Home sales, prices static in Bellevue

More single family homes were sold in Bellevue in July than June, but prices are basically static, according to a report issued by the Northwest Multiple Listing Service.

Twenty-eight homes in West Bellevue closed in July, at a median price of $1,060,500. In June, 27 homes closed at a median price of $1,175,000.

In East Bellevue, 67 homes closed in July, up from 47 in June. The median sales price for a July sale was $500,000; in June it was $507,000.

Pending sales and new home listings remained stable over the two months in both East and West Bellevue.

However, pending sales were up in July from a year ago.

In West Bellevue, there were 45 pending sales in July, up from 17 in July 2008. In East Bellevue, there were 77 pending sales this July, compared with 55 in July 2008.

Condo sales showed similar trends.

In East Bellevue, 13 condo sales closed in July at a median price of $475,000. In June, 17 sales were closed at a median price of $445,000. In East Bellevue, there were 21 closed sales in July at a median price $285,000. In June, 15 condo sales closed at a median price of $319,990.

There were fewer pending condo sales in July from June. In West Bellevue, 22 condo sales are pending. In June the number was 23. In East Bellevue, 31 sales are pending. The June number was 43. Figures for both parts of Bellevue were up from a year ago.

Real estate officials said July’s unseasonably hot weather curtailed activity for several showings and open houses, as brokers and agents said buyers and sellers postponed tours, saying it was just too hot.

“The hot July weather aside, the variable results we saw in July reflect what we’d typically expect from a recovering housing market – a few steps forward for some areas, a step back in others,” said Ron G. Sparks, managing vice president of Coldwell Banker Bain. Whereas comparisons to a year ago reflect some substantial gains, on a month to month basis we’re probably going to experience some “spongy” results for a while, he added.

Brokers say first-time buyers who are motivated by a looming deadline for the tax credit are propelling activity.

For the four-county Puget Sound region, the median selling price for last month’s completed sales of single family homes (excluding condos) was $314,000, about 13.5 percent less than the year-ago price of $363,000.

On a cautionary note, Realtors noted that there is very likely to be a shortage of homes and townhouses in some Seattle neighborhoods by next year as builders can’t get prices that cover construction costs.

Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest. Its membership includes approximately 27,000 brokers and agents. The organization, based in Kirkland, currently serves 19 counties in western and central Washington.

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