Real Estate Update for Bellevue WA

As of today, there were only 3 new listings in Bellevue: one classic, tri-level remodel and 2 new construction pre-sales.  It appears most sellers are recovering from the holidays and waiting for the Spring market rush.

Meanwhile, homebuyer frustration continues, as noted from a few of our local Real Estate authorities.

“The data just keeps telling the same story – low inventory and increasing prices. As one of our brokers put it, ‘Sellers received an awesome Christmas gift in December, but buyers  only a lump of coal’.” Mike Grady, president/COO of Coldwell Banker Bain.

“The housing market remains frenzy hot on a seasonal basis … which continues to foster a competitive market where homebuyers are just waiting for the next new listing to come on the market.” J.Lennox Scott

“Buyers pursued homes aggressively all through November and December with little to no slowdown amid fears of rising interest rates and worsening inventory levels.” George Moorhead

Low inventory and increasing prices will continue. “We believe it is a predictor for what to expect throughout 2017. There’s simply not enough new construction to fill the needs of new employees being hired both locally and new to the state. The key is employment. There’s no reason to think that a new administration will cause employment to slow down; rather, it’s more likely we’ll see it increase in the Puget Sound region so we’re off to another strong start in 2017.” Mike Grady

And in the National news, Redfin names the most competitive neighborhoods in 2016!  Thank you Keena Bean for your insights.

Seattle was home to 10 of the country’s 30 most competitive neighborhoods. In addition to Factoria, the University District and Woodridge landed in the top 10.

Y’all ready for this?!  Factoria was named the most competitive neighborhood based on percentage of homes sold over asking price, time on market and annual price growth in 2016.  Median sale price was $352,500, home price growth was 25.9%, 104.9% was average sale over list price, and 62.1% of all homes sold above asking price.

Another Bellevue neighborhood that ranked in the top ten was Woodridge.  Median sale price was $708,500, home price growth was 12.5%, 107% was average sale over list price, and 74.3% of all homes sold above asking price!  Impressive stats to be sure.

All good news for sellers, right?  Well, yes, except you may be thinking where to move next.  Our team offers strategic solutions on preparing your home for sale, negotiating offers and selecting your next community.  Let us show you how!

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