·LISTING
INVENTORY: 2008 listings numbers through the first half of the year are
flat with a total of 922 homes coming to market this year (898 in 2007), a
change of only+2.7%%.The average list
price for 2008 is $947,618 compared to $1,075,528 for 2007, a decrease of -11.8%.
The median price for an active listed home in June of this year $745,900 a change
of -6.6% compared to $798,800 in June of 2007. The average market time for
active listings is virtually unchanged at 96 days this year and 90 days in 2007.
·PENDING
SALES are homes that went from an active listing status to a pending sale
status (offers made and accepted, but not yet closed).Pending sales for 2008 total 348 (597 in
2007), a change of -41.7%. The average asking price for pending sales is $745,169,
down from $778,450 in 2007 a change of -4%. The median list price for pending
sales is $637,750 ($695,000 in 2007) a change of -8%.
·SOLD AND
CLOSED properties for 2008 so far total 301 (505 in 2007), a change of -40%.The average sales price of a home sold in
June of this year is $718,530 which is within 1.5% of what a home sold for last
year ($729,176 in 2007). The median sales price for a sold property in June of
2008 is up nearly 9% over June of 2007, $694,000 in ’08 Vs $637,500 in ‘07The average time to sell a home is 90 days
(65 days in 2007).
·THE
MARKET in area 500 in 2008 is showing signs of recovery. The inventory of
homes for sale is virtually the same as last year, ending nearly a year of
steady inventory growth. The numbers of pending and closed sales are still down
from this time last year.Average and
median prices are finally showing a turn around with the median price being
virtually flat and the average price up a healthy 9%.The real question is whether we are seeing
the beginning of a trend or not.While
the higher inventory may act to keep home prices from rising too quickly, favorable
interest rates and a continuing strong local economy make it a great time to
buy in South Bellevue.
·Statistics compiled by E.J. Bowlds from the NWMLS statistical report 07/01/2008.
