Bellevue, WA Real Estate Update

If you have been thinking about buying or selling homes for sale in Bellevue, WA, knowing what is happening in the local market is crucial for success. Currently, we have the most inventory in our market that we have had in a long time, so it is a great time for buyers. Prices have still been going up, so this makes it a great time for sellers as well as they can still take advantage of the demand and get the most at resale. Knowing the current market conditions can benefit sellers by giving them an idea of how long their home will take to sell by looking at the days on market. This tells you the average that homes for sale in Bellevue, WA are sitting on the market which gives you a good idea of how to prepare your property. Market reports also tell you what is an appropriate list price, which is probably the most important thing to find out as a seller. 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% at $1,085,645 while the median sold price is up 16.2% at $880,000. These prices are up from this time last year and just last month. The average price per square foot is up 15.8% compared to this time last year at $477, also up from last month. The average percentage of list price is 104.6%. 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. Interestingly, while this number is up compared to this time last year, it is down a little bit by last month. Currently, the median days on market is 7 while the average is 19. The month supply is at a 1.2. To put this in perspective, 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. Needless to say, we are still in a seller’s market.

The good news is that new listings are up 7.1% while the amount of Bellevue, WA homes for sale is down 12.8%. Pending sales are up minimally at 3% and closed sales are up 2.6%. 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!