Uncategorized April 1, 2018

Bellevue, WA Real Estate Update

If you have been thinking of 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 16.1% at $1,067,942 while the median sold price is up 17.6% at $870,000. These prices reflect Bellevue, WA as a whole. If you are specifically interested in West Bellevue, or East Bellevue, those areas have a different set of stats. Also, it is worth mentioning that the home prices in Bellevue, WA far surpass Seattle. The average price per square foot is up 17.5% at $469, 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 104.8%. This is used to indicate your negotiation power and currently suggests to us that on average, Bellevue, WA homes for sale are not only getting asking, but over. This is a result of the low inventory. The inventory for this part of Bellevue is currently down 20% at a 1 month supply. 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. New listings are up 1% (hey, we will take it!) while the amount of Bellevue, WA homes for sale is down 19.6%. Pending sales are up minimally at 2.3% and closed sales are down 2.1%. More than ever, it is pertinent that you work with an experienced Bellevue, WA realtor when listing or buying Bellevue, WA homes for sale.  For more information, give me a call. I would be happy to help!