Greater Seattle Real Estate Report, August 2021
Washington Real Estate Market
The real estate market tends to slow in August as people enjoy their summer and take vacations. Thus the Seattle real estate market as well as the entire NWMLS sees a seasonal slowing. For example, sellers added less listing than July (down 11.5%) and even slower than last August (down 4.2%) Prices are up 18.2% from last August, but down slightly from the previous month. Nevertheless, even with a slow down in the real estate market, buyers outnumbered the sellers once again. Pending sales for August was 12,238 and new listings were only 11,437, so inventory decreased. Condo market has continued to be strong with sales up 10% across the NWMLS and almost 20% in King County.
Greater Seattle Real Estate Market
Following is a look at homes, condos, luxury real estate, and waterfront homes in Seattle for the month of June.
Greater Seattle Homes
Seattle real estate market is still strong. 980 homes sold in Seattle for an average of nearly $1.03 million with a stunning average of only 16 days on the market. This is compared to last August when 953 Seattle homes sold for an average of just under $920,000. The average of 21 days on the market.
While prices in Seattle are high, they are nothing compared to the Eastside. On Mercer Island the average house sold for $3.76 million in August compared to $1.531 million the year before. Obviously you need some big sales to raise an average so drastically. 19 of 38 sales this past August sold for over $3 million. In addition, the Bellevue area including Clyde Hill, Medina, and Hunts Point saw an average sales price of of nearly $2.23 million. Homes there sold extremely fast: an average of 9 days for 130 Bellevue are homes sold. In the Bellevue, sales statistics were better in all areas than previous year. In August 2020, homes sold in 29 days, for an average of $2.05 million, and there was less sales (107).
Greater Seattle Condos
As said before, closed sales are up 10% across the MLS and up nearly 20% in King County this last year. For instance, Seattle condo sales are up 360 from 242 last August. In addition Bellevue (94 vs 53) and Mercer Island (9 vs 3) have also seen huge increases. Prices are also up in general. Seattle condo average price is actually down slightly ($592,151 vs $610,610), but in August 2020 there was two big sales. One sale for $6 million and one for $5.25 million. Otherwise the largest other sales in both years are around $2.7 million. If you take out the two outliers, average prices are actually up for Seattle condos ($592,151 vs $568,824), Furthermore, Bellevue condos are up ($801,594 vs $760,392) as well as Mercer Island ($594,444 vs $474,167).
Greater Seattle Luxury Real Estate
Nearly 15% of all sales in 2021 are for over $1 million across the NWMLS, and with averages sales in King County at nearly $970,000 the percent is much higher. Across the MLS there have already been 10,237 sales over $1 million through August. That exceeds both totals for the prior two years. For the entire year of 2020 there 8,898 such sales and in 2019 there were 6,711.
In August there were 92 sales over $3 million in King County. Most were on the Eastside west of Lake Sammamish and between Mercer Island and Kirkland. In contrast, last August there were only 48 sales over $3 million in King County. What a difference a year makes!
Greater Seattle Waterfront Homes
King County saw a 132 waterfront homes sell. This includes rivers, streams, and small lakes as well as the larger lakes (Sammamish and Washington as well as the Puget Sound. The previous year 123 waterfront homes sold. The four most expensive homes in 2021 were all on Mercer Island. and the top 13 were on the Eastside including Bellevue, Medina, and Renton. In 2020, the top 8 were on the Eastside including Hunts Point, Yarrow Point, Mercer Island and Bellevue. Most of the homes in both years were Lake Washington waterfront with some being Lake Sammamish waterfront.
The most expensive Seattle waterfront homes were a Madison Park home in 2020 $4.25 million and a Magnolia home in 2021 for just a hair under $4 million.
Is Greater Seattle Real Estate Slowing Down?
The simple answer is: no. Looking at August numbers, it shows the Seattle real estate market continues to be very strong. While sales were down from the previous month, as stated before, August is always a slow month and prices are up over 18% from the previous August. But 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 Puget Sound waterfront, a condo in Belltown, or your first Seattle home, please contact us.
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