BELLEVUE TOWERS
2024 YEAR IN REVIEW
2024 felt in many ways like 2023 2.0, i.e. the trends were similar to the year before, but included some improvements. Although sales in 2024 remained lower than even the pandemic year of 2020, they showed a modest rebound compared to 2023. Likewise, while pricing did not recover to the highs of 2022, it did improve somewhat relative to 2023.​
​
​As in 2023, elevated interest rates were the primary factor hindering a stronger recovery in the condo market. High rates not only reduced affordability for buyers, but also discouraged sellers from listing their properties, largely because many were reluctant to give up favorable mortgage rates secured in previous years.
​Looking ahead, the resale condo market in 2025 is likely to mirror the trends of 2024 for similar reasons. The market should remain relatively balanced, with demand and resale supply both constrained by higher interest rates which are unlikely to decline in a meaningful way. Meanwhile, new construction condo inventory in downtown Bellevue will likely remain elevated due to high prices relative to resale condos.
​If you are considering buying or selling at Bellevue Towers in 2025, or have questions about the market or this report, I would love to hear from you.
​
Have a great 2025!
​
Jason Foss
Founder I Partner
Real Residential
(425) 890-9909
Sales Volume and Mix
Sales Volume
​
A total of 31 homes sold at Bellevue Towers in 2024. This reflects a modest rebound from the multi-year low of 23 homes sold in 2023, but sales remain stuck below the long-term average due in large part to higher interest rates. Even 2020 saw more sales in the building despite the temporary COVID induced aversion to condo living during that period.
Sales Mix
​
There were no penthouses sold in 2024. 58% of the homes sold during the year were two-bedrooms. This is lower than the 71% share in 2023, but more in line with the historical share of two-bedroom home sales in the building (for various reasons related to price point and owner profile, studio and one-bedroom homes tend to turn over more frequently than two bedrooms). The remaining 42% of sales were a combination of 1 bedroom and studio homes.
Home Types Sold in 2024
1
Studios
12
1 BD+
18
2 BD+
0
Penthouses
Pricing
2024 saw a modest improvement in pricing on a price per square foot basis compared with 2023. The 2024 average price of $965/sf was not only higher than $940/sf price of the year prior, it also represented the second highest pricing ever after the all-time record of $994/sf achieved in 2022. The average total price sold did fall slightly to $1,544,644 in 2024 from $1,551,420 in 2023, but this was simply a function of a higher proportion of one bedroom sales (which are smaller and therefore sell for less, all other things being equal) pulling the total average down for the year.
Time on Market
The average time on market in 2024 fell to 31 days from 45 days in 2023. The shortest time on market for any home listed and sold in 2024 was 2 days, while the longest was 134 days. Meanwhile, 5 unlisted homes were sold with zero days on market.
Bellevue Towers 2025 Outlook
As expected, sales in 2024 experienced a modest recovery despite interest rates not improving as much as anticipated. A similar trend is likely to continue in 2025. Demand should improve modestly, driven primarily by two factors: buyers benefiting from gradually lower rates that improve affordability, and buyers who, due to personal circumstances, feel unable or unwilling to delay purchasing any longer. There is a third wild card factor and that is the back-to-office trend among certain local companies, notably Amazon. It is possible that we see some buyers purchase because they want to be closer to the office. On the supply side, some sellers who postponed listing their homes due to higher rates may choose to capitalize on moderately improving conditions in 2025. However, the majority of sellers will likely remain those who are motivated to sell by life events, such as job relocations or changes in family status. As in 2024, we can expect incremental increases in both sales and pricing in 2025, assuming no significant economic disruptions due changing federal economic policy or tech downturn.
