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 this January compared to 27 last January and 18 in 2015. The average days on market for those luxury listings were down considerably with an average market time of 99 days compared to 146 and 115 the previous two years. The median price for the luxury real estate that sold was also up ($3,110,000 in 2017, $2,800,000 in 2016, & $2,550,000 in 2015). As usual, the Eastside dominates the luxury home sales. In 2017, there were 9 sales over $2 million in Seattle (31%), 5 sales in 2016 (19%), and 3 in 2015 (17%). Most luxury real estate sales are in Bellevue, Medina, Mercer Island, Kirkland, and Yarrow Point. For example, in Januray 2015 10 of the 18 sales listed Bellevue as the city.
Looking closer at the luxury real estate market in January 2017, of the 29 sales, 10 were waterfront sales of which 8 were on the Eastside. Three of them were luxury condominiums, all of which were in Seattle (3 different buildings). One sold over $6 million, one over $5 million, two over $4 million,and 11 over $3 million. The most expensive home was a 7,045 square foot Mercer Island waterfront home that was mid-island facing west which sold for $6,200,000.
The luxury real estate market continues to be strong. Ewing & Clark consistently sells the areas most significant homes. If you are interested in finding your luxury home, contact an Ewing & Clark luxury real estate agent to assist you.
These statistics were gathered from the Northwest Multiple Listing Service, but were not compiled or published by that organization.