Renton, Newcastle & Bellevue Area Real Estate Expert

Buyers

Search for Renton real estate, Newcastle real estate, South Bellevue real estate as well as property listings in any other city the Pacific Northwest has to offer. Whether you're looking for your first home, your dream home or an investment property, I'm committed to providing you with the highest quality buyer service. Be sure to check out my neighborhood events calendar for the latest things to do in and around Renton, Newcastle and South Bellevue. My community info page will give you detailed neighborhood reports and be sure you don't forget to visit my Renton Info Blog if you are looking for a regularly updated source of local real estate news. Read more.

Sellers

The decision to sell a home is often dependent on many factors. If you are looking for market statistics, selling tips or home values, you have come to the right place. Whatever your reasons are for selling, my real estate marketing strategies will ensure that you get the highest possible price for your home. I will provide you with professional, ethical and confidential service and keep you fully informed every step of the way. Read more.

News! 09/04/08

Newcastle Days - September 6th & 7th!
A resident and business favorite, Newcastle Days is a celebration of the culture and spirit of our community. Entering its 14th year, the festival continues to grow into a showcase of art, service, community and business. Newcastle Days is a living experience of the treasures to be found right under your nose. Admission is FREE! Sponsorship opportunites are still available! Contact Jules Maas at julesm@ci.newcastle.wa.us, or visit the City's Website at http://www.ci.newcastle.wa.us/ch_cds_pw_petr_se_newcastledays.asp for more information.

News! 09/02/08

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

Note: NWMLS implemented some Area Designation and Boundary changes in the Newcastle/Renton area to more accurately reflect the true market areas in this section of Bellevue/Renton. The boundary changes took effect on June 24th, 2008. To view a map that shows the old and new boundaries, click here: http://www.nwmls.com/discover/library/monday_update/MonUpdates/MU2008/Jun08/KC_SW_350_500.pdf.

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: 102 Days (Up from 101 last period)
Inventory of Active Listings: 567 (Down from 572 last period)
Inventory of Sold & Pending Listings: 230 (Down from 250 last period)
77 listings are absorbed by demand each month on average. (Down From 83 Last Period)
7.4 Months Worth of Supply (Up from 6.9 last period)
Average List Price: $893,297 (Up from $889,834 last period)
Average Sale Price: $684,711 (Down from $701,754 last period)
Median Sale Price: $615,000 (Down from $630,000 last period) (1/2 sell for more & 1/2 sell for less)

Analysis of MLS Area 500 for Single Family Homes: This area favors sellers over buyers 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.

Condominiums
Average Days on Market: 83 Days (Up from 81 last period)
Inventory of Active Listings: 151 (Down from 158 Active Listings last period)
Inventory of Sold & Pending Listings: 79 (Down from 84 last period)
26 listings are absorbed by demand each month on average. (Down from 28 last period)
5.8 Months Worth of Supply (Up from 5.6 last period)
Average List Price: $328,608 (Down from $330,100 last period)
Average Sale Price: $304,554 (Down from $314,965 last period)
Median Sale Price: $297,995 (Down from $306,746 last period) (1/2 sell for more & 1/2 sell for less)

Analysis of MLS Area 500 for condos: This area is balanced between buyers and sellers based on the fact that there is a 5.8 month supply of homes. This means that if no additional homes were listed, it would take 5.8 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 107 last period)
Inventory of Active Listings: 440 (Down from 453 last period)
Inventory of Sold & Pending Listings: 227 (Down from 243 last period)
76 listings are absorbed by demand each month on average. (Down from 81 last period)
5.8 Months Worth of Supply (Up from 5.6 months last period)
Average List Price: $631,786 (Up from $549,968 last period)
Average Sale Price: $444,595 (Down from $457,615 last period)
Median Sale Price: $398,450 (Down from $420,000 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 5.8 month supply of homes. This means that if no additional homes were listed, it would take 5.8 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: 89 Days (Down from 92 last period)
Inventory of Active Listings: 88 Active Listings (Up from 81 last period)
Inventory of Sold & Pending Listings: 44 (Up from 41 last period)
15 listings are absorbed by demand each month on average. (Up from 14 last period)
5.9 Months Worth of Supply (Up from 5.8 months last period)
Average List Price: $253,166 (Up from $247,714 last period)
Average Sale Price: $243,482 (Up from $236,052 last period)
Median Sale Price: $225,500 (Up from $213,725 last period) (1/2 sell for more & 1/2 sell for less)

Analysis of MLS Area 350 for condos: 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: 105 Days (Up from 104 last period)
Inventory of Active Listings: 385 (Down from 400 last period)
Inventory of Sold & Pending Listings: 178 (Down From 193 last period)
59 listings are absorbed by demand each month on average. (Down from 64 last period)
6.5 Months Worth of Supply (Up from 6.2 months worth of supply last period)
Average List Price: $427,749 (Up from $426,997 last period)
Average Sale Price: $378,682 (Up from $363,982 last period)
Median Sale Price: $359,950 (Up from $355,000 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 6.5 month supply of homes. This means that if no additional homes were listed, it would take 6.5 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.

Condominiums
Average Days on Market: 88 Days (Up from 87 last period)
Inventory of Active Listings: 112 (Down from 126 active listings last period)
Inventory of Sold & Pending Listings: 56 (Up from 52 last period)
17 listings are absorbed by demand each month on average. (Down from 19 last period)
6.6 Months Worth of Supply (Down from 7.4 last period)
Average List Price: $225,471 (Down from $226,719 last period)
Average Sale Price: $213,445 (Up from $211,421 last period)
Median Sale Price: $210,000 (Down from $212,500 last period) (1/2 sell for more & 1/2 sell for less)

Analysis of MLS Area 340 for Condos: This area is balanced between buyers and sellers based on the fact that there is a 6.6 month supply of condos. This means that if no additional condos were listed, it would take 6.6 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.

News! 08/28/08

Mortgage Market Update

So what happened? Bonds and home loan rates began the week facing a tough inflation hurdle, when the Producer Price Index (PPI) came in at the biggest year-over-year increase in 27 years. The Core PPI, which excludes volatile food and energy prices, also came in at the biggest year-over-year increase since 1991. However, the recent drop in oil prices kept the topic of inflation from being too high a hurdle for Bonds and home loan rates, and they managed to leap above the 50-Day Moving Average to some of their best levels in weeks on Wednesday.

However, the quick rise in Bond prices pushed them into "overbought" territory, which pulled the reins back on their momentum. Combining this with Friday's news that the Korea Development Bank may be interested in acquiring Lehman Brothers - which added confidence to the financial sector, causing traders to move money from Bonds into Stocks - caused Bonds and home loan rates to stumble and end the week only slightly improved than where they began.

Today, the Gross Domestic Product (GDP) Report will be released and on Friday we will get the details on the Fed's favorite gauge of inflation, the Core PCE (Personal Consumption Expenditure) data, from the Personal Income report. If either of these reports show inflation as a big barrier looming ahead, Bonds and home loan rates may not be able to regain any headway before the markets close early on Friday at 2:00 pm in advance of the Labor Day holiday weekend.

Remember when Bond prices move higher, home loan rates move lower...and vice versa. Bonds and home loan rates managed to stay above the 50-Day Moving Average line despite the losses they incurred. I will be watching to see if Bonds and home loan rates can surpass additional hurdles and regain some ground this week.