Greater Seattle Area Real Estate Market Commentary

By
Real Estate Agent with Better Properties Kent

If you saw yesterday's blog post which included the latest local real estate market statistics for our area0, you already know that the booming residential real estate market in Renton, Newcastle and South Bellevue has slowed to what is now a balanced market.

This is not a bad thing but it requires sellers and their real estate agents to pay greater attention to the factors affecting a home's marketability.

The market's adjustment from seller's market to balanced market is not due to the rising mortgage rates (which are actually staying very low and forecasted to remain that way) but a tightening of the mortgage lending standards that are reducing the affordability of homes for first time home buyers and home buyers with less than perfect credit (which these days is pretty much anything under a 680 FICO Score).

When purchasing a home becomes more difficult, it can lead to a reduction in buyers and an increase in the number of homes for sale. Homes that are priced right will still sell within a reasonable amount of time.

The good news for buyers is that interest rates are still close to historic lows and buyers finally have a little room to negotiate because of the increased supply.

Best Regards

 

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.

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Rainer
33,629
Melissa Olson
HOPE Lending LLC - Bellevue, WA
HOPE Lending LLC
David - what is the average home price in your area?
Jun 27, 2007 01:57 PM #1
Rainmaker
220,199
David Edwards
Better Properties Kent - Newcastle, WA

 

These are the averages as of Monday. 

Area 350 (Renton Highlands)

Single Family Homes

Average Days on Market: 80 Days

Inventory: 380 Active Listings

Average List Price: $500,315

Average Sale Price: $473,783

 

Condominiums

Average Days on Market: 34 Days

Inventory: 41 Active Listings

Average List Price: $245,216

Average Sale Price: $235,363

 

 

Area 500 (Newcastle & South Bellevue)

  

Single Family Homes

Average Days on Market: 76 Days

Inventory: 436 Active Listings

Average List Price: $929,535

Average Sale Price: $774,203

 

Condominiums

Average Days on Market: 44 Days

Inventory: 87 Active Listings

Average List Price: $357,625

Average Sale Price: $333,876

Jun 27, 2007 02:04 PM #2
Rainer
33,629
Melissa Olson
HOPE Lending LLC - Bellevue, WA
HOPE Lending LLC
Thank you David.  :)
Jun 27, 2007 02:23 PM #3
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David Edwards

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