Eighty percent of the homes in Bellevue and Redmond near Microsoft sold last month! * That’s incredible! If you look at the red line, which represents pending sales, sales that happened in March, the line is almost equal with the number of homes for sale, the lighter green line. I can’t remember such great odds and I’ve been selling homes around Microsoft for 25 years!**
The real estate market near Microsoft, is hotter than hot. Last year, 26.5% of the homes sold. This year, sales shot up by 70%. There are a lot of buyers who want to buy in Bellevue or Redmond because of the proximity to Microsoft. But it’s also because of the great schools, easy access to Seattle and the Bellevue economic center, good shopping and parks.
In March homes on average took 94 days to sell. Median pricing dropped from $476,000 to $427,000. Remember these numbers reflect the sales that closed in March. The closed sales in March all got offers in January and February. I expect to see the median pricing stabilize as the year progresses. I don’t expect it to increase even though the market is hot.
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.