2015 Real Estate Year in Review for Seattle, Mercer Island and the Eastside

Mercer Island

Benefiting from the economic strength of the Greater Seattle region, Mercer Island saw the median sale price of single-family homes increase by 10.6% to $1,199,500 continuing a three-year trend of double-digit appreciation on the island. The average sale price increased 8.4% to $1,518,164.

There were 329 homes sold in 2015. A continued shortage of homes for sale limited buyers’ choices significantly. Of those 329 homes, 66% (219 homes) had a sale price above $1,000,000. There were no Island homes sold below $500,000 as modestly priced homes have all but disappeared from the Mercer Island market. The average cost per square foot in 2015 increased 8% to $451 from $416 per square foot.

The average market time fell to 47 days—though this is deceptive as the majority of homes listed for sale at any given time were priced above $2 million dollars with longer market times being the norm. The most desirable, and more moderately-priced, homes typically sold in under a week last year.

The highest sale of the year was $13.8 million—a 2007 built, 8 bedroom/8.5 bath home with 13,721 square feet located on 120 feet of waterfront on the north end of the Island.  The lowest was a 1949 built, 1280 square foot 3 bedroom, 1 bath rambler for $551,500 on the south end.

Interest rates remain low with conventional 30-year fixed rates averaging 3.85% in 2015 while 5/1 adjustable-rate mortgages came in at 2.94%.

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

Seattle

Following an unprecedented year of scarce inventory, the Seattle real estate market saw the median sale price of single-family homes increase by 14.7%. This follows three years of 7% plus appreciation and marking four years of a strong seller’s market. The average cost per square foot increased 11% to $311 from $280 in 2014.

There were 8,588 homes sold in 2015, up from 8,262 in 2014. Of those sales, 844 (10%) had a sale price above $1,000,000 and 3,592 (42%) sold below $500,000. Strong momentum in the high end and upward pressure on prices resulted in 37% more homes sold above one million dollars in 2015 than in 2014.

The average market time of all homes for sale fell to 25 days—the lowest we’ve ever seen in the Seattle region. At that, the most desirable homes sold on their offer review date while more challenged properties sat on the market for months.

The highest sale of the year was $5.75 million—a 2012 built, 9,820 square foot iconic Washington Park home located across the street from the water with sweeping views of Lake Washington and the Cascades.  The lowest priced-sale was a 580 square foot Rainier Beach home sold for land value at $109,000.

Interest rates remain low with conventional 30-year fixed rates averaging 3.85% in 2015 while 5/1 adjustable-rate mortgages came in at 2.94%.

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

 

 

Eastside

The median sale price of single-family homes rose 7.8% on the Eastside, only half of the year-over-year appreciation Seattle saw last year. While the Eastside is growing at a slower rate, at $663,000, its median sale price continues to be higher than the Seattle median of $550,000. The average cost per square foot increased 9% to $301 from $277 per square foot in 2014.

There were 8,237 homes sold in 2015, up from 7,909 in 2014. Of those, 1,469 (18%) had a sale price above $1,000,000—up 27% from last year’s record high—as the Eastside continues to dominate the Seattle region’s luxury market. On the other end of the spectrum, there were 2,017 homes sold below $500,000—the fewest sold since 2008.

The average market time of homes for sale fell to 38 days. This number 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.

The highest sale of the year was $13.8 million—a 2007 built, 8 bedroom/8.5 bath home with 13,721 square feet located on 120 feet of waterfront on the north end of Mercer Island.  The lowest sale was a $48,500 Denny Creek Recreational Area cabin with 500 square feet and sited on leased Forest Service land.

Interest rates remain low with conventional 30-year fixed rates averaging 3.85% in 2015 while 5/1 adjustable-rate mortgages came in at 2.94%.

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

 

 

© Copyright 2016, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

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