Bellevue Real Estate Report, May 2021
Greater Bellevue Real Estate Market
Is the real estate market slowing down or is it picking up?
Inventory continues to deplete as houses continue to sell according to a report from NWMLS. In comparison to the previous year, at the end of the month, there were a total of 5,533, nearly half of active listings from last May of 2020, which had a total of 10,357. As a result, with the lack of inventory complemented with the spike in demand, there has been an uptick in the housing prices of 30%. The Bellevue real estate market, like the rest of the NWMLS, is seeing rapid sales and increased prices.
Bellevue Homes for Sale
Closed sales on houses in the greater Bellevue area have nearly doubled from last year. This May 98 houses sold as opposed to last year which had a total of 52 sales. Additionally, the average selling price for a Bellevue house has skyrocketed. For May of 2020 the average Bellevue home sold for nearly $1.4 million compared to May 2021 where the average Bellevue house sold for $2.2 million. An increase that was over $800,000!!!
Bellevue Condos for Sale
Just like houses, condos are following suit as the number of Bellevue condos sales have almost tripled! In May 2020 a total of 27 condos sold versus 77 condos this May. Meanwhile, the average overall selling price for a condo was dipped by over $100,000. The average selling price for a Bellevue condo in May 2020 was $934,000 compared to $826,000 last May, Nevertheless, despite this overall price drop, condo prices have essentially remained unchanged since the average cost per square foot in both years was $649/sq. ft.
Bellevue Luxury Real Estate
Greater Bellevue is a luxury real estate market, With an average price of over $2.2 million, most sales are of luxury homes. Undoubtedly, the cities of Medina and Clyde Hill have many significant sales. For instance, the second highest sale was in Medina for over $10 million while Clyde Hill had a property that sold for over $5 million. The Clyde Hill home featured a 4,880 sq. ft. house with 5 bedrooms and 4.75 bathrooms while resting on about half an acre lot.
Bellevue Waterfront Homes
Eleven waterfront properties sold this month. Seven of those were waterfront houses with the remaining four being waterfront condominiums. Only one waterfront home was on Lake Washington. It was the most expensive home sold in the Bellevue area this May. The Meydenbauer property sold for $11.2 million. Surely, this Bellevue waterfront sale showed the value of waterfront property, because that is what it was: a purchased of the land. The lot itself is over half an acre (29,264 sq. ft.) but it only has a 1,340 sq ft home that is likely a tear down. The ten other properties, other than one on the Sammamish River, were all on the Bellevue side of Lake Sammamish. Last May, only 3 Bellevue waterfront properties sold. While the real estate market is hot, finding a waterfront property is always a rarity.
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 Bellevue condo, or your first Bellevue property, we can assist you in your search.
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