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 Week)
Inventory of Active Listings: 435 (Up from 426 Last Week)
Inventory of Sold Listings: 328 (Down from 353 Last Week)
54 listings are absorbed by demand each month on average. (Down from 58 as of Last Week)
8.05 Months Worth of Supply (Up from 7.24 as of Last Week)
Average List Price: $896,229 (Up from $891,671 Last Week)
Average Sale Price: $748,012 (Down from $763,849 Last Week)
Analysis of MLS Area 500 for Single Family Homes: The gap between list price and sales price has been closing for the last six months which will lead to a balanced market between buyers and sellers. This area currently favors buyers over sellers.
Condominiums
Average Days on Market: 60 Days (No change from Last Week)
Inventory of Active Listings: 119 Active Listings (Up from 108 from Last Week)
Inventory of Sold Listings: 183 (Down from 192 Last Week)
30.5 listings are absorbed by demand each month on average. (Down from 32 Last Week)
3.90 Months Worth of Supply (Up from 3.37 Last Week)
Average List Price: $332,714 (Down from $334,252 Last Week)
Average Sale Price: $307,824 (Down from $312,935 Last Week)
Analysis of MLS Area 500 for condos: Accurately priced condos are selling quickly as a result of their affordability in contrast to single family homes in the same area. This area currently favors sellers over buyers.
MLS Area 350 (Northeast Renton / Renton Highlands, Briarwood)
Single Family Homes
Average Days on Market: 95 Days (Up from 94 from Last Week)
Inventory of Active Listings: 434 Active Listings (Up from 413 Last Week)
Inventory of Sold Listings: 332 (Down from 348 Last Week)
55 listings are absorbed by demand each month on average. (Down from 58 as of Last Week)
7.89 Months Worth of Supply (Up from 7.12 Last Week)
Average List Price: $555,247 (Up from $550,387 Last Week)
Average Sale Price: $457,318 (Up from $454,601 Last Week)
Analysis of MLS Area 350 for Single Family Homes: The average days on market have been steadily inching upwards over the course of the last six months. List prices have remained consistently higher than average sale prices but average sales prices have not seen significant declines. Accurately priced homes are selling quickly and overpriced listings are driving the average days on market upwards. This area currently favors buyers over sellers.
Condominiums
Average Days on Market: 64 Days (Up from 62 Last Week)
Inventory of Active Listings: 66 Active Listings (Up from 62 last week)
Inventory of Sold Listings: 63 (Down from 73 Last Week)
10.5 listings are absorbed by demand each month on average. (Down from 12 from Last Week)
6.28 Months Worth of Supply (Up from 5.16 Last Week)
Average List Price: $258,567 (Down from $259,573 Last Week)
Average Sale Price: $229,291 (Down from $230,403 Last Week)
Analysis of MLS Area 350 for condos: Some of the most affordable condos in King County can be found in this MLS Area. Prices have not dipped significantly and this market is balanced between buyers and sellers.
MLS Area 340 (Southeast Renton / Benson Hill, Fairwood)
Single Family Homes
Average Days on Market: 86 Days (No change from 85 Last Week)
Inventory of Active Listings: 338 Active Listings (Up from 324 Last Week)
Inventory of Sold Listings: 294 (Down from 313 Last Week)
49 listings are absorbed by demand each month on average. (Down from 52 as of Last Week)
6.89 Months Worth of Supply (Up from 6.23 Last Week)
Average List Price: $435,999 (Up from $434,240 Last Week)
Average Sale Price: $384,371 (Down from $388,840 Last Week)
MLS Area 340 Analysis for Single Family Homes: This market was trailing MLS Areas 500 and 350 six months ago in terms of days on market and appreciation but has remained steady as the other areas have struggled to gain footing since the mortgage crises in August of 2007. MLS Area 340 is now balanced between buyers and sellers and appears to be holding steady in terms of days on market and average list and sale prices.
Condominiums
Average Days on Market: 70 Days (No change from Last Week)
Inventory of Active Listings: 94 Active Listings (Up from 88 Last Week)
Inventory of Sold Listings: 87 (Down from 95 Last Week)
14.5 listings are absorbed by demand each month on average. (Down from 15.83 Last Week)
6.48 Months Worth of Supply (Up from 5.56 Last Week)
Average List Price: $243,903 (Up from $243,813 Last Week)
Average Sale Price: $235,109 (Down from $235,564 Last Week)
MLS Area 340 for Condos: Just like single family homes in this area, condos are holding steady in terms of days on market, average list price and average sale price. This market is balanced between buyers and sellers.
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.
