I can finally say that the real estate market is hot in Bellevue and Redmond near Microsoft. I haven’t been able to say that for about 5 years!
Forty-nine percent, almost half, of the available homes sold** in February and on average took 84 days to sell. Last year, 30% of the homes sold in February and at the time that was one of the best rates of sale in the area.
Median pricing dropped from $435,000 to $400,000. The number is based on the sales that happened during a particular month. It’s more realistic to look at all the ups and downs over the year to see whether prices have really increased or not.
What I said last month is already proving to be true: “We expect this year to be a strong year for real estate in the shadow of Microsoft.” Because there are so few homes on the market, the good homes that are priced well should sell quickly.
If you’d like more information about your home’s value or how the market is doing in your neighborhood, please contact either Brooks, my business partner or me.
By the way, where are Bellevue and Redmond, WA?
*The data does not cover the entire cities of Redmond or Bellevue, but just the areas east of downtown Bellevue and highway 405 and near Microsoft in Redmond.
**The absorption rate is the number of homes for sale divided by those that actually sold.