Redmond Real Estate Housing Statistics - 5/9/2007
By: Tony Meier - Redmond Realtor
"How's the market..." a question frequently asked by my clients. My answer is always... "That depends". It matters not only what area you are in but also what price range. I pay close attention to the market statistics each week so I can better advise my clients before they make a decision to buy or sell.
In every market... there are price ranges that move faster then others. Who controls the market (either Buyer or Seller) is largely governed by the laws of supply and demand. The chart I follow shows the pace of the market and relates this information in the number of weeks of inventory per price range.
When looking at the spreadsheet keep this in mind...
The following is generally accepted as to the state of the market -
1. Less than 18 weeks of inventory = Seller's Market
2. About 18 to 22 weeks of inventory = Balanced Market
3. More than 22 weeks of inventory = Buyer's Market
So if you study the table below... You will see price ranges that have sellers in firm control and others that have the buyer in control. This information puts my clients in the drivers seat when it comes to correctly pricing their home sell or knowing what to offer for the dream home!
Below is a the statistics for last 7 weeks ending on 5/9/2007...
| Residential Only, NWMLS Area 550 (Redmond/Carnation) as of 5/9/2007 | ||||
| Price Range | Active Avg | Pending Avg | Weeks Avg | |
| $0 | $299,999 | 2.7 | 0.4 | 6.8 |
| $300,000 | $399,999 | 11.3 | 1.0 | 11.3 |
| $400,000 | $499,999 | 21.0 | 2.3 | 9.1 |
| $500,000 | $599,999 | 22.9 | 2.3 | 10.0 |
| $600,000 | $699,999 | 19.3 | 1.4 | 13.8 |
| $700,000 | $799,999 | 22.9 | 2.9 | 7.9 |
| $800,000 | $899,999 | 21.1 | 1.6 | 13.2 |
| $900,000 | $999,999 | 22.7 | 1.0 | 22.7 |
| $1,000,000 | $1,249,999 | 16.6 | 0.1 | 166.0 |
| $1,250,000 | $1,499,999 | 16.0 | 0.4 | 40.0 |
| $1,500,000 | $1,749,999 | 3.7 | 0.1 | 37.0 |
| $1,750,000 | $1,999,999 | 7.1 | 0.1 | 71.0 |
| $2,000,000 | $2,249,999 | 4.3 | 0.0 | |
| $2,250,000 | $2,499,999 | 5.1 | 0.0 | |
| $2,500,000 | and up | 9.7 | 0.1 | 97.0 |
| Total | 206.4 | 13.9 | 14.8 | |
Armed with this information we can then dig deeper to see what is happening in a particular neighborhood, then make a highly educated decision. It is important to me that my clients know what to do but also the 'why" behind it!
Tony Meier
Redmond Realtor
EastsideHomesBlog.com
EastsideHomes.com - Seattle's Eastside Real Estate Resource
