Home sales, prices up in Bellevue from May to June
July 7, 2010 · Updated 9:28 AM
Closed sales of single family homes were up in both west and east Bellevue in June over May, according to numbers released by the Northwest Multiple Listing Service. Prices of the homes were up, too.
A total of 47 homes closed in west Bellevue in June, up from 32 in May. In east Bellevue, there were 68 closed sales, up from 51 the month before.
The median sales price of a home in west Bellevue was $980,000 in June, up from $832,750 in May. In east Bellevue, the median price of a closed sale was $496,500, up from $440,000 in May.
There were a total of 60 new listings in west Bellevue in June, down from 77 in May. In east Bellevue, there were a total of 105 new listings, up from 88 the month before.
In the condo market, 19 sales closed in west Bellevue in June at a median price of $345,000. Both numbers showed gains from May when there were 13 closed sales at a median sales price of $320,000.
In east Bellevue, there were also 19 closed condo sales in June at a median sales price of $281,000. In May, 24 condo sales closed at a median sales price of $204,250.
Median sales prices in both areas lagged a year ago with 17 west Bellevue condo sales closing in June 2009 at a median sales price of $445,000. In east Bellevue, 15 condo sales closed in June 2009 at a median sales price of $319,990.
One Realtor noted that lower prices and lower interest rates are more than offsetting the benefit of the tax credit.
Pat Grimm, managing broker at Windermere RE/Capitol Hill, Inc. said that the purchaser of a $500,000 property this month with a $400,000 mortgage would save more than $250 per month as a result of the interest rate drop. “Do the math and you can see you are way ahead if you stay in the property for more than three years,”Grimm said.
Last week’s benchmark 30-year fixed-rate mortgage fell to 4.75 percent, according to the Bankrate.com national survey of large lenders. That’s the lowest rate for the 30-year fixed in the nearly 25-year history of Bankrate's weekly survey. Freddie Mac reported an average of 4.58 percent, the lowest level in more than five decades.
Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest.