2015 was another strong year for downtown Bellevue condominium market values. The 2015 median sales prices were up 7.5% over 2014. Inventory, or rather the lack of downtown condo inventory, is expected to continue in 2016.
At this writing there are 65 condominiums listed for sale in the 98004 zip code. Of those, 43 are remaining developer owned residences at Washington Square (on the market since 2009). In years past the average number of downtown condos available for sale was consistently well over 100. Since the first of the year 23 condos have sold and another 23 have sales pending (many on the market for less than two weeks). Buyers are absorbing new inventory as quickly as its available.
People want to live downtown. There’s ample rental inventory available, but not everyone wants to rent, and with rents skyrocketing, not everyone can afford to rent. Interest rates are still at historic lows and aren’t expected to change much this year – definitely a plus for buyers giving them more buying power. Unless more condos come on the market in the coming months it could be another frustrating year of low inventory, high buyer demand and multiple offers.