Bellevue Real Estate » average price per sq. ft.

Weekly Scorecard 12-14-09

George Thurtle — Wed, 16 Dec 2009 01:27:19 +0000

This week the inventories were at 239 homes just up two from last week. Inventories do not appear to be climbing. There were four sales this week with prices ranging from $350,000 to $550,000; pretty typical for East Bellevue. The average per sq. ft. sales price was $222 per sq. ft. Again pretty typical. There was one bank owned home and one short sale. This is the most we have seen in a long time in any batch of sales.

There were three pending sales this week. One of the them was a $5,800,000 waterfront on Lake Sammamish. The other two were homes under $400,000 so running averages this week would be meaningless but it will be interesting to see what the closed number of the $5,800,000 waterfront is if it closes.

Next week there will be a different format. I will be adding West Bellevue and South Bellevue and start presenting the numbers in a spreadsheet format as the site transitions to one which includes all of Bellevue.

Weekly Scorecard 11-30-09

George Thurtle — Tue, 01 Dec 2009 01:44:06 +0000

The inventory just seems to stay pegged around the 240 number. This week it was 241 homes. Seven homes sold this week; again a pretty good number, especially for this time of year. There was one short sale in this batch of closings and one new Camwest Home. The average per sq. ft. sales price was $214, under the predominate average of $214. The average home sale price was $542,929; slightly above the usual $500,000 average. However it looks like we have hit the wall reagrding pending sales. This week there was “0″. They had been tapering off lately with last week only seeing three sales. This is most likely due to the time of year. Things really slow done but will need to see how this trend plays out. Pricing appears flat and the market appears to be very price sensitive.

July 2009 Average Price Per Sq. Ft.

George Thurtle — Mon, 10 Aug 2009 22:07:04 +0000

King County

East Bellevue (NWMLS Area 530)

East Side

West Bellevue (NWMLS Area 520)

Weekly Score Card

George Thurtle — Wed, 17 Jun 2009 01:55:42 +0000

Each week, hopefully on Monday evening, I will post the total listings, the number of sold and pending homes. So here goes for this week.

Total Listings – 289

Total Sales – 9; average sales price $498,466, average per sq. ft. sales price $220, average square footage 2,421

Total Pendings – 4; average sale price $498,566, average price per sq. ft. $241, average square footage 2,131

A couple of comments. The data is taken from the MLS for homes sale and pending from 6/8 tp 6/14. It includes both days for a full week. The pendings come from the pending category and no other category such as “pending back up”, pending inspection, etc. In general for a sale to be pending all conditions such as inspections, lien holder approval are to have been satisfied and the sale is waiting to close. The sure sign of a short sale is a “pending back up”. While imperpect by limiting this number just to the pendings it does help to get a better picture of the which homes are truly pending. As I get more techinically proficient we will start putting these in a spreadsheet and graphs.

The big issue in the numbers above is the number of sales is higher than the number of pendings. Usually it is the other way around mainly due to short sales being signed and then taking forever for lien holder approval. I don’t know if this means sales are slowing or there are less short sales. In general East Bellevue has one of the lowest ratios of bank owned and short sale to its general inventory. It could mean some of this inventory is getting depleted but I would need to do a lot more analysis. agents now have boxes to check on their listings to indicate if it is a short sale or bank owned but they are not being used on a reliable basis. The only real way is to check the tax records that are part of the listing to see the status.

The other number that really hops out is the fact the pending per sq. ft. price has usually been below the sold home per sq. ft. price. Again these are short sales being thrown into escrow just to get the negotiation process started with the lender. Also in markets that are graadually declining in the pending number is usually lower than the sold number and in markets appreciating the pending number for both average home sale price and average per sq. ft. price move up. This will be one to keep an eye on. I suspect there may have been some mild uptick in values for homes under $400,000 since that is where the action is.