Construction is a common scene in Bellevue these last several months. Plenty of growth has been seen through our region as inventory continues to decrease. Just last week, a homebuilder in our area was approved to build a 176-unit town home project for the property where grocer Haggen used to operate next to the Crossroads shopping center. There will also be retail space in the project.
This is a large project that is definitely going to change the pace of Bellevue's growth and should help with our lowered inventory. The Crossroads neighborhood in East Bellevue saw inventory plummet 57 percent between the end of 2014 and 2015, according to the Northwest Multiple Listing Service (NWMLS). Demand is well outpacing supply.
Based on these numbers, the NWMLS calculates that East Bellevue has less than half a month's supply of homes for sale. That's among the lowest in King County, and far below the four- to six-month supply that Realtors say represents a market that is balanced between buyers and sellers. Last year ended with a 1.7-month supply of houses for sale across the four-county metro region.
I'm excited to see what these new town homes mean for East Bellevue and how the increase in units affects our already labored inventory. 2016 seems to already be full of good news for our local real estate market!
For more information, make sure you read the full article from the Puget Sound Business Journal.
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