change from 87 last period)
Inventory of Active Listings: 113 Active Listings (Up from 109 last period)
Inventory of Sold & Pending Listings: 52 (Down from 55 last period)
18 listings are absorbed by demand each month on average. (No change from 18 last period)
6.3 Months Worth of Supply (Up from 6.0 last period)
Average List Price: $231,463 (Up from $231,320 last period)
Average Sale Price: $220,413 (Up from $215,227 last period)
Median Sale Price: $235,000 (Up from $215,000 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 6.3 month supply of homes. This means that if no additional homes were listed, it would take 6.3 months to absorb the current inventory. A market is considered balanced when the supply of homes is close to a six month supply.

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.