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Keeping with the monthly tradition of examining housing prices in Bellevue based on the area defined on the different high schools, here are the results for June. Data was obtained using this method and consists of the median house price sold.
By the way, you can see a map of the high school boundaries here.
|
High School
|
January 2009
|
May 2009
|
June 2009 |
May-June Change
|
| Interlake |
$467,000 |
$445,000 |
$435,000 |
-2.2% |
| Sammamish |
$496,000 |
$414,900 |
$415,000 |
0% |
| Bellevue |
$957,000 |
$850,000 |
$850,000 |
0% |
| Newport |
$585,000 |
$480,000 |
$505,000 |
+5.2% |
Interlake, which was spared much of the drop the other areas have seen since May, is the only area that declined in the last month. Newport, which may have been hit the worst, actually saw a slight increase. Overall these numbers are positive as for the most part prices stayed stagnant. It will be interesting to see what happens in future months but at least for the last month things have not become worse.
|
High School
|
Median Active Home Price May 2009
|
June 2009 |
Number of Homes May 2009
|
June 2009 |
| Interlake |
$625,000 |
$645,000 |
52 |
26 |
| Sammamish |
$550,000 |
$529,990 |
176 |
159 |
| Bellevue |
$1,299,999 |
$1,395,000 |
338 |
340 |
| Newport |
$815,000 |
$795,000 |
96 |
103 |
Clearly the market is still oversaturated with higher priced homes. This is especially prevalent in the area of Bellevue High School where active home prices actually increased! I suspect this is because lower priced homes have sold there recently, leaving more higher priced homes available.
Interlake also saw a slight increase in prices. Perhaps this is because inventory remains relatively low there. It still seems that this area has been spared the worst of the market. Recent news that this high school ranked 18th in the nation and second in the state (behind only Bellevue's International School) also may help.
For the other two areas, it is good to see that the average price of active homes is slowly approaching the average price for sold homes - which in a healthy market should be a bit closer.
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