West Bellevue Market Update – $1.5 to $2.0 Million
This market is not what you would call a seller’s market. Things should improve a bit if the house approves a rescue package for this messed up banking system, and the hope is that more buyers will actually start taking the plunge and put a dent in the swelling inventory. Not all is doom and gloom, as there are still buyers out there for well priced homes.
Brief update on what is happening in the west Bellevue market.
- There are currently 83 properties priced between $1.5M and $2 M.
- 58 of those are active listings with an average time on market of 180 days.
- 31 of those properties have had price reductions thus far.
- 4 of the properties are under contract, pending sale.
- The properties pending have an average days on market of 269 days, with that number being skewed by one property that has been on the market for over 600 days.
- During the last 6 months, 20 properties in this price range have sold.
- The average days on market for sold listings is 161 days, netting a sales price almost 95% of list. If you were to look at sold to original list price, that percentage would be closer to 90%.
This market is not what you would call a seller’s market. Things should improve a bit if the house approves a rescue package for this messed up banking system. The hope is more buyers will actually start taking the plunge and put a dent in the swelling inventory. Not all is doom and gloom, as there are still buyers out there for well priced homes.
Contact Tricia with your questions: triciaanderson@cbba.com / (425) 519-3148
I agree with you Tricia – there are usually buyers for properties that are priced right.
I do think that there are still a lot of sellers out there fishing for the unreal values of days now past. Many of them are probably going to start to come to their senses with all that is going on now.
Joe, I agree with you that there remain many unrealistic sellers in the market today, hoping to capture the kind of prices their neighbors did the past two years. Many other sellers, however, find themselves with financial contraints and are in postitions where they have to sell…and many are looking at losses.