Greater Seattle Real Estate Report, April 2022
Washington Real Estate Report
The greater Seattle real estate market is still strong just like the rest of the state. Residential properties across the NWMLS (26 counties) sold for 107.8% over asking price in April. King County is one of two counties where inventory is down from a year ago. This is especially true for condos where inventory is down 35%. Thus King County prices are up nearly 20% for single family homes and 12.6% for condos Median price in King County for a house is now nearly $1 million ($995,000) and condos are $518,000. Nevertheless, inventory across the NWMLS is up slightly and with an uptick in interest rates, some think the real estate market will start to calm. But, so far, the real estate market continues to be brisk and prices have continued to increase.
Greater Seattle Real Estate Market
Following is a look at homes, condos, luxury real estate, and waterfront homes in Seattle, Bellevue, and Mercer Island for the the past month.
Homes in Seattle, Bellevue, and Mercer Island
Seattle real estate market is still strong. While only 836 homes sold in Seattle compared to 1,022 the previous April, the average price jumped to $1.178 million compared to $1.051 million the previous year.
Of course, prices in Seattle are high, but they are nothing compared to the Eastside. On Mercer Island the average house sold for $2.976 million which was actually down from $3.104 million the year before. The number of sales were similar 31 and 27, respectively. The least expensive Mercer Island home sold for $1,661,000 which was $410,000 over its list price. In addition, the greater Bellevue real estate market which including Clyde Hill, Medina, Hunts Point and Yarrow Point saw an average sales price of of $2.637 million. Last year, Bellevue homes sold for an average of $2.324 million. The number of sales decreased to 130 sales vs 145 the year before.
Seattle, Bellevue, and Mercer Island Condos
Seattle condos sales are up slightly from last April (359 vs 344), with average price up to $612,000 from $596,000. In Bellevue there were less condo sales (63 vs 103) than the previous April. Nevertheless, Bellevue condo prices were up drastically ($957,000 vs $835,000). Mercer Island condos are not a significant number: Five sold in February 2022 while seven sold the previous April.
Luxury Real Estate in Seattle, Bellevue, and Mercer Island
We recently discussed the luxury home market in our previous blog. In addition, as discussed above, the average home sales price in Mercer Island and Bellevue are both well over $2 million. Bellevue and Mercer are luxury real estate markets, especially west of I-405. The least expensive house in Mercer Island in April was $1.661 million. The most expensive Mercer Island home was $6.488 million. In the Bellevue real estate market, the most expensive sale was a home with views of Meydenbauer Bay that sold for $9.250 million. Fourteen homes in the Bellevue area sold for over $5 million.
In comparison, Seattle only had 3 homes that sold for over $5 million. The most expensive Seattle home was a waterfront home in Laurelhurst that sold for $8.1 million. The other two homes that sold for over $5 million were a West Seattle home on Puget Sound and a home in Windermere.
Is Greater Seattle Real Estate Slowing Down?
A simple answer is: not really. With interest rates predicted to increase, there may be a slowing of the market, but with extremely low inventory it seems hard to believe there will be a huge shift at least in the short term. Nevertheless, the future real estate market is hard to predict. Looking at the numbers, it shows the Seattle real estate market continues to be very strong. Every real estate market brings new challenges. To navigate the current 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. Whether you are looking for a Seattle waterfront, a luxury home on Capitol Hill, or your first Seattle home, please contact us