Greater Seattle Luxury Home Report, Q1 2022
Greater Seattle Luxury Homes Market
Following is a look at the Greater Seattle luxury home and condo market in King County for the first quarter of 2022.
Luxury real estate in King County is extremely hot this past quarter. There were 513 luxury homes ($2 million sales price or higher) that sold in first quarter of 2022. The average list price of these homes was $2,781,348 but sold for an outstanding average of $3,043,523 or nearly 9.5% over list price. In the same period last year, there were only 371 luxury home sales that sold for an average of $2,903,674 which was approximately 0.7% less than list price. In addition, this year houses sold with an average of 14 days on the market compared to 40 days last year.
The highest sale in first quarter of 2022 was “only” sold for $12,750,000. The luxury property is a 7,280 sq ft waterfront home on Lake Sammamish. Furthermore, the top six sales were on the Eastside as well as 8 of the top 10 sales. Four were Bellevue luxury homes, two in Medina, and two in Clyde Hill. The other two sales were in Seattle, both Seattle waterfront homes. One in Laurelhurst and one in Denny Blaine (between Madison Park and Leschi).
In the first quarter of 2021, the highest sale was a Medina waterfront home that sold for $18,150,000. In 2021, all ten of the top ten sales were on the Eastside. Four in Medina, two in Clyde Hill, two on Mercer Island, one in Kirkland and one on Yarrow Point. In fact, only one of the top 20 sales and two in the top 25 are located in Seattle.
The luxury condo sales market was more stable. Other than the sales happening quicker, the market in the first quarter in 2022 versus 2021 have been relatively steady. For example, luxury condos sold an average of 46 days in the first quarter of 2022 versus 77 days in the same time in 2021. Otherwise, the number of sales (17 vs 18) and sales price ($2.70 million vs. $2.65 million) were not significantly different.
Unlike luxury home sales, luxury condos sales tend to be more likely to be in Seattle. In both years the top sales were in Seattle. In addition, just under half the sales in both years were located in Seattle. The most expensive sale in 2022 was a 1,601 sq ft penthouse unit in The Emerald that sold for $3.65 million. The top sale in 2021 was 2,600 sq ft luxury Seattle condo for $4.83 million in Fifteen Twenty-One.
Luxury Real Estate Market
Looking at the numbers, it shows the Greater Seattle real estate market continues to be very strong and the market for Greater Seattle luxury homes and condos is no different. Nevertheless, every real estate market brings new challenges. Luxury homes can also add complications to a transaction. Ewing and Clark is a boutique real estate company that specializes in luxury real estate. To navigate theses luxury real estate market issues, contact one of Ewing and Clark’s real estate agent. Ewing and Clark and its real estate brokers have been providing exceptional real estate service to Greater Seattle since 1900. We would love to assist you with your real estate needs.