While home values in the Seattle/Bellevue metropolitan area have escalated in recent years, our prices hardly compare to other parts of the country. Apparently the demand for real estate in the Big Apple has reached new highs. New York City is experiencing a strong local economy and dealing with the same high demand/tight inventory issues we’re seeing here in the Pacific Northwest. Reported in a recent New York Times article, Manhattan sales prices are up 11% year-over-year. The median sales price for a Manhattan apartment was $980,000. (Median sales price measures the middle of the market and is less affected by high-end sales.)
So how do downtown Bellevue condo prices compare? In 2014 the median sales price for a condo in the 98004 zip code was $517,000. Last year also recorded the highest sale price for a downtown condo – $6 million for a 4,358 SF penthouse at One Main Street. So far this year the median sales price for a condo in the downtown marketplace is $550,000, a nearly 8% increase over last year.
With no new condo developments planned for downtown Bellevue for several more years, resale inventory levels are likely to remain slim, so don’t expect any relief in pricing. Buyers in the market may need to compromise on what they want as far as size, condition, amenities or location. It will continue to be a seller’s market as we move through the summer months.