Greater Seattle Luxury Real Estate Report, April 2022
Greater Seattle Luxury Real Estate Market
Following is a look at the Greater Seattle luxury real estate market in King County for April of 2022.
Luxury real estate in King County continues to be strong this past April as it was last year. Comparably, last April was also very strong, but for the most part this past month continues with a strong luxury market. There were 354 luxury homes ($2 million sales price or higher) that sold in April 2022. The average list price of these homes was $2.66 million but sold for an average of $2.91 million or over 9.1% over list price. In the same month last year, there were only 227 luxury home sales that sold for an average of $3.21 million which was approximately 4.1% more than list price. Additionally, this year houses sold with an average of 10 days on the market compared to 21 days last year.
The highest sale in April 2022 was “only” sold for $9.25 million. The luxury property is a 6,130 sq ft home with views of Meydenbauer Bay Furthermore, the top eight of ten sales were on the Eastside including Bellevue, Medina, Clyde Hill, Mercer Island, and Yarrow Point. The other two sales were in Seattle, both Seattle waterfront homes. One in Laurelhurst and one in West Seattle.
In April 2021, the highest sale was a Hunts Point waterfront home that sold for $32 million. Just like in the prior year a majority of the top sales were on the Eastside. Thus, seven of ten of the top ten sales were on the Eastside. In 2021, two of the top three sales were by Ewing and Clark real estate team of Betsy Q Terry and Jane Powers.
The luxury condo sales market did not change much year to year. There were 10 sales in April 2022 for an average of $2.97 million and closed for in an average of 91 days. There were 11 sales in April 2021 for an average of $2.55 million and closed in an average of 59 days.
In 2021 half the sales were in Seattle including the Four Seasons Residence pictured above. In contrast, in 2022 only two of the luxury condos were in Seattle.
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.