fewer bellevue homes on market

[evokanivo]

I've been looking at Bellevue homes for a little while now, in particular near Microsoft (98008/7-ish area). The number of nearby SFHs on the market below 400k has dropped by at least half, it looks like. I don't have any hard numbers, since I'm just going off the redfin map, but it seems that all those remaining are outrageously priced or simply hideous homes.

Though I hear the sky is falling for homeowners, the decrease in for-sale homes makes it look like the sky is falling for home buyers. Any thoughts? Is this just a result of inventories being seasonal?

[victorchai]

Sellers are holding...hoping to sell and make a profit next spring!
What do you think?
I say let them hold and burn!!! BBQ party!!!

[sniglet]

I follow 98008 VERY closely, and the listings there are still very high compared to the last 5 or 6 years (I don't have info going back further). ZipRealty shows 182 listings for 98008 today which is a bit below the 190 record we hit several weeks ago, but still very high.

I notice lots of homes around the Microsoft campus that haven't sold in a LONG time. My next-door neighbour has had his place on the market for 5 months and counting.

I also notice that some for-sale signs miraculously disappear, with no "sold" notice, or moving trucks to be seen. Some people are clearly deciding to just wait things out.

Oddly, I also notice that rental properties seem to take ages to find occupants. It seems to take 5 to 8 months (at least) for the rental signs to come down.

My general impression is that home-owners in this area are still in fantasyland, unwilling to accept that things aren't what they used to be (including those people trying to rent out their properties).

[perfectfire]

are just a tad below the peak listings hit in May. Price per square foot has been oscillating wildly but appears to be converging near the swing lows of the last year. Maybe higher end homes are dropping their price while lower end homes are just being pulled off the market.

[Markor]

[evokanivo]

[Markor]

evokanivo, the minimum market price in that zip is now ~$350K, I think. That is, unless a house needs more than cosmetic work, it would sell quickly for $350K (or sell for more but maybe not quickly). Maybe in another year it will be $300K. In 2004 it seems it was ~$250K.