The End of Houses in Bellevue Below $500k?

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,

Average Asking Price of a Home in Bellevue: $2.2 million

Yesterday on the blog at A New Day Real Estate, I posted the most recent Bellevue Homes Report.  I pointed out that last week I had been prematurely optimistic about the number of homes coming on the market in Bellevue and that inventory had once again declined.

A couple of interesting statistics about single family homes in Bellevue:

1) yesterday there were only 3 homes in all of Bellevue that are listed for sale at less than $500,000 - today there is only 1.  Will we be soon seeing the last sales for less than half a million in Bellevue?

2) As of yesterday, the average asking price of the 87 Bellevue houses on the market was $2.2 million.

Read the rest of the post and watch the video here.

A New Day Real Estate: Bellevue Homes Report December 29, 2014

This information was first posted at ANewDayRealEstate.com, but shared here on the Bellevue Business Journal news site, as our readers have said that they are very interested in the current state of real estate in Bellevue and on the Eastside.

 
This is the Bellevue Homes Report for December 29, 2014 by Joe Kennedy of A New Day Real Estate and the Bellevue Real Estate Investors .



As of today there are 109 single family residences in Bellevue listed for sale on the Northwest Multiple Listing Service.

The homes currently listed for sale in Bellevue range in price from $419,900 for a 1,490 square foot house in Lake Hills to $32.8 million for a 11,520 square foot estate on Meydenbauer Bay / Lake Washington.

In all of Bellevue, there are currently only 11 houses listed for sale at less than $500,000. There are only 57 homes in Bellevue listed for sale at less than one million dollars and there are 52 houses in Bellevue that are listed for sale at over $1 million.

If you are interested in buying, selling, investing or are just curious as to where your currently property fits in, please feel free to call me at 425-429.8590 or email Joe(at)ANewDayRealEstate.com.

If you live, work and/or play in Bellevue, it's important that you know about Renewal Food Bank in Bellevue. They do great work helping to feed over 250 families in Bellevue each week. Renewal Food Bank is located at the Highland Covenant Church at 15022 Bel-Red Road, Bellevue, WA 98007 and online at http://RenewalFoodBank.com.

A New Day Real Estate and the Bellevue Real Estate Investors networking group will be working to help support Renewal Food Bank during 2015. Please contact me if you would like to help.