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March home sales show jump in Bellevue

The number of homes for sale in east Bellevue increased in March over February. - Craig Groshart/Bellevue Reporter
The number of homes for sale in east Bellevue increased in March over February.
— image credit: Craig Groshart/Bellevue Reporter

Sales of single family homes in both west and east Bellevue jumped in March over February and also over the same month a year ago, according to numbers released by the Northwest Multiple Listing Service.

The sales of 34 homes were closed in west Bellevue in March, up from 16 the month before and up from 10 in March 2009. The median sales price was $706,500 last month compared to $1,090,000 in February 2010 and $717,500 in March 2009.

In east Bellevue, there were 50 closed sales last month, compared with 33 in February and 19 in March 2009. The median sales price in east Bellevue was $478,500 last month, compared with $402,500 in February 2010 and $450,000 in March 2009.

“Homes that are positioned well – at every price range – are selling quickly,” commented NWMLS director Pat Grimm, the owner/designated broker at Windermere Real Estate/Capitol Hill, Inc. in Seattle. Among examples he cited was a Medina home that sold for its $2.35 million asking price in seven days. It drew three quick offers with escalation clauses.

Pending sales also are up in both west and east Bellevue from a year ago.

Condo sales also were up in both west and east Bellevue from the preceding year. In west Bellevue there were 15 condo sales last month compared with six in March 2009. In east Bellevue there were 23 condo sales last month, compared with 10 in March 2009.

Condo sales also climbed in both areas over February 2010.

Sales prices for condos were lower in both areas last month over the same month a year ago.

In west Bellevue, the median sales price of a condo in March 2010 was $380,000, down from $596,600 a year ago. However, the median sales price of a condo in west Bellevue was up last month over the previous month in February 2010 when it was $290,000.

In east Bellevue, the median sales price of a condo in March 2010 was $220,000, down from $275,000 a year ago and down from $334,330 in February 2010.

“As predicted, there is a surge of sales activity in the ‘more affordable’ price ranges which is causing a chain reaction of sales up the price points,” reported J. Lennox Scott, chairman and CEO of John L. Scott Real Estate.

Scott said he expects the momentum to continue in the coming weeks as the April 30 expiration of the federal tax credit approaches.

Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest.

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