Current Market stats and Conditions

As we are shifting from summer to fall, coupled with dropping interest rates, does seem to be sparking increased activity. Let’s take a look at current conditions and just what we might see going forward.

Market Overview

Bellevue’s Median Home Price: Currently at $1,550,000, reflecting a 7% increase from last year but a notable 9% decrease from the peak in May.
Mortgage Payments: The average monthly mortgage payment dipping below $10,000 is a significant milestone that could entice buyers back into the market.

Zip Code Breakdown

98004 (West Bellevue):
- Active Listings: 63, the most in Bellevue.
- Average List Price: $8,049,079, with a strong price per square foot at $1,534.
- Recent Sales: 22 homes sold, with 7 listings going for over asking by 3%. This suggests a competitive market, especially for well-priced properties.
98008 (West Lake Sammamish):
- Active Listings: 27, with a lower price per square foot at $780.
- Sales Activity: 15 homes sold, with a good portion going over asking by 2.25%, indicating strong demand.
98005 & 98007 (Middle Neighborhoods):
- 98005: 13 active listings with an average price per square foot at $772. Homes are moving relatively quickly with an average day on market of 5 days.
- 98007: Only 6 active listings, but all recent sales went for over asking. This reflects a tight inventory and strong buyer interest.

Market Expectations

The increase in active listings suggests that sellers are gaining confidence, likely motivated by the improving conditions. As buyers remain patient, it will be interesting to see how this affects overall market dynamics, especially with the Eastside continuing to outpace Seattle.

Overall, the Bellevue market appears resilient and responsive to changing economic factors, which bodes well for both buyers and sellers as we head into the fall season.