›

fewer bellevue homes on market

evokanivoevokanivo
edited September 2008 in Housing Bubble
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?

Comments

  • victorchaivictorchai
    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!!!
  • snigletsniglet
    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).
  • perfectfireperfectfire
    Redfin shows that listings for 98007 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.
  • MarkorMarkor
    sniglet wrote:
    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).
    I follow those zips too, and this is also my impression. I'm betting the dam will slowly break. So far the breakage is like many of us predicted in Feb. or so: sellers holding on, making small price cuts.

    I'm encouraged by some big price cuts (~8%) and still no sale. Though it's gotten hard to tell lately, because I can no longer tell the difference between a housing going STI (subject to inspection) and being taken off the market without a buyer, without waiting 3 months to see if the property really sold. It seems that every search engine no longer reports STIs. Anyone know what's up with that, or how to tell the difference?
  • evokanivoevokanivo
    sniglet wrote:
    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).

    Total number of homes may still be near the max, but I'm talking specifically about those < 400k. I'm 23 and would only consider a starter home at this point, so all the houses in the area 500k+ just don't seem sensible for me. I don't have a family or anything. Anyway, I guess I'm just in the wrong city...perhaps I should move to Cali where prices have bottomed.

    Do you have stats for homes in that ballpark price range? I see 7 in 98008 on redfin. Maybe I'm just imagining, but I thought there had been more in the past.
  • MarkorMarkor
    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.
Sign In or Register to comment.