Bellevue, WA Real Estate Statistics for November 2009

Another month has gone by and the results continue to show improvement when compared to November 2008.

To begin with let’s take a look at the number of days on the market.

Although there was a small up-tick compared to last month there is a decided decline from one year ago.  It is not unusual to see small fluctuations from month-to-month and that is why it is important to look at the longer term–year-over-year.  When properties are on the market a shorter time it is an indication that the market is moving faster, houses are selling more quickly and the overall inventory may begin to decrease.

The next factor for us to consider is the number of units sold in a given month.

This graph shows a dramatic increase this November (83 units)  over one year ago (39 units).  In many markets the increase in sales in November has been credited to the First-Time Homebuyer Tax Credit, however, in Bellevue where the median price for homes sold this month was $579,0000 it’s a pretty good guess that not many of these were “First-Time Homebuyeers.”  So, once again this is a very encouraging sign for the Bellevue, WA real estate market.

Speaking of median price here is what that graph looks like.

Prices have stabilized over the last six months.  It will be interesting to watch this to see if prices start to move up again after a long period of decline or remaining flat.

The total volume sold when compared to the number of units sold gives us an indication of the type of homes sold.

Again, comparing November 2009 to November 2008 demonstrates how much better the market is getting.  The last four months shows a more stable patter with a slight increase in volume.  It will be interesting to see what happens in December of this year since there was a decided drop from November to December 2008.

The final graph contains a lot of information.  It shows what happens when houses are priced too high and remain on the market too long.

What I find interesting is that not once in the last year has the average sold price met the average list price.  A few years ago it was not unusual to see the sold price exceed the list price.  This means the ratio would be in excess of 100% rather than the 90 to 95% range.  As always, it is important to listen to what the market is saying about value.  If you are a seller price it at market value and adjust quickly if you are too high.  If you are a buyer, be willing to pay market value and be satisfied to get a good deal.  If the house is a “screaming deal” there probably is something wrong with the house, title or financing.

All of this is very good news and gives us a lot to look forward in the coming year.