Greater Bellevue Real Estate Report, March 2021 Review

Greater Bellevue Real Estate Market

Is the real estate market slowing down or is it picking up?

Nothing seems to slow down the Bellevue real estate and Washington State housing market.  For example, the Washington State real estate market continues with bidding wars and escalating prices as commonplace.  Across the NWMLS, the number of mutually accepted offers in March have increased 22.3% over last March.  Buyers’ high demand has decreased inventory 55.9% with only 4,153 active listings at the end of March compared to 9,418 last year.  Thus median prices are up 19.5% across the NWMLS.  Every county has reported increased prices with seven counties exceeding 25% increase in year-over-year sale’s price.  In King County, median prices for single family homes is over $1 million in the Queen Anne/Magnolia area as well as every Eastside NWMLS area including Bellevue.  

Magnolia Real Estate
Magnolia home with amazing views

Bellevue Homes For Sale

There were 89 Greater Bellevue home sales in March.  Seventy-eight sold on market for an average price of $2.52 million and eleven homes that sold off-market for an average of $1.78 million.  Homes sold after an average 30 days on the market.  The previous March, there were 81 home sales, 71 listed homes sold for an average of $1.86 million.  Ten homes sold off-market for an average price of $1.54 million.  While prices were not as high in the previous year, the listed homes did sell quicker for an average 18 days on market.

Bellevue Condos for Sale

The Bellevue condo market is very hot.  Just like homes, while the condos are selling slower in 2021, the prices are up considerably.  There were 64 listed Bellevue condo sold in March.  The average price was over $910,000.  In addition, there was one off-market sale for $450,000.  The previous March, there were 57 listed Bellevue condo that sold for an average of just over $597,000.  There were two off-market sales for an average of $902,500.

Bellevue Luxury Real Estate

The number of luxury real estate sales across the NWMLS have over doubled!  In the first quarter of 2021, there are over 400 sales of $2 million or more compared to just 178 in the first quarter of 2020.   Since the average, sales price in Bellevue is over $2.5 million, we will use $3 million as the minimum for luxury real estate sales. In March, there were 22 Bellevue luxury home sales over $3 million while last year there were only 11 luxury properties sold.  The most expensive sale this past month was a waterfront home in Medina for $18.15 million.  The second most expensive home is a nearly 1 acre Clyde Hill compound with a 9,500 sq ft view home.  Clyde Hill (9) and Medina (5) make up a majority of the Bellevue luxury real estate market.  There were no sales (at least none reported on NWMLS) on Hunts Point and Yarrow Point.

Bellevue Waterfront Homes

This past month, there was only two “Bellevue” waterfront property sale.   Both sales were in Medina.  One of the Medina waterfront homes sold for $18,150,000 after being on and off the market since April 2019.  The two plus acre waterfront property features 180 degree view of the lake, mountains, and Seattle.  The other Median waterfront home sold $7.5 million.

Seattle Waterfront
Seward Park home for sale with Mercer Island across the lake

Is Real Estate Slowing Down?

The simple answer is: no.  Looking at March 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.