This Week: The median single family home price in Bellevue this week is $799,974 With inventory trending up but days. With inventory trending up but days-on-market trending down and the Market Action Index essentially flat recently, conditions don't seem to have strong up or down pull.
PRICE: The market has been on a downward trend recently and this week, while essentially flat, doesn't break us out of that cycle.
The Market Action Index answers the question "How's the Market?" By measuring the current rate of sale versus the amount of the inventory.
Supply & Demand: Local conditions are currently quite strongly in the Buyer's Market zone (below 30). The 90-day Market Action Index stands at 9. With several months of inventory available at the current sales rate, buyers should find ample choice. (Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer.
QUARTILES: Investigate the market in quartiles -where each quartile is 25% of homes.
<="<"> <="<">In conclusion it is no surprise that we continue to be in a strong buyers market. With the home prices in Bellevue starting to show signs of stabilization, I recommend buyers get pre-approved and begin to weed out the homes that don't match their criteria. The First-time home buyer credit is only available on homes that close on or before November 30th.
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