August sales of single family homes in Bellevue were down from the same month a year ago, but condo sales were up, according to the Northwest Multiple Listing Service.
West Bellevue saw 78 closed sales of single family homes and condos in August, 11 more than last year, for a 16 percent increase. The median price for these homes was $675,000, up from $600,000 at this time last year. An additional 224 homes and condos went on the market, with a total of 408 available at the moment, which is down from this time last year, when 737 homes and condos were on the market throughout the city.
In west Bellevue, condos were hotter sellers than homes, with 42 of the 78 closed sales. The median price for these completed sales was $485,000, up $100,000 from the median condo sale last year. The 36 home sales represents a six percent increase over last year, with the median price at $893,449, a nearly 18 percent increase over last year
In Bellevue, east of Interstate 405, home and condo sales were greater and cheaper. Brokers closed 89 sales, one more than last year at this time, but down slightly from July when there were 98 closed sales. Prices were up both from last month and last year, with the median home value coming in at $439,995, as opposed to $375,000 last year and $400,500 last month.
Home sales dominated the market in east Bellevue, representing 62 of the 89 closed sales. The number was a slight decrease from last year’s 67 sales. The median price of $504,000 represents a 13 percent increase over prices last year at this time. The 27 condo sales were a 28 percent increase over this time last year, and with the average median price of $161,000 costs were down 5 percent over last year.
“In housing markets, slow and steady recoveries are good,” said MLS director Frank Wilson, the branch managing broker at John L. Scott’s Poulsbo office. “A market that runs too high or too fast leads to a quick decline in short order,” he commented, adding he expects good momentum to continue into the fall.