The Pharoan Lookout
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That's odd. Usually, 520 houses hold strong.
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A day late, worth the wait. West Bellevue houses cooling off while condos quietly pick up steam. The numbers tell the story below.
By the numbers
Field report: West Bellevue Slows, Condos Buck Trend
Walked a few open houses in West Bellevue this week and the board tells a clear story. 282 active listings right now, 44 pending, 24 new ones hit the market in the last 7 days, and sellers are getting real about pricing, 14 price cuts across the active pool in that same week.
Houses are the slower story. 57 sold in the last 90 days at a median of $3.2 million, taking 21 days on average. That's fewer sales than a year ago and slower too, with the median price down 13.6%. Compared to three years back it's much the same pattern, fewer deals, slower pace, price down 14.9%.
Condos are telling a different story. 38 sold in 90 days, median $924,500, and even though there were fewer sales than a year ago, they're moving faster now, 31 days versus 42, and price is actually up 10.1%. Against three years ago, still pricier, just a touch slower to close.
Buyers and sellers are both recalibrating out here, worth watching closely.
520 condos closed high
What's mine worth?
a real number from me, not a Zestimate
Worth Repeating
"I survived all the snakes, but a butterfly killed me. I never feared the darkness, but got lost in the light. I was prepared for every kind of pain except the one that came disguised as love."
The report
The West Bellevue Report
| Houses | Condos |
|---|
| MEDIAN | $3.20M | $925K |
| VS 1 YR | ↓ 14% | ↑ 10% |
| VS 3 YRS | ↓ 15% | ↑ 8% |
| DAYS ON MKT | 21 | 31 |
| OVER ASKING | 4% | 0% |
| UNDER ASKING | 86% | 66% |
| SALES, 90 DAYS | 57 | 38 |
| NEW THIS WEEK | 24 listings, 14 price cuts |
| ON MARKET | 282 active, 44 pending |
| SOLD | 1bd in Bellevue, 96 days, at asking |
| RATEWATCH | lender friends say 7.40 on a 30-yr. $750K, about $5,200/mo |
90-day windows ending Oct 12. Source: NWMLS.
Conditions
| SUNRISE | 7:25am ↑ |
| SUNSET | 6:24pm ↓ |
| DAYLIGHT | 10 hr 59 min |
| MOON | waxing crescent |
| AIR | Moderate, AQI 80 |
| WEATHER | sunny, high near 63. |
| WATER TEMP | Lake Washington 60°. swimmable if you are brave. |
Around Here
 Two handsome hunks need a Ballard-area home of their own, mine's too small. Let me know if you hear of one off market. |
Northwest Pulse
| 🐋 |
Orcas were spotted last weekend down in the southern Puget Sound. If you want to try for a look, the Nisqually River delta near Olympia is a good spot to watch from. |
| ☀ |
UV is a moderate 3 in West Bellevue today, so sunscreen helps but you don't need to go all out if you're heading outside. |
Deal of the week
1100 106th Ave NE #902
2 bd · 1,527 sq ft · $848K (cut 8%) · 209 days
This Palazzo 2-bed plus den has sat 209 days against a 31-day typical pace, with an 8% cut from $925K to $848K. At 1,527 square feet, southwest corner, that's roughly 36% under recent nearby per-square-foot sales. Two decks, two parking spaces, fresh paint and carpet done. The math is worth a look.
See it →
Listing courtesy of Realogics Sotheby's Int'l Rlty
This week
Happenings
450 110th Avenue NE at 10AM
Bellevue Botanical Garden at 1PM
The Meadow, 600 108th Ave NE at 12PM
Bellevue Square Center Court at 7PM
Crossroads Community Center at 12PM
See the whole calendar
· Submit an event you think people should know about.
The Upcoming List
Homes I know are coming up for rent before they hit the market. Subscribers get a private link to the list in every email.
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Where the letter goes next
The Route
One area a week. Not West Bellevue? Yours is coming.
Snohomish: Snohomish ✕
Seattle: Beacon Hill + SODO ✕, Ballard + Green Lake ✕, Central Seattle Nov 4
Skyway: Skyway ✕
Bellevue: West Bellevue (this week)
Shoreline: Shoreline Oct 21
North Bend + Snoqualmie: The Valley Oct 28
Kirkland: Kirkland + Juanita Nov 11
Lynnwood: Lynnwood, Edmonds + Mountlake Terrace Nov 18
Don't see your area? Reply and tell me where you live.
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Talal
P.S. If you're curious what this month did to your home's value, reply with your address. I'll send you a real number, no strings.
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Talal Pharoan, John L Scott Broker
425.230.6655 · pharoan.com |
· No. 003 ·
See you out there.
