Bellevue real estate has started to bounce back after the depressed housing market. Buyer demand for Bellevue homes has remained strong and reduced what seemed to be an overwhelming amount of inventory for sale. Additionally, prices have remained consistent but most home purchases are occurring below the average Bellevue home for sale. The price per square foot shifted lower from $243 to $233 at the start of 2012. This slight decrease in value can be expected as the housing market continued to trend downward through 2011.
Update for Bellevue Real Estate
The number of homes for sale in Bellevue declined from 345 homes to 247 homes from January of 2011 to 2012. With this decrease in homes, the Bellevue housing market was also able to absorb a lot of new inventory, maintaining below a 20% absorption rate for most of the year. The price per square foot slightly decreased from $235 to $233 from 2011. Understand that this metric for price is characteristic of Bellevue real estate below $1,000,000 and is not representative of luxury Bellevue homes for sale. The low cumulative days on market was a breath of fresh air as it is indicative of a healthy housing market and active buyers. You may want to cross reference these numbers with your luxury real estate agent in Bellevue to determine how Bellevue luxury homes are performing.
Number of Homes for Sale in Bellevue
The number of homes in Bellevue for sale has decreased by 28.4% over the course of 2011. This is notable in that it occurred in the midst of several new homes coming on the market, anywhere between 100 to 200 homes per month in the spring, summer, and fall. There were two relative peaks in 2011: June 2011 and August of 2011. May 2011 saw the most Bellevue homes added to the market, 203 homes total, and caused the spike to 412 homes in June. July saw the second most number of Bellevue homes added in a month, totaling 181 homes for sale.
From a seller’s point of view, most home owners in Bellevue starting adding their homes in January of 2011, at 108, and this number grew steadily until May with 203 homes. December of 2010 only saw 65 homes in Bellevue added. Generally, February may have been the best time to add your Bellevue real estate as it avoids the stigma of old news and gives buyers the perception of a fresh, new home on the market.
Price per Square Foot | Bellevue Real Estate
The average price per square foot for real estate in Bellevue moved up and down but maintained an average between $230 and $250. It’s important to note here that no particular season was associated with a large profit for homes in Bellevue. For example, homes for sale in Bellevue sold for $212 in November of 2011 but $243 in November of 2010. Thus, we’re not able to develop a correlation between the month the seller lists his Bellevue home for sale and how much of a return that seller will get on his or her home. When your identifying the right month to add your home in Bellevue to the market, it should be based on how quickly you want to sell the home.
CDOM for Real Estate in Bellevue
The cumulative does on market for Bellevue homes further substantiated the potential for the Bellevue housing market. The average CDOM decreased from one year ago by 18.7%, which indicates a possible rise in buyer demand. The sold versus original price ratio also increased by 1.1% from 2011. Obviously not a huge change but this ratio is a game of inches when it comes to regaining values and meeting buyer expectations. That 1% can turn into $10,000 or $20,000.
Average Price of Bellevue Real Estate
The average sold price of real estate in Bellevue increased from last year by 9.2% to $630,000. This number is overshadowed by the average listing price of $1,021,000, which also rose by 8.4% since last year. People with luxury homes in Bellevue are becoming more willing to place their home on the market as buyer demand returns to normalcy. However, the current demand by Bellevue residents is still far below the current pricing of Bellevue real estate on the market.
Featured Luxury Bellevue Real Estate
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