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: 102 Days (Up from 101 last period)
Inventory of Active Listings: 577 (Up from 576 last period)
Inventory of Sold & Pending Listings: 236 (Up from 235 last period)
79 listings are absorbed by demand each month on average. (up from 78 last period)
7.3 Months Worth of Supply (Down from 7.4 last period)
Average List Price: $885,143 (Down from $892,511 last period)
Average Sale Price: $674,891 (Down from $681,691 last period)
Median Sale Price: $601,250 (Down from $625,000 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 7.3 month supply of homes. This means that if no additional homes were listed, it would take 7.3 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 (Up from 84 last period)
Inventory of Active Listings: 155 (Down from 162 Active Listings last period)
Inventory of Sold & Pending Listings: 72 (Down from 73 last period)
24 listings are absorbed by demand each month on average. (No change from 24 last period)
6.5 Months Worth of Supply (Down from 6.7 last period)
Average List Price: $329,984 (Up from $328,110 last period)
Average Sale Price: $296,023 (Down from $297,008 last period)
Median Sale Price: $279,500 (Down from $287,000 last period) (1/2 sell for more & 1/2 sell for less)
Analysis of MLS Area 500 for Condominiums: This area is balanced between buyers and sellers based on the fact that there is a 6.5 month supply of homes. This means that if no additional homes were listed, it would take 6.5 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-
MLS Area 350 (Northeast Renton / Renton Highlands, East Highlands, Briarwood)
Single Family Homes
Average Days on Market: 105 Days (Down from 107 last period)
Inventory of Active Listings: 455 (Up from 444 last period)
Inventory of Sold & Pending Listings: 228 (Up from 223 last period)
76 listings are absorbed by demand each month on average. (Up from 74 last period)
5.9 Months Worth of Supply (Down from 6.0 months last period)
Average List Price: $544,199 (Down from $544,505 last period)
Average Sale Price: $433,259 (Up from $429,165 last period)
Median Sale Price: $392,450 (Up from $389,950 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 5.9 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: 92 Days (Up from 88 last period)
Inventory of Active Listings: 92 Active Listings (No change from 92 last period)
Inventory of Sold & Pending Listings: 40 (Down from 44 last period)
13 listings are absorbed by demand each month on average. (Down from 15 last period)
7.0 Months Worth of Supply (Up from 6.1 months last period)
Average List Price: $246,904 (Down from $251,165 last period)
Average Sale Price: $229,420 (Down from $243,884 last period)
Median Sale Price: $218,900 (Down from $225,500 last period) (1/2 sell for more & 1/2 sell for less)
Analysis of MLS Area 350 for Condominiums: 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.
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: 109 Days (Up from 108 last period)
Inventory of Active Listings: 384 (Down from 394 last period)
Inventory of Sold & Pending Listings: 193 (Up from 180 last period)
64 listings are absorbed by demand each month on average. (Up from 60 last period)
6.0 Months Worth of Supply (Down from 6.5 months worth of supply last period)
Average List Price: $426,273 (Down from $427,404 last period)
Average Sale Price: $379,341 (Down from $379,378 last period)
Median Sale Price: $359,950 (Down 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 6.0 month supply of homes. This means that if no additional homes were listed, it would take 6.0 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: 91 Days (Up from 88 last period)
Inventory of Active Listings: 106 (Down from 113 active listings last period)
Inventory of Sold & Pending Listings: 59 (Up from 57 last period)
20 listings are absorbed by demand each month on average. (Up from 19 last period)
5.3 Months Worth of Supply (Down from 5.9 last period)
Average List Price: $225,495 (Down from $225,918 last period)
Average Sale Price: $219,846 (Up from $217,581 last period)
Median Sale Price: $212,500 (No change from $212,500 last period) (1/2 sell for more & 1/2 sell for less)
Analysis of MLS Area 340 for Condominiums: This area is balanced between buyers and sellers based on the fact that there is a 5.3 month supply of condos. This means that if no additional condos were listed, it would take 5.3 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 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.
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