Closings were up, but sales prices were down on both sides of Interstate 405 in Bellevue compared to a year ago according to the latest statistics from the Northwest Multiple Listing Service.
West of I-405, there were 71 closings of single family and condominium residences, compared to 51 in July of 2010. The median sales price fell just over 26 percent from $825,000 to $610,000.
East of I-405, there were 85 single family/condo closings in July compared to 76 a year ago. The median sales price fell 15 percent from a year ago from $449,975 to $382,000 this year.
The good news is pending sales have ramped up considerably. Pending sales are those with an agreed contract that have not yet closed. According to the NWMLS, 93 pending sales were reported on the west side of I-405, compared to 47 a year ago in July. Likewise, east of I-405, 123 transactions were reported pending compared to 72 a year ago.
Total inventory is down 26 percent on the west side of I-405; on the east side, inventory is down 33 percent from a year ago.
Beverly Bothel, the broker of Windermere Real Estate in downtown Bellevue, said prices have become more realistic, but waterfront is still very expensive. She said the east side of I-405 is more of a melting pot of prices; there’s a lot of geography between the highway and Lake Sammamish.
“You’ve got these two bodies of water which embody what Bellevue is,” she said.
Bothel said there’s been a significant drop in distressed properties coming on the market, which is good news. In the first quarter of the year 26 percent of the homes that were listed west of I-405 were distressed, compared to 15 percent in the second quarter. East of I-405 the number of distressed listings remained static at 32 percent.
Bellevue south of I-90 saw a big drop in distressed listings, from 40 percent in the first quarter to 25 percent in the second, Bothel said.
According to numbers compiled by Windermere, the area east of I-405 is a seller’s market right now, and the area to the west is considered a balanced market.
Joe Spencer, president and COO of John L. Scott Real Estate said he expects consumer confidence and sales to continue rising now that the fear over the national debt crisis have subsided.
Linda Ball can be reached at 206-232-1215 ext. 5052.
