So.....as the Seattle and Eastside Real Estate Booms, other areas are sure to follow:
Home sellers in Bellevue can do no wrong right now. The real estate downturn that started seven years ago seems to be a distant memory, as the Bellevue market has warped into an inventory-crunched, pent-up demand, rabid marketplace of home buyers.
The average sale price of a home in Bellevue last month was 3 percent above its list price. Sale-to-list price ratios have been above 100 percent since January. Almost every home that comes on the market, and is priced reasonably, is selling right away. Multiple offers and bidding wars are the norm. The only question mark in the market right now is: Why aren't more homeowners putting their homes on the market?
Bellevue Homes Median Sale Prices, Sale Price to List Price Ratio, Residential Properties Through May 2014
As of the end of May, the median home price for sales in the Bellevue real estate market was $782,000. This includes the city of Bellevue and its smaller incorporated enclaves of Medina, Hunts Point, Yarrow Point, Clyde Hill, and Beaux Arts. This median sale price was a 13.3 percent increase over the same time last year. Double digit appreciation isn't expected to continue long-term. Most projections show slower, steady growth in the coming years.
Within the city of Bellevue itself, the median home price was just a bit lower at $747,975. That's 14.6 percent year-over-year appreciation, a rise in prices that outstrips most of the greater Seattle market. While the median home prices in the Bellevue area are high, there are still single-family homes available under $400,000. Condos can be found under $200,000 in Bellevue. They are a small part of the local market, but they do exist.
Searching for Bellevue homes for sale:
If you're looking for a home in Bellevue during this fast-moving market, you can't depend on a national website that takes days to update with new listings. You need the direct daily feed from the MLS to find homes the first day they're listed by real estate agents.