Real estate market may have found new normal

Home sales in Bellevue and across the Eastside seem to have stabilized in 2011 with, a trend, realtors say, that may become the look of the future as buyers and sellers move into 2012.

Home sales in Bellevue and across the Eastside seem to have stabilized in 2011 with, a trend, realtors say, that may become  the look of the future as buyers and sellers move into 2012.

Cory Brewer, operations manager for Windermere Property Management in downtown Bellevue, said he doesn’t foresee prices jumping up over the next year, and he does not think sellers will be thrilled with what they will be able to sell their homes for.

“We’re going to see more sales, but I don’t think it will drive prices up,” Brewer said in response to statistics from the Northwest Multiple Listing Service that summed up 2011.

The median closing price in King Country, for single family homes only in 2011, was $340,000, down 9.33 percent from $375,000 in 2010.

Likewise, the median price on condos dropped as well, from $244,000 in 2010 to $204,000 in 2011, or a decrease of 16.39 percent.

Combining single family and condos, the median closing price was $311,748, down from $349,000 in 2010.

The highest priced single family home in the MLS system that sold last year was in Hunts Point, selling for $14,750,000.

The highest priced condominium that sold was in Kirkland, for $3,249,000.

Breaking the Eastside down by school district, the Bellevue School District saw a median sales price on single family homes of $550,000 with an average (mean) of $748,455.

The Issaquah School District’s median sales price was $530,000 with an average (mean) price of $567,540.

The Lake Washington School District’s median sales price was $493,245 with the average (mean) sales price at $546,025.

And on Mercer Island, the median sales price was $824,000 vs. $1,062,447 for the average (mean).

Jon Hunter, one of the branch managers at John L. Scott Issaquah/Sammamish Real Estate, thinks people will start to move on with their lives this year.

“People are seeing a new paradigm,” Hunter said. “The dust is starting to settle.”

 

Linda Ball can be reached at 206-232-1215 ext. 5052.