Weekly Scorecard 8-2-10
While the same trend continues with closed sales at pretty high numbers and pending sales running half of the closed sales the big news which can be inferred by the numbers but which does not show directly is that the upper end inventory is moving. In West Bellevue alone of the 7 sales 4 were over a million and one was a waterfront lot on Hunt’s Point which sold for almost six million and was on the market for only a few days. Also a home in excess of three million closed in Clyde Hill. South Bellevue saw some healty numbers also with a couple of sales over a million. That is why you see the jump in the per sq. ft. averages. It appears that the buyer is responding to the lowered expectations by the sellers on these luxury homes and are moving in.
In the spreadsheet for West Bellevue in the pending sales you see the N/A comment instead of a number. This is sometimes done when the data is minimal and conflicting. In this situation the two pending sales had a huge spread in price and put the per sq. ft. number at an excessively high price. However you can finally see the per sq. ft. prices are starting to move up. Both South Bellevue and East Bellevue had significant jumps in per sq. ft. prices. It will be interesting to see if this is a continuing trend but if the upper end inventory continues to move it will start pulling all prices up.
The spreadsheet is here: Weekly scorecard 8-2-10