Current Market Trends

Q1 2017 REVIEWS:

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

Mercer Island Report Seattle Report Eastside Report

 

WATERFRONT Q1 2017 REPORT:

Click to view the quarterly waterfront report for Mercer Island, Seattle and the Greater Eastside.
Published April 2017

Waterfront Report

 

CONDO Q1 REPORT:

Click to view the quarterly condo report for Mercer Island, Seattle and the Greater Eastside.
Published April 2017

Condo Report

 

MERCER ISLAND PAGE

Mercer Island remains a tale of two markets, with homes below $1.5 million seeing significant price growth while the higher-end market is relatively stagnant.

Mercer Island Report

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.

 

 

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

SEATTLE PAGE

Driven by a continued strong seller’s market, Seattle’s Median Sale Price was up 8.3% over Q1 2016.

Seattle Report

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!

 

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

EASTSIDE PAGE

Driven by a continued strong seller’s market, the Eastside’s Median Sale Price was up 15.2% over Q1 2016.

Eastside Review

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!

 

 

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

WATERFRONT PAGE
Waterfront Report

Overall, the Seattle-Eastside waterfront market showed a resurgence of activity in Q1 with highly desirable properties (moderate topography, easy access, prime exposure and waterfront quality, etc.) transacting most quickly and at strong prices while homes lacking those essential qualities are passed over or sold at very negotiated prices.

The highest waterfront sale in the Seattle-Eastside region, closing at $8,850,000, was a 2008-built contemporary on Laurelcrest Lane in Seattle’s Laurelhurst neighborhood with 9,590 square foot complete with its own ADU, and situated on three lots with 145 feet of waterfront. This home sold at 89% of its listed price after 458 days on the market.

The lowest sale, at a mere $950,000, was a Richmond Beach home in Shoreline on 38 feet of Puget Sound saltwater. Built in 1940, the existing 1,450 square foot structure was of little to no value. It sold at 90% of its listed price after 136 days on the market.

The region’s strong start to Q1, with 27 private waterfront sales, contributed to reducing the overall month’s supply of inventory and primed the market for what looks to be a solid spring and summer peak season in 2017.

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

 

 

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

CONDO PAGE
Condo Report

 

Seattle area condos saw the Q1 median sale price increase by 14.5% over Q1 2016, while Eastside condos rose 17.3%. Both regions continue to experience stronger appreciation in condos than in single-family homes—a clear sign that affordability and in-city living are strong drivers in the local housing market.

Downtown Seattle-Belltown, Madison Park-Capitol Hill, and Juanita-Woodinville were nearly tied for the most sales in the Greater Seattle-Eastside region with each having just shy of 120 units sold in Q1.

Overall, the newest condos can be found in Downtown Seattle-Belltown with an average year built of 1998. The largest 2-bedroom condos, with an average of 1,562 square feet, are in West Bellevue.

The most affordable condos, with 2 bedroom units sold for around $259,750, can be found in the Richland Beach-Shoreline neighborhood. On the other hand, Downtown Seattle-Belltown condos sold for an average sale price of $1,150,000.

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.

 

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.

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