Hi there! Jason Cook, your neighborhood realtor with Windermere real estate. I am here with your how’s the market, update for November 2017! Well, I can tell you it is more of the same: prices increase, and inventory is still going down! in fact the median closed sales price here on the #Eastside, including #SouthBellevue, was up to $850,000!
That is a 12% increase between November 2016 and November this year! And I once caught a fish once this big. The months of inventory is still low, creating a classic supply and demand type of scenario. One month’s worth of inventory it’s still crazy low! 42 percent of all closings in November 2017 sold above the list price! In fact, the average price between the list price and the sold price was 5% of all the closed sales on the eastside and South Bellevue. 63.2% of all Eastside listings sold within 15 days or less! Now don’t be misled…. It’s not just a matter of putting a sign in the yard and getting it sold there’s a lot more to it. It’s the presentation, and the marketing of your home and the negotiating skills of the realtor listing that home!
We are still in a seller’s market! But what about buyers Jason Cook? Well, if you’re a buyer and you have waited a year it has cost you a lot of money. Basically, the purchase price has gone from $750,000.00 up to $850,000.00, coupled with an increase in interest rates, the have also increased during that same time. Last month they were at 3.9% so if you waited between November last year and November this year that costs you nearly $500 a month in your mortgage. Now interest rates have actually gone up since last month and in fact right now in December we’re looking at four and a quarter.
As promised a brief history lesson on our market. November 2008 we had nearly 4,800 active listings now in 2017 we have only 680 active listings here on the Eastside/Bellevue, nearly a seven to one ratio. Back then we had about 427 pending sales and currently we have 840 pending sales, nearly twice as many. In 2008 the median close sales price was $451,000…. yes we are up nearly 53 percent compared to that. I hope you enjoyed this market update and you have any questions about buying or selling in this current real estate market please give me a call thanks and have a great day. If you have any questions about this market report please call or email me:
Jason E. Cook
Realtor, South Bellevue, Eastside #BellevueRealtor