By Craig Groshart

cgroshart@bellevuereporter.com

The number of single-family homes and condos listed for sale on the Eastside increased in March over February, according to information from the Northwest Multiple Listing Service.

Pending sales of single-family homes and condos also were up in March over February, the service said.

The median sales price for single-family homes and condos fell in March from February.

A total of 501 single-family homes were on the market in West Bellevue in March, up from 483 in February. In East Bellevue, a total of 416 single-family homes and condos were listed in March, up from 405 in February.

There were 45 pending sales in March in West Bellevue, the same as last month. In East Bellevue, there were 36 pending sales in March compared with 35 in February.

The median sales price dipped in West Bellevue from $712,500 in February to $642,500 in March. In East Bellevue, the median sales price in March was $398,000, down from $460,000 in February.

Median sales prices also were down in March from a year ago in both West and East Bellevue.

The multiple-listing service currently serves 19 counties in western and central Washington.

Realtors say that were activity is up is in that broad area, it generally represents a push from low interest rates and incentives such as the $8,000 first-time homebuyer tax credit. The incentives are also credited with spurring increased buyer activity and competition for “starter” homes.

Eastside numbers for single-family homes only followed a similar pattern. There were 292 listing in March in West Bellevue, up slightly from 289 in February. In East Bellevue, there were 282 listings on the market in March, down a bit from 289 in February.

The number of pending sales were up in West Bellevue, to 33 in March from 25 in February. In East Bellevue, pending sales jumped to 45 in March from 30 in February.

There were 10 closed sales in March in West Bellevue at a median sales price of $717,500. Last month there were 14 closed sales with a median sales price of $1.1 million.

In East Bellevue, there were 19 closed sales at a median sales price of $450,000. In February, there were 22 closed sales at a median price of $477,500.

Condo activity in West Bellevue showed a total of 209 units on the market in March, compared with 194 in February. East Bellevue had 134 units on the market in March, up from 116 units in February.

There were 12 pending sales in West Bellevue in March, compared with 11 the previous month. In East Bellevue, there were 22 pending sales in March, up from 14 in February.

The median sales price for a condo in West Bellevue in March was $596,000, down from $410,000 the previous month. There were six closed sales in West Bellevue in March; eight in February. In East Bellevue there were 10 closed sales in March at a median sales price of $275,000. In February, there were six closed sales at a median sales price of $291,750.

Brokers report growing awareness and use of the $8,000 tax credit for first-time buyers, but are less certain of the impact of federal programs for helping distressed homeowners. “The congressional stimulus package for housing refinances to help distressed homeowners by reducing their mortgage interest rates has not really benefited as many as was hoped,” according to NWMLS director Dick Beeson. “Few, if any, banks seem willing to participate,” he commented.

J. Lennox Scott, chairman and CEO of John L. Scott Real Estate in Bellevue, believes more can be done at the national level to stimulate the housing market. In testimony recently before a U.S. Senate committee, he urged support for a number of measures proposed by the National Association of Realtors. The proposals include allowing a home buyer to use tax credit funds toward a down payment and encouraging FHA to use its authority to increase loan limits in communities that have exceptionally high home prices.

Craig Groshart is editor of the Bellevue Reporter. He can be reached at 425.453.4233.