Market Research & Statistics – August 22, 2008

This is a market where watching the value metrics (like price per square foot) can provide insight that you don’t get at first glance. Despite the fact that home prices are rising fairly consistently, the price per square foot of homes listed is declining. Often this can be attributed to new and remodeled homes on the market. Buyers in the area are paying more but also getting more for their money.

This is a market where watching the value metrics (like price per square foot) can provide insight that you don’t get at first glance. Despite the fact that home prices are rising fairly consistently, the price per square foot of homes listed is declining. Often this can be attributed to new and remodeled homes on the market. Buyers in the area are paying more but also getting more for their money.

Below is the BellevueBubble.com Market Report for the week of August 22, 2008. The following charts are updated each week to provide you near real-time market analysis data.

Visit our Research & Statistics page for larger renderings of the graphs below.

Price trends continued their recent uptrend this week. While still below the market’s price high-point, we’ve seen a nice run recently.

The median single family home price in BELLEVUE this week is $895,000. The 788 homes have been on the market for an average of 123 days.

Inventory and days-on-market are climbing, while the Market Action Index has been flat recently. The trends point to a weakening market.

The Bellevue market is currently quite strongly in the Buyer’s Market zone (below 30). The 90-day Market Action Index stands at 14. With several months of inventory available at the current sales rate, buyers should find ample choice. Inventory levels have been relatively consistent relative to sales. Despite the fact that there is a relatively high amount of available inventory, this Buyer’s market is still seeing prices move higher. Given inventory levels, these price conditions are relatively fragile. If the market cools off further, the price trend is likely to reverse.

Bellevue properties have been on the market for an average of 123 days.Half of the listings have come newly on the market in the past 98 or so days.

Inventory has been climbing lately. Note that rising inventory alone does not signal a weakening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is keeping up with available supply.