MLS Area 500 (Newcastle, Bellevue South of I-90 & Issaquah South of I-90)
Single Family Homes
Average Days on Market: 100 Days (Up from 99 Last Week)
Inventory of Active Listings: 423 (Down from 435 Last Week)
Inventory of Sold Listings: 322 (Down from 328 Last Week)
54 listings are absorbed by demand each month on average. (No change from Last Week)
7.83 Months Worth of Supply (Down from 8.05 as of Last Week)
Average List Price: $886,871 (Down from $896,229 Last Week)
Average Sale Price: $744,175 (Down from $748,012 Last Week)

Analysis of MLS Area 500 for Single Family Homes: A balanced market is a supply of listings not exceeding 6 months. This area currently favors buyers over sellers but the absorbtion rate (the amount of time it would take to sell all the current listings if no other listings were added) has come down indicating that the market is moving towards a balanced market. The gap between list price and sales price has been closing for the last six months which is also indicating that we are headed towards a balanced market between buyers and sellers.

Condominiums
Average Days on Market: 60 Days (No change from Last Week)
Inventory of Active Listings: 113 Active Listings (Down from 119 from Last Week)
Inventory of Sold Listings: 184 (Up from 183 Last Week)
31 listings are absorbed by demand each month on average. (Down from 32 Last Week)
3.65 Months Worth of Supply (Down from 3.9 Last Week)
Average List Price: $330,657 (Down from $332,714 Last Week)
Average Sale Price: $306,221 (DOwn from $307,824 Last Week)

Analysis of MLS Area 500 for condos: The average list price and the average sale price have come down two weeks in a row. Accurately priced condos are selling quickly as a result of their affordability in contrast to single family homes in the same area. The average days on market have remained at 60 for three weeks in a row. The absorbtion rate has gone down indicating a market that favors sellers over buyers.

MLS Area 350 (Northeast Renton / Renton Highlands, Briarwood)
Single Family Homes
Average Days on Market: 95 Days (No change from Last Week)
Inventory of Active Listings: 437 Active Listings (Up from 434 Last Week)
Inventory of Sold Listings: 332 (No change from Last Week)
55 listings are absorbed by demand each month on average. (No change from Last Week)
7.95 Months Worth of Supply (Up from 7.89 Last Week)
Average List Price: $554,497 (Down from $555,247 Last Week)
Average Sale Price: $459,181 (Up from $457,318 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 but they held steady last week indicating a possible shift in this trend. List prices have remained consistently higher than average sale prices but average sales prices have not seen significant declines. In fact, the average list price is going down while the average sale price is going up indicating a possible return to balance. 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 (No change from Last Week)
Inventory of Active Listings: 71 Active Listings (Up from 66 last week)
Inventory of Sold Listings: 65 (Up from 63 Last Week)
11 listings are absorbed by demand each month on average. (Down from 10 from Last Week)
6.45 Months Worth of Supply (Up from 6.28 Last Week)
Average List Price: $258,037 (Down from $258,567 Last Week)
Average Sale Price: $228,898 (Down from $229,291 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 been down for two weeks in a row but have not dipped significantly. This market is balanced between buyers and sellers.

MLS Area 340 (Southeast Renton / Benson Hill, Fairwood)
Single Family Homes
Average Days on Market: 84 Days (Down from 86 Last Week)
Inventory of Active Listings: 345 Active Listings (Up from 348 Last Week)
Inventory of Sold Listings: 292 (Down from 294 Last Week)
49 listings are absorbed by demand each month on average. (No change from Last Week)
7.04 Months Worth of Supply (Up from 6.89 Last Week)
Average List Price: $435,321 (Down from $435,999 Last Week)
Average Sale Price: $383,128 (Up from $384,371 Last Week)

Analysis of MLS Area 340 for Single Family Homes: This market was trailing MLS Areas 500 and 350 six months ago in terms of days on market and appreciation for single family homes but has remained steady in recent months as the other areas have struggled to gain footing since the mortgage crises in August of 2007. Days on market have actually come down slightly and average sales prices have actually come up slightly. MLS Area 340 slightly favors buyers.

Condominiums
Average Days on Market: 70 Days (No change from Last Week)
Inventory of Active Listings: 87 Active Listings (Down from 94 Last Week)
Inventory of Sold Listings: 86 (Down from 87 Last Week)
14 listings are absorbed by demand each month on average. (No change from Last Week)
6.21 Months Worth of Supply (Down from 6.48 Last Week)
Average List Price: $243,665 (Down from $243,903 Last Week)
Average Sale Price: $234,862 (Down from $235,109 Last Week)

Analysis of MLS Area 340 for Condos: Just like single family homes in this area, condos are holding steady in terms of days on market which has had no change since last week. At 6.21 months of supply, this market is balanced between buyers and sellers but the average list price and sale price have been down slightly for two weeks in a row.

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.