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Keeping with the monthly tradition of examining housing prices in Bellevue based on the area defined on the different high schools, here are the results for July. Data was obtained using this method and consists of the median house price sold.
By the way, you can see a map of the high school boundaries here.
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High School
|
January 2009
|
May 2009
|
June 2009 |
July 2009 |
June-July Change
|
| Interlake |
$467,000 |
$445,000 |
$435,000 |
$435,000 |
0% |
| Sammamish |
$496,000 |
$414,900 |
$415,000 |
$418,500 |
+.8% |
| Bellevue |
$957,000 |
$850,000 |
$850,000 |
$930,000 |
+9.4% |
| Newport |
$585,000 |
$480,000 |
$505,000 |
$510,000 |
+1% |
In my opinion, these numbers are very positive. For the second month, prices in Bellevue have not dropped. In fact, they actually increased slightly. Do not look too much into the large increase in sales for Bellevue Highschool. This does show though that higher priced homes are selling too. This seems to follow well with what I have been seeing in the field. Although I have seen a sharp rise in foreclosures, very few of them have been in Bellevue. I have also seen most of our Bellevue homes sell relatively quickly.
|
High School
|
Median Active Home Price May 2009
|
June 2009 |
July 2009 |
Number of Homes May 2009
|
June 2009 |
July 2009 |
| Interlake |
$625,000 |
$645,000 |
$675,000 |
52 |
26 |
54 |
| Sammamish |
$550,000 |
$529,990 |
$574,950 |
176 |
159 |
161 |
| Bellevue |
$1,299,999 |
$1,395,000 |
$1,350,000 |
338 |
340 |
336 |
| Newport |
$815,000 |
$795,000 |
$815,000 |
96 |
103 |
120 |
Inventory is still increasing slightly, though sales have picked up a bit so months of inventory has likely decreased. Clearly it is still the case that if you do not price a home well, it will sit on the market and not sell. That is why we are still seeing high inventory levels.
In terms of the increase in sales price, I do think that it is still tougher to sell higher priced homes and these homes tend to sit on the market. However, lower priced homes are now selling quite well, so as they disappear from the market while higher priced homes enter the market, the average price is driven up.
Overall I do believe these numbers are positive for our area. I have heard many negative comments from people these days about their home equity and about waiting things out before prices drop even further. However, given the recent market activity, at least for Bellevue that is not proving to be the case.
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;)
;)
