Well folks, it really is true! The stats don’t lie. Every eastside Seattle neighborhood has become a balanced market for the majority of homes; those listed for $799,999 or less!! And two areas Bellevue So. (area 500) and Mercer Island (area 510) are now in the seller’s market for the afore-mentioned price point. WOW! This is huge!! We really are on our way to a housing recovery. (This is calculated as absorption rate: inventory divided by the number of sales. Refer to my previous blog on What Are Your Odds? for more on absorption rates.) Worth repeating, this is HUGE! I can’t wait for the next round of stats!! So asking the question of that previous blog, What are YOUR odds right now of selling…better everyday!!
It occurred to me that reading these stats was not as easy as I see them, so I wanted to share this info to better assist you, because I believe knowledge is power, so I want to share some knowledge with you. When reading a page, find the Area that best describes your region of the city, i.e., Area 540 is East of Lk Sammamish. The legend at the upper right indicates 3 colors for the number of months supply of inventory represented in each weekly price point. A RED box of 0-3 months inventory is a seller’s market (low inventory &/or high pending sales). A YELLOW box is 3-6 months of inventory is a balanced market, which is a “normal market”…no mad frenzy on houses selling within hours of going on the market...fair to both buyers and sellers. A GREEN box is 6+ months of inventory. This is a buyer’s market and this is the market we have been in for the last 2 years. This is where we’ve had high inventory rates and low pending sales. So, the stats are prepared weekly and totaled to a 7 week average, showing a trend. If your home is priced correctly for it’s condition and the current market, this is a reasonable way to figure your odds of selling your property. Establishing a price takes careful analysis via a current competitive market positioning plan. See the Neighborhood Statistics Oct/Nov 09 and let me know if this empowered you!