2007 SOUTH BELLEVUE (Area 500) MARKET RECAP and PREDICTIONS

 

·         LISTING INVENTORY for 2007 increased from 2006 with a total of 1,626 homes coming to market this year (1,614 in 2006), a change of 0.74%.  The average list price for 2007 was $1,038,295 compared to $1,001,814 for 2006, an increase of 3.6%. The median price for an active listed home year in 2007 was $788,500, a change of -0.8% compared to $795,000 in 2006. The average market time for active listings in 2007 was 91 days (80 in 2006).

 

·         PENDING SALES are properties that went from an active listing status to a pending sale status (offers that have been accepted but not closed).  Pending sales for 2007 total 995 (1,248 in 2006), a change of  -20%. Pending sales at the time of this report totaled 34 (63 in 2006) and indicate what sold and closed sales could look like a month or two later.

 

·         SOLD AND CLOSED properties for 2007 total 942 (1,140 in 2006), a change of -12%. The average sales price in 2007 was $ 767,326 ($730,888 in 2006), an increase of 4.9%. The median sales price for sold properties in 2007 was $679,975 ($635,100 in 2006), a change of 7%. The average time to sell a home in 2007 was 67 days (46 days in 2006).

 

·         THE MARKET continues to see a healthy increase in median prices with a 7% gain last year. Although the overall the total number of properties sold dropped conditions are positioned for increased sales activity, interest rates are down, increased inventory, sellers have adjusted their prices, apartments are full, and job growth is strong. The balanced inventory and our areas strong economic conditions continue to positively drive our market despite national trends. 

 

 

Statistics not compiled or published by NWMLS. Statistics compiled  from the NWMLS database/statistical report 01/01/2008.