Well another good month of Seattle Eastside Real Estate Stats for July 2011! The Eastside (areas 500-600) are all in a balanced market status (3-6 months of available inventory, i.e., Yellow) with area 530 in Bellevue at a 2.2 months supply (Red)! That is wonderful news with all the other market fluctuations going on the past few weeks. The Eastside is averaging around 2750 active homes at a July sales rate of 820 homes under contract, making an average supply of inventory of 3.35 months. Put another way, if no more new listings came on the market, it would take approximately 3.35 months to completely sell the volume of current inventory at this same monthly pace. That is HUGE info! Anything under 3 mo of active inventory puts the market at a Seller’s market again…And put another way, inventory is low and homes are selling in our area. Of course, price is king and only those preceived to be of good value are the homes that will sell first and fast.
That brings me to another topic, which is “good value”. A good value is very subjective concept but generally one where the goods or services provided excedes the amount of money being paid. In the case of a home for sale, if it needs updating (cosmetic or functional), is it priced low enough to attract a buyer in light of condition? If it’s been updated, is it priced to reflect that without exceeding what the market will bear? Interesting times we’re in…your thoughts?