Earlier this month I shared 2017 King County real estate market statistics supplied by the Northwest Multiple Listing Service. Median sales prices overall were up 15% county-wide (houses and condos) over 2016. Taking a closer look, here are the 2017 Bellevue condo market statistics:
759 condos sold in 2017 (resale and new construction) up from 746 in 2016 for a 2% increase
The median Bellevue condo sales price was $500,500 in 2017, up 30% over 2016
Ending 2017 there was less than a 1 month supply of inventory (a 4-6 month supply is considered a balanced or normal market)
Just eight weeks into the new year stats haven’t changed much. Currently there are just 20 condos available for sale in of Bellevue. Newly listed condos are trickling into the market but selling quickly. So far this year 61 resale condos (vs. new construction pre-sale units) have sold with an average market time of 15 days. Sales prices this year are averaging 5.5% over the list price. Continue reading →
This infographic, supplied by the NWMLS, quickly reflects 2017 King County real estate market statistics.
nearly 3% more homes (condos & houses) sold in 2017 vs. 2016
the median sales price was up nearly 15% county-wide
at the end of 2017 there was less than a one month supply of available homes
a 4 – 6 month supply is considered a balanced or normal – we haven’t seen a “normal” level of supply for 2+ years
Barely six weeks into 2018, the stats haven’t changed much. Homes are coming on the market slowly and selling quickly. Inventory still can’t meet buyer demand. The “spring” market generally opens up in mid-to-late February; hopefully there will be more condos and houses available as the weather begins to improve. Continue reading →
Interest in area rentals remains strong, but there has been a noticeable slight decline in area rents so far this year Even in high demand urban areas, rents have dipped slightly. With thousands of new apartments recently completed, or nearing completion, and hundreds more under construction, rental supply may have begun to outpace demand.
If you own an investment property, you’ll likely find more competition the next time you negotiate a lease renewal. Hundreds of new apartments are available offering modern finishes, new appliances, high tech features and a long list of community amenities and services. Tenants may not be as quick to accept a rent increase or even a lease renewal when, for the same or less money, or attractive lease-signing incentives, they can move into newer digs. Continue reading →