Greater Seattle Real Estate Report, June 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. Inventory is up to 13,405 listings (homes and condos) which is over double last June (6,358 listings). Nevertheless, inventory is at 1.48 months which is still not to the 3 to 6 months that is considered an even market. Thus, prices continue to stay high. Median prices across the NWMLS are up to $650,000 compared to $589,000 a year ago: a 10.4% increase. Ironically, that is the smallest year-over-year gain since June 2020. Prices for homes (+10.5%) and condos (+10.2%) are up nearly the same from a year ago.
King County had the second highest median sales price of $851,000. This trailed only San Juan County which was $940,000, but based on only 25 sales vs 2,580 sales in King County. If you look at particular areas inside King County, median prices exceeded $1 million in Vashon, Eastside areas, as well as in North Seattle and Lake Forest Park. For the entire King County, median price was up 9.1% from last year.
Homes in Seattle, Bellevue, and Mercer Island
While interest rates and inventory is up, the Seattle real estate market is still strong. While only 878 homes sold in Seattle compared to 1,217 the previous June, the average price jumped to $1.171 million compared to $1.047 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 $2.712 million which was up from $2.413 million the year before. The number of sales were down from 44 to 27 to this year. The least expensive Mercer Island home sold for $1,650,000. 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 $2.485 million. Last year, Bellevue homes sold for an average of $2.081 million. The number of sales decreased to 116 sales vs 172 the year before.
Seattle, Bellevue, and Mercer Island Condos
Seattle condos sales are down from last June (307 vs 364), with average price down as well to $583,000 from $597,000. In Bellevue there were less condo sales (63 vs 91) than the previous June. Nevertheless, Bellevue condo prices were up drastically ($947,000 vs $839,000). Mercer Island condos are not a significant number: Nine sold in June 2022 while nine sold the previous June.
Luxury Real Estate in Seattle, Bellevue, and Mercer Island
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 June was $1.650 million. The most expensive Mercer Island home was $7.150 million. In the Bellevue real estate market the most expensive sale was a waterfront home on Meydenbauer Bay that sold for $12.125 million. Seven homes in the Bellevue area sold for over $5 million.
In comparison, Seattle had 6 homes that sold for over $5 million. The most expensive Seattle home was a view home in Windermere that sold for $5.9 million. The other homes that sold for over $5 million were three on Queen Anne, one property in Broadmoor and a home in Laurelhurst.
Is Greater Seattle Real Estate Slowing Down?
A simple answer is: not really, but stay tuned With interest rates predicted to increase, there may be a slowing of the market, but even with an increase inventory (1.48 months) we are still below the 3 to 6 month of inventory which is considered an even market. Nevertheless, the future real estate market is hard to predict. Looking at the numbers, it shows the Seattle real estate market currently is 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 waterfront property on Whidbey Island, a luxury home on Kirkland, or your first Seattle home, please contact us