Home sellers in Bellevue are getting the message that local real estate inventory is low. Buyers in Bellevue just keep upping the stakes to a higher level.
Bellevue Months of Real Estate Inventory Vs. New Listings
New listings in Bellevue jumped to 214 during May. That's the highest number of new real estate listings in four years. While it provided a significant boost to the pool of choices for home buyers in Bellevue, it wasn't nearly enough to satiate their appetites.
The boost in real estate listings for May was an 18.8 percent gain over April. That would have been enough in any of the past 5 or 6 years to increase the total inventory available to buyers.
New sales, however, ate up those listings so quickly that the inventory in Bellevue remained flat. There continues to be just one month of inventory available to Bellevue home buyers, making the market a virtual month-by-month renewal. There are nearly as many sales every month as there are homes available in the city for the same time period.
May's new listings in Bellevue were 12 percent higher than during the same month in 2012. We're seeing the same trend across the greater Seattle metro. Home sellers have picked up the pace, and understand the opportunity in front of them. They just haven't been able to create a critical mass to outrun the growing buyer pool. The first opportunity we may see for that could be in July or August when buyers typically slow as they take summer vacations.
Until then, there are no signs of slowing down.
© SeattleHome.com: - Sam DeBord, Managing Broker, Realtor
Source: NWMLS Stats - The Northwest Multiple Listing Service did not compile or publish this information.