Is it possible that we have seen the end of houses in Bellevue priced at less than $500k? This was the Bellevue Homes Report that I posted at A New Day Real Estate early this morning:
In the past couple of days, there has been 20 new single family residences in Bellevue listed for sale on the NWMLS used by local real estate professionals to market and sell properties. This is good news and a short trend of increasing home inventory that I would like to see continue for awhile. These 20 newly listed Bellevue homes range in price from $542k to $1,999,995, with the average asking price at $889,336 and median asking price of $775k.
While 20 new SFR were listed, 6 were sold (closings) and 6 others went 'Pending' or 'Pending Inspection'. The sales that closed ranged in price from $466,200 to $972,526, with an average sales price of $755,621.
Out of the 111 Bellevue 'houses' on the market, there are currently only 6 listings that are priced at less than $500k. Four of those properties are townhomes and come with HOA fees and I don't consider them houses - they are really condos in disguise. One of the two Bellevue houses that are priced at less than half a million dollars is in the Renton school district, which is not as desirable as the highly rated Bellevue School District. That leaves only one house in Bellevue, in the Bellevue School District that is priced less than $500k. Could this be the last house in Bellevue priced under half a million?
Probably not, but .... prices are going up, inventory is still low and demand seems to be getting stronger. Even neighborhoods in Bellevue that in the past might have seemed less desirable are now in high demand and homes in good condition are fetching top prices.
I'd love to hear your opinion, will this be the last house in Bellevue priced under half a million?