Bellevue WA Home Prices, Values, Market Data October 2009

Bellevue WA Home Prices, Values, Market Data: The market data is telling us that the continued trend in Bellevue WA is a strong downward trend in median list price, price per square feet. The housing market continues to show Average days on market increase, however the market action index is up again this week.

Supply & Demand: Home sales have been exceeding new inventory for several weeks. However because of excess inventory, prices have not yet stopped falling. Should the sales trend continue, expect prices to level off soon and potentially to resume their climb from there. Watch prices as the market transitions from a Buyer's market to a Seller's market.

PRICE:Again this week in this zip code we see a downward notch for prices. Pricing has been weak in recent weeks and versus their absolute-high level. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator for a trough in prices.

MARKET ACTION INDEX: The Market Action Index answers the question "How's the Market?" By measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer.

In conclusion, the Bellevue WA home market is indeed effected by the tax credit race. The true test will be to see if the Market Action Index continues it's up trend over the next few months. You can sign uptoday to receive custom reports on your neighborhood.

Please see my previous Blog Posts:

• Best Opportunity to buy?
• Sammamish Home Prices