The first half of 2014 continues to trend upward in a seller-favored real estate market. Lowered interest rates coupled with more homes coming to market is the silver lining for buyers.
The number of closed residential home sales is up from the record 2nd quarter of last year—111 compared to 101. Second quarter closed sales typically include those homes that went under contract March-May and customarily represent the peak of the market in any given year. The average cost per square foot climbed to $442 from $372–a 19% increase over the same period last year.
On the condominium front, the average cost per square foot increased from $292 to $308–up 5.5% over the second quarter of last year.
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Steady as she goes. The Seattle-Metro residential market has grown in very incremental steps with a modest 8% increase in average cost per square foot.
Average sale prices were up 4% to $570,263 from $548,011 during the second quarter of last year. Multiple offers tend to be the norm in most Seattle price ranges causing the average list price to sales price ratio to climb to a noteworthy 102%.
Seattle condo sales have been booming with 761 units sold in the second quarter compared to 723 for the same period last year. The average cost per square foot has increased to $388 from $342 during that same period.
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Average residential sales prices continue to climb on the Eastside, spurred by significant redevelopment and long-awaited new construction on lots closest to downtown suburban city hubs.
The average cost per square foot on the Eastside climbed to $282 from $249 during the second quarter of last year. Average sale prices increased to $765,132 from $665,924–a 15% rise over last year and the largest increase region-wide.
The Eastside condo market, from Bellevue to Woodinville, continues to show strength as average sale prices increase to $344,130 from $270,000 a year ago. Of note is that condos located closest to the core downtown areas of Bellevue and Kirkland have benefited most greatly in this market.
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© Copyright 2014, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.