Puget Sound Real Estate and Community Blog

Visit http://seattlepi.nwsource.com/local/394929_housing07.html to read an article published in the Seattle Post Intelligencer on Wednesday, January 7th that discusses buoyancy in the Seattle and King County real estate market last month.

The story was written by Aubrey Cohen. She explains that “the median price for a Seattle house that sold in December was $436,750, up just over 5 percent from November and down nearly 4 percent from December 2007, according to the Northwest Multiple Listing Service. The price was the highest since July, and the year-to-year drop was the smallest since May.”

David J Edwards
REALTOR
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF

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.

You can always find real-time traffic information online or by dialing 5-1-1. To
learn more about what WSDOT is doing, go to wsdot.wa.gov/news for pictures
videos, news and blogs.

SR 522 in Bothell gets a new traffic signal
If you’re headed through Bothell on SR 522, be prepared to slow down and stop. 
Crews recently installed a new traffic signal at the intersection of SR 522 and
Woodinville Drive. The new light is the latest safety improvement in the $50
million SR 522 UW Bothell/Cascadia Community College campus access project. In
fall 2009, crews will reprogram the signal and open the roadway to the new south
entrance of the UW Bothell/Cascadia Community College campus. For more
information visit the project Web page at
http://www.wsdot.wa.gov/Projects/SR522/UW/.

Sound Transit seeks comments on light rail to the Eastside
The Eastside is one step closer to finding out where its light rail line will
run in the future. On Dec. 12, Sound Transit, along with the Federal Transit Administration and WSDOT released the draft
environmental impact statement (EIS) for East Link, which would bring light rail
to the Eastside via I-90. They are evaluating the benefits and impacts of
potential light rail routes from downtown Seattle to the Eastside via I-90 with
stations serving Seattle, Mercer Island, south Bellevue, downtown Bellevue and
the Bel-Red/Overlake area. The EIS also examines potential routes to downtown
Redmond that could be built as part of a future expansion. Sound Transit wants
to hear feedback on the study and has kicked off a 75-day public comment period.
Five public hearings are planned in Redmond, Seattle, Mercer Island and Bellevue
so people can comment on the draft EIS. The public review and comment period
will continue through Feb. 25 and will help the Sound Transit Board identify a
preferred East Link route. The draft EIS analyzes the potential impacts of the
different routes and identifies ways to minimize adverse impacts. The preferred route will be described in the final environmental impact statement which
is expected to be completed in 2010. For more information on the East Link
project, a list of the upcoming public hearings and how to comment, visit Sound
Transit’s Web page at http://www.soundtransit.org/x3245.xml#comment.

New bridge on I-405 open to traffic, bottleneck relief is next
Last week WSDOT unveiled a new southbound I-405 freeway bridge over I-90. Early
next year, they’ll open a new northbound I-405 lane and an improved on-ramp. Two
lanes of traffic have already shifted to the new 900-foot-long bridge.  The
carpool lane will remain on the existing southbound bridge.  Splitting the lanes
over the two bridges creates a work zone so crews can put the finishing touches
on the transitions between the bridge and the roadway. In a few months the
carpool lane will join the other lanes on the new bridge. Early next year,
they’ll open a new northbound lane on I-405 from 112th Ave SE to I-90 easing a
major chokepoint commuters have experienced for years as they travel north toward Bellevue.  Carpoolers
and bus riders will also benefit from improvements on the 112th Ave SE on-ramp
to northbound I-405. The new on-ramp features a ramp meter and carpool bypass
lane that will improve traffic flow on the freeway. For more information on this
project, please visit the project Web site at
http://www.wsdot.wa.gov/Projects/i405/112thAvetoSE8th/.

David J Edwards
REALTOR
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF
 
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

This past year has been unlike any other. The crisis in the financial markets
seems to be the top story on every news channel. But many of the reporters don’t
understand what really happened…and what may happen next. I’m pleased to share
with you a short video that was given to me by L’Tanya Terrell Jones. She is a
lender with Windermere Mortgage Services in Auburn and can be reached via
telephone at 206-686-5857 or via e-mail at ltjones@windermere.com. 

The video was created to put an end to the confusion once and for all! In the
video, Barry Habib, Founder of the Mortgage Market Guide and Chairman of the
Board for Mortgage Success Source, explains in layman’s terms exactly what
caused the current financial crisis - and what to be watching for in the near
future.

Please take a moment to view the video by clicking on the link below. It will
open your eyes to what very few “experts” truly understand.

http://www.mortgagesuccesssource.com/go/markmarket/
 
And as your trusted advisor, I’m committed to doing whatever I can to help you
understand what the current economic situation means for you going forward in
2009.

Please feel free to contact me if I can be of any assistance to you!

David J Edwards
REALTOR
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF
 
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.

KIRKLAND, Wash. (Dec. 4, 2008) – “Real estate microclimates can behave very differently,” according to one industry leader in commenting on the latest report from Northwest Multiple Listing Service. On first glimpse, the statistics for much of Western Washington indicate a market slowdown persists, but a closer look illustrates the “microclimate” theory:

• Inventory overall dropped slightly in November (down 1.8 percent) compared with a year ago, with 9 of the 19 counties in the NWMLS area reporting a smaller selection of listings.
• Pending sales of single family homes and condominiums declined in all but one county. Jefferson County bucked the trend with a 53 percent jump in the number of offers made and accepted but not yet closed. Within King County, where the multiple listing service tracks 29 map areas, four of those areas reported double-digit gains in pending sales of single family homes. (The “hot spots” were Jovita/West Hill/Auburn; Skyway; Central Seattle/Beacon Hill and Bellevue-West of I-405.)
• Prices overall for last month’s closed sales lagged figures from a year ago (down about 9.5 percent), but six counties reported gains. For the West region of the U.S., prices of single family homes plunged 26.7 percent and condo prices dropped 24.5 percent from a year ago, according to the National Association of REALTORS.®

Counties where prices rose from a year ago included Cowlitz, Island, Okanogan, Pacific, San Juan and Skagit; prices were unchanged from a year ago in Lewis County.

System-wide, the median price for last month’s closed sales of single family homes and condos was $285,000, down 9.5 percent from the year-ago figure of $315,000. In King County, prices fell about 5.4 percent, from $385,990 to $365,000.

Although not isolated in the NWMLS monthly reports, brokers say the rising number of foreclosures is having some impact on statistics.

“Until all the foreclosures and short sales are gobbled up, they represent a chunk of the inventory, and prices will fall,” said Dick Beeson, broker/owner of Windermere/Commencement Associates in Tacoma. Asked to comment on reports of recent auctions of unsold inventory, he said this approach has limited usefulness, usually under special circumstances. “They may work for some new housing tracts, but probably not for individual single detached homes,” he remarked.

The existence of real estate microclimates means consumers and agents alike should understand that expertise within a specific market segment is now more important than ever, says Pat Grimm, owner of Windermere Capitol Hill, Inc. “I remind our agents that regional trends don’t always speak for all product types, property locations or price points — the pressures on supply and demand are never evenly distributed.”

Grimm noted new construction activity tends to be understated in Northwest MLS reports, in part because of how pre-sales are handled. For example, he notes multiple high rise condominiums are in various stages of construction in downtown Seattle. Some builders-developers are pre-selling or only listing a sampling of their offerings with NWMLS brokers, he explained.

Grimm estimates around 500 additional sales around downtown Seattle are scheduled to close in the near future, but they are not listed in the MLS database. “When considering all this activity, the reality is actually better than the perception in this situation,” he remarked.

Looking at the “macro” market, condo inventory across the Northwest MLS service area is comparable to a year ago. At month end, there were 6,948 active listings of condos in the system, up slightly (1.4 percent) from the year-ago total of 6,855. Prices for condos that sold last month were down about 5.2 percent from condos that sold twelve months ago. In King County, which accounts for nearly two-thirds of all condo sales, prices fell 3.6 percent.

While condo inventory rose slightly, the choices for single family homes shrunk from a year ago. At the end of November, there were 36,636 active listings of single family homes, a drop of 908 listings (down 2.4 percent) from twelve months ago.

Echoing Grimm’s “reality versus perception” observation, J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, said that also comes into play for home loans in today’s market.

Recent actions by the Federal Reserve have resulted in mortgage rates dropping to their lowest levels since 2003, Scott stated, adding, “What consumers may not understand is that every half-point change in interest rates is equal to a 5 percent drop in the sales price of a home. That means the recent dramatic drop in interest rates is equal to at least a 10 percent reduction in home sales prices.”

Lower rates are providing opportunities for homeowners to significantly reduce their monthly payment by refinancing, Scott emphasized. Contrary to what prospective homeowners may have heard, perfect credit isn’t needed to qualify for a low interest loan, nor is a large down payment or a large amount of equity in an existing home. “Loans still exist for the majority of people looking to purchase or refinance.”

Windermere’s Beeson, a member of the Northwest MLS board of directors, reports “keen interest from sidelined buyers” because of dramatic dips in interest rates. “In fact,” he remarked, once unqualified buyers are now qualified because of the full 1 percent drop in rates – “and they’re buying.”

“If inventory continues to shrink, if lower interest rates are maintained, if homebuyers are stimulated through proposals like the $7500 tax credit plan the National Association of Realtors® proposes for every buyer (not just first time buyers), if GSEs (government sponsored enterprise) set their loan limits at the highest levels, and if the banks are required to work with existing troubled homeowners by reducing their payments or arranging repayments at lower interest rates (but not focusing on debt forgiveness), we could all breathe a bit easier for 2009,” Beeson suggests.

Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest. Its membership includes approximately 28,000 brokers and agents. The organization, based in Kirkland, currently serves 19 counties, mostly in western Washington, plus Grant, Kittitas and Okanogan counties in the central part of the state.

David J Edwards
REALTOR
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF

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.

Income tax, sales tax, estate tax, excise tax, alternative minimum tax…and just when you thought you’d paid them all…along comes your property tax bill as a homeowner. But did you know that the National Taxpayer’s Union estimates that as many as 60% of homes are assessed for too high of a value, resulting in an incorrectly larger property tax bill? Chances are good you might be in that group of people paying too much, so taking the time to review your property tax bill could save you a nice chunk of change.

First, contact me for a copy of your property card. Once you have that, be sure to review the card and confirm that the basic information about your property is correct. For example, is the square footage and number of rooms for your home accurate? If the number is incorrect, the county may change the assessment without a formal appeal. If everything on the property card is correct but the assessed value still seems too high, your next step is to gather the following documentation to support an appeal.

If you have a current appraisal that supports the value being lower using recent market-value information, King county will accept a copy of the appraisal with the appeal. If the appraisal is outdated, you can order a new one–just call me for a referral to a great appraiser.

I can give you current market information for your neighborhood, and help you see how your market value and assessed value stacks up against your neighbors’. You can also visit the local assessors website at http://your.kingcounty.gov/Assessor/ to look through the public records for other homes that have similar features to yours, but have lower assessments.

Submitting an appeal is generally a fairly simple process, but make sure to take the time to fill out all forms in advance and be prepared with your documentation if there is an in-person hearing that needs to take place.

More good news - according to the National Taxpayers Union, about 33% of property tax appeals succeed! Taking the time to review the accuracy of a tax bill could easily save you hundreds of dollars per year, adding up to thousands of dollars during the time you own your home. Please feel free to contact me for more information on this money-saving tip.

For more information visit http://your.kingcounty.gov/assessor/ValueDisputes.htm to find out when appeals are heard, and how the process for submitting a property tax appeal works.

David J Edwards
REALTOR
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF
 
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.

Bonds and home loan rates spent last week testing their previous best levels of 2008, and finally rallied on Friday to reach their best levels not just of 2008 but of the last five years. Stocks, meanwhile, were under pressure throughout the week waiting to see whether Congress would approve emergency loans for GM and Chrysler. While the House of Representatives approved the measure Wednesday evening, the Senate rejected the $14 billion bailout for the US automakers on Thursday evening, citing a lack of wage concessions by the United Auto Workers (UAW). Friday, the White House announced that the government may be willing to use Troubled Assets Relief Program (TARP) funds to prevent an immediate collapse of the auto industry. One thing we can be sure of in this matter is that the volatility for both Stocks and Bonds will continue while this issue remains unresolved.

There were other important happenings in Washington to note last week. Five members of the House Financial Services Committee are sponsoring a bill that would force the SEC to reinstate the uptick rule. The uptick rule is a former rule established by the SEC that requires every short sale transaction to be entered at a price that is higher than the price of the previous trade. So what would the reinstatement of the uptick rule mean for Bonds and home loan rates? The reinstatement of the uptick rule would do a lot to quiet the excessive volatility in both Stocks and Bonds.

In other important news to note last week, the Retail Sales report for November showed that retail sales fell for a fifth straight month. Meanwhile, Initial Jobless Claims reached their highest level in 26 years. Both of these reports are indicative of the current economic climate, and given the events of the week in Washington, they had minimal impact on Bonds and home loan rates.

As mentioned above, Bonds and home loan rates rallied Friday afternoon to reach their best levels of the year. As a result, they ended the week .25 percent better than where they began. There may be an opportunity for you to reduce your home loan payments, feel free to contact me so I can refer you to a qualified lender.

Tuesday will be a big day this week as more news from Washington may rock the markets. First, the Fed will be holding another regularly scheduled meeting of the Federal Open Market Committee (FOMC). Look for the Fed to cut the Fed Funds rate (the rate for overnight loans between banks) by a half point, to 0.50 percent. While a cut by the Fed often causes home loan rates to rise (because a Fed cut can lead to inflation, which is the arch enemy of Bonds and home loan rates), the deflationary environment we are currently in may prevent home loan rates from worsening.
 
Another event to note on Tuesday is the release of November’s Consumer Price Index (CPI) Report. This widely watched inflation indicator tells us how much more expensive goods and services are this month over last month, and with recent concerns on deflation - this will be an important report to watch.

Bonds and home loan rates ended the week at their best levels of this year and in over five years. Let me know if you want some more information about how you can take advantage of the current situation.

These numbers are based on a three month historical analysis that compares this week with 11/03/08.

MLS Area 500 (Newcastle, Bellevue South of I-90 & Issaquah South of I-90)
Single Family Homes
Average Days on Market: 110 Days (Up from 107 last period)
Inventory of Active Listings: 488 (Down from 499 last period)
Inventory of Sold & Pending Listings: 190 (Down from 196 last period)
63 listings are absorbed by demand each month on average. (Down from 65 last period)
13% of active listings are selling each month on average. (No change from 13% last period)
7.7 Months Worth of Supply (No change from 7.7 last period)
Average List Price: $935,614 (Up from $917,461 last period)
Average Sale Price: $660,740 (Up from $643,434 last period)
Median Sale Price: $568,750 (No change from $568,750 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 7.7 month supply of homes. This means that if no additional homes were listed, it would take 7.7 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 90 last period)
Inventory of Active Listings: 136 (Up from 133 Active Listings last period)
Inventory of Sold & Pending Listings: 53 (No change from 53 last period)
18 listings are absorbed by demand each month on average. (No change from 18 last period)
13% of active listings are selling each month on average. (No change from 13% last period)
7.5 Months Worth of Supply (Up from 7.4 last period)
Average List Price: $318,985 (Up from $317,171 last period)
Average Sale Price: $299,880 (Up from $285,725 last period)
Median Sale Price: $291,000 (Up from $259,325 last period) (1/2 sell for more & 1/2 sell for less)

Analysis of MLS Area 500 for Condominiums: This area favors buyers over sellers based on the fact that there is a 7.5 month supply of homes. This means that if no additional homes were listed, it would take 7.5 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-South_all.pdf

MLS Area 350 (Northeast Renton / Renton Highlands, East Highlands, Briarwood) 
Single Family Homes
Average Days on Market: 114 Days (Up from 111 last period)
Inventory of Active Listings: 385 (Up from 382 last period)
Inventory of Sold & Pending Listings: 183 (Up from 182 last period)
61 listings are absorbed by demand each month on average. (No change from 61 last period)
16% of active listings are selling each month on average. (No change from 16% last period)
6.3 Months Worth of Supply (Up from 6.2 months last period)
Average List Price: $530,289 (Up from $529,916 last period)
Average Sale Price: $437,348 (Up from $436,938 last period)
Median Sale Price: $410,000 (Up from $404,225 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 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. 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: 122 Days (Up from 115 last period)
Inventory of Active Listings: 66 Active Listings (Down from 71 last period)
Inventory of Sold & Pending Listings: 35 (Down from 37 last period)
12 listings are absorbed by demand each month on average. (No change from 12 last period)
18% of active listings are selling each month on average. (Up from 17% last period)
5.5 Months Worth of Supply  (Down from 5.9 months last period)
Average List Price: $247,374 (Up from $246,186 last period)
Average Sale Price: $220,646 (Down from $240,751 last period)
Median Sale Price: $214,950 (Down from $219,450 last period) (1/2 sell for more & 1/2 sell for less)

Analysis of MLS Area 350 for Condominiums: This area is balanced between buyers and sellers based on the fact that there is a 5.5 month supply of homes. This means that if no additional homes were listed, it would take 5.5 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/350-Renton%20Highlands.pdf

MLS Area 340 (Southeast Renton / Cascade, Tiffany Park, Talbot Hill, Benson Hill, Fairwood)
Single Family Homes
Average Days on Market: 123 Days (Up from 120 last period)
Inventory of Active Listings: 336 (Down from 343 last period)
Inventory of Sold & Pending Listings: 158 (Down from 161 last period)
53 listings are absorbed by demand each month on average. (Down from 54 last period)
16% of active listings are selling each month on average. (No change from 16% last period)
6.3 Months Worth of Supply (No change from 6.3 months worth of supply last period)
Average List Price: $415,579 (Down from $420,879 last period)
Average Sale Price: $351,449 (Down from $360,031 last period)
Median Sale Price: $331,500 (Down from $335,000 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 6.3 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. 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: 96 Days (Up from 95 last period)
Inventory of Active Listings: 103 (Down from 106 active listings last period)
Inventory of Sold & Pending Listings: 51 (Down from 52 last period)
17 listings are absorbed by demand each month on average. (Down from 19 last period)
17% of active listings are selling each month on average. (Down from 18% last period)
6.0 Months Worth of Supply (Up from 5.5 last period)
Average List Price: $215,095 (Down from $218,092 last period)
Average Sale Price: $213,890 (Up from $212,151 last period)
Median Sale Price: $205,000 (Up from $204,000 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 6.0 month supply of condos. This means that if no additional condos were listed, it would take 6.0 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.

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: 107 Days (No change from 107 last period)
Inventory of Active Listings: 499 (Down from 542 last period)
Inventory of Sold & Pending Listings: 196 (Down from 207 last period)
65 listings are absorbed by demand each month on average. (Down from 69 last period)
13% of active listings are selling each month on average. (No change from 13% last period)
7.7 Months Worth of Supply (Down from 7.9 last period)
Average List Price: $917,461 (Up from $913,062 last period)
Average Sale Price: $643,434 (Up from $640,976 last period)
Median Sale Price: $568,750 (Down from $570,000 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 7.7 month supply of homes. This means that if no additional homes were listed, it would take 7.7 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: 90 Days (No change from 90 last period)
Inventory of Active Listings: 133 (Down from 138 Active Listings last period)
Inventory of Sold & Pending Listings: 53 (Down from 55 last period)
18 listings are absorbed by demand each month on average. (No change from 18 last period)
13% of active listings are selling each month on average. (No change from 13% last period)
7.4 Months Worth of Supply (Down from 7.6 last period)
Average List Price: $317,171 (Down from $319,464 last period)
Average Sale Price: $285,725 (Up from $282,986 last period)
Median Sale Price: $259,325 (Up from $257,750 last period) (1/2 sell for more & 1/2 sell for less)

Analysis of MLS Area 500 for Condominiums: This area favors buyers over sellers based on the fact that there is a 7.4 month supply of homes. This means that if no additional homes were listed, it would take 7.4 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.

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: 111 Days (Up from 109 last period)
Inventory of Active Listings: 382 (Down from 405 last period)
Inventory of Sold & Pending Listings: 182 (Down from 189 last period)
61 listings are absorbed by demand each month on average. (Down from 63 last period)
16% of active listings are selling each month on average. (No change from 16% last period)
6.2 Months Worth of Supply (Down from 6.4 months last period)
Average List Price: $529,916 (Up from $528,836 last period)
Average Sale Price: $436,938 (Up from $430,091 last period)
Median Sale Price: $404,225 (Up from $395,000 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 6.2 month supply of homes. This means that if no additional homes were listed, it would take 6.2 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: 115 Days (Up from 108 last period)
Inventory of Active Listings: 71 Active Listings (Down from 77 last period)
Inventory of Sold & Pending Listings: 37 (Down from 40 last period)
12 listings are absorbed by demand each month on average. (Down from 13 last period)
17% of active listings are selling each month on average. (No change from 17% last period)
5.9 Months Worth of Supply  (No change from 5.9 months last period)
Average List Price: $246,186 (Down from $246,302 last period)
Average Sale Price: $240,751 (Up from $238,743 last period)
Median Sale Price: $220,000 (Up from $219,450 last period) (1/2 sell for more & 1/2 sell for less)

Analysis of MLS Area 350 for Condominiums: 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.

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: 120 Days (Up from 119 last period)
Inventory of Active Listings: 343 (Down from 355 last period)
Inventory of Sold & Pending Listings: 161 (Down from 168 last period)
54 listings are absorbed by demand each month on average. (Up from 53 last period)
16% of active listings are selling each month on average. (No change from 16% last period)
6.3 Months Worth of Supply (No change from 6.3 months worth of supply last period)
Average List Price: $420,879 (Down from $421,138 last period)
Average Sale Price: $360,031 (Down from $362,754 last period)
Median Sale Price: $335,000 (Up from $331,500 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 6.3 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. 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: 95 Days (No change from 95 last period)
Inventory of Active Listings: 106 (Up from 105 active listings last period)
Inventory of Sold & Pending Listings: 52 (Down from 57 last period)
19 listings are absorbed by demand each month on average. (No change from 19 last period)
18% of active listings are selling each month on average. (No change from 18% last period)
5.5 Months Worth of Supply (No change from 5.5 last period)
Average List Price: $218,092 (Down from $218,356 last period)
Average Sale Price: $212,151 (Down from $214,779 last period)
Median Sale Price: $204,000 (DOwn from $213,450 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 5.5 month supply of condos. This means that if no additional condos were listed, it would take 5.5 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.

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: 107 Days (Up from 105 last period)
Inventory of Active Listings: 542 (Up from 541 last period)
Inventory of Sold & Pending Listings: 207 (Down from 211 last period)
69 listings are absorbed by demand each month on average. (Down from 70 last period)
13% of active listings are selling each month on average. (No change from 13% last period)
7.9 Months Worth of Supply (Up from 7.7 last period)
Average List Price: $913,062 (Up from $905,942 last period)
Average Sale Price: $640,976 (Down from $642,184 last period)
Median Sale Price: $570,000 (No change from $570,000 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 7.9 month supply of homes. This means that if no additional homes were listed, it would take 7.9 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: 90 Days (Up from 88 last period)
Inventory of Active Listings: 138 (Down from 141 Active Listings last period)
Inventory of Sold & Pending Listings: 55 (Down from 58 last period)
18 listings are absorbed by demand each month on average. (Down from 19 last period)
13% of active listings are selling each month on average. (No change from 13% last period)
7.6 Months Worth of Supply (Up from 7.4 last period)
Average List Price: $319,464 (Up from $319,136 last period)
Average Sale Price: $282,986 (Up from $280,187 last period)
Median Sale Price: $257,750 (Up from $256,500 last period) (1/2 sell for more & 1/2 sell for less)

Analysis of MLS Area 500 for Condominiums: This area favors buyers over sellers based on the fact that there is a 7.6 month supply of homes. This means that if no additional homes were listed, it would take 7.6 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: 109 Days (No change from 109 last period)
Inventory of Active Listings: 405 (Down from 409 last period)
Inventory of Sold & Pending Listings: 189 (Down from 199 last period)
63 listings are absorbed by demand each month on average. (Down from 66 last period)
16% of active listings are selling each month on average. (No change from 16% last period)
6.4 Months Worth of Supply (Up from 6.2 months last period)
Average List Price: $528,836 (Up from $528,465 last period)
Average Sale Price: $430,091 (Down from $432,381 last period)
Median Sale Price: $395,000 (Down from $396,725 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 6.4 month supply of homes. This means that if no additional homes were listed, it would take 6.4 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: 108 Days (Up from 105 last period)
Inventory of Active Listings: 77 Active Listings (Down from 80 last period)
Inventory of Sold & Pending Listings: 40 (Down from 41 last period)
13 listings are absorbed by demand each month on average. (Down from 14 last period)
17% of active listings are selling each month on average. (Down from 18% last period)
5.9 Months Worth of Supply  (Up from 5.7 months last period)
Average List Price: $246,302 (Up from $245,931 last period)
Average Sale Price: $238,743 (Down from $242,814 last period)
Median Sale Price: $219,450 (Down from $222,750 last period) (1/2 sell for more & 1/2 sell for less)

Analysis of MLS Area 350 for Condominiums: 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.

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: 119 Days (Up from 116 last period)
Inventory of Active Listings: 355 (Down from 357 last period)
Inventory of Sold & Pending Listings: 168 (Down from 178 last period)
56 listings are absorbed by demand each month on average. (Down from 59 last period)
16% of active listings are selling each month on average. (Down from 17% last period)
6.3 Months Worth of Supply (Up from 6.0 months worth of supply last period)
Average List Price: $421,138 (Up from $420,630 last period)
Average Sale Price: $362,754 (Up from $361,447 last period)
Median Sale Price: $331,500 (Down from $342,000 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: 95 Days (Up from 94 last period)
Inventory of Active Listings: 105 (Up from 104 active listings last period)
Inventory of Sold & Pending Listings: 57 (Down from 59 last period)
19 listings are absorbed by demand each month on average. (Down from 20 last period)
18% of active listings are selling each month on average. (Down from 19% last period)
5.5 Months Worth of Supply (Up from 5.4 last period)
Average List Price: $218,356 (Down from $220,293 last period)
Average Sale Price: $214,779 (Down from $215,117 last period)
Median Sale Price: $213,450 (Up from $208,000 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 5.2 month supply of condos. This means that if no additional condos were listed, it would take 5.2 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.

I found some interesting trends in the numbers I track this morning.  

These numbers are based on a three month historical analysis. I ran the numbers just now and I have compared them with the same report that I ran three weeks ago.

It’s fascinating to see that the inventory of active listings has dropped in all three MLS areas that I track. This was true for single family homes as well as condominiums.  The inventory of sold and pending properties was either flat or down as well. This means that the reduction in listings was not absorbed by buyers. Rather, they likely expired or were cancelled. 

I believe many sellers have finally come to the conclusion that real estate prices can go down. A fact many sellers refused to accept over the course of the last 14 months.  Buyer activity has remained steady but the market has improved due to the drop in inventory.

The percent of listings selling each month on average is up or unchanged in every category. This is simply because of lower inventory.   

MLS Area 500 (Newcastle, Bellevue South of I-90 & Issaquah South of I-90)

Single Family HomesAverage Days on Market: 105 Days (Up from 103 last period) I

nventory of Active Listings: 541 (Down from 576 last period)

Inventory of Sold & Pending Listings: 211 (Down from 219 last period)

70 listings are absorbed by demand each month on average. (Down from 73 last period)

13% of active listings are selling each month on average. (Up from 12% last period)

7.7 Months Worth of Supply (Down from 7.9 last period)

Average List Price: $905,942 (Up from $896,502 last period)

Average Sale Price: $642,184 (Down from $644,644 last period)

Median Sale Price: $570,000 (No change from $570,000 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 7.7 month supply of homes. This means that if no additional homes were listed, it would take 7.7 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: 88 Days (Down from 90 last period)

Inventory of Active Listings: 141 (Down from 160 Active Listings last period)

Inventory of Sold & Pending Listings: 58 (Up from 55 last period)

19 listings are absorbed by demand each month on average. (Up from 18 last period)

13% of active listings are selling each month on average. (Up from 11% last period)

7.4 Months Worth of Supply (Down from 8.8 last period)

Average List Price: $319,136 (Down from $329,526 last period)

Average Sale Price: $280,187 (Down from $293,035 last period)

Median Sale Price: $256,500 (Down from $263,500 last period) (1/2 sell for more & 1/2 sell for less) 

Analysis of MLS Area 500 for Condominiums: This area favors buyers over sellers based on the fact that there is a 7.4 month supply of homes. This means that if no additional homes were listed, it would take 7.4 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.  

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: 109 Days (Up from 108 last period)

Inventory of Active Listings: 409 (Down from 441 last period)

Inventory of Sold & Pending Listings: 199 (Down from 209 last period)

66 listings are absorbed by demand each month on average. (Down from 70 last period)

16% of active listings are selling each month on average. (Up from 15% last period)

6.2 Months Worth of Supply (Down from 6.3 months last period)

Average List Price: $528,465 (Down from $536,379 last period)

Average Sale Price: $432,381 (Up from $431,642 last period)

Median Sale Price: $396,725 (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 6.2 month supply of homes. This means that if no additional homes were listed, it would take 6.2 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: 105 Days (Up from 97 last period)

Inventory of Active Listings: 80 Active Listings (Down from 85 last period)

Inventory of Sold & Pending Listings: 41 (Up from 40 last period)

14 listings are absorbed by demand each month on average. (Up from 13 last period)

18% of active listings are selling each month on average. (Up from 16% last period)

5.7 Months Worth of Supply  (Down from 6.5 months last period)

Average List Price: $245,931 (Down from $246,638 last period)

Average Sale Price: $242,814 (Up from $235,835 last period)

Median Sale Price: $222,750 (Down from $225,650 last period) (1/2 sell for more & 1/2 sell for less) 

Analysis of MLS Area 350 for Condominiums: This area is balanced between buyers and sellers based on the fact that there is a 5.7 month supply of homes. This means that if no additional homes were listed, it would take 5.7 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: 116 Days (Up from 110 last period)

Inventory of Active Listings: 357 (Down from 388 last period)

Inventory of Sold & Pending Listings: 178 (Down from 185 last period)

59 listings are absorbed by demand each month on average. (Down from 62 last period)

17% of active listings are selling each month on average. (Up from 16% last period)

6.0 Months Worth of Supply (Down from 6.0 months worth of supply last period)

Average List Price: $420,630 (Down from $426,631 last period)

Average Sale Price: $361,447 (Down from $378,189 last period)

Median Sale Price: $342,000 (Down from $356,000 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: 94 Days (Up from 92 last period)

Inventory of Active Listings: 104 (Down from 105 active listings last period)

Inventory of Sold & Pending Listings: 59 (Down from 60 last period)

20 listings are absorbed by demand each month on average. (No change from 20 last period)

19% of active listings are selling each month on average. (No change from 19% last period)

5.2 Months Worth of Supply (Down from 5.3 last period)

Average List Price: $220,293 (Down from $224,279 last period)

Average Sale Price: $215,117 (Up from $214,888 last period)

Median Sale Price: $208,000 (Down from $211,000 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 5.2 month supply of condos. This means that if no additional condos were listed, it would take 5.2 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.