Downtown Bellevue’s condo market is on track for another year of active sales and increasing market values. During the first half of the year 113 resale condos* sold ranging in price from $237,500 to $1,750,000 reflecting a median sales price of $585,000. Those condos were on the market an average of 39 days with over half selling in ten days or less. In comparison, for the same period in 2015, 112 condo sold with a median sales price of $497,500. Market values are on track for another 10-12% increase this year.
So far this month 14 downtown condo residences have sold. There are currently only 38 condos listed for sale (resale only) with prices ranging from $314,000 to $1,688,000.
Market values will continue to increase, but there are still affordable condo options downtown. With apartment rents skyrocketing, it may be smart to visit the “rent vs. buy” numbers again and make an investment in downtown Bellevue.
(*Sales and days-on-market data includes resale properties in the 98004 zip code and does not include developer owned units at Washington Square on the market since 2009)