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Bellevue East of I-405 Market Report

With an estimated 2015 population of 135,000, Bellevue is the fifth most populous city in Washington State. The city was No. 19 on Forbes’ list of Best Cities for Millennials in 2015 (Seattle was No. 6). This area of Bellevue east of I-405 is home to Interlake and Sammamish High Schools, respectively rated sixth and ninth in the state by U.S.News & World Report. Demand here has been sufficient to drive inventories lower than all other areas on the Eastside. The monthly supply has averaged a slightly over one month: 32 days in 2015, 39 in 2014, and 27 in 2013. The City of Bellevue and much of the greater Eastside are highly desirable to international homebuyers, especially Chinese. Such buyers are drawn by the access to excellent public and private schools, prospects for capital appreciation (as noted by recent rises in the market) and the area’s demographics: for example, the three neighborhoods in Woodridge east of I-405 range from 15.5 percent to 32.8 percent Asian.
Since 2010, multifamily units in Bellevue have increased by 9.0 percent, while SFRs increased by 2.4 percent; but the latter still comprise 56.7 percent of the housing stock (This includes all areas of Bellevue, including those both west and east of I-405 and south of I-90). In 2015, East Bellevue’s median sale price was 24.5 percent above the median for King County as a whole; and the 9.7 percent year-over-year gain exceeded that of the county by a full percentage point as it had from 2013 to 2014. Meanwhile, all but the mid-autumn to early winter months of the past two years have seen competitive bidding for properties in this area.

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