Greater Seattle Real Estate Report, July 2022
Washington Real Estate Report
The greater Seattle real estate market is still strong just like the rest of the state, but there are signs of change. For example, across the NWMLS pending (-24%) and closed (-30%) sales are down from last year. Thus, inventory is up to 15,381 listings (homes and condos) which is nearly double last July (7,948 listings) and up 1,976 from June. Likewise, inventory is at 2.01 months which is the highest it has been since January 2019 when there was 2.3 months supply. Nevertheless, it is still not to the 3 to 6 months that is considered an even market for home buyers and sellers. Thus, prices are still up from the previous year. Median prices across the NWMLS are up for homes 6.6% and 8.6% for condos. Furthermore, overall (both condo & home) median prices in King County are up 2.7% (to $810,000), Pierce is up 12.7% (to $565,000), and Snohomish 9.3% (to $737,000).
Seattle, Bellevue, and Mercer Island Homes
Like the overall real estate market, the Seattle real estate sales are down while prices remain up. The number of Seattle homes sold in July are down over 40% from the previous year. Indeed, only 680 closed this past month compared to 1,138 in July 2021. Nevertheless, the median sales price was $950,000 in July 2022 versus $869,970 in July 2021. Furthermore, the average price was up over $100,000 ($1,168,818 from $1,065,123)
Similarly, the Eastside has seen a drastic decrease in the number of sales while prices have continued their upward trend. On Mercer Island the average house sold for over $2.75 million which was up from $2.64 million the year before. Yet, the number of sales were less than half the year before: from 40 to 19. 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 $2.8 million. On the other hand, Bellevue homes sold for an average of $2.13 million in July 2021. In the same vein as Seattle and Mercer Island, the number of sales decreased from 187 to 90.
Condo Market in Seattle, Bellevue, and Mercer Island
The theme continues in the condo market. For instance, Seattle condos sales are down from last July (323 vs 233) while average price are up to $591,000 from $575,000 (both $ rounded). In addition, less Bellevue condos sold (83 vs 39) than the previous July. Nevertheless, Bellevue condo prices increased drastically: $989,000 vs $738,000 (both $ rounded). Mercer Island has a small condo market. Nevertheless, it is interesting that there were no sales this July compared to nine last year.
Seattle, Bellevue, and Mercer Island Luxury Real Estate Market
Bellevue and Mercer are both luxury real estate markets, especially west of I-405. For example, you cannot buy a house for less than a million dollars in Mercer Island. Meanwhile, the most expensive Mercer Island home sold for $9 million. Hence, the average sales price this past month was over $2.75 million. Likewise, the average sales price of a home in the City of Bellevue was $2.035 million. Meanwhile, if you include Hunts Point, Medina, Clyde Hill, and Yarrow Point the average increases to over $2.8 million. Undoubtedly, luxury real estate is especially condensed in this small area between Bellevue and Lake Washington where Hunts Point, etc are located. For example while there were 79 sales in Bellevue, there were an additional 11 sales in this area. Of those eleven, four homes sold for over $12 million. The most expensive was a Yarrow Point waterfront home that sold for $18 million while the least expensive was a 1,101 square foot home that sold for $2,235,000. That home was also in Yarrow Point.
In comparison, Seattle had 3 homes that sold for over $5 million and one for over $10 million. The most expensive Seattle luxury home was a waterfront home in Laurelhurst that sold for $12.5 million. The other homes that sold for over $5 million were in Magnolia and Windermere.
Is Greater Seattle Real Estate Slowing Down?
As seen throughout blog, sales are down, but prices remain high. Thus, the great Seattle real estate market has slowed in number of transactions, but not in sale price. Nevertheless, the future real estate market is hard to predict. 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 waterfront property on Whidbey Island, a luxury home on Kirkland, or your first Seattle home, please contact us