Renton Market Update Feb 2009 -- Sign Up for Live Market Snapshot

The Renton housing market is defined by the NWMLS in 3 areas, naturally split geographically. 340 area is Downtown Renton, Fairwood, Cascade and Talbot Hill. 350 area is Renton Highlands, Kennydale and east to Issaquah. 360 Area is Skyway, Lakeridge and Bryn Mawr.

Inventory is declining in our market which will help stabilize our prices. Less new construction homes are being permitted and built. Some owners are taking homes off the market rather than sell as evidenced by the fact that last summer in one area there were 61 townhomes for sale and today in the same area there is 34 townhomes for sale.

Buyer activity is increasing slightly due to the great interest rates and availability of homes. Purchases are often first time home buyers or investors. Prices are often set by the preforeclosure or bank owned (REO) properties that are for sale in a neighborhood.

Stats -
340 NWMLS Area -- Downtown Renton, Fairwood, Talbot Hill
350 NWMLS Area -- Renton Highlands
360 NWMLS Area -- Skyway

Active Listings -- currently on the market (1005 Total)

• 340 - 383
• 350 - 457
• 360 - 160

Pending Listings - currently subject to inspection or pending closing (298 Total)

• 340 - 75
• 350 - 98
• 360 - 38

Expired or Cancelled Listings ( past 6 months) - did not sell, may have been relisted, most commonly at a lower price or owner decided not to sell (589 Total)

• 340 - 223
• 350 - 225
• 360 - 111

Sold Listings --- Past 6 months --

• 340 - 242
• 350 - 246
• 360 - 85

Interestingly enough, the highest priced and lowest priced homes are both in Skyway. Highest priced listing is in Skyway on Lake Washington just north of the Renton Airport, a large compound with 3 homes, waterfront and huge boat launch priced at $2,700,000.

Lowest priced listing is also in Skyway in Skyway Park. 790 square foot, 2 bedroom one bath, bank owned property priced at $129,000.

For a closer look at your neighborhood you can sign up for our Market Snapshot which connects directly to the MLS on a live basis. It will send you reports on homes for sale, sold properties, you can see price trends, days on market, plus it has a schools and community information section. Free and current in the MLS from the Gary McNinch Team Renton Real Estate.