If you have been thinking about buying or selling homes for sale in Bellevue, WA, knowing what is happening in the local market is incredibly important. As a seller, you get an idea of how long, on average, your home could sit on the market as well as what a good list price is, the square footage costs, etc. As a buyer, you can feel confident that you made a competitive offer based on this information. In a market that has low inventory like Bellevue, WA real estate, the more you know, the better chance you have at not only finding homes for sale in Bellevue, WA, but also having your offer accepted. Another great way to achieve real estate success is by aligning yourself with a Bellevue, WA realtor. So how is the local market doing? Let’s take a look at the numbers!
The average sold price for homes for sale in Bellevue, WA is up 15.9% at $1,077,735 while the median sold price is up 16.7% at $875,000. These prices reflect Bellevue, WA as a whole and also happen to be up from last month as well. The average price per square foot is up 16.5% compared to this time last year at $472, also up from last month. These numbers tell us that sellers can expect to get more for their Bellevue, WA homes for sale while buyers should act fast. The more prices continue to go up, the more your buying power is impacted. In fact, the average percentage of list price is 104.9%. This is used to determine your negotiation power and currently suggests to us that on average, Bellevue, WA homes for sale are not only getting asking, but over. In fact, bidding wars and shortened market times are incredibly common in today’s local market. Currently, the median days on market is 7 while the average is 20. The Bellevue, WA real estate market needs a 6 month supply in order to be considered balanced and anything less than 4 is considered a seller’s market.
The good news is that new listings are up 3.3% (hey, we will take it!) while the amount of Bellevue, WA homes for sale is down 16.7%. Pending sales are up minimally at 2.3% and closed sales are down 0.4%. More than ever, it is pertinent that you work with an experienced Bellevue, WA realtor when listing or buying Bellevue, WA homes for sale.
If you are specifically interested in West Bellevue, or East Bellevue, those areas have a different set of stats. So if you are looking in certain areas, your realtor in Bellevue, WA will be able to give you a custom market report. For more information, give me a call. I would be happy to help!