Q2 2018 Seattle-Eastside Residential Real Estate Report

Click to view quarterly market reports for Mercer Island, Seattle and The Eastside.
Published July 2018

Mercer Island Report Seattle Report Eastside Report

Signs of transition to a more balanced market are becoming abundantly clear as we move further into 2018. Price growth, while still climbing in most areas, has tapered off and average market times are inching up. Brokers are beginning to dust off forms that have seen little use of late—finance and inspection contingencies—as buyers gain a stronger foothold at the negotiating table.

Some homes are still garnering multiple offers and commanding incredible prices and terms, but many more are seeing negotiations more equalized with fewer buyers at the table. Seattle has needed this return to balance for a very long time. It is likely that buyers who were beaten down and bruised over the past couple of years will return to the house hunt, but it will likely be on their own terms. Waiving all contingencies, releasing a substantial earnest money to the seller up front, and giving the seller a period of free possession after closing will be reserved for only the most coveted homes.

On the other hand, being able to conduct thorough due diligence on a prospective home over a comfortable period after offer acceptance is a buyer right that is returning to the picture. It has been a long time since that was even possible in the hottest neighborhoods. So long, it seems almost foreign. Yet that equalization of power is long overdue and needed to stabilize our market.

Overall median Q2 ‘17 to Q2 ‘18 prices in Seattle rose 11.3% to $801,000, while the Eastside rose 9.1% to $960,000. The average cost per home square foot was $459 in Seattle and $426 on the Eastside (which tends to have larger homes—2,752 square feet vs Seattle’s 2015 square feet—and thus a lower cost per square foot to construct).

Home mortgage interest rates have continued to rise, averaging 4.54% in Q2 putting continued pressure on buyers to purchase before they are simply priced out of the Seattle-Eastside market. Our region is entering a sweet spot where home prices are stabilizing and have likely peaked but interest rates are still affordable. Because rising interest rates have a much larger impact on the monthly mortgage than home price, values would have to fall pretty sharply to offset the impact of a 1-2% increase in mortgage interest rates.

WATERFRONT Q2 2018 Market Report:

Click to view the quarterly waterfront report for Mercer IslandSeattle and the Greater Eastside.
Published July 2018

Waterfront Report

 

CONDO Q2 2018 Market Report:

Click to view the quarterly condo report for Mercer IslandSeattle and the Greater Eastside.
Published July 2018

Condo Report

© 2018 Windermere Real Estate/Mercer Island
Information and statistics derived from Northwest Multiple Listing Service.

ABOUT WINDERMERE MERCER ISLAND
We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

Q1 2018 Seattle-Eastside Residential Real Estate Report

Q1 2018 Seattle-Eastside Residential Real Estate Report

Q1 2018 MARKET REPORTS:

Click to view quarterly market reports for Mercer Island, Seattle and The Eastside.
Published April 2018

Mercer Island Report Seattle Report Eastside Report

Q1 prices in the Seattle-Eastside region have escalated yet again with no sign of slowing in the immediate future. An unprecedented lack of inventory for sale coupled with rising interest rates has prompted buyers to compete with reckless abandon to win the prize of their very own home, albeit with a steep price tag.

Overall median prices in Seattle rose 16.1% to $770,000, while the Eastside rose 13.0% to $944,000. Those regional numbers certainly don’t tell the whole story, especially when you consider the highest change in median sale price was nearly 46% and the lowest was a -4%. New construction sales, or lack thereof, made the biggest impact on home sale prices. Existing homes, offering good walkability or commute options, and those that were on the more affordable end of the pricing spectrum saw the strongest appreciation overall.

Rising mortgage interest rates, now up a full percentage point from their lows, are adding fuel to the fire. While not dampening buyer demand yet, further increases will likely begin to price home buyers out of the core Seattle-Eastside region. Homebuyer fear of being priced out of the market is at least partly to blame for the crazed demand at more modest price points.

As predicted, many who don’t have a need to be close in to the metro region are choosing to sell at a high and buy more affordably outside of the Seattle-Eastside area. The rate of tear-down new construction infill has escalated at staggering numbers as builders capitalize on the market’s appetite for fresh and new.

Buyers today should consider their purchase thoughtfully as buying at or near the peak of the market can limit their resale options when the market corrects. Planning to stay put for five to seven years is a good strategy at this time.

 

WATERFRONT Q1 2018 Market Report:

Click to view the quarterly waterfront report for Mercer Island, Seattle and the Greater Eastside.
Published April 2018

Waterfront Report

 

CONDO Q1 2018 Market Report:

Click to view the quarterly condo report for Mercer Island, Seattle and the Greater Eastside.
Published April 2018

 

ABOUT WINDERMERE MERCER ISLAND
We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

2017 Year End Seattle-Eastside Residential Real Estate Report

2017 Year End Seattle-Eastside Residential Real Estate Report

2017 SEATTLE YEAR END REVIEW

Seattle area real estate paid off big yet again in 2017 with a 14.1% median price increase to $708,000. In fact, over the past five years, prices are up 58.7%. A Seattle house that was $446,000 in 2013 would sell for a whopping $708,000 today, or $262,000 more.

Seattle Report

Grappling with gridlock and buyer push-back over steeply escalating prices, Seattle saw the strongest price growth in neighborhoods further from the downtown core—namely South Seattle, Shoreline, and West Seattle. These more affordable regions offered home buyers more for their money than many of the core in-city hoods…although the quaint, inviting homes with signature “Seattle Charm” are pretty hard to pass up.

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

 

 

2017 EASTSIDE YEAR END REVIEW

Median price appreciation on the Eastside fared even better than Seattle with year-over-year prices up 15.2% to $868,000. Over the past five years, prices are up 54.8%.

Eastside Review

The entire Eastside—comprised primarily of the cities of Bellevue, Medina, Clyde Hill, Yarrow Point, Hunts Point, Kirkland, Issaquah, Redmond, Sammamish, Woodinville, Carnation and Duvall—grew at a frenzied pace as buyers competed for fewer and fewer homes in Seattle’s newer and more spacious neighboring Eastside region. Those communities closest to the metro core and I-90/520 arterials fared best but homeowners in more remote Eastside neighborhoods are hardly complaining.

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

 

 

2017 MERCER ISLAND YEAR END REVIEW

The median sale price on Mercer Island increased 17.1% (to $1,546,000) over 2016. Lack of available housing was the biggest contributor in driving prices up in this often-coveted island community nestled in the heart of the metro region between Seattle and Bellevue.

Mercer Island Report

New residential development regulations implemented in November impacted the size and placement of new construction and remodeled homes. Given the current buyer demand in the Mercer Island market, the new restrictions generally only affected values where total building size was significantly diminished.

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

 


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

windermeremercerisland.com | (206) 232-0446 | mercerisland@windermere.com
2737 77th Ave SE, Mercer Island, WA 98040.

© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.

Q3 2017 Seattle Area Residential Real Estate Report

Q3 2017 Seattle Area Residential Real Estate Report

MERCER ISLAND

The median sale price on Mercer Island increased 13.6% (to $1,460,000) over Q3 of 2016. Time will tell whether recently imposed building restrictions—making the island one of the most restrictive cities in the region to build or remodel—will have an impact on home values.

Mercer Island Report

The highest sale ($5,500,000) was a south end waterfront home built in 2017 with 4.536 square feet on 0.25 acres and sited with 75 feet on low-bank waterfront. The lowest sale was a mid-island 1460 square foot 1954-built home on Island Crest Way listed at $875,000 and sold for $780,000.

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

 

SEATTLE

Appreciation in Seattle outpaced that of the Eastside—a 16.3% increase in the median sale price since Q3 2016 compared to the Eastside’s 13.8%.

Seattle Report

Median sale prices were up Q3 to Q3 as follows: West Seattle (14.3%), Mount Baker-Beacon Hill (20.6%), Madison Park-Capitol Hill (11.4%), Queen Anne-Magnolia (1.5%), Ballard-Greenlake (14.0%), North Seattle (18.2%), Richmond Beach-Shoreline (29.6%), and Lake Forest Park-Kenmore (14.1%).

Seattle’s overall median sale price was $715,000—up 16.3% over Q3 2016.

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

 

EASTSIDE

Bellevue-West of 405 outpaced the pack in Q3 with a median sale price 24.6% higher than Q3 of last year. Bellevue-East of 405 and Kirkland-Bridle Trails fared very well also with prices up 19.7% and 18.5% over the same time.

Eastside Review

The median sale price change Q3 2016 to Q3 2017 breakdown is as follows: Eastside South of I-90 (18.4%), Mercer Island (13.6%), West Bellevue (24.6%), East Bellevue (19.7%), East Lake Sammamish (7.0%), Redmond (16.8%), Kirkland (18.5%), and Juanita-Woodinville (13.9%).
The Eastside’s overall median sale price was $860,000—up 13.8% over Q3 2016.

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

 

 

© Copyright 2017, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing service.

Q2 2017 Seattle Area Residential Real Estate Report

Q2 2017 Seattle Area Residential Real Estate Report

Q2 2017 REVIEWS:

Click to view quarterly market reports for Mercer Island, Seattle and The Eastside.
Published July 2017

Mercer Island Report Seattle Report Eastside Report

 

MERCER ISLAND

The Median Sale Price on Mercer Island increased 20.4% (to $1,590,000) over Q2 of 2016. Buyers continued to fiercely compete for the very few homes for sale below $2 million.

Mercer Island Report

The Average Cost Per Square Foot was $539, up from $478 in Q2 2016.

The highest sale ($8,000,000) was an eastside waterfront home built in 2012 with 6,338 square feet on 1.04 acres and sited with 150 feet on medium-bank waterfront. The lowest sale was a north end 1700 square foot 1982-built home on a tiny 0.06-acre lot listed at $775,000 and sold for $842,000.

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

 

SEATTLE

Mount Baker-Beacon Hill led the charge in Q2 with a Median Sale Price 23.5% higher than Q2 of last year. West Seattle and North Seattle fared very well also with prices up 17.5% and 15.1% over the same time.

Seattle Report

Overall the Median Sale Price change Q2 2016 to Q2 2017 stacks up as follows: West Seattle (17.5%), Mount Baker-Beacon Hill (23.5%), Madison Park-Capitol Hill (7.5%), Queen Anne-Magnolia (0.5%), Ballard-Greenlake (13.5%), North Seattle (15.1%), Richmond Beach-Shoreline (14.7%), and Lake Forest Park-Kenmore (14.5%).

Seattle’s overall Median Sale Price was $720,000—up 13.8% over Q2 2016.

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

 

EASTSIDE

Appreciation on the Eastside once again outpaced Seattle—a 17.3% increase in the Median Sale Price since Q2 2016 compared to Seattle’s 13.8%.

Eastside Review

The East Bellevue region was up 24.8%, followed by Mercer Island and East of Lake Sammamish at 20.4% and 19.9% over Q2 of last year.

The Median Sale Price change Q2 2016 to Q2 2017 breakdown is as follows: Eastside South of I-90 (15.0%), Mercer Island (20.4%), West Bellevue (15.2%), East Bellevue (24.8%), East Lake Sammamish (19.9%), Redmond (18.9%), Kirkland (16.3%), and Juanita-Woodinville (12.0%).

The Eastside’s overall Median Sale Price was $880,000—up 17.3% over Q2 2016.

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

© Copyright 2017, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

Q1 2017 Seattle Area Real Estate Report

Q1 2017 Seattle Area Real Estate Report

Click to view quarterly market reports for Mercer Island,Seattle and The Eastside.
Published April 2017.

Mercer Island ReportSeattle ReportEastside Report

Mercer Island –

Caused by a severe shortage of homes priced below $2 million dollars and several significant high-end sales, the Average Sale Price on Mercer Island increased 22.3% (to $2,174,039) over Q1 of 2016 while the Median Sale Price increased a mere 1.6% (to $1,625,000). As buyers competed for the very few homes for sale, especially below $1.5 million, Mercer Island’s more moderate priced homes saw the biggest benefit of that gain while many of the higher price points saw little to no change.

The Average Cost Per Square Foot, another indicator of value, increased 20% during the same period. The highest sale in Q1 was a Westside waterfront home sold for $8,205,000 and the lowest sale was a mid-Island 1958-built rambler for $935,000.

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

Mercer Island Report

 

Seattle –

The communities of Richmond Beach-Shoreline and Lake Forest Park-Kenmore were on fire in Q1. Their Median Sale Prices were up 18.9% and 24.7%, respectively, over Q1 2016. Representing an affordable region north of Seattle with many local amenities and a reasonable commute, it’s no wonder this area has been favored by local home buyers. Accessible to downtown without tolls, these neighborhoods are also an attractive alternative to communities located further out on the Eastside. North Seattle, while still a very popular region, showed the smallest gain—but of note is that it falls on the heels of exponential growth in 2016 and some moderation in its gains are a good sign of a healthy real estate market.

Overall the Median Sale Price change Q1 2016 to Q1 2017 stacks up as follows: West Seattle (7.6%), Mount Baker-Beacon Hill (10.0%), Madison Park-Capitol Hill (7.9%), Queen Anne-Magnolia (11.6%), Ballard-Greenlake (9.9%), North Seattle (4.9%), Richmond Beach-Shoreline (18.9%), and Lake Forest Park-Kenmore (24.7%).

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

Seattle Report

 

Eastside –

Appreciation on the Eastside soared ahead of that in Seattle—a rare occurrence given Seattle’s red hot market and the Eastside’s higher price point. Leading the charge was the South Bellevue-Issaquah corridor at 24.5%, followed by the Redmond-Carnation area at 21.6% over Q1 of 2016. Previously housing some of the Eastside’s larger lots and more affordable homes, these sought-after neighborhoods, coupled with the Woodinville region, have definitely grown up and brought their land values along for the ride.

The Median Sale Price change Q1 2016 to Q1 2017 breakdown is as follows: Eastside South of I-90 (24.5%), Mercer Island (1.6%), West Bellevue (17.2%), East Bellevue (9.7%), East Lake Sammamish (18.9%), Redmond (21.6%), Kirkland (4.7%), and Juanita-Woodinville (13.2%).

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

Eastside Review

 

© Copyright 2017, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

2016 Real Estate Report for Seattle, Mercer Island and the Eastside

2016 Real Estate Report for Seattle, Mercer Island and the Eastside

Click to view annual market reports for Mercer IslandSeattle and The Eastside. Published January 2017

 

WATERFRONT ANNUAL REPORT:

Click to view the year end waterfront report for Mercer Island, Seattle and the Greater Eastside. Published January 2017

 

CONDO ANNUAL REPORT:

Click to view the year end condo report for Mercer Island, Seattle and the Greater Eastside. Published January 2017

REPORT OVERVIEWS:

Mercer Island 

Mercer Island’s real estate market was greatly compromised by a severe shortage of moderately affordable homes for sale. 230 of the 289 homes sold in 2016 were priced above $1,000,000—and 56 of those were priced above $2,000,000. Inventory tightened as the year progressed and the Island ended the second half with only a handful of homes for sale that were below the $2 million mark. The few homes priced below the $1 million price point were snatched up at aggressive prices while many homes in higher price segments sat out the dance on the sidelines.

The median sale price of single-family homes on the Island increased by 10.0% in 2016. The average cost per square foot kept pace evenly, increasing 10.1% to $497. Many buyers looking to own on Mercer Island in affordable price ranges have turned to the very modest supply of condominiums for sale—with most condos having sold in mere days at an average of 2% above their listing price.

It is unsettling to see so few moderately affordable homes for sale on the Island and the dynamics of the market may change the Island community. We expect to see a continued strong seller’s market in 2017.

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

 

Seattle

The Seattle real estate market saw the median sale price of single-family homes increase by 12.7% in 2016. The average cost per square foot of Seattle homes increased 13.4% to $353. Five years into a strong seller’s market, with demand unabated, it appears we will see much of the same in 2017.

There were 8,766 Seattle homes sold in 2016. Of those sales, 2,527 sold below $500,000 and 1,078 had a sale price above $1,000,000. The median home sale price in Seattle was $620,000. After beginning the year very low, interest rates rose briskly to 4.25% in the last weeks of 2016. The annual average for a conventional 30-year fixed-rate mortgage was 3.65% in 2016.

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

 

Eastside

The median sale price of single-family homes on the Eastside increased by 13.7% in 2016. Lagging, the average cost per square foot increased 10.4% to $332. Five years into a strong seller’s market, with the expanding Bellevue skyline and the wealth of jobs that come with it, we expect to see much of the same in 2017.

There were 8,220 Eastside homes sold in 2016. Of those sales, 1,137 sold below $500,000 and 2,054 had a sale price above $1,000,000. The median home sale price on the Eastside was $753,500.

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

 

Waterfront

Seattle-Eastside waterfront velocity slowed slightly in 2016—likely an extension of the oversupply of inventory that has plagued the $2,000,000 and above market. Highly desirable properties have continued to transact at handsome prices. But, those that require significant imagination, time and expense or present fundamental challenges (topography, access, exposure, quality of waterfront, etc.) have languished on the market for months.

Evolving from years past, more waterfront buyers today are attracted to not only homes with the right location and logistics, but those that are in exquisite turn-key condition. To be sure, there is still a tear down/rebuild-renovate market, but with the uncertainties of far-reaching waterfront codes and regulatory restrictions and an emerging ‘have it now’ mindset, we are seeing greater demand from buyers who want waterfront homes ready to move in to and now.

The highest waterfront sale in the region, at $9,751,880, was a Westside Mercer Island 9,750 square-foot contemporary just south of the I-90 bridge on 250 feet of level waterfront. Nearly tied with that sale was a 9,762 square-foot Laurelhurst traditional on 180 feet of level waterfront.

Check out the full Waterfront Report for a complete list of waterfront home sales by address and community.

 

Condo

This report contains information on condo sales by neighborhood for the entire Seattle-Eastside region. The data includes average sale prices; typical size, bedroom count and age of condo buildings in each area; the number of units sold annually; and the average cost per square foot. While every condo building is unique unto itself, looking at overall prices within a region can show general growth trends.

Seattle area condos saw the annual median sale price increase by 13.3% over 2015, while Eastside condos rose 16.0%. Both regions experienced stronger appreciation in condos than in single-family homes—an early indicator that affordability is becoming a factor for local home buyers and evidence that millennials have entered the market in force. Downtown Seattle-Belltown had the most sales volume in the Greater Seattle-Eastside region with 933 units sold in 2016. An extreme shortage of condos available indicates 2017 will remain a strong seller’s market for Seattle-Eastside region condos.

Looking for a newer condo? You’re most likely to find one in Downtown Seattle-Belltown or East Lake Sammamish. Want the largest 2-bedroom condo you can find? With an average of 1,420 square feet, West Bellevue would be your best bet. The most affordable condos, with 2 bedroom units selling for around $250,000, can be found in the Lake Forest Park-Kenmore and Richland-Shoreline neighborhoods. At the other end of the spectrum, Downtown Seattle-Belltown condos sell, on average, for more than 4 times that amount with an average sale price in 2016 of $1,053,000.

Check out all of these factoids and more in the full condo report.

 

© Copyright 2017, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

 

Q3 2016 Real Estate Report for Seattle, Mercer Island and the Eastside

Q3 2016 Real Estate Report for Seattle, Mercer Island and the Eastside

MERCER ISLAND

Like many of our local metro area communities, Mercer Island’s real estate market has continued to thrive—thanks in no small part to strong employment growth in Puget Sound’s tri-county region. Considering that the average sale price on Mercer Island has risen more than 60% over the past five years, few homeowners would find fault with the growth of their Island real estate investments.

Two distinctly separate markets emerged on the Island in the third quarter of 2016. The first, homes priced below $2 million—and especially those below $1.5 million. With an extreme shortage of homes for sale, this segment benefited most from rising sale prices and a multiple-offer environment. On the other end of the spectrum, the number of homes for sale above $2 million nearly doubled resulting in longer market times and rampant price reductions.

Mercer Island single-family homes overall saw a 12.9% increase in the average sale price over the third quarter of last year.

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

 

SEATTLE

83,000 new jobs +/- in the tri-county region surrounding Seattle have certainly made their presence felt. Couple that with crazy-low interest rates and it’s no wonder that housing demand is so strong. The neighborhoods of North Seattle and Queen Anne-Magnolia stood apart from the crowd with record year-over-year increases in the average sale price for Q3—but other Seattle communities still fared quite nicely with Seattle posting an overall 12.4% Q3 gain.

North Seattle (22.1%) saw the highest gain in year-over-year average sale price, followed by Queen Anne-Magnolia (17.6%), Mount Baker-Beacon Hill (14.3%), Madison Park-Capitol Hill (12.6%), West Seattle (10.3%), Ballard-Greenlake (9.8%), Lake Forest Park-Kenmore (6.9%), and Richmond Beach-Shoreline (3.9%).

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

 

EASTSIDE

Clean, green and poised for long-term corporate growth, the Eastside real estate market provides an exceptional investment opportunity. Its typically larger lots and newer construction provide an alternative to the hustle and bustle of most Seattle neighborhoods. Diverse in its proximity to major arterials—and therefore commute times—the Eastside is made up of many very different communities in both rural and urban settings. Overall, the Eastside saw an 11% increase in the average year-over-year sale price in Q3.

East Lake Sammamish (17.2%) showed the strongest year-over-year average sale price gains in Q3, followed by East Bellevue (13.8%), Woodinville (13.5%), Mercer Island (12.9%), South Bellevue (8.9%), West Bellevue (7.9%), Redmond (6.7%), and Kirkland (6.3%).

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.

Q2 2016 Real Estate Reviews for Seattle, Mercer Island and the Eastside

Q2 2016 Real Estate Reviews for Seattle, Mercer Island and the Eastside

Seattle Report

With rent prices increasing at an even faster pace than home appreciation, it’s no wonder so many residents are opting to own rather than rent.

Monthly housing costs increased a modest 2% in Q2 over those in Q1 and 12% over Q2 of 2015.

Seattle experienced very strong price appreciation in Q2 as compared to the surrounding region.

Affordable North Seattle continues to be a hotbed of activity with price increases to show for it.

North Seattle (20.9%) saw the highest gain in year-over-year median sale price, followed by Madison Park-Capitol Hill (18.6%), Queen Anne-Magnolia (16.1%), Richmond Beach-Shoreline (14.4%), Lake Forest Park-Kenmore (14%), West Seattle (13.5%), Ballard-Greenlake (13%), and Mount Baker-Beacon Hill (11.6%).

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

 

Eastside Report

The Eastside continues to be a hotbed of activity as more and more residents infiltrate the area—driven in large part by the expansion and migration of many prominent companies.

Monthly housing costs increased 6% in Q2 over those in Q1 and 16% over Q2 of 2015.

While most areas continue to be dominated by a seller-favored environment, balanced markets are beginning to emerge.

Time will tell whether enough new inventory will finally bring the much needed balance into our market.

Woodinville (18.7%), South Bellevue (14.6%), and East Bellevue (13.3%) showed the strongest year-over-year median sale price gains in Q2 while Mercer Island (8.7%) and Redmond (9.7%) were the most conservative. West Bellevue (12.1%), Kirkland (11.7%), and East Lake Sammamish (11.2%) held the middle ground.

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

 

Mercer Island Report

On the tails of a massive increase in values in Q1, Mercer Island saw a more moderate Q2.

The Island’s median sale price rose a mere .4% over Q2 of 2015.

An increase in the number of homes for sale was heavily weighted toward those priced above $2 million.

Tapered buyer demand, coupled with a surge of inventory in the high end, caused the two-million and above market to stagnate somewhat—resulting in one of the strongest buyer-favored market segments in the region.

This transition in the higher end of the market overshadowed solid price gains at more modest price points.

A shortage of turnkey homes priced below $1.5 million has driven prices on the hottest properties up to record levels.

Cash offers, pre-inspections, and release of buyer funds on offer acceptance became the norm in the sub $1.5M market segment.

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

 

 

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

Q1 2016 Real Estate Reviews for Seattle, Mercer Island and the Eastside

Q1 2016 Real Estate Reviews for Seattle, Mercer Island and the Eastside

Seattle Report

Affordability is the buzzword this quarter as inventory continues to be extremely tight and prices escalate faster than wages can keep up.

Monthly housing costs increased 7% in Q1 over those in Q4 and 21% over Q1 of 2015. Wow! With wage growth in the 3-5% range it’s easy to see why affordability is a topic of discussion.

Sellers commanded the market in the first quarter with record low levels of inventory to meet demand.

The draw to our region continues to be strong employment growth—especially in the tech sector—that makes paying higher costs worth the sacrifice for many local residents who land their dream job.

Rent increases, having exceeded home appreciation in the Seattle area for much of the past decade, are finally showing signs of slowing as 36,000 new apartments are slated to come online.

Seattle residential homes benefited from significant year-over-year appreciation – with Q1 2016 prices up 21.7% over Q1 of last year.

Sustainability is a word that should be on everyone’s mind. When housing costs get out of line with wages a correction is usually just around the corner.

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

Eastside Report

The Eastside has benefitted greatly from the tech industry expansion of several well-known companies who’ve decided to call the Eastside home.

One look at the Bellevue city skyline or the list of major employers growing in Kirkland leaves no doubt that the numbers are real.

The first quarter of 2016 was a solid seller’s market with limited supply of homes to meet buyer demand.

Monthly housing costs increased 6% in Q1 over those in Q4 and 16% over Q1 of 2015. More conservative than Seattle’s growth despite the Eastside’s higher price point.

While most areas continue to be dominated by a seller-favored environment, balanced markets are popping up—particularly in the higher price brackets.

Eastside residential homes benefited from significant year-over-year appreciation – with Q1 2016 prices up 15.6% over Q1 of last year.

Mercer Island, East Bellevue, Juanita-Woodinville showed this strongest year-over-year price gains in Q1 while West Bellevue prices stagnated following a run-up in Q3 of 2015.

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

Mercer Island Report

Gone is the entry-level low end of Mercer Island’s real estate market. It’s sad but true that not only is there very little inventory to choose from—less than half of normal levels—there are almost no livable homes priced below a million dollars and those that are have largely been snatched up by builders and remodelers.

Mercer Island’s Q1 average sale price was up 27.3% over Q1 of 2015, although its cost per home square foot was only 16.7% higher.

Given that the homes sold in the first quarter of 2016 were 9% larger, it makes sense that some of that double digit increase reflects an increase in the percentage of larger and more valuable homes transacting rather than just simple appreciation.

Anecdotally, those active in the market have found the most desirable and turn-key homes priced below $1.5 million to be listing at prices 10% above those of last fall and often being bid up another 10%.

Being centered in the middle of both the booming Seattle and Eastside metro hubs has certainly hasn’t hurt Island properties.

The biggest question on many people’s minds is likely to be, “how long will this last?”.  The answer is as long as demand and wages can support it. Seattle and its suburbs are still affordable compared to many national tech meccas.

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

 

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

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.

Q3 2015 Real Estate Reviews for Seattle, Mercer Island and the Eastside

Mercer Island

The biggest news on Mercer Island has been the near absence of available homes priced under one million dollars—yes, $1,000,000. Those few that come to market are often snatched up by home builders looking for future new home sites. Sadly, Mercer Island is becoming less and less affordable as time goes on. Fewer high-end sales have balanced the small number of lower-priced home sales, leaving the average sale price deceptively, well, average, when what has truly occurred is a run up of sales prices at price points below $1.3 million.

“The average sale price on the Island increased 12.9% in the third quarter compared to the same quarter last year and the average cost per home square foot came in at 9.2% above that of last year.” 

The most affordable Mercer Island neighborhood in Q3 was the Mercerdale-Lucas Hill area with an average 2403 sq. ft., 1961-built home selling for a median price of $907,000. The priciest neighborhoods were the Westside with a median sale price of $1,935,000 for a 4202 sq. ft., 1985 built home; and the Eastside with a median price of $1,617,500 for a 3868 sq. ft., 1975 built home.

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

 

 

SEATTLE

The Seattle-Metro market has continued to barrel along full speed ahead, leaving many eager home buyers in its wake. With homes selling for ridiculous amounts of money—well above asking prices—and successful buyers often waiving nearly every contingency and releasing their earnest money deposit to show their good faith, it’s no doubt this ride needs to slow to a much safer, and more sustainable, pace. But that won’t be enough unless we see more inventory available in the market. Anything short of that is analogous to taking a G3 coaster ride without a safety harness.

“The Seattle-Metro median sale price of single-family homes was up 11.6% over Q3 of last year with 2,408 homes transacting in the second quarter. The average list price to sale price ratio was 103% (or 3% above the listed price) throughout the metro area.”

The Madison Park-Capitol Hill area had the highest average cost per home sq. ft., $418, while the Lake Forest Park-Kenmore area was most affordable at $241 per sq. ft. See the full report for the average size, monthly cost, days on market, and median and average sale prices for each area.

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

 

 

Eastside

One can’t help but notice all of the cranes in the sky bringing new development to the Eastside. And with new buildings comes a growing need for residents seeking to live close to their work and recreation hubs. The Eastside’s transformation has been felt on nearly every level and is driving prices, and traffic, to all new highs. The combo package of road congestion and a bulging Eastside job epicenter will continue to bring more residents into the region that previously may have opted for a Seattle address.

“The median residential home sale price increased 11.1% over Q3 ‘14 across the Woodinville-Bellevue region that represents the Eastside. Price gains were not equal throughout this very diverse region however. Kirkland had the strongest year-over-year gain with a 17.6% increase in median sale price, followed by West Bellevue at 15.2%, and Mercer Island at 12.9%.”

With an average sale price of $1.8 million, the priciest neighborhood on the Eastside continues to be West Bellevue (which is comprised of Hunts Point, Medina and the region of Bellevue lying West of I-405) followed by Mercer Island at $1.2 million. The most affordable homes on the Eastside are found in north King County in the Juanita-Woodinville area with an average sale price of $535,000.

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.

Q2 2015 Real Estate Reviews for Seattle, Mercer Island and the Eastside

Mercer Island

The number of homes for sale on Mercer Island continues to be the lowest in a decade. Many would-be homeowners want to call the Island home, but fewer want to move off of the ‘rock’. Its average of 53 homes for sale in Q2 is down from 86 in 2014 and 93 in 2013—and a high of 195 in 2009. Lack of options has significantly deterred Island buyers and forced them to either rent or look elsewhere.

“The average sale price on the Island increased 5.2% in the second quarter compared to the same quarter last year, while the median sale price fell by just over 1%.” 

The most affordable Mercer Island neighborhood in Q2 was the Mercerdale-Lucas Hill area with an average 2574 sq. ft., 1961-built home selling for a median price of $875,000. The priciest neighborhoods were the Westside with a median sale price of $2,199,950 for a 4093 sq. ft., 1985 built home; and the Northend with a median price of $1,615,000 for a 4185 sq. ft., 1975 built home.

The average cost per sq. ft. overall on the Island was $457 in the second quarter of 2015. Of Island neighborhoods, the Northend had the highest average cost per sq. ft. at $638 while Mercerwood had the lowest at $337 per sq. ft.

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

 

Seattle

The Seattle-Metro area has added 61,700 more jobs than it had just 12 months ago and you can bet many of those newly employed Seattleites are out there looking for homes to buy. Couple that with the smallest number of homes for sale in a decade and it’s no wonder the house hunt is no longer for the faint of heart.

“The Seattle-Metro median sale price was up 15.8% over Q2 of last year with 2,689 homes transacting in the second quarter. The average list price to sale price ratio, driven up by multiple offers, was an average of 103% (or 3% above the listed price) throughout the metro area.”

The Madison Park-Capitol Hill area had the highest average cost per home sq. ft. ($409), while the Lake Forest Park-Kenmore area was most affordable at $226 per sq. ft. See the full report for the average size, monthly cost, days on market, and median and average sale prices for each area.

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

 

Eastside

With Google’s Kirkland expansion and the announcement of the new Microsoft-backed Global Innovation Exchange (GIX), the Eastside is on track to become ‘Silicon North’ per the Puget Sound Business Journal. Development in the newly planned Spring District will give East Bellevue its biggest boost in years and eventually create a quick ‘link’ commute that is very attractive to Eastside residents.

The median residential sale price increased 6.4% over Q2 ‘14 across the Woodinville-Bellevue region that represents the Eastside. Price gains were not equal throughout this very diverse region however. Kirkland had the strongest year-over-year gain with an 11.7% increase in median sale price, followed by West Bellevue at 10.4%, and East Bellevue at 8.7%.”

With an average sale price of $2.1 million, the priciest neighborhood on the Eastside continues to be West Bellevue (which is comprised of Hunts Point, Medina and the region of Bellevue lying West of I-405) followed by Mercer Island at $1.6 million. The most affordable homes on the Eastside are found in north King County in the Juanita-Woodinville area with an average sale price of $603,620.

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.

Q1 2015 Real Estate Reviews for Seattle, Mercer Island and the Eastside

Mercer Island

Mercer Island’s struggle with lack of inventory for sale has dealt a crushing blow to sales—the number of homes sold were down 30% to a mere 45 in Q1. Two-thirds of those sales (29) were of homes priced above $1 million. Currently, Mercer Island currently has very few homes for sale below a million dollars—making it tough for the average home buyer to purchase on Mercer Island.

“Driven by strong buyer demand, the median sale price increased 11% over the first quarter of last year. Competing nearly on par with the frenzied real estate market of the hottest Seattle neighborhoods.”

The most affordable Mercer Island neighborhood in Q1 was surprisingly, First Hill, with an average 2110 sq. ft., 1956-built home selling for $829,000. Absent this quarter were any sales in the typically moderate Mercerdale-Lucas Hill neighborhoods. The highest-priced neighborhood the Eastside—again a jaw-dropper—driven by an unusually high-end waterfront sale.

That sale, a 2006 built, 5500 sq. ft. waterfront estate sited on a shy 1/3 acre at water’s edge—with 65 feet of east-facing waterfront and nearly every amenity imaginable—set a new bar on the East side of the Island, contending with a dominant West side when it comes to record high sale prices. The lowest-priced sale in Q1 was a vacant 1680 sq. ft. rambler on a spacious lot near the downtown core, built in 1957 and in need of a substantial amount of TLC.

The average cost per sq. ft. on the Island was $417 in the first quarter of 2015.

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

 

Seattle

Incredibly low inventory continues dominate the Seattle real estate scene with most home sellers benefitting from strong multiple-offer bidding wars—often with ten or more buyers in competition for the best homes.

“As happy as sellers are, the market has been brutal for buyers having to compete for every hot property that comes to market—often giving up valuable contingencies and safeguards just to get their foot in the door.”

The median sale price was up 12.7% over Q1 of last year with the same number of homes transacting as in the first quarter of this year as in the first quarter of last year—1475 to 1473 sales, if you’re counting.

The highest sale was a Vassos Demetriou designed 4110 sq. ft. Ballard home on Blue Ridge Drive with 180 degree views and sited on a rare ¾ acre lot. It was originally built in 1960 and exquisitely redone in 2004. The lowest sale was a 1941 Rainier Beach tear down sold at land value at $109,000.

The Ballard-Greenlake area had the most sales (319) in the first quarter, while Queen Anne-Magnolia boasted the largest homes at an average of 2298 sq. ft. The Madison Park-Capitol Hill neighborhoods weighed in with the highest average sale price at $787,861. Those looking for the most affordable home values would find them in the Lake Forest Park-Kenmore area with an average sale price of $434,357.

Interest rates fell in the first quarter to an average of 3.72% for a 30-year fixed-rate mortgage.

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

 

The Eastside

The median residential sale price increased a modest 4.7% over last year’s first quarter across the Woodinville-Bellevue region that represents the Eastside.
“Price gain throughout this widespread market varied wildly, however, with homes closest to the core employment centers and those suffering most from lack of inventory for sale, garnering the biggest increases.”

Speaking of gains, the West Bellevue region led the pack with a median price jump of 47% over the first quarter of last year. Kirkland at 29% and South Bellevue at 20% followed suit. The outlying Juanita-Woodinville and Redmond-Carnation areas softened with median prices down a slight 1-3%.

At an average of $1.9 million, the priciest neighborhood on the Eastside continues to be West Bellevue, which is comprised of Hunts Point, Medina and the region of Bellevue lying West of I-405. The most affordable homes could be found in north King County in the Juanita-Woodinville area with an average sale price of $561,444.

Giving buyers a bit of a boost in buying power, interest rates fell to an average of 3.72% for a 30-year fixed-rate mortgage in the first quarter.

The highest sale in Q1 was a 5881 sq. ft., 2003 MacPherson-built Yarrow Point home on 100 ft. of private waterfront with unobstructed views of the lake and mountain/city skylines beyond at $6,145,000. The lowest sale was a tie between a flood-damaged 1926 Snoqualmie home on 1/5 acres, sold at land value, and a 1970-built bank-owned Skykomish cabin sans running water. Both properties transacted for $65,000, all cash.

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.

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.

3rd Quarter 2014 Reports Released for Mercer Island, Seattle and the Eastside

Mercer Island

Mercer Island is challenged by the smallest number of homes on the market for sale in years. Lack of choice has prompted many buyers to sit on the fence and wait for more suitable choices.

As of the date of this report, only 14 homes were listed for sale below one million dollars—the lowest number in the nearly two decades we have been keeping track. The net result was 8% fewer sales in the third quarter than during the same quarter last year. More inventory will be essential to creating a balanced market.

In spite of the low inventory, buyers have been cautious of paying too much. The average sale price was up only a modest 2% year-over-year while the median sale price fell 9%. This reflects more sales in the lower price ranges than during the same time last year.

Condominiums have benefitted tremendously in the past year with a 47% increase in the average sale price and a 37% increase in the average cost per square foot compared to the 3rd quarter of last year.

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

 

© Copyright 2014, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

 

 

Seattle

In the third quarter, the Seattle-Metro residential market saw the strongest year-over-year price gains in our region.

The average sale price was up 9% and the average median price up nearly 10% as compared to the same quarter last year. A shortage of available homes for sale continues to dominate the most active price points in the Seattle area. The resulting multiple offers continued to drive sale prices up an average of 1% above listed prices.

Market time, at only 27 days from list date to sale date, is by far the lowest in recent history and far lower than market times on the Eastside and in the surrounding regions.

The nicely rebounded Seattle condo market saw the average sale price increase 9% over the 3rd quarter of last year. The average cost per square foot, a decisive measurement in condominium values, was up nearly 10% over that of the 3rd quarter of 2013.

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

 

© Copyright 2014, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

 

Eastside

The third quarter brings a more balanced market to the Eastside with the number of homes listed for sale up significantly from the same quarter last year.

The average residential sale price increased 7% over last year’s numbers while the number of homes sold decreased slightly to 2,434 in the Woodinville-Bellevue region that represents the Eastside.

The average cost per square foot on the Eastside increased year-over-year to $276 from $256 in the third quarter of last year. The average sale price on the Eastside, at $734,342 this quarter, was considerably higher than the Seattle or King County average, making the Eastside the priciest region in the greater Seattle area.

The Eastside condo market saw the average sale price increase 6% over last year and the average cost per square foot increase 5% to $276. The number of condo units sold decreased by 10% to a total of 689 sales in the third quarter.

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

 

 

© Copyright 2014, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

2nd Quarter 2014 Reports Released for Mercer Island, Seattle and the Eastside

Mercer Island

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.

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

 

 

 

Seattle

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.

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

 

 

 

Eastside

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.

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

 

 

© Copyright 2014, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

1st Quarter 2014 Reports Released for Mercer Island, Seattle and the Eastside

Mercer Island

On the heels of solid price growth in 2013, Mercer Island average residential home sale prices climbed 7%, and condos 35%, over the first quarter of last year. A shortage of homes for sale at affordable price points continues drive the market, increasing prices.

Our market got off to a sleepy start this year, with the number of closed residential home sales lower than those in the first quarter of last year: 66 compared to 79. First quarter closed sales typically include homes that went under contract in November, December and January–a much slower time of year than in any other quarter. For this reason, it is important to compare the first quarter of this year to the first quarter of last year, rather than any other quarter.

Condominiums are relishing in this market with demand so strong the average market time was only 24 days compared to 87 days on the market last year. The average sale price of $404,936 is up from $298,869 this time last year. The Mercer Island condo market continues to experience a severe shortage of desirable condominiums and townhomes for sale.

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

 

 

Seattle

The number of homes closed in Seattle and average sale prices are both up a whopping 11%. The shortage of homes for sale and pent up buyer demand are key factors driving the market upward.

The average days on market for closed sales in the first quarter–homes that typically went under contract November-January–was 49. This is 1 day fewer than last year’s sizzling pace and down from 89 days in 2012.

Average sale prices were up 11% to $532,813 from $480,626 during the first quarter of last year. Average cost per square foot increased 12% to $264 from $236 a year ago. Multiple offers are more typical than not in many neighborhoods.

Seattle condo prices have benefitted nicely as well with the average sale price up 8% to $386,151 compared to last year. The cost per square foot climbed 9% to $384 per square foot of all condos closed in the first quarter.

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

 

 

Eastside

Sale prices climb, even as the number of homes sold falls. Shortage of desirable inventory drives values up.

The number of homes closed in the first quarter of 2014 was down 11% to 1288 homes sold. Buyers continue the grapple with fewer desirable homes for sale–especially in the new construction arena which has long been a strength of the Eastside market. Many new construction homes are oddly sited in less than ideal settings as prime developable land evades builders’ reach.

Home sale prices climbed 13% and condominium prices 6% over the past year. Market times in both realms are down as buyers scramble to purchase the best homes available in the marketplace. Driven by demand, the cost per square foot climbed 14% to $270 for homes and 8% to $258 for condominiums from last year. Multiple offers at the most active price points are becoming the norm.

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

 

 

© Copyright 2014, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

Seattle, Eastside and Mercer Island 2013 Year in Reviews Posted!

MERCER ISLAND

It was a banner year for real estate on Mercer Island, mirroring the trend seen across much of the Greater Seattle area. The median sales price on the Island increased by a whopping 13% in 2013, while the average sales price increased less than 1%. This unusual discrepancy was the result of several extraordinarily high sales in the luxury market in 2012. Extracting these from the data would result in average price gains similar to the median price gains seen in 2013.

The number of home sales increased markedly, up 19% from 2012 levels. Worthy of mention was a massive 55% increase in the number of sales in the $1,000,000+ price point, with the bulk of that gain occurring in homes that sold between $1,000,000 and $1,500,000.

2013 also saw decreased market times, coupled with increased sales ratios. The average market time fell from 91 to 65 days for single-family homes. Very desirable properties received offers–and, often, multiple offers–within seven days of coming on the market. Sales ratios (the relationship between asking prices and selling prices) were up as well.

Condominium and townhome sales saw very strong growth. Average market time fell from 117 days to just 35, and like single-family homes many condominiums and townhomes received multiple offers. The shortage of available condominium homes also created sensitivity in pricing, with median prices up a substantial 19% from 2012.

So what fueled 2013’s improved numbers? Improved local, regional, and national economies have helped real estate rebound throughout the country. Some of the biggest impetus in 2013 came from historically low interest rates. This year the average rate for a 30-year fixed mortgage was 3.98%, with the first half of the year seeing extremely low rates. Mid-year saw rates beginning to rise, ending just under 4.6% in December. As every 1% increase in interest rates leads to a corresponding decrease of 10% of purchasing power, it will be interesting to see how the interest rates of 2014 impact our market in the coming year.

Click here for the full Mercer Island report!

SEATTLE

The volume of single-family home sales increased monumentally to 8,070 homes sold in 2013 from 6,864 (2012) and 5,714 (2011). That’s an 18% increase in sales volume. Worthy of mention was a 62% increase in the number of sales in the $1,000,000 and above price bracket–496 in 2013 compared to 306 in 2012. The median price for a single-family home was up 11% over 2012, increasing to $446,000. Coming on the tail of strong performance in 2012, this makes 2013 a solid growth trend year.

Historically low interest rates provided much of the stimulus for our real estate market, supported by improved local, regional, and national economies. Rates started the year very low and rose throughout 2013, ending at 4.6% in December. As every 1% increase in interest rates leads to a corresponding 10% decrease in purchasing power, it will be interesting to see how the interest rates of 2014 impact our market in the coming year.

Very high absorption rates–the percentages of homes that go under contract as compared to all available homes for sale–continue to dominate the Seattle market. A “balanced” market allows for 4-5 months of inventory; in 2013 we saw a strong seller’s market, with less than two months of inventory available in most price points.

Activity in the Seattle condominium market increased 20% in 2013, with 2,731 sales compared to 2,278 in 2012. The median price increased 8% to $270,000.

Average market time fell from 60 to 34 days for single-family homes and from 103 to 63 days for condominiums and townhomes. Highly desirable properties received offers–and often, multiple offers–within 7 days of coming to market.

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

EASTSIDE

On Seattle’s Eastside (Bellevue, Bothell, Carnation, Duvall, Kirkland, Issaquah, Mercer Island, Redmond and Woodinville), the median sales price of single-family homes rose a solid 12%. This comes after a remarkable 2012–making 2013 truly a banner year.

There were 8,206 homes sold–an increase of 15% in 2013. That’s up from 7,226 homes in 2012, and 5,883 in 2011, and a clear continuation of a strong upward trajectory. Homes closest to employment hubs in Seattle and Bellevue/Redmond will likely continue to see the greatest levels of appreciation in 2014. The number of condominium sales increased as well–by 15% over 2012 levels.

Of the single-family home sales, 897 (11%) were above $1,000,000–a significant increase from 620 in 2012 and 471 in 2011.

Two factors led to a decrease in both median and average sales prices for condominiums in 2013. One was a market correction following the huge 30% increase in sales prices the year prior; the other was a large number of short sales/foreclosures. Industry experts predict that these “distressed” sales will decrease in 2014.

The average market time decreased, from 126 days (2012) to 46 days (2013) for single-family homes. Condos saw similar decreases–from 105 to 48 days. Highly desirable properties of all types received offers–and often multiple offers–within seven days of coming to market.

Improved local, regional, and national economies have helped real estate rebound throughout the country. Some of the biggest impetus in 2013 came from historically low interest rates, which averaged 3.98% for a 30-year fixed-rate mortgage. The year started off with extremely low rates in the first half, but by mid-year interest rates began to rise, ending at 4.6% in December. As every 1% increase in rates leads to a corresponding 10% decrease in purchasing power, it will be interesting to see how 2014 interest rates impact our market in the coming year.

Click here for the full Eastside report!

© Copyright 2014, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

3rd Quarter 2013 Reports Released for Mercer Island, Seattle and the Eastside

Mercer Island

Mercer Island maintained its brisk pace in the 3rd quarter with a strong sentiment of consumer confidence driving 101 closed residential sales during the months of July, August and September.

In the residential home arena, the average sales price of $1,272,165 is up 9.4% and the median sales price is up a whopping 14.9% from the prior quarter. The average cost per square foot, a more stable benchmark, has increased 7% from the prior quarter from $372/sq ft to $398/sq ft. The average number of days on market of 52 is the lowest since the year 2000. Of the 101 closed sales, 64 had a market time of less than 30 days and 7 had a market time of greater than 120 days.

Condominium sales numbers decreased across the board with both average sales prices and cost per square foot both down about 11% while the median price stayed relatively unchanged at $296,250. Lest one jump to conclusions that the sky is falling on the condo market, it is important to note the lower average price is due to the lack of any high-end condo sales this quarter. A shortage of available condominium homes drove average market time down to 20 days–the fewest days on market ever recorded to this statistician’s knowledge.

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

Seattle

Seattle’s average sale price for residential homes actually rose to 101% of the listed price–driven by intense competition and multiple offers throughout much of the market.

The cost per square foot remained relatively unchanged while the average sales price of $533,972 is up 12.5% from $474,633 for the same quarter last year. The median price of $455,000 is up 11.8% from the median of $407,000 last year. Seattle had 2447 residential homes close in the third quarter as compared to 1855 in the same period last year.

One could say the Seattle condo market is certainly recovering well from the economic crisis of days gone by! Condominium sales are up–with an average cost per square foot of $347 for the quarter compared to $312 during the same quarter a year ago. Average sales prices are up 10.7% to $331,666 and median prices up 13.9% to $279,000 compared with the same quarter last year.

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

Eastside

The Eastside has continued along at a very steady and sustainable pace with the average sales price, now $687,232, up 10.2% over the same quarter last year.

The median sales price of $575,000 was up 12.7% from $510,000 during the same period. The average cost per square foot increased 10.8% from $231 last year to $256 this quarter. Listings spent an average of only 33 days on the market—-a new low on the Eastside!

Condominium sales skyrocketed this quarter with 765 units sold as compared to 616 units during the same quarter last year. The average price is up 12.5% to $333,852 and the median is up 16.3% to $267,500 over the third quarter of 2012.

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

© Copyright 2013, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

2nd Quarter 2013 Reports Released for Mercer Island, Seattle and the Eastside

Mercer Island

Mercer Island’s second quarter sales hit a new quarterly record with 101 residential home sales in the three month span beginning April 1. This compares to 86 sales for the same period last year and 79 sales in the first quarter of 2013.

The second quarter also saw significant price gains with average sales prices up 13.4% and median prices up 4.2% year over year. Average cost per square foot increased from $315 to $372 during the same period.

Condominium homes saw an increase in the average cost per square foot from $223 in the second quarter of 2012 to $292 this quarter. Average sales prices were up 1.5% and median sales prices were up 21.2% over the same period.

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

Seattle

Seattle’s average list-to-sale price ratio for residential homes remains at 100% with multiple offers a typical experience for most sellers.

The cost per square foot increased to $261 from $224 in the same quarter last year. The average sales price of $548,011 is up 19.2% from the average of $459,820 last year, and the median price of $448,000 is up 9.3% from the median of $410,000 a year ago. Seattle had 2332 residential homes close in the second quarter as compared to 1986 in the same period last year.

Condominium sales activity has been mixed with sales up, 723 units compared to 687, but average cost per square foot is down from $352 to $342 for the second quarter of 2013. Average sales prices are down, but median sales prices are up. Units in some buildings are selling as fast as they can be listed while other buildings languish on the market. The tightening of condominium lending guidelines is very likely a factor.

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

Eastside

The Eastside continues to experience strong market gains with the average cost per square foot up 32.4% for the quarter at $249/sq ft compared to $188/sq ft last year.

The median sales price of $572,027 was up 14.4% from $500,000 and the average sales price climbed to $665,924 from $598,453 for the second quarter compared to the same quarter last year.

Condominium sales continue to gain momentum with 703 sales for the quarter–up from 619 the same quarter last year. The median sales price of $270,000–is up 17.6% above the median of $229,500 a year ago. The average sales price increased to $317,968 from $291,969–an 8.9% gain.

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

© Copyright 2013, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

1st Quarter 2013 Reports Released for Mercer Island, Seattle and the Eastside

Our first quarter reports are out for Mercer Island, the Eastside and Seattle…

Mercer Island

First quarter sales reflect homes that went under contract November-February. The first quarter of 2013 outperformed the first quarter of 2012 by 61%..

The average sales price of $1,137,728 reflects a more typical market snapshot following two quarters of unusually plentiful high end home. The median sales price increased from $856,250 last quarter to $949,950 this quarter reflecting a 10% overall increase in median prices. Condominium homes, previously burdened by a number of distressed sales, saw an increase in the average cost per square foot from $226 last quarter to $319 this quarter. Residential and condo market times are down with list to sales price ratios averaging 98%.

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

Seattle

The Seattle market has become a very strong seller’s market with an average list to sale price ratio of 100% and bidding wars occurring more often than not.

The median price of $420,000 is up 15% from the median of $366,000 a year ago. The average sales price is up about 9% for the same period. The cost per square foot increased to $236 from $215 in the same quarter last year. Condominium sales have been very brisk with the median sales price up an incredible 31% over the 1st quarter of 2012. The average condo cost per sq ft in Seattle now averages $352—up from $314 last year.

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

Eastside

The Eastside has outpaced Seattle’s sales volume for the past seven quarters as more buyers find the Eastside an ideal location to call home.

The median sales price of $529,400 was up 14% from the 1st quarter of 2012. The shortage of homes for sale has created competition among home buyers for the more desirable homes. The average cost per sq ft is $236 compared with $203 a year ago. Strong condominium sales have driven the median sales price up to $234,000—30% above the median on $180,000 a year ago. Average condo cost per sq ft is now $240, up from $204 in the first quarter of 2012.

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

© Copyright 2013, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

2012 Mercer Island Year in Review for Real Estate

2012 Mercer Island Year in Review

2012 marked a change of course for Mercer Island home prices with year-over year gains in both the median and average sales price for the first time in five years. Sales activity has continued at a brisk pace with 297 residential homes sales compared to 260 in 2011 and 220 in 2010.
 
Certainly a welcome sight to homes sellers longing to see prices on the mend, with record low interest rates the current market has been a boon to buyers as well. The Annual Monthly Cost Index shows that the monthly interest expense of owning a home—what matters most to the bottom line—is on par with that of 1998. A median priced $458,125 home in 1998 at 6.94% interest costs about the same per month as an $856,000 median priced home today at 3.66% interest. This is pretty remarkable when you consider that wages have risen considerably since 1998.
 
Record low inventory shares the headlines though with Mercer Island homes for sale at the lowest level in the past 15 years (as far back as we have been keeping record). The success of the 2013 real estate market will pivot on the available inventory of homes for sale to meet the demand of serious buyers in the market.
 
Of the year’s home sales, 106 were above $1,000,000, while only 24 were below $500,000. With only 16 out of 297 residential sales, bank-owned and short sales made up only 5% of the sales in 2012. The lowest sale was $280,000 and the highest sale was $21,625,000.
 
At 45 sales for the year, buyers in the condominium market have absorbed almost all of the available condominiums for sale. Distressed sales were much more moderate in 2012 finishing the year at 16% as compared to 50% in 2011. Sales prices continue to remain impacted by the previous distressed sales but all indications are that they will rise in 2013.
 
Private waterfront homes continued to change hands at a brisk pace with 29 sales in 2012 ranging from $1,132,000 to $21,625,000. The average cost per waterfront foot on the Island increased 14% to $39,274 and the average cost per home square foot increased 13% to $780.
 
With its proximity to major employment centers, excellent school district and strong community presence, Mercer Island continues to be positioned for solid growth in 2013.

Photos courtesy of Dan Achatz Photography, danachatz.com

2012 Year in Review for Seattle Real Estate

2012 Seattle Year in Review

Seattle median and average sales prices are up for 2012 following a challenging 2011 year in spite of an increase in distressed home sales. The median price of residential homes increased to $399,950 from $371,000 in 2011. The average sales price was also up, to $467,275 from $454,783. The volume of sales increased to 6864 homes sold from 5714 in 2011.

Still a major influence on price, bank-owned property sales increased yet again after more than doubling in 2011. Combined, bank-owned (531 sales) and short sale transactions (637 sales) made up 17% of all homes closed.

A welcome reprise for homes sellers longing to see prices on the mend, with record low interest rates, the current market has been a boon to buyers as well. The Annual Monthly Cost Index shows that the monthly interest expense of owning a home—what matters most to the bottom line—is on par with pre-2000 levels (the earliest year we have records for). A median priced $265,000 home in 2000 at 8.05% interest costs far more per month than a median priced $399,950 home today at 3.66% interest. Remarkable when you consider that wages have risen considerably since 2000.

Record low inventory dominates the market with Seattle homes for sale at the lowest level in the past 15 years (as far back as we have been keeping record). The success of the 2013 real estate market will pivot on the available inventory of homes for sale to meet the demand of serious buyers in the market.

Activity in the Seattle condo market was brisk in 2012 with condo sales up 26% over 2011 to 2278 condos sold from 1806 the year prior. The median price increased slightly to $249,900 from $245,000 the year before—a good sign of recovery in the non-distressed buildings considering overall distressed condo sales made up 29% of the Seattle condo market in 2012.

With less than 2 months inventory of homes currently for sale (4-5 months is a balanced market), Seattle will see a strong seller’s market at many price points and in the most desirable neighborhoods—with shorter commute times, local flavor and coveted community amenities.