Wednesday, July 22, 2015

Bellevue House Prices

For the past couple of blogs, I have focused on the Seattle market. What is happening on the east side, just across Lake Washington from Seattle? How hot is that market? and what do homes cost there?

The current inventory of homes for sale on the NWMLS shows 169 single family residences available for sale in the city of Bellevue. The median price for these homes is $950,000 and half of these listings have been on the market for more than 35 days.

There have been 166 sales of single family homes in Bellevue in the past 30 days, so almost a full month of inventory. The median home price during this time was $774,250 which sold in less than 8 days. So it certainly looks like many of the current listings are over-priced, or simply composed of more higher-end homes.

It also appears that buyers are willing to pay 32% more for a house in Bellevue, than for a house in Seattle. Bellevue has an inventory of much newer construction than the housing stock in the city of Seattle, and buyers will have to pay more for these costs. In addition, Bellevue public schools have a better reputation, and there is a wide choice of private schools. So many buyers with young families are looking for homes in this area.

At the same time, there are also much fewer homes available for sale in Bellevue than in Seattle, and the limited inventory will force prices up. For a complete list of homes for sale in your favorite Seattle metro neighborhood, please email or call 24/7 to 888-621-4999.

And that's today's market report!

Happy Investing!

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