Median sales prices for single family homes on the west side of I-405 in Bellevue jumped 40 percent last month over January of 2011.
The Northwest MLS data shows a jump from $850,000 for the median price last year to $1,190,000. On the east side of I-405 median price jumped 12.55 percent from $386,500 to $435,000.
With condominium sales tossed into the mix, median price was still up by 36.84 percent on the west side of the freeway but down 9.56 percent on the east side of I-405.
Taken separately, condo prices were up 8.54 percent on the west side, but down 18.02 percent on the east side of I-405.
In all of Bellevue, 91 homes closed last month, a slight bump from 87 a year ago. Pending sales totaled 142, down from 149 a year ago. Total inventory is down from 647 homes and condos on the market in Bellevue a year ago, to 524 last month.
Of that, condo inventory didn’t move much. There are 280 condos on the market now compared to 298 a year ago. But single family inventory dropped from 349 listings a year ago to 244 now.
Patrick O’Brien with Prudential Northwest Realty Associates of Bellevue said many home sellers have just given up as they watch what’s happening with prices. Add to that, banks are backing off repossessing homes as the federal government investigates some of the methods banks used to justify repossession.
O’Brien said inventory could jump up if repossessions pick up again.
“We’re seeing more distressed properties under $350,0000,” O’Brien said. “And you see more and more as you move south on I-405.
According to J. Lennox Scott, CEO and chairman of John L. Scott, the lower number of new listings is due to sellers who are underwater on their mortgages who are staying put, sellers with equity who are holding out for higher prices and a lack of new construction.
Scott Cameron, senior partner with the Cameron Group in Bellevue has been involved in new construction for 20 years. He said most of the new construction in Bellevue this year will be infill and smaller projects. For example, a distressed piece of vacant property was marketed by Cameron to a builder, and the result will be five new single family homes priced in the $800’s called Mercer Landing.
Cameron said another larger project, Belvedere, which stalled, has now been picked up by a new developer. The site consists of 94 home sites.
“Banks aren’t lending for new development,” Cameron said. “National builders are coming into the marketplace instead of local builders on larger projects. Even larger local builders are looking at smaller infill projects.”
Linda Ball: 206-232-1215 ext. 5052;
lball@mi-reporter.com
