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2016 Real Estate Year in Review for Seattle, Mercer Island and the Eastside

YEAR END 2016 REVIEWS:

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.

 

Posted on January 13, 2017 at 11:17 am
Julie Barrows | Category: Quarter / Year in Reviews, Real Estate | Tagged , , , , , , , , , ,

Q3 2016 Real Estate Reviews 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.

Posted on October 10, 2016 at 8:20 am
Julie Barrows | Category: Quarter / Year in Reviews, Real Estate | Tagged , , , , ,

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.

Posted on July 13, 2016 at 2:52 pm
Julie Barrows | Category: Quarter / Year in Reviews, Real Estate | Tagged , , , , , , , , , , , , , ,

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!

 

Posted on April 10, 2016 at 10:30 am
Julie Barrows | Category: Quarter / Year in Reviews, Real Estate | Tagged , , , , , , , , , , , , ,

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.

Posted on January 15, 2016 at 8:30 am
Julie Barrows | Category: Quarter / Year in Reviews, Real Estate | Tagged , , , , , , , , , , , , ,

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.

Posted on October 10, 2015 at 6:04 pm
Julie Barrows | Category: Quarter / Year in Reviews, Real Estate | Tagged , , , , , , , , , , , , ,

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.

Posted on July 9, 2015 at 11:39 am
Julie Barrows | Category: Quarter / Year in Reviews, Real Estate | Tagged , , , , , , , , , , , , ,

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.

Posted on April 6, 2015 at 1:25 pm
Julie Barrows | Category: Quarter / Year in Reviews, Real Estate | Tagged , , , , , , , , , , , , , ,

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.

Posted on January 12, 2015 at 2:59 pm
Julie Barrows | Category: Quarter / Year in Reviews, Real Estate | Tagged , , , , , , , , , , , , , ,

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.

Posted on October 17, 2014 at 2:53 pm
Julie Barrows | Category: Quarter / Year in Reviews, Real Estate | Tagged , , , , , , , , , , , , , ,