Thursday, March 13, 2014

Bellevue Real Estate Recap: February 2014

Syndicated from the Seattle and Real Estate Blog
The Real Estate market in Bellevue has continued to improve at a striking rate.  Although the number of homes closed in February 2014 was nearly identical to February 2013, the median selling price rose 10.1% to $670,000.  The average single family home sold for $909,494, and the average selling price for a condominium was $302,694 in Feb 2014.  In February 2013 the average selling price for a single family home was $677,773 and for a Condominium was $399,002.  The ratio for the listing price versus the selling price in 2013 was 99.6% and in 2014 it was 100.09% (according to the Northwest Multiple Listing Service).
bellevue homeThe average days on the market for a single family home in February 2013 was 40 and for Condominiums was 71.  In February 2014 the average for a single family home to be on the market was also 40 days and for Condominiums it was 55.  For single family residences, homes containing 3 or 4 bedrooms sold in about 25 days, versus 37 days in February 2013 and homes having 5+ bedrooms taking around 3 months to sell versus 61 days in February 2013.  Bellevue’s most expensive home sold in February was an Italian Style Villa that sold for a vast $4.8 million.  The home rested on a half acre of Lake Washington Waterfront and was 7,606 square feet and built in 2003 and took 226 days to sell.
Bellevue continues to be extremely desirable right now which is highlighted by the increase in sales prices and the amount of home selling for above their asking price.  The numbers discussed clearly demonstrate that it is a great time to sell in the Bellevue and King County areas. If you would like more information about the current value of your home in this strong real estate market, please contact me for a free market analysis and discussion about your home.


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