Bellevue Real Estate » West Bellevue Homes

Weekly Scorecard 3-21-11

George Thurtle — Sat, 26 Mar 2011 03:58:55 +0000

Finally the inventories have inched up but not as much as they should be doing this time of year. South Bellevue went up by 10 homes and East Bellevue by 7 homes but that still is not much for what should be coming on this time of year. The sales numbers were again strong and I thought the volumes would be peaking. Last week there was a big spread between the pending sales and the closed sales. This week the pending sales were up and the closed sales were down some. I thought I would see the pending sales remain low. There seems to be new buyers coming into this market keeping the sales volumes up. Also if you check the Altos stats there is definite stabilization and firming of prices. The combination of declining inventory and a relatively high sales volume seems to have had its natural result.

The spreadsheet is here: Weekly scorecard 3-21-11

Weekly Scorecard 9-20-10

George Thurtle — Sat, 25 Sep 2010 20:04:57 +0000

Two interesting things this week. The first is that this was the week for large water front sale. One went for about $4,000,000 in Newport Shores and another one went for $5,000,000 on Hunts Point. The one for five million had a small house and is obviously going to be a new home some time in the near future.

The other scary trend this week was the lack of pending sales. South Bellevue only had two sales and the other areas each had one. East Bellevue has always had at least five pending sales. The message here for a seller is it appears there are very few buyers out looking. If you have an offer, even if you don’t like it, you might want to find a way to make it work.

The spreadsheet is here: Weekly scorecard 9-20-10

Weekly Scorecard 8-17-10

George Thurtle — Fri, 20 Aug 2010 21:04:18 +0000

It appears inventories are peaking and we are seeing closed sales come more in line with in MLS Area 530 (East Bellevue). The other two areas that still have a big spread between closed sales and pending sales. the disturbing faactor is that while inventories have peaked, if you look at pending sales they are by half. The result is that either inventories will need to be reduced or you may see another round of price cuts. Nothing like the spring of 2009 but if the inventories remain where they are and sales do not pick up then this fall and winter could see a slow sagging market.

The spreadsheet is here: Weekly scorecard 8-17-10

Weekly Scorecard 8-2-10

George Thurtle — Wed, 04 Aug 2010 18:29:45 +0000

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