2016 YEAR IN REVIEW
The Eastside continues to dominate the Seattle region’s luxury market with a quarter of its sales above one million dollars.
2017 will remain a strong seller’s market on the 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.
After beginning the year very low, interest rates rose briskly to 4.25% in the last weeks of 2016. The annual average for a 30-year fixed rate mortgage was 3.65% in 2016.
The median home sale price on the Eastside was $753,500.
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© Copyright 2017, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.