Seattle Real Estate Report – November
Greater Seattle Real Estate Report
The Northwest MLS continues to show a very strong real estate market. Year over year, closed sales are up 23%, pending sales have increased 7.9% from last November which all means real estate inventory is down 43% and prices are up 13.8%. While inventory is down 43%, it varies per county by quite a bit. For example, King County inventory is down “only” 18% from last November, but Clallam, Clark, Island, Mason, and Snohomish counties are all down a minimum of 63%.
Overall, real estate inventory is 0.73% at the end of October, well below the 3 to 6 months that most real estate professional see as a balanced market. In addition, there is quite a difference in inventory between homes and condos. For instance, home inventory is down over 50% while condo supply is actually up 7.1%. In King County, the numbers convey the home and condo market. King County home inventory is 0.67 months while condo market is 1.88 months. Thus, while the Greater Seattle real estate market is very strong, there are opportunities. For first time homebuyers, a condominium is a fabulous way to get into the real estate market.
This November, 848 Seattle homes sold for a median sales price of nearly $935,000 compared to the 683 homes that sold for an average of just over $858,000. Thus, Seattle sales saw an increase of sales of 24% and an increase of home prices of 9%. Inventory continues to struggle to keep up with the number of Seattle home sales so high. As seen below, Seattle luxury sales are also up with almost twice as many homes that sold this November compared to last year in the same month. The real estate market remains resilient despite any negative issues (ex COVID, national unemployment, etc.).
Seattle Luxury Real Estate
In November 2020, 35 homes sold for over $2 million. The most expensive home was the landmark Gibbs House on a gated compound on Queen Anne. Furthermore, the 1928 Seattle luxury home features nearly 7,000 sq ft of house featuring iconic views of downtown Seattle, Space Needle, and Elliott Bay. It closed for just over $8 million. In November 2019, only 19 Seattle luxury homes sold for over $2 million. The eleven of the luxury homes were within a mile radius of each other from Madison Park to Capitol Hill.
Seattle Waterfront Homes
Fourteen Seattle waterfront homes sold this November. The most expensive waterfront home was in Sand Point that sold for $4.1 million. Of the 14 waterfront homes, 7 were houseboats. Last November, 11 Seattle waterfront homes sold of which 4 were Seattle houseboats. Seattle waterfront is very rare so there are never going to be a huge fluctuation in the number of sales, still waterfront home sales remain solid.
Seattle Condo Market
Seattle condo inventory is up 61% from a year ago. Nevertheless, Seattle condo prices are up 8.7% for the year. In November, 216 Seattle condos sold for an average price of just under $585,000 or $566/sq ft. Last November, 171 Seattle condos sold for an average sales price of nearly $525,000, but sold for an average of $570/sq ft which is slightly higher than 2020. Thus, while overall prices have increased, their is evidence of the prices slipping a little bit. But with COVID-19 and Seattle condo inventory way up, Seattle condo prices are actually holding very well.
Luxury Seattle Condos
In November 2020, 15 luxury condos sold for over one million dollars. The most expensive sold for just under $3.55 million in the Millennium Tower in Downtown Seattle. The 2 bed/2.5 bath luxury Seattle condo features 2,720 sq ft, built-in private gym, concierge service, and amazing views. Another condo sold for $2.8 million near the Madison Park neighborhood in the Washington Park Tower (pictured above).
In November 2019, 7 luxury condos sold for over one million dollars. The most expensive sold for just under $4.7 million in the Madison Tower on the corner of Madison and First in Downtown Seattle. The penthouse condo sits above one of Seattle’s premier hotels. The 2 bed/2.5 bath luxury Seattle condo features 3,018 sq ft, 4 fireplaces, 4 view decks, features such as concierge and housekeeping from the hotel, and of course panoramic views.
Is Seattle Real Estate Slowing Down?
Looking at November numbers, it shows the Seattle real estate market continues to be very strong, but Seattle real estate market can change. To get up-to-date information, contact one of Ewing and Clark’s Seattle real estate agent. Ewing and Clark and its real estate brokers have been providing exceptional real estate service to Greater Seattle since 1900.
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