Weekly Scorecard 7-19-10

By George Thurtle

Inventories appear to have peaked but the sales keep occuring at a pretty good clip. What is especially notable this week is the number of sales over $1,000,000. East Bellevue had a closing over a $1,000,000 on a resale home this is a first in over a year. West Bellevue had 10 closed sales; of those sales 5 were over a million. There was a waterfront that went for $5,000,000 and a new construction home in West Bellevue went for over $3,000,000. All of these sales were arms length sales and were not short sales or bank owned properties. It is evident that the market is looking for luxury homes and there is very little new construction to fill the gap. The buyer’s choice is either to pay up or build a custom home.The average per sq. ft. price in West Bellevue has been over $400 three weeks out of the last four. This is a trend given the recent sales in my opinion. South Bellevue also had a couple of sales over a $1,000,000 although its per sq. ft. prices seem stuck but the average sale price are moving up. It is very evident the more expensive homes are starting to move.

The spreadsheet is here: Weekly scorecard 7-19-10

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