The sales figures we have compiled based on MLS sales statistics for homes and condos jumped rather dramatically in March compared to February for Bellevue.

For homes and condos combined, the volume of sales jumped over 50% to 170 sales compared to 1113 in February. Year over year sales were also up 6.25%.

The median selling price in March was $447,000, up 10.7% from February's $403,782 and down a fraction of a percentage point from March, 2010's $448,500.

Prices have struggled a bit in the last few months as the volume of distressed sales (short sales and foreclosure sales) has increased. During much of the housing slump, the percentage of distressed sales hovered around 15%... between December and February distressed sales accounted for an average of over 31% of sales. On a positive note, the percentage of distressed sales dropped to 24.12% in March as "traditional" buyers became more active in the market.

On a very bright note, I have personally noticed much more competition in the market place last month while working with buyers in the Bellevue market. Buyers are becoming more active as the spring season dawns which is mirroring the improved jobs data.

It becomes rather obvious what distressed sales to due to median home values when you compare the overall median of all sales at $447,000 to the median of non-distressed sales at $491,000. In the case of March, 41 distressed sales dragged down the median price by almost 10%!

Bottom Line: We're starting to see some much needed signs of life as we enter the spring season. Sales are increasing, and just as importantly the ratio of distressed sales just dropped. We'll keep an eye to the future, but it seems the real estate market is starting to get some wind it its sails after the expiration of the first time buyer tax credit left us dead in the water.

- Robert E. Wasser - Bellevue real estate statistics, market trends, news and blog