The Effects of Low Condo Inventory in Downtown Bellevue
This year’s inventory has been extremely low and downtown Bellevue has become even more desirable. The way of living and the lifestyle that Bellevue has to offer continues to attract more and more people each day. With large developments on the rise (Lincoln Square Expansion) and tech companies such as Amazon, Google, and Microsoft claiming most of the office space, we are seeing more and more people looking to call downtown Bellevue their home.
Mike Grady, president and COO of Caldwell Banker Bain states “The numbers tell the continuing story of a very tight market created by the situation of a region where far more jobs are being created than new housing units – whether they are apartments, condos, or single-family homes. This pattern won’t change until developers can out-build net new job creating, especially in the greater Puget Sound area.” Grady further elaborates on the demand of condos and what they look like in today’s market. “Condos, once the path to ownership for first-time buyers, offer sparse options. Inventory is down 24 percent from a year ago. Condos currently only account for about 8 percent of all active listings, and there is less than a month’s supply.”
Read our full article featured on Downtown Bellevue Network.