98008 Bellevue Market Update

The median single family home price in BELLEVUE 98008 this week is $593,500. Inventory has been tightening and days-on-market increasing recently. The Market Action Index has been basically flat, not providing strong indication for market conditions.

THIS WEEK
The median single family home price in BELLEVUE 98008 this week is $593,500.

Inventory has been tightening and days-on-market increasing recently. The Market Action Index has been basically flat, not providing strong indication for market conditions.

PRICE
We continue to see prices in this zip code bouncing around this plateau. Look for a persistent upshift in the Market Action Index before we see prices move from these levels.

PRICE PER QUARTILE
In the quartile market segments, we see prices in this zip code generally settled at a plateau, although Quartile 3 is on a bit of an up trend in recent weeks. We’ll need to see a persistent shift in the Market Action Index before we see prices across the board move from these levels.

QUARTILES

PRICE AND VALUE
While prices have been basically flat, the price per square foot has been heading downward. While not a sign of broad strength in a market, larger homes are coming more available and buyers are tending to get more home for their money.

INVENTORY
Inventory has been climbing lately with 136 properties available this week. Note that rising inventory alone does not signal a weakening market. Look to the Market Action Index to gauge whether buyerinterest is keeping up with available supply.

MARKET ACTION INDEX
The BELLEVUE 98008 is quite strongly in the Buyer’s Market zone. The 90-day Market Action Index stands at 16. With several months of inventory available at the current sales rate, buyers should find ample choice.

MARKET ACTION
Not surprisingly, all quartiles are in the Buyer’s Market zone with several months of inventory given the current levels of demand. Watch the quartiles for changes before the overall market shifts.

DAYS ON MARKET
The properties have been on the market for an average of 128 days. Half of the listings have come newly on the market in the past 98 or so days. Watch the 90-day DOM trend for signals of a changing market.

DAYS ON MARKET
It is not uncommon for the higher priced homes in an area (Quartiles 1 and 2) to take longer to sell than those in the lower quartiles.