Bellevue Condo Market Data

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

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Local Housing Market Data

Year_End_Infographic

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

Investment Property – Time to Sell?

rent sign

flickr/Mark Moz

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

Bellevue’s New Waterfront Park

In the January edition of Bellevue’s Lake to Lake video newsletter you can take a look at what’s been happening at the expansion of the Meydenbauer Bay waterfront park. The long planned waterfront connection will have 700′ of lakefront with a larger swimming beach, bath house, pedestrian pier and connection to the public marina. Terraced park grounds will provide lake vistas and plenty of space for picnics and lounging. When complete the park will offer rentals for non-motorized boats and stand-up paddle boards. The new waterfront park will connect with the city’s Downtown Park creating easy access to the city’s lakefront parks and marina.   Phase 1 of the park is expected to be open to the public 4th quarter 2018.

 

Bellevue Holiday Events

 

Bellevue Botanical Gardens - Robin-Myers

flickr/Sean O’Neill

There are many holiday activities in and around downtown Bellevue this month. There’s still time to put some of these events on your “to do” list and make these events part of your holiday tradition.

Nightly at 7:00 PM Bellevue Way is closed between NE 4th and NE 8th Streets for Snowflake Lane featuring drummers, dancers, holiday characters and a parade complete with snow every night. Arrive early – sidewalks on both sides of the street fill up quickly. Kids of all ages will love the event. (http://www.snowflakelane.com) Continue reading

What I Love About Downtown Bellevue

Bellevue skyline & park fountain 8-2017I love its diversity . . .

Downtown Bellevue has become a city for families. A decade ago it was a rare sight to see children lined up at school bus stops downtown. Now you can see dozens of children waiting for school buses on several corners throughout the central business district. The increased “stroller count” confirms that couples who may have moved downtown several years ago are choosing to remain downtown and raise their families in the city.

While many new residents, singles and young families, are embracing urban living,  working “seniors” are also moving downtown, transitioning from suburban homes where they raised their families to the city, drawn to the convenience and energy of an urban lifestyle vs. moving to age designated, sometimes isolated, suburban communities. The walk-ability to shopping, dining, arts and entertainment venues and medical services is  appealing to any age. Nearly 40% of Bellevue’s population is made up of young-at-heart 45-70 year olds who are still working or are active retirees. Continue reading

Bellevue’s Parks

Bellevue Downtown Park canal 8-2017I moved to Bellevue 30 years ago and have lived downtown for the past ten years. I love living here and one of the things I love most are the beautiful and diverse parks throughout the city. I’m lucky enough to live within walking distance of ten parks which I visit frequently with my two pups. Did you know . . .

  • Bellevue has 2,700 acres of parks and open space with 80+ miles of multi-use trails
  • 45 parks have playgrounds
  • 6 waterfront parks have seasonal lifeguards
  • 17 parks have reservable picnic areas
  • 16 have tennis courts and six have pickleball courts (3 indoor and 3 outdoor)
  • Bellevue has an aquatic center, a tennis center and two golf courses (Bellevue Golf Course and the Crossroads Par 3 golf course)
  • Kelsey Creek Farm is home to ponies, sheep, goats, chickens, pigs and more

There are nearly 100 city maintained parks. The Dowtown Park, the city’s crown jewel, recently reopened after a one year closure for a major upgrade. The park is a 21 acre oasis in the heart of downtown Bellevue offering views of Mt. Rainier and the downtown skyline. A 1/2 mile groomed promenade circles a canal which is bordered by trees and dozens of benches and a 240’waterfall. The expanded Inspiration Playground provides innovative play space for children of all ages and abilities plus a fun water play space which was very popular this summer. Continue reading