It Is All Relative! March 2023 Greater Seattle Home Report

Northwest MLS Real Estate Report

Is the NWMLS, including the Greater Seattle home market, a sellers’ or buyers’ market?  Well, it is the not the easiest of answers: it is all relative!  Fueled by historically low interest rates, the real estate market at the end of 2021 and the beginning of 2022 was red hot.  Now a year later, with higher interest rates we are comparing the current real estate market to one of the best sellers’ markets ever.  Thus, prices across the NWMLS are down 7.5% from a year ago.  But when you look at the median price over the last 5 years, can sellers really complain?

Seattle Homes

As one can see, NWMLS March median sales prices for homes and condos are on an upward trend the last five years.  In addition, across the NWMLS, since January prices are up 5.9%.  This is a good news for buyers and for most sellers.  For sellers, unless you bought your house a year ago, you have gained a lot of equity in your home.  If you are a buyer, prices have dipped since last year and it is a good time to buy.  

Whidbey Waterfront
Whidbey Waterfront Homes Available for $1.795 Million

Greater Seattle Real Estate Market

Following is a more detail look at homes, condos, luxury real estate, and waterfront homes in Seattle, Bellevue, and Mercer Island for the past month.

Seattle, Bellevue, and Mercer Island Homes

Madison Park
Washington Park Georgian Colonial Available for $9,895,000

Looking at the overall real estate market (homes+condos) the median price is down 7.5% across the entire NWMLS, while King County market is down 8.9%.  Concentrating just on home sales (not condos), the number of home sales on Mercer Island increased over last year.  This March there were 22 Mercer Island home sales compared to 15 the previous March.  Median home price decreased 5.7% from $2.530 million to $2.385 million.

In the greater Bellevue real estate market which including Clyde HillMedinaHunts Point and Yarrow Point, sales decreased from 116 to 80.  In addition, the median sale price took a bigger hit.  A 20.3% decrease from $2.449 minion to $1.952 million.  , 

Seattle had less sales (536 vs 872) and a lower median ($850,000 vs $951,500) when comparing March 2023 with the previous year.

Condo Market in Seattle, Bellevue, and Mercer Island

Seattle Condo
Seattle Waterfront Condo Available for $949,000

King County condo prices are down 6.1% from the previous March.  Meanwhile, the Seattle condo prices are actually strong.  The median price for a Seattle condo is up 3.8% from last year ($526,750 vs $507,500).  This is in stark contract with Bellevue area condos which are down 27.6%.  The median Bellevue condo price is down from $850,000 to $615,000.  

The number of condo sales are down in both Seattle (307 to 198) and Bellevue (71 to 43).  Mercer Island condo market is very small.  For instance, there were six condo sales last March and five this March.  

Seattle, Bellevue, and Mercer Island Luxury Real Estate Market

Mercer Island
Mercer Island is a Luxury Real Estate Market

Mercer Island is a luxury home markets.  For example, out of 22 Mercer Island homes that sold this past month, 16 sold for over $2 million and none sold for under $1 million.  The most expensive Mercer Island home sold in March was listed for $6 million and sold for $7.725 million.  The Mercer Island waterfront home featured 67 feet of prime low-bank waterfront.

The Bellevue area is also a luxury real estate market.  The average sales price of a home in the Bellevue area, including Hunts Point, Medina, Clyde Hill, and Yarrow Point, was nearly $3 million ($2.979 million).  Furthermore, nearly half (38 out of 80) of the Bellevue homes sold for $2 million or more.  The most expensive sale was a Clyde Hill home that sold unlisted for $6.4 million..

The average sales price for a Seattle home was $1.087 million in March, but not nearly as high as Bellevue and Mercer Island.  In addition, Seattle had a total of 37 sales of $2 million or more.  The most expensive sale was a Seattle waterfront home that sold for $16.2 million in Laurelhurst.

Is Greater Seattle Real Estate Slowing Down?

As seen throughout blog, the Greater Seattle real estate market has slowed in both transactions and pricing as compared to last year.  Nevertheless, when looking at the last five years, prices have been on an upward trend.  In addition, there have been signs that the market has been improving.  For example, agents have noticed an uptick in multiple offers this spring and prices have been increase since January.  Every real estate market is different.  To navigate the current issues, contact one of Ewing and Clark’s real estate brokers. Ewing and Clark has provided exceptional real estate service to Greater Seattle since 1900.  Whether you are looking for a waterfront property in Whidbey, a luxury home in Capitol Hill, or your first Seattle home, please contact us