2014 Year in Review for Seattle, Eastside and Mercer Island

Mercer Island

The Mercer Island real estate market saw the median sale price of single-family homes increase by 12% to $1,084,750. This follows a significant 13% increase in 2013 to equal a compounded 27% increase in the past two years. The average sale price increased nearly 15% to just above $1.4 million.

There were 338 homes sold in 2014, down from 353 homes sold in 2013. This is in large part due to a shortage of homes for sale that limited buyer’s choices. Lacking options, some buyers opted to rent or purchase elsewhere. Mercer Island’s real estate market needs additional inventory of homes for sale to both help it stabilize and also to attract potential purchasers.

Of the single-family home sales, 55% (185 homes) had a contract price above $1,000,000 as compared to 165 in 2013 and 106 in 2012. There were twelve percent more homes sold in 2014 above one million dollars than in the year prior. Only 2 homes sold at a price below $500,000 compared to 3 in 2013 and a whopping 24 in 2012. Sadly, the modestly priced homes of the bust era have all but disappeared and builders looking for building sites have been difficult for entry-level home buyers to compete with.

The average market time increased slightly to 69 days for single-family homes from 65 in 2013–still down markedly from the several years prior to that. This market time average can be deceptive however, as the most desirable homes are still selling in under a week while more challenged properties may sit on the market for months.

Click here for the full report and neighborhood-by-neighborhood statistics!

 

Seattle

The Seattle real estate market saw the median sale price of single-family homes increase by 7.5%. This follows an 11% increase in 2013 to equal a cumulative 19% increase over the past two years.

There were 8,262 homes sold in 2014, up from 8,070 homes in 2013, despite the shortage of homes for sale that has dominated the headlines in the greater Seattle-Eastside region in past year.

Of the single-family home sales, 617 (7.5%) had a contract price above $1,000,000 and 4,484 homes sold at a price below $500,000. The number of homes sold below half a million dollars has remained steady over the past six years while the total number of homes sold overall increased significantly. Twenty percent more homes sold above one million dollars in 2014 than in the year prior.

The average market time remained at 34 days for single-family homes–the same as the prior year and still down markedly from the 60-90 days of the several years prior to that. This market time average can be deceptive however, as the most desirable homes are still selling in under a week while more challenged properties may sit on the market for months.

Click here for the full report and to see how prices have changed in your neighborhood!

 

The Eastside

The median sale price of single-family homes rose 9.7% on the Eastside. This follows a solid 12% increase in 2013 and is an indicator of continued market strength.

There were 7,909 homes sold in 2014. That’s down from 8,206 homes in 2013, but still well above the five year average. A shortage of homes for sale has dominated the headlines in the greater Seattle-Eastside region in past year.

Of the single-family home sales, 1,148 (15%) had a contract price above $1,000,000–a ten year high–as the Eastside continues to dominate the Seattle region’s luxury market. On the flip side, there were 2,536 homes sold on the Eastside priced below $500,000–the fewest number sold in the past five years. This is very much the result of continued appreciation in a market once plagued with post-boom price decreases and a very good sign of growth.

The average market time remained at 46 days for single-family homes–exactly the same as in 2013. Both years are down markedly from the 100+ days on the market of the several years prior to that. This market time average can be deceptive however, as the most desirable homes are still selling in under a week while more challenged properties may sit on the market for months.

Click here for the full report and to see how prices fared in your neighborhood!

 

© Copyright 2015, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

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