Bellevue Real Estate Report, April 2021
Greater Bellevue Real Estate Market
Is the real estate market slowing down or is it picking up?
Bellevue real estate follows suit with the rest of the NWMLS as the market continues to grow. Brokers reported 8,791 closed sales of single family homes and condos during April 2021, nearly 50% higher than the year prior total of 5,866 completed sales. Year-over-year closed sales surged 25%, from $452,030 to $565,000. Resulting in nearly every county reaching double-digit gains. Furthermore, prices on single family homes rose 26.5% alongside condo prices that increased by 12%.
Bellevue Homes for Sale
The Bellevue real estate market had doubled in sales over last year with 110 homes sold compared to 55 that sold in April 2020. The average selling price for a house in the area came to over $2 million. Additionally, the neighboring city, Clyde Hill, sold 11 houses this April with the city of Medina selling 8 as well as the town of Yarrow Point having 7 home sales. The most expensive home sold in the area was a waterfront Hunts Point property that Ewing and Clark’s Jane Powers and Betsy Q Terry sold for $32 million.
Bellevue Condos for Sale
Condo sales spiked in the area and nearly double as opposed to last year. At the end of the month, there were 92 sales in total with the average condo selling just over $850 thousand. In the previous April, there were 47 listed Bellevue condo sales with an average of just over $720 thousand.
Bellevue Luxury Real Estate
Luxury homes in Bellevue are becoming commonplace. A majority of homes (34 of the 60) that sold this month were bought at over $2 million. Greater Bellevue, including Clyde Hill, Medina, Hunts Point, and Yarrow Point, are all part of a luxury real estate market. Furthermore, in 2021 there have been 8 sales for over $10 million in the entire NWMLS. Six of the sales were local. The most expensive was this month’s sale, of the Hunts Point waterfront home which for $32 million. Three of the sales were in Medina including one on Evergreen Point, one on Yarrow Point, one in Meydenbauer, one on Clyde Hill, Of the two that were not in Bellevue, one was a Mercer Island home that sold for $12.225 million and another was a Washington Park home (Seattle) sold by Ewing and Clark for just under $12 million.
Bellevue Waterfront Homes
Seven waterfront homes sold during the month, a huge increase compared to March, which only had two waterfront home sales. Four homes sold on Lake Washington and three sold on the westside of Lake Sammamish. In terms of condos, four waterfront condos sold throughout April with three of the properties located on the westside of Lake Sammamish and the other one was located on Lake Bellevue.
Is Real Estate Slowing Down?
The simple answer is: no. Looking at April numbers, it shows the Bellevue real estate market continues to be very strong. But the real estate market can change. To get up-to-date information, contact one of Ewing and Clark’s real estate agent. Ewing and Clark and its real estate brokers have been providing exceptional real estate service to Greater Seattle since 1900. Whether you are looking for a Medina waterfront home, a Downtown Eastside condo, or your first property, we can assist you in your search.