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West Bellevue Market Report

NWMLS Area 520 includes not only Bellevue, but also the affluent enclaves of Clyde Hill and Medina, and the even more privileged neighborhoods of Yarrow Point and Hunts Point. Of these communities, only Medina grew meaningfully (by 4.2 percent) from 2010 through 2015. St. Thomas School, an SEVP private school, is located in Medina and Bellevue High School, ranked third in the state and 160th in the nation by U.S.News & World Report, is also located in this area.
Fortune 500 company Expedia is currently headquartered downtown, though they plan to relocate to downtown Seattle. Collectively, and respecting localized idiosyncrasies in this distinctive market, this area’s monthly supply from 2013 through 2015 was on the bleeding edge between balance and conditions favoring sellers, loosening briefly in early 2015. Months in inventory averaged 3.3 in 2015, 2.9 in 2014, and 2.7 in 2013.
This area comprises highly desirable neighborhoods of very limited size, and therefore atypically high variability in prices among properties that are beyond compare. The 2015 median sale price here was 148.7 percent higher than the King County median. Even at these premium prices, West Bellevue witnessed the third highest year-over-year increase we have seen: 17.6 percent, building on last year’s 10.6 percent year-over-year gain. Pricing these properties can be a challenge due to their distinctiveness, so sellers may expect some deviation from the offered price. Of specific note, West Bellevue has been the primary target of overseas homebuyers, especially from China. Brokers at Realogics Sotheby’s International Realty perceive that upwards of half of the luxury home sales in this region are now to this distinct consumer profile and will continue to influence housing prices.

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