Bellevue, WA Real Estate Update

The east side of Bellevue, WA real estate has been a hot spot for King County residents to relocate as well as people from out of the area. King County as a whole has been getting thousands of new residents daily for the past couple years thanks to our rapidly growing economy and new job opportunities. Of course with this influx of people, means an influx in demand for housing. Living on the East side gives you access to great schools, city amenities and all the outdoor recreation PNW locals love. Bellevue, WA real estate has never been more sought after making this market very competitive. The use of a Bellevue, WA realtor has never been more important. So how is our local housing market looking here on the East side of Bellevue? Check it out.

Both the average and median sold price for Bellevue, WA real estate is up! This is great for sellers as it means there home is likely worth more than it was compared to this time last year. ┬áThe average is up 20.1% at $761,808 while the median is up 16.7% at $700,000. The average price per square foot is up 16.9% at $374 and the average percentage of list price is at 105.9%. If you are a buyer, this percentage basically gives you some insight on your negotiation power. It also means, on average, homes for sale in Bellevue, WA are getting over asking. Now let’s talk about the inventory. New listings are down 0.7% while homes for sale in Bellevue, WA are down 26.1%. Pending sales are up 1.8% and closed sales are down 0.4%. Of course the month supply is currently only 0.80. In order for a market to be balanced, there needs to be a 6 month supply. Obviously, we are still very much in a seller’s market, making the use of a qualified Seattle, WA realtor absolutely crucial for success. Especially since days on market are at a 7 for the median and 17 for the average. Homes for sale in Bellevue, WA are moving FAST! If you are thinking of buying or selling in this area and are looking for an experience Bellevue, WA realtor, give me a call. I would be happy to help!

Posted on September 1, 2017 at 3:22 pm
Rayme Teders | Category: Uncategorized

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