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 →
Bosa Development officially broke ground last week for the One88 – a 21 story luxury condominium community. This will be the first new condo development in downtown Bellevue since the construction of Bellevue Towers and Washington Square nearly ten years ago. The One88 tower will be rise 21 stories with 143 homes offering one, two and three bedroom residences and penthouse floor plans as well as luxury owner amenities.
Located at the southwest corner of Bellevue Way NE and NE 2nd Street, One88 replaces a collection of low rise buildings where the former Robbins Brothers jewelry was located.
2016 was a challenging, fast paced residential real estate market with multiple offers and sales over list prices the norm. So far 2017 is set to match or out pace last year, crushing any concerns about another real estate bubble. Downtown Bellevue continues to be a high demand destination for people working on either side of the lake. With Amazon, Microsoft, Google, Facebook and numerous other companies continuing to expand and hire, its unlikely the local demand for housing will decline. Last year when Expedia announced it would be moving its offices from Bellevue to Seattle there was concern downtown Bellevue might have an excess of available office space – that lasted just a few minutes. Amazon has leased the entire Centre 425 office tower, Salesforce and other companies occupy most of the 929 Tower, and there isn’t much space left at the Lincoln Square 2 office tower. Its likely the Expedia space will be leased before its even vacated. Continue reading →
After a 20 year absence, Amazon is returning to its Eastside roots as it prepares to occupy the recently completed Centre 425 office building in downtown Bellevue. Amazon employees are scheduled to move into the 354,000 SF space this summer. The initial plan is to move about 1,000 people into the new office with the potential for growth in the future.
Amazon currently employs 40,000 people in Washington State with many working in several buildings in Seattle’s South Lake Union and Denny Triangle neighborhoods. As the company continues to grow, it is anticipated the move to Centre 425 won’t be the last Eastside location for Amazon.
Centre 425, located at the corner of NE 4th Street and 106th Avenue NE, will once again be home to a Bank of America branch. B of A originally occupied the street level retail space in the former building and moved to temporary quarters during construction.
Did you know WA State law provides tax benefit programs for senior citizens and the disabled? in the form of property tax exemptions and property tax deferrals. As you pack this year’s tax records away, you may want to look into whether you, a family member or someone you know might qualify for a property tax exemption, reduction or property tax deferral program. To qualify for taxpayer assistance or tax relief a person must apply for a senior citizen or disabled exemption and meet program qualifications. Its worth looking into – visit the King County Assessor website at http://www.kingcounty.gov/depts/assessor or call 206-296-3920 for more information and forms for the Senior Property Exemption and Deferral Program.
It may well be worth the time and effort to save money on future property tax bills.