Monday’s Market Update – Eastside Residential

Eastside & Seattle Market Absorption Rates
By: Tony Meier
Eastside & Seattle Realtor

This week we will be looking at the Residential market absorption rates for the Eastside over the last 7 weeks. When looking at these numbers, keep in this in mind:

1.       These are an average of the all price ranges in the area. Some price ranges are definitely moving faster than others! If you would like to know how things break down in a specific price range for an area, send me an email at tony@eastsidehomes.com

2.       These numbers are a result of the sales activity over the last 7 weeks when comparing the number of active listing vs. the number of pending sales to determine what the market absorption rate is for a particular area.

3.       When measuring the heat of the market, the following rules apply:

a.       12 weeks or less = Seller’s Market

b.      12-24 weeks = Balanced Market

c.       24 or more weeks = Buyer’s Market

Four weeks ago all areas except 600 showed improvement. Now we have all areas remaining the same or showing decline except for Mercer Island which showed some modest improvement.

Residential Only, NWMLS Area 500 (Bellevue, South of I-90) = 43.2 weeks of inventory (was 32.1 four weeks ago)

Residential Only, NWMLS Area 510 (Mercer Island) = 26.8 weeks of inventory (was 37.2 four weeks ago)

Residential Only, NWMLS Area 520 (Bellevue, West of 405) = 79.4 weeks of inventory (was 58.3 four weeks ago)

Residential Only, NWMLS Area 530 (Bellevue, East of 405) = 23.4 weeks of inventory (was 23.7 four weeks ago)

Residential Only, NWMLS Area 540 (East of Lake Sammamish) = 30.9 weeks of inventory (was 29.4 four weeks ago)

Residential Only, NWMLS Area 550 (Redmond/Carnation) = 32 weeks of inventory (was 26.1 four weeks ago)

Residential Only, NWMLS Area 560 (Kirkland/Bridle Trails) = 51 weeks of inventory (was 36.2 four weeks ago)

Residential Only, NWMLS Area 600 (Juanita/Woodinville) = 35.9 weeks of inventory (was 36.1 four weeks ago)

The bright spot on the Eastside is area 530 – East Bellevue, which shows to be a sellers market under 500k. However according to my friends analysis of Area 530 sales under 500k these sellers are not fetching any more for their homes then they were a year ago as the average size of homes in this price range is up, meaning price per square foot is down by $39 per square foot. If the seller favored conditions persist, this will likely change though.

If you have any questions on this information, I welcome you to email me at tony@eastsidehomes.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle’s Eastside Real Estate Resource
tony@eastsidehomes.com