Subscribe to our RSS feedOf the 30 areas in our region that are tracked for real estate sales, one Eastside neighborhood was recognized for triple digit growth over the same period the year prior. On Sept 5th the Seattle Times reported that West Bellevue/Medina had experienced a 169% increase in sales comparing August 2008 to August 2009.
Another notable stat: Inventory in West Bellevue/Medina has dropped from a five-year supply early this year to a 10-month supply now. That’s significant. And another indicator that in certain pockets, the market gaining strength.
Here’s the beginning of the article by journalist Eric Pryne:
King County home sales continued their summer surge in August. And the latest numbers suggest the buyers aren’t all cash-starved first-timers.
Buyers closed on 5 percent more houses last month than in August 2008, the Northwest Multiple Listing Service reported Friday. It was the third consecutive monthly year-over-year increase, a bump many attribute to the new $8,000 federal tax credit for first-time buyers.
But the neighborhood that saw the biggest jump in sales in August was West Bellevue/Medina, far beyond the means of most folks making their first forays into homeownership.
The runner-up for the month, Queen Anne/Magnolia, also is no mecca for real-estate rookies.
Brokers who work in those two neighborhoods say people with money, who held back when the economy was on the brink, are starting to buy houses again.
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