Happy Monday everyone!
This week, I chose the Bellevue condo market to look at. As a resident of Kirkland, Bellevue is one of my favorite neighboring cities to explore and is a lovely place to live, raise a family as well as one of my favorite things to do: recreate. The following are some interesting facts about Bellevue:
As of 2014, Bellevue’s population is 122,873 people. Since 2000, it has had a population growth of 8.69 percent!
——————–The median home cost in Bellevue is $554,300. Home appreciation the last year has been 12.50 percent.
——————–Compared to the rest of the country, Bellevue’s cost of living is 77.90% Higher than the U.S. average, wow!
——————–The unemployment rate in Bellevue is 3.90 percent(U.S. avg. is 6.30%). Recent job growth is positive and continuing to grow. Bellevue jobs have Increased by 2.64 percent.
As of November 3, 2014 there are 90 active condo listings WEST of 405 in Bellevue. The range is $189,000-$3.5 million with a median listing price of $890,000. There have been 74 condos sold in the last 90 days, ranging from $184,950- $3.3 million dollars with a median sale price of $504,000 and 19 days on the market. Based on the number of condos sold, Bellevue is looking at 3.6 months supply of inventory, however, when all pending sales are included, months of inventory drops to about 2.5. There are currently 104 condos that have gone pending or sold in the last 90 days, ranging from $184,000- $6 million dollars! The median pending/sold price is $689,000, the graph below displays the months supply of inventory through the end of September 2014.
As you may know from my previous posts, a balanced market is considered to be around 6 months supply of inventory, which puts Bellevue (and most areas in King and Snohomish County) in a position where there is a high demand for inventory and homes are selling quickly, although somewhat less so than what we saw earlier in the summer.
Currently, the number of condos for sale vs. sold for the month of November are up from both September and October.
Bellevue continues to see high list price/sale price ratio and demonstrates a range of average days on market, currently the median days on market are 25. Most likely, the number of days on market reflects the inventory available and it’s subsequent price point. Because these numbers vary slightly every month, or every day for that matter, it makes sense to see the fluctuations represented above.
Stay tuned for a post on “Kirkland Lifestyle” later in the week, I’m excited to share with you one of my favorite places to play and live. Make this week a good one everyone!