While the number of condos sold increased just slightly the first quarter of this year compared to the same period last year (40 in 2015 – 46 in 2016), median sales prices are up significantly . . . nearly 20% this year vs. last. Statistics for April reflect a continuing trend of fewer condos coming on the market, multiple offers, homes selling quickly and sales prices at or above list prices. Of the 46 condos sold in downtown Bellevue the first quarter of this year, 29 sold at or above the list price and most sold in ten days or less.
There doesn’t appear to be any relief in sight. There are a few condo projects in the design pipeline, but those homes won’t be available for presale for another 18+ months and occupancy is well over two years away. Hundreds of new apartment units have recently been added to downtown, with more on the way. It will be interesting to see if any of the existing apartment communities consider converting to condos in the future. Buyers would definitely welcome more condo inventory to choose from