During much of the real estate downturn, our area has at times enjoyed the reputation of being "sheltered" from some of the severity of the downturn. Still, the public perception around here generally took on the national outlook as some of the hardest hit states dramatically dragged down the national housing numbers, thus dragging down local sentiment.

Monitoring the actual statistics for this area is one facet of being an informed real estate broker. Looking back at the statistics it is evident that the Bellevue area had been somewhat sheltered from the worst of the real estate downturn. Much can be said about a certain level of price protection that the volume of higher paying jobs from companies like Microsoft, Amazon, Boeing, and Starbucks provided, but a closer look at the recent real estate statistics displays an obvious trend between real estate values and the volume of distressed sales in Bellevue.

Prices had indeed fared better than the national average around here due largely to fewer distressed sales than the national average, but the volume of distressed sales has picked up recently and is inching towards 30%. Correspondingly, the median price of sold homes has fallen as buyers have snatched up undervalued foreclosures and short sales. Distressed sales certainly drag down prices, but over the last year as distressed sales have picked up, the median selling price of non-distressed sales has remained rather stable. Regardless, the overall median price of sold homes has been falling while distressed sales have been on the rise.