May 2020 Real Estate Report: Seattle, Mercer Island, Bellevue
King County Real Estate
Real estate in May was slower than it was last May, the number of home sales was down to 1,637 closing compared to last year 2,642. In addition, the average sales price was just under $789,000 vs last May which was nearly $860,000. But year to date average sales price for King County home sales is still up over last year: $816,575 vs $812,948.
The number of King County condo sales was less than half of the previous year (351 vs 736). Average condo prices were down $507,801 vs $518,261, but once again year to date average sales price are up $503,075 vs $497,601.
Seattle Real Estate
Seattle Home Sales
The Seattle home sales were less than they were last year in most if not all neighborhood/areas and neighborhood home average sales price were also generally down although not across the board. The Seattle home year-to-date sales were mixed depending on area:
|# of Sales||Avg Sales Price||Avg Sales Price|
|Neighborhoods||May 2020||vs May 2019||May 2020||vs May 2019||YTD 2020||vs YTD 2019|
|Montlake to Leschi||59||78||$1,205,782||$1,199,808||$1,127,524||$1,128,169|
|Ballard to Haller Lake||146||221||$801,902||$892,594||$858,542||$851,200|
|Laurelhurst to Northgate||86||113||$980,429||$991,996||$939,390||$964,554|
Seattle Condo Market
The Seattle condo market was interesting. Seattle neighborhoods with the most sales was the area from Montlake to Leschi which includes Capitol Hill condo market. That area saw 30 sales vs 84 last May, but average condo sales price was up $609,258 vs $551,979 last year. The second most sales were in the neighborhoods in NW Seattle which includes Ballard condos. There were 26 sales vs 39 last year with average condo sales price of $457,058 down from $516,582. Finally, Downtown / Belltown condo had 23 sales vs 51 last year. Like the greater Capitol Hill area, Belltown condos average price was up $812,333 vs $734,508.
Pictured: Madison Park condo available for purchase – Washington Park Tower just south of Madison Park Beach. The only high-rise in the area.
Bellevue Real Estate
Bellevue Home Sales
In the real estate world, Bellevue is divide into two main areas:West of 405 and East of 405. West Bellevue includes such cities as Clyde Hill, Medina, and Hunts Point while East Bellevue includes Crossroads and westside of Lake Sammamish.
West Bellevue home sales were down dramatically from last May. There were 9 sales vs 42 the year before. With only 9 sales the average sales price is influenced by high and low sales. Average sales price was just under $2.45 million while the year prior it was just over $3.33 million. East Bellevue home sales were down over 50% but still a lot more transactions. 38 home sales vs 79 home sales. In addition, East Bellevue average home price was UP $1.093 million vs $1.032 million the year before.
Bellevue Condo Market
Bellevue condo market is vastly different depending on where you look. West Bellevue there was 14 condo sales (44 last year), but average price was up to $1.27 million vs $866,474 last year. East Bellevue had 15 condo sales (53 last year) with average sales price of $582,463 ($548,199 the year before).
Mercer Island Real Estate
Mercer Island Home Sales
There were only 10 Mercer Island home sales this May versus 34 last year. Average Mercer Island home sales price was down to $1,678,500 vs $2,063,641 the previous year.
Pictured: Mercer Island Rental
Mercer Island Condo Report
Mercer Island condo market is not very active. There were 5 sales in May vs 4 sales last year. With such low activity sales price fluctuates a lot. Average price was down to $510,000 vs $656,500 the year prior.
Need More Info
If you need more information on the real estate market, whether residential or condo market, then please reach out to a residential real estate broker.