Ewing & Clark - Seattle Real Estate Blog

Seattle luxury real estate, including all of King County, has seen a great deal of increase over the last couple years.  Historically, $1 million was considered luxury real estate in Seattle, Mercer Island, Medina, Hunts Point, etc., but those days have long passed.  In 2015, there were 2,617 luxury homes sold if you use $1 million as the benchmark.  Using that same benchmark, in 2016 there was 3,547 luxury properties sold.  The number of sales drop drastically if you use $2 million (438 in 2015, 556 in 2016), $3 million (132 in 2015 & 172 in 2016), $4 million (54 in both years), and $5 million (32 in 2015, 31 in 2016).

Using $2 million and up as the benchmark for luxury real estate, we see 2017 is off to a strong year.  There were 29 luxury homes sold

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Mercer Island home sales was strong again in 2016.  The Mercer Island real estate saw increase in most of the significant statistics in 2016 over 2015.  The overall number of sales decreased (339 vs 384), but the Mercer Island homes stayed on the market less days (36 days vs 44 days), sold for more money with a higher average overall sales price ($1,473,971 vs $1,365,324) and average price per square foot ($477 vs $429), and Mercer Island real estate sold for more than list price in 2016 (100.3%) after selling just under in 2015 (99.6%).

The increase in Mercer Island real estate statistics are even more impressive when you consider that in 2016 there were 30 Mercer Island waterfront home sales while in 2015 there was 41 waterfront sales.  Since

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Seattle Waterfront

Seattle waterfront homes had a strong year in 2016, continuing where 2015 left off.  Sales of Seattle waterfront homes in Seattle saw year over year increases in most numbers.  Single family waterfront homes, excluding condos and houseboats, saw an increase in average price ($2,175,991 vs 1,896,089), average price per square feet ($588 vs $581), and sales price as compared to list price (99% vs 97%).  Seattle waterfront homes overall sales were down slightly (58 sales vs 61 sales) and the average days on market did increase (97 vs 80).

The highest sale in 2016, was a Laurelhurst watefront east-facing home on Lake Washington on just over 1 acre of land.  It sold for $9,750,000.  The highest sale in 2015, was also in Laurelhurst although the

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Most have seen the Seattle Rental Market headlines “Seattle is 4th Fastest Growing Rental Market in Nation” and “Seattle Rents Now Growing Faster Than in Any Other U.S. City.”   While this overall news has been true in the recent past (meaning earlier this year), the Seattle rental market has seen some signs of relief for renters. For example, Rent Jungle shows the average apartment rent over the prior 6 months in Seattle has actually decreased by $13 (-0.6%). Their data shows the overall decrease is based on one bedroom units decreasing by $20 (-1%) which has more than offset the increase in two bedroom apartments rent: $22 (0.8%). When looking at the Northwest Multiple Listing Service (NWMLS), the number of rented homes and the average rent in King

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King County’s housing market is showing no signs of the typical winter season slowdown, even with inventory at its lowest point in a decade. With nearly 1,500 fewer homes on the market in November than in October, sellers have less competition and are seeing “condensed traffic” at open houses, meaning only buyers who are serious about purchasing homes. As we typically see fewer buyers house searching during the holiday season, buyers may also find a slightly less competitive market in December.

Prices continue to rise, and the median sales price in King County was up to $499,950 in November (compared to $440,000 in October) a 13 percent increase over November 2014, according to statistics from the Northwest Multiple Listing Service (NWMLS). In

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According to a new report by The Seattle Times’ “FYI Guy” Gene Balk, construction trends continue to point to a ‘bigger is better’ mentality in much of the Seattle area. Balk’s data shows that between 2012 and 2014, 1,500 houses were demolished and replaced with much larger homes, 450 of which were approximately triple the square footage of the previous dwelling. Many of Seattle’s predominately residential neighborhoods consist of modestly sized Craftsmans or bungalow-style homes, but home buyers seem to be increasingly buying houses with the intent of tearing them down and starting from scratch or adding significant square footage. The average 1,546-square-foot teardown was replaced by a 3,219-square-foot home. According to Balk’s data, Eastside

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It’s no secret that Seattle’s housing market is one of the strongest in the nation, but what is a little surprising is the growth in the luxury homes sector. According to a recent story by the Puget Sound Business Journal, 537 homes sold for more than $1 million in just four Bellevue ZIP codes alone over the past year, 108 more than 2014 and an increase of 25 percent. 60 homes sold for over $3 million in those areas, up 43 percent over last year.

In Seattle as a whole, 901 homes have sold for $1 million or more so far in 2015, compared to 689 in 2014, according to statistics from the Northwest Multiple Listing Service. Of those sales, more than a quarter (241) occurred in the Central Seattle area comprising the neighborhoods south of the ship canal,

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Just listed in Hawthorne Hills, this spacious contemporary home lets in loads of natural light. The property’s mature trees provide privacy and a tree house-like view through its many windows. The main floor offers an open floor plan with bamboo floors; a wood-burning fireplace; updated kitchen with granite slab counters and stainless steel appliances; a family room; deck; and gorgeous views of the Cascades. Upstairs you’ll find a convenient laundry room, three bedrooms, a full bath, and a master suite with a three-quarter bath. The home’s fully finished daylight basement features a rec room, access to the yard, and a two-car carport. This home’s Northeast Seattle location makes it convenient to University Village, Magnuson Park, and Lake Washington.

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Mercer Island saw typical market activity in October with 25 sales, including 21 single-family homes and four condos. The average sale price for a single-family home was up over September to $1,668,300, though one $8.46 million sale of a home on Fabens Point skewed the average slightly high. In comparison, the average sale price for the 24 single-family homes that sold in September was $1,240,695. Of the 25 properties sold in October, the majority actually sold for below list price, with only six selling for above list price. The highest list-to-sale-price ratio was 103 percent for a 2,560-square-foot rambler in Tarywood Heights. Prices were down slightly over last October, which saw an average sale price of $1,730,483 for 27 properties sold.

Currently

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As we head into the holidays, real estate experts in the area predict that the Puget Sound market will not see the typical slowdowns associated with the season. Listings often drop off during this time of year, as potential sellers are more focused on holiday events, but with sustained demand for homes in our region, the next few months are going to be a great time to sell a home. The area comprising King, Kitsap, Pierce, and Snohomish counties saw the highest number of pending sales in a decade in October, and those high sales volumes are predicted to continue.

Though median sales prices for single-family homes are down in King County on a monthly basis, from $490,250 in September to $480,000 in October, prices are up by 7 percent over the year,

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