Home prices in the greater Bellevue real estate market have been on the increase throughout 2013, and the trend seems to be continuing as we head into the end of the year. Coupled with increasing numbers of pending home sales, there doesn't seem to be the typical fall slowdown setting in on the market quite yet.
Greater Bellevue Median Home Prices, Pending Real Estate Sales
The Bellevue market consists of the city itself, as well as the tony incorporated enclaves of Medina, Hunts Point, Clyde Hill, Yarrow Point, and Beaux Arts. The median home price in October for this region came in at $730,334, up from $725,000 in September. The increase of 0.7 percent was just a small indicator of the overall year's numbers, in which we've seen 12.4 percent appreciation for the greater Bellevue real estate market.
Pending sales of homes in Bellevue also increased significantly this year, with a 13.8 percent year-over-year increase for October. Compared to September's sales this year, the market has extended its month-to-month gains, with a 19.8 percent increase from 157 new pending transactions.
The Eastside is clearly benefiting from the improved employment market in the region just as much, if not more, than Seattle itself. As housing inventory remains fairly low and interest rates continue to drop this month, the general atmosphere in Bellevue is that of a seller's market, with significant incentives for buyers who are financing a purchase.
© SeattleHome.com: - Sam DeBord, Managing Broker, Realtor
State Director, Washington Association of Realtors
Coldwell Banker Seattle: Coldwell Banker Danforth & Associates
Twitter | Facebook | LinkedIn | Google + | Sam (at) SeattleHome.com
Source: NWMLS Stats - The Northwest Multiple Listing Service did not compile or publish this information.
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