Good news for sellers in Bellevue, WA! The monthly year to year market statistics are in from the Northwest Multiple Listing Service and for the most part, are very positive. As a Bellevue real estate specialist, there are certain categories I follow closely that allow me to keep my finger on the pulse of the market.
If you are thinking of selling your Bellevue, WA real estate, now is a fabulous time. Both the median AND average home price were up compared to this time last year. The median is at $660,000 (up 16.8% compared to last year) and the average was up 17.1% compared to last year at $718,760. This means that if you have been thinking of selling your real estate in Bellevue, WA, the value has gone up compared to both this time last year AND just last month. Percentage of list price is also up 2.8% at 102.8% which means homes are going for over the asking price. In my experience with selling real estate in Bellevue, WA, they are usually receiving offers within days of being on the market and have an accepted offer in less than a week and a half. In fact, the stats prove that the median amount of “Days on the market” (the time a home for sale in Bellevue, WA goes from active to pending) is 7 days.
Pending sales were also up 0.6% and closed sales were actually down 3.6% which is due to the low inventory. Buyers are having a hard time getting into a home for sale in Bellevue, WA due to the low inventory of homes available. Both the median and average price per square foot is up. The median is up 13.3% at$341 and the average is up 14.2% at $354.
Now let’s discuss the stat that has decreased. The month supply is at a low 0.90!! Anything below 4 is considered a sellers market. This is good news for sellers as it means they have control of the market. Buyers looking to get into our desirable neighborhood on the other hand have their work cut out for them. As a Bellevue, WA real estate specialist, my biggest suggestion for buyers looking to tap into the market is working with a qualified Bellevue, WA Realtor. If you are looking to buy or sell Bellevue, WA real estate, give me a call. I would be happy to assist!