real estate mercer island Seattle eastside luxury market residential stats waterfront Seattle Report – Windermere Mercer Island

Seattle Report

2016 YEAR IN REVIEW

Affordable North Seattle was a hub of activity with demand pushing its median sale price up 17.9% in 2016.

2017 will remain a strong seller’s market in 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.

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.

The median home sale price in Seattle was $620,000.

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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.