BELLEVUE TOWERS
2025 YEAR IN REVIEW
Overall, Bellevue Towers sales in 2025 looked much like 2024, or even 2023 for that matter. Sales have recovered from the 2022 trough, when rapidly rising interest rates sharply curtailed demand, but activity still remains well below that of prior years (and even below 2020, when demand was constrained by COVID). While interest rates declined over the course of the year, that benefit seemed to have been largely offset by broader economic uncertainty and layoffs within the tech sector.
There was a notable difference in sales performance by home type, however. Larger two-bedroom units and penthouses generally sold well, while studios and one-bedroom homes were typically more challenging to sell. This divergence likely reflects differences in buyer profiles: studio and one-bedroom purchasers tend to be younger and more heavily tied to the tech workforce that experienced layoffs and visa uncertainty whereas buyers of larger 2 bedrooms and penthouses are often downsizers with substantial assets who are typically less sensitive to economic volatility.​​
Sales Volume and Mix
Sales Volume
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A total of 32 homes sold at Bellevue Towers in 2025, just one more than in 2024. This continues a trend of few than 40 sales per year at Bellevue Towers since the rapid rise in interest rates in 2022 when there were only 23 sales (which is even lower than 34 sales in 2020 when COVID restrictions were in place).
Sales Mix
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There were 4 penthouses sold in 2025 (one was actually sold twice) representing 13% of all homes sold. This marks a significant turnaround after there having been no penthouse sales in 2024. Of the remaining home sales, 50% were two-bedrooms, and 37% were a combination of 1 bedrooms and studios.
Home Types Sold in 2025
3
Studios
9
1 BD+
16
2 BD+
4
Penthouses
Pricing
We saw two different pricing trends in 2025 based on whether we include or exclude the penthouse sales. Historically speaking, around 2 penthouses are sold in a typical year. No penthouses sold in 2024, but then 4 sold in 2025. This brings the penthouse sales average back to 2 per year over the course of the last 2 years, but it also means that the penthouse sales disproportionately impact the average building pricing for 2025. With the penthouse sales included, the average sales price and average price per square foot rose to $1,848,218 and $1,044 respectively. This is substantially higher than in 2024 when the averages were $1,544,644 and $956/sf. On the other hand, with the penthouse sales excluded, the average sales price and average price per square foot fell to $1,444,464 ($939/sf), the lowest since 2020.
Time on Market
The average time on market in 2025 rose to 41 days, up from 31 days in 2024 but down from 45 days in 2023. The shortest time on market for any home listed and sold in 2025 was 1 day, while the longest was 186 days. Meanwhile, 5 homes were sold iwithout being listed as as a result they had zero days on market.
Bellevue Towers 2026 Outlook
Looking ahead, the resale condo market is likely to feel very similar to 2025 given the likelihood that many of the factors driving supply and demand will remain largely unchanged. On the supply side, some sellers who postponed listing their homes due to higher rates may choose to capitalize on moderately improving conditions in 2026. 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. On the demand side, we may seem some modest improvment, 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. The back-to-office trend among certain local companies, notably Amazon, may be supportive of demand, but this might be neutralized by tech layoffs and H1B visa uncertainty. Overall we will likely continue to see flat to slightly rising sales and pricing, assuming no new, significant economic disruptions due changing federal economic policy or a substantial tech downturn.
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Meanwhile, new construction condo inventory in downtown Bellevue will likely remain elevated due to a historically high price differential relative to resale condos. The developers of the two existing new construction condo projects (Avenue and Mari) appear to be staying relatively firm on price, even as sales in those projects remain tepid. Meanwhile, Park Row, the new Bosa project, is slated to start selling this year. That project will offer no exception to the high new construction pricing trend, especially given its location and views.
​If you are considering buying or selling at Bellevue Towers in 2026, or have questions about the condo market or this report, I would love to hear from you.
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Have a great 2026!
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Jason Foss
Founder I Partner
Real Residential
(425) 890-9909
