Bellevue Market News
For the first time in years, the real estate market is finally starting to deliver some good news for buyers. Although summer has been smoking hot (literally, as I write this and cannot see more than a few blocks from my Bellevue Towers condo), the real estate market has cooled down. Median prices dropped about 30k in July after setting a new record in June. Some condos are sitting on the market longer and multiple offers are becoming more rare. For the third straight month we have growth in inventory. However, despite the surge in homes for sale, it is still a seller’s market. Inventory would need to almost triple to reach a true balanced market. At Bellevue Towers the trend of premium units selling for over $1000/foot continues. The end of August we closed unit 3802 for $1,142 per foot. There continues to be great demand at Bellevue Towers, and units that are properly priced and presented well are selling. There are several high rise condo projects that will start to sell over the next few years bringing more competition, but not everyone can wait. In other positive news, the Mirador Apartment building being constructed on 103rd has announced it will be selling as condominiums. This project was being built as apartments and is now being converted to Condo’s so it is NEW and they will bring 162 new condos to the Bellevue market with pre-sales set to begin this fall. Most will be one bedrooms, and this may help satisfy the demand for more affordable units in the neighborhood.
Let us know if you want more information on what is coming. We are here to keep you informed! Just this week Amazon announced that they will take over the Expedia building and that is good news for Bellevue Towers. There is a lot to talk about in downtown Bellevue! Stay tuned for additional information from your Urban Bellevue Living team soon. Should you need any real estate assistance, please call us. (425)-880-2584