May. 25, 2008 - Bellevue Condo Stats

Condo Market - Bellevue Washington

Volume Changes:

Sold 1/1/07 to 5/15/07 - 367 condos sold

Sold 1/1/08 to 5/15/08 - 148 condos sold

Volume down 60%

Currently in escrow awaitng close 117

Currently for sale 389.  By 2007 standards that would have been just over 4.5 months of inventory.

By 2008 standards that is 11.8 months of inventory.

Median days on market has increased from 27 days to 45 days.

Prices are down by 6% from $334 per square foot to $314 per squre foot (median)

Of note, properties in escrow and those on market have asking prices that are WAY up to $400+ per square foot.  Must be weighted more heavily to new construction.

May. 27, 2008 - RE: Bellevue Condo Stats

May. 27, 2008 - RE: Bellevue Condo Stats

Hi Anna,

I think next week I'll do some stats breaking out new construction.  I didn't want to do that earlier in the year, as I wanted a good feel for the movement of the market as a whole. 

Now that I have a sense of where the market is going, I'll start doing some smaller segment analysis.