Greater Seattle Real Estate Report, Oct 2022
King County Real Estate Report
The greater Seattle real estate market is still strong, but there are signs of change. For example, King County inventory is up from last October for both homes and condos. However, the sales are still enough to keep inventory at such a level that we remain technically in a seller’s market. Thus, while the market seems slow to many, it is only slow compared to a historically tight market. Therefore, prices are still up from the previous year. Average and Median prices in King County are still up from last year for both homes and condos.
|King County Prices|
|Oct 2021||Oct 2022||Oct 2021||Oct 2022|
|Homes||$ 1,075,484||$ 1,136,755||Homes||$ 825,000||$ 907,200|
|Condos||$ 584,029||$ 604,116||Condos||$ 480,000||$ 494,950|
Seattle, Bellevue, and Mercer Island Homes
The trend continues from the prior months. In other words, the number of homes sales in Bellevue, Mercer Island and Seattle are down significantly while the prices continue to be up from the previous year. For example, the number of Seattle homes sold in October are down over 44% from the last October. Hence, only 529 Seattle home sales closed this past month compared to 951 in October 2021. Nevertheless, the average sales price grew over 2.5% to $1,067,000 in October 2022 from $1,041,000 in October 2021.
Furthermore, the Eastside has seen a drastic decrease in the number of sales while prices increased. For instance, on Mercer Island the number of sales were less than half the year before: from 32 to 14. Meanwhile, the average Mercer Island house sold for over $3.249 million which was up from $2.352 million the year before. However, a better measurement of prices in Mercer Island is the median price: up to $2.660 million versus $2.225 million in the prior year.
In the greater Bellevue real estate market which including Clyde Hill, Medina, Hunts Point and Yarrow Point the trend continues. There, the average sales price of of $2.307 million was up slightly from $2.297 million in October 2021. In addition, similar to Seattle and Mercer Island, the number of sales decreased from 138 to 94: a 32% decrease.
Condo Market in Seattle, Bellevue, and Mercer Island
The condo market slowed in both sales and pricing in October. For instance, Seattle condos sales are down from last October (285 vs 178) while average price are down slightly to $611,000 from $627,000. In addition, less Bellevue condos sold (38 vs 68) than the previous October. Meanwhile, Bellevue condo prices decreased less than a percent: $870,000 vs $876,000. The Mercer Island condo market is very small. There was only five sales in October 2022 and six in October 2021. The highest sales price for a Mercer Island condo in either month was $799,800 on October 28, 2022.
Seattle, Bellevue, and Mercer Island Luxury Real Estate Market
Bellevue and Mercer Island are both luxury home markets. For example, out of 14 Mercer Island homes that sold in October, 9 sold for over $2 million and none sold for under $1 million. Thus, the average sales price for a Mercer Island home this past month was over $3.249 million. Indeed, the most expensive Mercer Island home sold for $9.080 million. That sale was a waterfront home that is over 5,000 sq ft, faces west towards Seward Park, and the nearly acre lot has amenities such as a tennis court.
The average sales price of a home in the Bellevue area, including Hunts Point, Medina, Clyde Hill, and Yarrow Point, was $2.307 million. Over 42% of the Bellevue area homes that sold, sold for $2 million or more. The most expensive sale was on Evergreen Point (Medina). The 7,180 sq ft waterfront home sold for $10,500,000.
The most expensive Seattle luxury home was a Madrona home that sold for $5 million. The house was directly across from Madrona Beach. There were 39 sales over $2 million in Seattle in October. Unlike, the Eastside this is a relatively low percentage of the sales. Nevertheless, it is still 7.4% of the sales.
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 brokers. Ewing and Clark has provided exceptional real estate service to Greater Seattle since 1900. Whether you are looking for a waterfront property in Leschi, a luxury home in Laurelhurst, or your first Seattle home, please contact us