By Annie Gustafson | John L. Scott Real Estate
Late fall and winter usually see a dip in the number of new listings coming on to the market — a drop of 30-50 percent is common — but Bellevue is still a hot real estate destination.
Buyers from around the country are flocking to the Puget Sound region, and historically low interest rates of under 4 percent are encouraging them to act quickly before rates go back up.
There is less than a month’s supply of homes in Bellevue, which means it would only take a few weeks to sell all the listings on the market if the current pace of sales keeps up.
“When you have inventory levels below three months, there is stiff competition for homes among buyers,” said Julia Nordby, branch manager at John L. Scott’s Bellevue office. “With the low level of inventory we have now, we’re still seeing multiple-offer situations. If a home is priced right and in good condition, a bidding war is likely.”
Homes are selling quickly too. At this time of year, it’s typical to see around 30 percent of homes sell within the first 30 days. As we move into the fourth quarter of 2017 however, we’re seeing 67 percent of homes selling in that time frame.
The good news for buyers who are growing weary of the current inventory of homes and all that competition is that the market will likely see more listings after the first of the year.
And the spring selling season will encourage even more sellers to list their homes, bringing fresh listings for those eager buyers.