Current Market Trends
What is Our Market Doing Right Now? (5/31/07)
Other than going up? Well, that depends on each market. The word ‘market’ is such a broad term that we really need to break it down into categories. The first would be the area/city/neighborhood. Each city sells differently than another. For example, Bellevue is much different than Renton. One is not better than the other, but they are VERY different markets.
Secondly, you need to break it down into price-range within each area market. East Bellevue/Lake Hills is a different beast than West Bellevue (Medina/Clyde Hill/Enatia). The prices are much different but both are great markets. We’re seeing good increases and homes are selling quickly in both areas of Bellevue. And that carries over to neighboring cities like Redmond & Kirkland as well. But again different markets when looking at prices, but all selling very well. Let alone the Bellevue condos being built. Someone told me that there are more cranes erected in downtown Bellevue right now than any other city in the U.S. Don’t quote me as saying that is fact, but I’d believe it.
In getting up to Bothell, that is a whole different ballpark. Bothell is developing like crazy. New homes everywhere you look. They’re beautiful, but there is so much competition that they’re keeping prices down and inventory high. Recently built resale homes are sitting especially long. Because people LOVE the ability to buy ‘new construction.’ Had we even really heard that term prior to 3 years ago? Now people are constantly saying, “We bought new construction.” (Guilty!) But these poor resale homes don’t stand a chance unless they’re way underpriced or are in a very desired neighborhood. So prices there, whew… different everywhere you look in Bothell. But they’re certainly not skyrocketing.
Where do you live? Do you want information on an area didn’t talk about? Let me know and I’ll get it for you.
Good luck!
Other than going up? Well, that depends on each market. The word ‘market’ is such a broad term that we really need to break it down into categories. The first would be the area/city/neighborhood. Each city sells differently than another. For example, Bellevue is much different than Renton. One is not better than the other, but they are VERY different markets.
Secondly, you need to break it down into price-range within each area market. East Bellevue/Lake Hills is a different beast than West Bellevue (Medina/Clyde Hill/Enatia). The prices are much different but both are great markets. We’re seeing good increases and homes are selling quickly in both areas of Bellevue. And that carries over to neighboring cities like Redmond & Kirkland as well. But again different markets when looking at prices, but all selling very well. Let alone the Bellevue condos being built. Someone told me that there are more cranes erected in downtown Bellevue right now than any other city in the U.S. Don’t quote me as saying that is fact, but I’d believe it.
In getting up to Bothell, that is a whole different ballpark. Bothell is developing like crazy. New homes everywhere you look. They’re beautiful, but there is so much competition that they’re keeping prices down and inventory high. Recently built resale homes are sitting especially long. Because people LOVE the ability to buy ‘new construction.’ Had we even really heard that term prior to 3 years ago? Now people are constantly saying, “We bought new construction.” (Guilty!) But these poor resale homes don’t stand a chance unless they’re way underpriced or are in a very desired neighborhood. So prices there, whew… different everywhere you look in Bothell. But they’re certainly not skyrocketing.
Where do you live? Do you want information on an area didn’t talk about? Let me know and I’ll get it for you.
Good luck!
posted by Soderulnd Homes at
1:30 AM
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