February 2017

There are 3 blog entries for February 2017.

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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