Updated Renton Real Estate, Newcastle Real Estate & South Bellevue Real Estate Market Statistics (As of November 2nd, 2008)

Posted by David Edwards under For Buyers, For Sellers, For Realty Professionals, Regional - West, Statistics, Marketing Reports, Renton, Market

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.