Real Estate February 1, 2023

Q4 2022 Western Washington Economic & Real Estate Update

The following analysis of select counties of the Western Washington real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. I hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact me.

 

Regional Economic Overview

Although the job market in Western Washington continues to grow, the pace has started to slow. The region added over 91,000 new jobs during the past year, but the 12-month growth rate is now below 100,000, a level we have not seen since the start of the post-COVID job recovery. That said, all but three counties have recovered completely from their pandemic job losses and total regional employment is up more than 52,000 jobs. The regional unemployment rate in November was 3.8%, which was marginally above the 3.7% level of a year ago. Many business owners across the country are pondering whether we are likely to enter a recession this year. As a result, it’s very possible that they will start to slow their expansion in anticipation of an economic contraction.

Western Washington Home Sales

In the final quarter of 2022, 12,711 homes sold, representing a drop of 42% from the same period in 2021. Sales were 34.7% lower than in the third quarter of 2022.

Listing activity rose in every market year over year but fell more than 26% compared to the third quarter, which is expected given the time of year.

Home sales fell across the board relative to the fourth quarter of 2021 and the third quarter of 2022.

Pending sales (demand) outpaced listings (supply) by a factor of 1:2. This was down from 1:6 in the third quarter. That ratio has been trending lower for the past year, which suggests that buyers are being more cautious and may be waiting for mortgage rates to drop.

A bar graph showing the annual change in home sales for various counties in Western Washington from Q4 2021 to Q4 2022. All counties have a negative percentage year-over-year change. Here are the totals: Jefferson at -19.9%, Skagit at -27.7%, Mason -30.7%, Lewis -30.9%, Clallam -34.3%, Whatcom -36.3%, Kitsap -38.5%, Snohomish -40.3%, Island -42%, Grays Harbor -42.3%, King -43.1%, Thurston -45.8%, San Juan -46.8%, Pierce -46.9%.

Western Washington Home Prices

Sale prices fell an average of 2% compared to the same period the year prior and were 6.1% lower than in the third quarter of 2022. The average sale price was $702,653.

The median listing price in the fourth quarter of 2022 was 5% lower than in the third quarter. Only Skagit County experienced higher asking prices. Clearly, sellers are starting to be more realistic about the shift in the market.

Even though the region saw aggregate prices fall, prices rose in six counties year over year.

Much will be said about the drop in prices, but I am not overly concerned. Like most of the country, the Western Washington market went through a period of artificially low borrowing costs, which caused home values to soar. But now prices are trending back to more normalized levels, which I believe is a good thing.

A map showing the real estate home prices percentage changes for various counties in Western Washington. Different colors correspond to different tiers of percentage change. Grays Harbor and Whatcom Counties have a percentage change in the -6.5% to -3.6%+ range, Clallam, Jefferson, King, and Skagit counties are in the -3.5% to -0.6% change range, Snohomish and Pierce are in the -0.5% to 2.4% change range, Mason, Thurston, Island, and Lewis counties are in the 2.5% to 5.4% change range, and San Juan County is in the 5.5%+ change range.

A bar graph showing the annual change in home sale prices for various counties in Western Washington from Q4 2021 to Q4 2022. San Juan County tops the list at 6.9%, followed by Lewis at 4.8%, Thurston at 3.8%, Island at 3.7%, Mason at 3.5%, Snohomish at 0.8%, Pierce at -0.2%, Clallam at -1%, Skagit at -2.1%, Jefferson at -2.5%, King at -3.1%, Whatcom at -4.1%, Kitsap at -5.3%, and finally Grays Harbor at -6.5%.

Mortgage Rates

Rates rose dramatically in 2022, but I believe that they have now peaked. Mortgage rates are primarily based on the prices and yields of bonds, and while bonds take cues from several places, they are always impacted by inflation and the economy at large. If inflation continues to fall, as I expect it will, rates will continue to drop.

My current forecast is that mortgage rates will trend lower as we move through the year. While this may be good news for home buyers, rates will still be higher than they have become accustomed to. Even as the cost of borrowing falls, home prices in expensive markets such as Western Washington will probably fall a bit more to compensate for rates that will likely hold above 6% until early summer.

A bar graph showing the mortgage rates from Q4 2020 to the present, as well as Matthew Gardner's forecasted mortgage rates through Q4 2023. After the 6.79% figure in Q4 2022, he forecasts mortgage rates dipping to 6.27% in Q1 2023, 6.09% in Q2 2023, 5.76% in Q3 2023, and 5.42% in Q4 2023.

Western Washington Days on Market

It took an average of 41 days for homes to sell in the fourth quarter of 2022. This was 17 more days than in the same quarter of 2021, and 16 days more than in the third quarter of 2022.

King County was again the tightest market in Western Washington, with homes taking an average of 31 days to find a buyer.

All counties contained in this report saw the average time on market rise from the same period a year ago.

Year over year, the greatest increase in market time was Snohomish County, where it took an average of 23 more days to find a buyer. Compared to the third quarter of 2022, San Juan County saw average market time rise the most (from 34 to 74 days).

A bar graph showing the average days on market for homes in various counties in Western Washington for Q4 2022. King County has the lowest DOM at 31, followed by Kitsap at 45, Island and Snohomish at 35, Whatcom, Thurston, and Skagit at 36, Pierce at 37, Clallam at 38, Jefferson at 40, Mason at 43, Grays Harbor at 46, Lewis at 49, and San Juan at 74.

Conclusions

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

The regional economy is still growing, but it is showing signs of slowing. Although this is not an immediate concern, if employees start to worry about job security, they may decide to wait before making the decision to buy or sell a home. As we move through the spring I believe the market will be fairly soft, but I would caution buyers who think conditions are completely shifting in their direction. Due to the large number of homeowners who have a mortgage at 3% or lower, I simply don’t believe the market will become oversupplied with inventory, which will keep home values from dropping too significantly.

A speedometer graph indicating a balanced market, barely leaning toward a seller's market in Western Washington in Q4 2022.

Ultimately, however, the market will benefit buyers more than sellers, at least for the time being. As such, I have moved the needle as close to the balance line as we have seen in a very long time.

About Matthew Gardner

Matthew Gardner - Chief Economist for Windermere Real Estate

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

 


This article originally appeared on the Windermere blog January 26th, 2023. Written by: Matthew Gardner.

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© Copyright 2023, Windermere Real Estate/Mercer Island.

 

Real Estate January 18, 2023

How’s the Market? Annual Review of Seattle Area Real Estate

While 2022 began on the heels of an extreme seller’s market we saw in the wake of the COVID pandemic, the second half of the year showed a marked shift back toward normalcy.  Rising interest rates and tech layoffs significantly slowed down the number of home sales.  The good news for buyers is that we finally saw a rise in the number of homes for sale (although we’re still not back up to our pre-pandemic inventory level).

 

Our Chief Economist, Matthew Gardner, predicts that median home prices will continue to pull back from their 2022 spike, but will then resume a more normal level of appreciation once interest rates stabilize.  You can find his full forecast here.

 

Click or scroll down to find your area report:

Seattle  |  Eastside  |  Mercer Island  |  Condos  |  Waterfront

 


SEATTLE

The Seattle real estate market seems to be out to prove the old “tortoise and the hare” fable. The tale the numbers are telling is that when you don’t boom big, you’re likely not to bust big. 2022 was a year of steady growth and a lot less fear than in surrounding cities.

 

On average in a 2022 total look back, Seattle’s median price was up 10% (to $940,000) over $852,000 in 2021. Most of this gain was realized in the first half of the year, and unfortunately eroded in the second half of the year—when combined, it paints a fairly clear picture that we’re back to a “normal” market coming into 2023.

 

Queen Anne-Magnolia (up 17%), West Seattle (up 14%) and the Central District (up 13%) all fared better than average. Kenmore hung in at a 6% gain, which, given the volatility of interest rates and speculation, is still a respectable number for the year!

 

The headline for this year is that overall transaction volume was down in a big way. In Seattle, there were a total of 8,173 homes that sold; this is down 30% from the 11,670 sales we saw the year before. The slower market is not, however, creating a climate of fear where homeowners jump to cash out at the peak. New listings for the year were down a total of 13%.

 

We’ll be watching closely in 2023. If consumer confidence builds with the stabilization of interest rates, we’re going to have an even larger inventory crisis than we’ve faced in years past.

 

Seattle Metro Listings vs. Sales

 

Seattle Metro Median Sales Price

Click here for the full report and neighborhood-by-neighborhood statistics!

Seattle Metro Market Report

 

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EASTSIDE

Finally, it’s safe to say that balance and normalcy have returned to the Eastside real estate market. The irony is: now that we’re in a balanced market, which is what homebuyers have purported to crave for a long time, the buyer’s appetite to purchase has all but dried up; overall transaction volume was down 36% in 2022 (5,448 sales vs. 8,569 in 2021).

 

If any of you are considering a move in the next 5 years, NOW is the time. The pendulum has swung back in the buyer’s favor: home inspections, negotiations and contingencies are all prevalent. We may not be at the exact “bottom” of pricing, but interest rates have stabilized, there are good homes for sale, and competition amongst buyers is rare. This is IT!

 

The Eastside’s Median Sale Price was $1,525,000 in 2022, up 14% over 2021’s unbelievable 30%+ gain ($1,350,000). Woodinville rules the day at a 17% rise, followed closely by Mercer Island (+16%) and Bellevue (both East and West at +15%).

 

While the market is slower paced, we are not in dire straits. This is thanks to a continued lack of inventory (down 5% YOY), and the amount of equity built in 2020 and 2021. Home sellers will spend the year working to determine the best way to attract a buyer. Price, preparation and timing will all play an important role. Home shoppers are sure to revel in their day in the sun!

 

Eastside Listings vs. Sales

 

Eastside Median Sales Price

Click here for the full report and neighborhood-by-neighborhood statistics!

Greater Eastside Market Report

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MERCER ISLAND

Mercer Island was once again its own unique micro-market within the Pacific Northwest. Total sales volume was only 209 homes, down 46% from 2021. This means that of nearly 10,000 households on the Island, only 2% purchased/sold a home.

 

The pace of sales was affected not only by interest rate volatility but also by the local tech economy/job market. The median home price nevertheless held strong with a 16% rise over 2021, even with the price correction that we all started to feel mid-year.

 

Buyers have decided to sit on the sidelines while it all shakes out, but home-owners on Mercer Island are not running for the hills. They’re patiently waiting (often without adjusting their asking prices) for the demand to return. It seems to be working: the median list price to median sales price ratio ROSE in 2022 from 77% to 88%.

 

2023 should be a solid year for Mercer Island real estate. All the pieces are in place: community pride, great schools and easy transportation. Let’s see if the upward trend continues!

 

Mercer Island Listings vs. Sales

 

Mercer Island Median Sales Price

Click here for the full report and neighborhood-by-neighborhood statistics!

Mercer Island Market Report

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CONDOS – SEATTLE & EASTSIDE

Seattle condos saw a Median Sale Price increase of 6% (to $520,000) and Eastside condos saw a 13% increase (to $620,000) in 2022. 53% of Seattle condos and 67% of Eastside condos sold in the first ten days on the market. This growth is larger than what we saw in 2021, which hopefully is some good news to anyone thinking of selling a condo in 2023. It seems that demand for urban living may be returning.

 

66% of Seattle condos and 77% of Eastside condos sold at or above their listed price. Those listings that sold in the first 10 days on the market went for an average of 1% and 4% above their list price, respectively..

 

On the Seattle side, Shoreline and Lake Forest Park condos saw about a 20% increase—and on the Eastside, Sammamish and East Bellevue condos carried the day with 19% and 23% increases—in Median Sale Price.

 

Overall, condos get our award for “ones to watch.” They remain a bright spot in terms of affordability when compared to single family homes, especially on the Eastside. Compare the $620,000 median sale price of a condo to the $1,525,000 median home price and it’s clear condos are a great first rung of the property ladder that might get attention in 2023.

 

Check out area-by-area details the full condo report.

 

Condo Report for Seattle & Eastside

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WATERFRONT

There were 93 privately-owned waterfront home sales in the greater Seattle-Eastside region in 2022 (Eastside-32; Seattle-36; Lake Sammamish-15; Mercer Island-10). This is down significantly from the banner year in 2021 when we saw a whopping 170 total sales.

 

This truly is a market with geographic limitations. With such a high volume of sales in 2021 and a relatively strong 2022, we expect 2023 to be more conservative. Our late-2022 market shift from an extreme seller’s market to a more balanced level of supply and demand coincided with the close of the waterfront selling season. This means pricing will be tricky this season as we explore uncharted waters. More than ever, real estate experts will be essential to analyze the data and consult their spidey-senses to find the price that will attract a buyer in this new normal.

 

This brief overview of the entire Seattle-Eastside private waterfront market, including Mercer Island and Lake Sammamish, illustrates the trends occurring in our region over time. This data is interesting and insightful but cannot replace an in-depth waterfront analysis with your trusted professional.

 

Waterfront Report: Seattle/Eastside

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© Copyright 2023, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and Trendgraphix, and deemed accurate but not guaranteed.

Real Estate December 15, 2022

Matthew Gardner’s Top 10 Predictions for 2023


This video shows Windermere Chief Economist Matthew Gardner’s Top 10 Predictions for 2023. Each month, he analyzes the most up-to-date U.S. housing data to keep you well-informed about what’s going on in the real estate market.


1. There Is No Housing Bubble

Mortgage rates rose steeply in 2022 which, when coupled with the massive run-up in home prices, has some suggesting that we are recreating the housing bubble of 2007. But that could not be further from the truth.

Over the past couple of years, home prices got ahead of themselves due to a perfect storm of massive pandemic-induced demand and historically low mortgage rates. While I expect year-over-year price declines in 2023, I don’t believe there will be a systemic drop in home values. Furthermore, as financing costs start to pull back in 2023, I expect that will allow prices to resume their long-term average pace of growth.

2. Mortgage Rates Will Drop

Mortgage rates started to skyrocket at the start of 2022 as the Federal Reserve announced their intent to address inflation. While the Fed doesn’t control mortgage rates, they can influence them, which we saw with the 30-year rate rising from 3.2% in early 2022 to over 7% by October.

Their efforts so far have yet to significantly reduce inflation, but they have increased the likelihood of a recession in 2023. Therefore, early in the year I expect the Fed to start pulling back from their aggressive policy stance, and this will allow rates to begin slowly stabilizing. Rates will remain above 6% until the fall of 2023 when they should dip into the high 5% range. While this is higher than we have become used to, it’s still more than 2% lower than the historic average.

3. Don’t Expect Inventory to Grow Significantly

Although inventory levels rose in 2022, they are still well below their long-term average. In 2023 I don’t expect a significant increase in the number of homes for sale, as many homeowners do not want to lose their low mortgage rate. In fact, I estimate that 25-30 million homeowners have mortgage rates around 3% or lower. Of course, homes will be listed for sale for the usual reasons of career changes, death, and divorce, but the 2023 market will not have the normal turnover in housing that we have seen in recent years.

4. No Buyer’s Market But a More Balanced One

With supply levels expected to remain well below normal, it’s unlikely that we will see a buyer’s market in 2023. A buyer’s market is usually defined as having more than six months of available inventory, and the last time we reached that level was in 2012 when we were recovering from the housing bubble. To get to six months of inventory, we would have to reach two million listings, which hasn’t happened since 2015. In addition, monthly sales would have to drop below 325,000, a number we haven’t seen in over a decade. While a buyer’s market in 2023 is unlikely, I do expect a return to a far more balanced one.

5. Sellers Will Have to Become More Realistic

We all know that home sellers have had the upper hand for several years, but those days are behind us. That said, while the market has slowed, there are still buyers out there. The difference now is that higher mortgage rates and lower affordability are limiting how much buyers can pay for a home. Because of this, I expect listing prices to pull back further in the coming year, which will make accurate pricing more important than ever when selling a home.

6. Workers Return to Work (Sort of)

The pandemic’s impact on where many people could work was profound, as it allowed buyers to look further away from their workplaces and into more affordable markets. Many businesses are still determining their long-term work-from-home policies, but in the coming year I expect there will be more clarity for workers. This could be the catalyst for those who have been waiting to buy until they know how often they’re expected to work at the office.

7. New Construction Activity Is Unlikely to Increase

Permits for new home construction are down by over 17% year over year, as are new home starts. I predict that builders will pull back further in 2023, with new starts coming in at a level we haven’t seen since before the pandemic.

Builders will start seeing some easing in the supply chain issues that hit them hard over the past two years, but development costs will still be high. Trying to balance homebuilding costs with what a consumer can pay (given higher mortgage rates) will likely lead builders to slow activity. This will actually support the resale market, as fewer new homes will increase the demand for existing homes.

8. Not All Markets Are Created Equal

Markets where home price growth rose the fastest in recent years are expected to experience a disproportionate swing to the downside. For example, markets in areas that had an influx of remote workers, who flocked to cheaper housing during the pandemic, will likely see prices fall by a greater percentage than other parts of the country. That said, even those markets will start to see prices stabilize by the end of 2023 and resume a more reasonable pace of price growth.

9. Affordability Will Continue to Be a Major Issue

In most markets, home prices will not increase in 2023, but any price drop will not be enough to make housing more affordable. And with mortgage rates remaining higher than they’ve been in over a decade, affordability will continue to be a problem in the coming year, which is a concerning outlook for first-time buyers.

Over the past two years, many renters have had aspirations of buying but the timing wasn’t quite right for them. With both prices and mortgage rates spiraling upward in 2022, it’s likely that many renters are now in a situation where the dream of homeownership has gone. That’s not to say they will never be able to buy a home, just that they may have to wait a lot longer than they had hoped.

10. Government Needs to Take Housing More Seriously

Over the past two years, the market has risen to such an extent that it has priced out millions of potential home buyers. With a wave of demand coming from Millennials and Gen Z, the pace of housing production must increase significantly, but many markets simply don’t have enough land to build on. This is why I expect more cities, counties, and states to start adjusting their land use policies to free up more land for housing.

But it’s not just land supply that can help. Elected officials can assist housing developers by utilizing Tax Increment Financing tools, whereby the government reimburses a private developer as incremental taxes are generated from housing development. There are many tools like this at the government’s disposal to help boost housing supply, and I sincerely hope that they start to take this critical issue more seriously.

 


About Matthew Gardner

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

 


This article originally appeared on the Windermere blog November 14th, 2022. Written by: Matthew Gardner.

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We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative, and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

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© Copyright 2022, Windermere Real Estate/Mercer Island.

 

Real Estate October 14, 2022

How’s the Market? Q3 2022 Real Estate Review

While still considered a seller’s market, our July-September home sale activity signaled the return of some much-needed balance.  Seattle and Eastside home prices still posted year-over-year gains in Q3, but rising interest rates markedly slowed the pace of both listings and sales.  Houses also stayed on the market longer than we saw during the frenzy earlier this year—the average Seattle home took 17 days to sell, while Eastside homes averaged 25 days to sell.  Buyers have a great opportunity to negotiate better terms now with an eye out to refinance when interest rates come down in the future.

 

Click or scroll down to find your area report:

Seattle  |  Eastside  |  Mercer Island  |  Condos  |  Waterfront

 


SEATTLE

There is a lot of good news in Seattle these days: Progress is being made in taking back downtown, the West Seattle Bridge is open AND real estate prices are UP year over year.

 

Transaction volume is down 35% across the city, which we can likely attribute to the volatility in interest rates, but listing volume is also down 10%. This is comforting! Supply and demand rules the market, and the last thing this balancing market needs is more inventory. We think this drop in seller enthusiasm is likely caused by the golden handcuffs of their historically low interest rates and refinance boom: even if your home isn’t meeting your needs these days, that 2.75% interest rate might be hard to give up.

 

Seattle’s average list/sold price ratio is 97%. This means if you listed your home for $1,000,000 you could expect to sell for $970,000 in Q3 of this year. Compare this with 82% on the Eastside. Seattle home sellers are more realistic and less affected by the price bloat of the last several years. We didn’t boom as hard, and we may not feel the impacts of a market balance as sharply either.

 

Seattle Recap

Click here for the full report and neighborhood-by-neighborhood statistics!

Seattle Report

 

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EASTSIDE

While we’re finally seeing the numbers reflect what the market has been feeling since May, it’s not as dire as one might think. Sales volume has slowed 38% year over year (based on total transaction count). However, new listings are also down (3%) which means the market reaching its peak has not sparked a sell off. This should keep our new normal buzzing along at pace similar to 2018 and 2019. Great homes that are priced right will sell—21% of homes sold above asking price and 40% of homes sold in the first 10 days.

 

Median list price is down 6% while median sales price is down 14.5%, which means homeowners looking to sell on the Eastside now have some data points to help them with realistic expectations of how to find the market. Average days on market is 25, which is higher than it’s been since Q1 of 2020! This is still slightly under the 6-year average. Don’t be tempted to think that there is something wrong with a home just because it has been on the market for a month; there are a lot of quality homes ready for their new owners.

 

The news of the day is interest rates. Heavy volatility in the markets and the administration’s drive to stem inflation have caused many buyers to pull out of the market. If you’re thinking you’ll wait for lower rates AND lower prices, you might be dreaming—if rates come down next year as predicted it will likely spur activity on. Our best advice: THIS is the market you’ve been waiting for. As a buyer you have choice, time and negotiating power for the first time since 2018. Capitalize! Then, refinance later.

 

Eastside Recap

Click here for the full report and neighborhood-by-neighborhood statistics!

Eastside Report

 

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MERCER ISLAND

Given the broader local news, we might expect doom and gloom from Q3 stats—this expert sees lots of opportunity and much needed stabilization after the crazy COVID boom. While median prices have fallen 1% year over year, the average price per square foot is actually UP. What does this mean? Comparing a median with an average is always a little tricky, but this likely points to a slowdown in the sale of larger homes.

 

To me, the better signs of market predictability are the months supply of inventory for the quarter (about 6 weeks for both condos and single family) and the average days on market (18 for sf and 57 for condo). These are all relatively healthy benchmarks, even though they’re markedly higher than in previous quarters. This is what’s causing media to report doom and gloom: inventory is up sharply (there was ONE active listing at the end of Q4 2021 vs 44 at the end of Q3 2022) and pending sales are down (57 vs. 94 last year in the same time period). When you compare our current numbers to any time period outside of the last two years, we’re faring very well!

 

The news of the day is interest rates. Heavy volatility in the markets and the administration’s drive to stem inflation have caused many buyers to pull out of the market. If you’re thinking you’ll wait for lower rates AND lower prices, you might be dreaming—if rates come down next year as predicted it will likely spur activity on. Our best advice: THIS is the market you’ve been waiting for. As a buyer you have choice, time and negotiating power for the first time since 2018. Capitalize! Then, refinance later.

 

Mercer Island Recap

Click here for the full report and neighborhood-by-neighborhood statistics!

Mercer Island Report

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CONDOS – SEATTLE & EASTSIDE

Condos remain the tortoise as opposed to the hare like residential markets of 2020-early 2022. Slow and steady will definitely win this race as the affordability of homeownership shrinks with rising interest rates. Looking at combined condo data (Eastside + Seattle), months supply of inventory is down to about 6 weeks from 2 months last quarter. Low months supply of inventory and low cumulative days on market (23) are two of the leading indicators of market health, and both are as low or lower as they’ve been in the recent past.

 

Condo prices are also holding strong with no change to the average $ per square foot in Seattle and an overall 5% rise in median sale price year over year. The Eastside tells an even slightly better story: a 9% rise in $ per square foot and a 6% rise in median sale price despite a 41% year-over-year drop in the number of transactions.

 

Keep rooting for the tortoise. This is a necessary niche in our marketplace. The first rung on the property ladder is condos again for the first time in a long time, and we really hope our Gen Z and Millennial buyers take the leap!

 

Check out area-by-area details the full condo report.

 

Condo Report

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WATERFRONT

The most affordable place to buy waterfront this quarter was Beach Dr in West Seattle at a closed sale price of $1,800,000 for 22’ of waterfront on an 11,000 sq. ft. lot. The largest piece of shoreline overall was 172 feet in Medina on Lake Washington, which commanded a sales price of $17,800,000.

 

This brief overview of the entire Seattle-Eastside private waterfront market, including Mercer Island and Lake Sammamish, illustrates the trends occurring in our region over time. This data is interesting and insightful but cannot replace an in-depth waterfront analysis provided by a savvy broker with years of local waterfront experience.

 

Waterfront Report

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Mercer island blog, windermere mercer island, windermere real estate, seattle blog, live on mercer, live on guides, community information, neighborhood information, real estate, mercer island community, mercer island community blog, mercer island blogger, mi reporter, mercer island real estate info,

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative, and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

© Copyright 2022, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and deemed accurate but not guaranteed.

Community August 12, 2022

2022 Football Schedules, Recipes & Tips…

Are you ready for some football? Fall is just around the corner and tickets are on sale now for 12s ready to cheer on a new era of promising rookies, as well as UW & WSU fans ready to show their college spirit.  Scroll down for printable schedules, tailgating hacks (including how to pack the perfect cooler!), our favorite gameday recipes, and printable bingo cards to keep even the youngest fans entertained…




 

Mercer island blog, windermere mercer island, windermere real estate, seattle blog, live on mercer, live on guides, community information, neighborhood information, real estate, mercer island community, mercer island community blog, mercer island blogger, mi reporter, mercer island real estate info,

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative, and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

2737 77th Ave SE, Mercer Island, WA 98040 | (206) 232-0446
mercerisland@windermere.com

© Copyright 2022 Windermere Mercer Island

Community July 29, 2022

Kicks for Kids Shoe Drive August 8-19

Help us give kids the confidence they need to start the school year right! Windermere Mercer Island invites you to participate in our Kicks for Kids back-to-school sneaker drive. It connects low-income youth in our local communities with new shoes for the upcoming school year. Between August 8th and 19th, we’ll be accepting donations two ways:

 

  • Bring new or gently used sneakers (toddler/youth sizes) to my office at 2737 77th Ave SE, Ste. 100, Mercer Island. We’ll enter your name into a raffle for a delectable prize from Island Treats, and we’ll also match the first 100 pairs of shoes donated!

 

 


This year, we’re partnering once again with the Eastside Baby Corner, an amazing organization that helps kids thrive by providing resources and essentials with their 70+ partner agencies—many of which are school districts.

 

Help us make sure every child has a new pair of shoes for school!

 

 

Amazon Wish List: https://www.amazon.com/hz/wishlist/ls/34DXN9ZSJISYB?ref_=wl_share

 

All in, for our community. Windermere Mercer Island.

 


 

Mercer island blog, windermere mercer island, windermere real estate, seattle blog, live on mercer, live on guides, community information, neighborhood information, real estate, mercer island community, mercer island community blog, mercer island blogger, mi reporter, mercer island real estate info,

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative, and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

2737 77th Ave SE, Mercer Island, WA 98040 | (206) 232-0446
mercerisland@windermere.com

© Copyright 2022 Windermere Mercer Island

Real Estate July 13, 2022

How’s the Market? Q2 Real Estate Review

While Seattle and the Eastside are still considered a seller’s market, buyers experienced some much-needed relief in the second quarter with new listings outpacing the number of homes sold. Rising interest rates have initiated a shift toward a more balanced market. Opportunities abound for both sellers (who are still seeing higher sales prices than this time last year) and buyers (who finally have some breathing room to negotiate price and contingencies). We expect this shift to continue with a stabilization of home prices rather than the steep upward trajectory we saw last year.

 

Click or scroll down to find your area report:

Seattle | Eastside | Mercer Island | Condos | Waterfront

 


SEATTLE

The Seattle real estate market for single family homes is holding steady despite rising interest rates and slowdowns elsewhere in King County! The median sale price is up 9% since the end of 2021 (from $910,000 to $1,000,000). Year over year, the median price rose from $895,000 in Q2 2021 to $1,000,000 in Q2 2022 (also roughly 12%).

 

Anecdotally, we believe that Seattle continues to gain ground because it remains affordable when compared to the cities and neighborhoods to the east. Eastside median prices rose so sharply over the last two years that it left Seattle “in the dust” as the market leader of the region. As we know, slow and steady wins the race, though there is no way to know yet if this particular race is a marathon or a sprint.

 

Interest rates nearly doubled in Q2, though that seems to leave Seattle home shoppers undeterred. 86% of the sales in Q2 sold in the first 10 days at an average of 110% of list price.

 

Seattle Recap

Click here for the full report and neighborhood-by-neighborhood statistics!

Seattle Report

 

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EASTSIDE

Relief has finally come to home shoppers on the Eastside! New listings are up 13% year over year. Further, there has been a slide in total number of sales, down 18% year over year. This means there are more choices for anyone who is in the market to buy a home. Price gains remain steady for now, up 22% over Q2 of 2021. This is likely riding the wave of growth in late 2021 and early 2022, but with the higher supply and lower demand this is may be a trend that tapers off in the near future.

 

Average price per square foot saw its first quarterly drop since Q2 of 2019, down from $713 in Q1 to $685. The overall median price fell from a high of $1,625,000 in Q1 to $1,610,000 in Q2. Even more exciting for home buyers is that (when in competition) the list to sales price ratio is 109%— down from 119% in Q1.

 

If you’ve thought about selling your home, it’s still a great time. When a home is prepared well and priced right shoppers pay attention. Of the 2177 homes sold in Q2, 84% of those sold in the first 10 days. This isn’t far off of the 90% that was posted in Q1. It is harder to get noticed today than in recent memory—this is where choosing a true professional to partner with is so important! Windermere brokers have their fingers on the pulse and know how to make you stand out in a crowd!

 

Eastside Recap

Click here for the full report and neighborhood-by-neighborhood statistics!

Eastside Report

 

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MERCER ISLAND

Mercer Island continues to be a fabulous place to be a homeowner. Median prices and price per square foot both saw increases over Q1 2022 numbers (6.5% and 5% respectively). Anecdotally, there has been a pace change. We don’t expect that to reflect in the stats until Q3, and even then the numbers are likely to be favorable as we gained so much ground in Q1 of this year.

 

The data that supports what we’re all feeling can be found in the relationship between number of new listings and number of homes sold. In Q2, there were 116 new listings and 84 sales compared to the same period in 2021 when we had 124 new listings and 102 sales. So, if you’re feeling like inventory is “up,” it’s not because more homeowners are deciding to sell but rather it appears that demand is down. Another way to look at this is that we sold 82% of the active inventory in spring of 2021 but only 72% in 2022. These are healthy numbers but it’s enough of a drop for us to feel it.

 

If you’re a buyer trying to break in to the Mercer Island market, it’s getting easier. 83% of the 116 new listings sold within the first 10 days for an average of 111% of the asking price. This is the most favorable these numbers have been since 2019. Working with a local pro will be your biggest advantage to determine which homes will sell at a premium and how to get the best deal!

 

Mercer Island Recap

Click here for the full report and neighborhood-by-neighborhood statistics!

Mercer Island Report

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CONDOS – SEATTLE & EASTSIDE

Condo average prices have seen their biggest quarterly rise since Q3 of 2016! As home shoppers adjust expectations amidst rising interest rates, the affordability offered by condos is an exciting place to turn. We are thrilled to see condos be a viable option as we recover from the pandemic and buyers return to more densely populated areas.

 

North Seattle (up 34%) and Capitol Hill (up 10%) are bright spots in the total number of condos sold year over year for Seattle. This makes perfect sense as both areas offer access to our growing light rail system and new retail opportunities that didn’t exist pre-pandemic. Seattle’s total sales year over year remained flat, literally zero, which means these two neighborhoods carried the entire city.

 

The same data point on the Eastside saw the entire area’s total number of sales fall 27% year over year. West Bellevue (down 51%) and Mercer Island (down 38%) topped the list. Meanwhile, prices on the Eastside are up an average of 20%.

 

Check out area-by-area details the full condo report.

 

Condo Report

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WATERFRONT

Waterfront season is heating up. As expected, inventory is up from Q1 (32 total sales in Q2 v 17 in Q1), but what hasn’t changed is an average of only 6 listings for sale at any one time across all shorelines! Of all of the waterfront shorelines, Mercer Island boasted the lowest days on market with an average of just THREE days. Seattle had the highest days on market, with an average of 41 days.

 

The most affordable place to buy waterfront this quarter was Beach Dr in West Seattle at a closed sale price of $1,800,000 for 25’ of waterfront on a 17,000 sq. ft. lot. The largest piece of shoreline overall was 177 feet in Issaquah on Lake Sammamish, which commanded a sales price of $11,600,000.

 

This brief overview of the entire Seattle-Eastside private waterfront market, including Mercer Island and Lake Sammamish, illustrates the trends occurring in our region over time. This data is interesting and insightful but cannot replace an in-depth waterfront analysis provided by a savvy broker with years of local waterfront experience.

 

Waterfront Report

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Mercer island blog, windermere mercer island, windermere real estate, seattle blog, live on mercer, live on guides, community information, neighborhood information, real estate, mercer island community, mercer island community blog, mercer island blogger, mi reporter, mercer island real estate info,

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative, and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

© Copyright 2022, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and deemed accurate but not guaranteed.

Real Estate April 15, 2022

How’s the Market? Q1-2022 Real Estate Review

Across the region, home values continued to see huge year-over-year gains from 2021 to 2022. Most homes sold in the first 10 days and for well above the asking price. We started the year with an extreme shortage of homes for sale, resulting in an overall lower number of sales compared to the start of 2021. Buyer demand, however, remains incredibly strong.

 

With interest rates on the rise, buyers are feeling more pressure than ever to secure a home. We are hoping to see more listings come to market this spring and provide some much needed relief for weary house hunters.

 

Click or scroll down to find your area report:

Seattle | Eastside | Mercer Island | Condos | Waterfront

 


SEATTLE

The Seattle real estate market for single family homes is off and running! The median sale price is up 6% since the end of 2021. Which means: Seattle’s price gains were as much in the first quarter as all of 2021. Year over year, the median price rose from $800,000 in Q1 2021 to $910,000 in Q1 2022.

 

For anyone who has focused their home search on the Eastside and has come up empty handed in 2021, Seattle could seem like an affordable opportunity this year. Seattle’s price gains were strong, albeit conservative in comparison with the Eastside. More plentiful active inventory (relatively speaking), and a more affordable median sale price of $910,000 (vs $1,625,000 on the Eastside) indicate that Seattle could be a bright spot of hope for any buyers left behind by the Eastside’s double-digit gains.

 

Rising interest rates in late Q1 are sure to play a part in the weary home buyer’s decision-making process. However, the close of quarter numbers are encouraging: 82% of homes sold in the first ten days!

 

Seattle Recap

Click here for the full report and neighborhood-by-neighborhood statistics!

Seattle Report

 

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EASTSIDE

Once again Eastside Real Estate is off to an incredible start in the first 3 months of the year. Multiple offers and wildly aggressive escalation clauses are the story of the day, and not just anecdotally—the numbers don’t lie. The average list to sale price ratio was a staggering 119%, which means the typical home listed at $1,000,000 sold for closer to $1,190,000. This is an even stronger showing than the previous record high of 112% in Q1 of 2021.

 

New listings were relatively flat compared to Q1 of 2020 and 2021 (1912 vs 2058 and 1935 respectively) while the total number of sales were down 21% (1137 vs 1413 in the prior year). We believe this can be explained by looking at the trailing inventory from the previous Q4 in both cases (1496 vs 1238). There were just fewer homes for sale, certainly not less demand. This was reflected in the overall price gain of 25%!

 

Without a crystal ball it will be tough to tell exactly how much impact the market will feel from the steep rise in interest rates. In the short term, everyone seems to be taking a deep breath as we move into Q2. Overall, the Eastside’s core values—highly ranked schools, community focused neighborhoods, and close commute proximity to some of the area’s largest employers—should keep the area in high demand!

 

Eastside Recap

Click here for the full report and neighborhood-by-neighborhood statistics!

Eastside Report

 

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MERCER ISLAND

Mercer Island by the averages was quite shocking in Q1 of 2022: 3 homes per sale per week, 11 days on market, and 111% list price to sale price. This translates to buyers who would have otherwise joined our community casting a wider net to places like Bellevue, Issaquah, and Sammamish.

 

One of the affordability indicators that we historically track has become obsolete over the past few quarters: number of homes listed/sold under $1,000,000. In fact, there was only one home listed under $1,500,000 in Q1. 21 of the 39 homes had sale prices above $2,000,000 and 9 were above $3,000,000!

 

If you’re a buyer trying to break into the Mercer Island market, patience and the ability to act fast are the top two tips we have for you. 85% of the 39 homes for sale in Q1 sold within the first 10 days. Working with a local pro will be your biggest advantage.

 

Mercer Island Recap

Click here for the full report and neighborhood-by-neighborhood statistics!

Mercer Island Report

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CONDOS – SEATTLE & EASTSIDE

Condos continue to gain ground early in 2022. While the year-over-year median price gains are conservative compared to the single-family market, we see this as a good thing! Condos are a bright spot for today’s home buyers as interest rates rise.

 

Seattle condos saw a 9% increase (to $519,000). Eastside condos are up 16% (to $625,000) a 26% lift in price per square foot compared to Q1 2021.

 

Shoreline and East Bellevue led the market in median price gains year over year, up 66% and 48% respectively. Queen Anne and Kirkland were the most conservative with 1% and 4% gains respectively. 85% of Eastside condos sold over the list price, so if you’re shopping be prepared to compete.

 

Check out area-by-area details the full condo report.

 

Condo Report

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WATERFRONT

If the first three months are any indication, it will be a tight inventory year in the Waterfront real estate market. On all shorelines, there were a total of 17 homes sold overall with an average of only 6 listings for sale at any one time. The good news is that we’re up from this time last year when there were only 14 homes sold overall.

 

Notably, the highest overall sale (at $12,750,000) was on Lake Sammamish in Issaquah! The most affordable waterfront this quarter was a home in Rainier Beach that sold for $1,362,500.

 

This brief overview of the entire Seattle-Eastside private waterfront market, including Mercer Island and Lake Sammamish, illustrates the trends occurring in our region over time. This data is interesting and insightful but cannot replace an in-depth waterfront analysis provided by a savvy broker with years of local waterfront experience.

 

Waterfront Report

↑ Back to top


 

Mercer island blog, windermere mercer island, windermere real estate, seattle blog, live on mercer, live on guides, community information, neighborhood information, real estate, mercer island community, mercer island community blog, mercer island blogger, mi reporter, mercer island real estate info,

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative, and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

© Copyright 2022, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and deemed accurate but not guaranteed.

Living & TrendsReal Estate March 14, 2022

Should You Remodel or Sell Your Home As Is?

Homeowners who are preparing to sell are often faced with a dilemma about whether to remodel or sell their home in its current state. Each approach has its respective advantages and disadvantages. If you decide to remodel your home, it will likely sell for more; but the increased selling price will come at the cost of financing the remodeling projects. If you decide to sell without remodeling, you won’t spend as much money putting your home on the market, but the concern is whether you’re leaving money on the table.

 

Should I Remodel or Sell My Home As Is?

To answer this question, it’s important to understand the factors that could influence your decision and to work closely with your agent throughout the process.

 

Cost Analysis: Home Remodel vs. Selling Your Home As Is

Home Remodel

When you remodel your home before selling, you’re basically making a commitment to spend money to make money. So, it’s important to consider the kind of ROI you can expect from different remodeling projects and how much money you’re willing to spend. Start by discussing these questions with your agent. They can provide you with information on what kinds of remodels other sellers in your area are making and the returns they’re seeing as a result of those upgrades. This will help you determine the price of your home once your remodel is complete.

Then, there’s the question of whether you can complete you remodeling projects DIY or if you’ll need to hire a contractor. If hiring a contractor seems expensive, know that those costs come with the assurance that they will perform quality work and that they have the skill required to complete highly technical projects.

According to the Remodeling 2021 Cost vs. Value Report for Seattle (www.costvsvalue.com1), on average, Seattle-area homeowners paid $28,967 for a midrange bathroom remodel and $29,183 for a minor kitchen remodel, with a 76.9% and 87.7% ROI respectively. This data shows that, for these projects, you can recoup a chunk of your costs, but they may not be the most cost-effective for you. A more budget-friendly approach to upgrading these spaces may look like repainting your kitchen cabinets, swapping out your old kitchen backsplash for a new one, refinishing your bathroom tub, or installing a new showerhead. Other high-ROI remodeling projects may allow you to get more bang for your buck, such as a garage door replacement or installing stone veneer. To appeal to sustainable-minded buyers, consider these 5 Green Upgrades that Increase Your Home Value.

 

Cost vs Value for Remodeling Projects in Seattle

 

Selling Your Home As Is

Deciding not to remodel your home will come with its own pros and cons. By selling as is, you may sell your home for less, but you also won’t incur the cost and headache of dealing with a remodel. And since you’ve decided to sell, you won’t be able to enjoy the fruits of the remodel, anyway. If you sell your home without remodeling, you may forego the ability to pay down the costs of buying a new home with the extra money you would have made from making those upgrades.

 

Market Conditions: Home Remodel vs. Selling Your Home As Is

Local market conditions may influence your decision of whether to remodel before selling your home. If you live in a seller’s market, there will be high competition amongst buyers due to a lack of inventory. You may want to capitalize on the status of the market by selling before investing time in a remodel since prices are being driven up, anyway. If you take this approach, you’ll want to strategize with your agent, since your home may lack certain features that buyers can find in comparable listings. In a seller’s market, it is still important to make necessary repairs and to stage your home.

In a buyer’s market, there are more homes on the market than active buyers. If you live in a buyer’s market, you may be more inclined to remodel your home before selling to help it stand out amongst the competition.

 

Timing: Home Remodel vs. Selling Your Home As Is

Don’t forget that there is a third option: to wait. For all the number crunching and market analysis, it simply may not be the right time to sell your home. Knowing that you’ll sell your home at some point in the future—but not right now—will allow you to plan your remodeling projects with more time on your hands which could make it more financially feasible to complete them.

For more information on how you can prepare to sell your home, connect with one of our local agents—we’re always happy to chat about your situation and offer advice.

 

1©2021 Zonda Media, a Delaware corporation. Complete data from the 2021 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.

This article originally appeared on the Windermere blog January 10, 2022. Written by: Sandy Dodge.


 

Mercer island blog, windermere mercer island, windermere real estate, seattle blog, live on mercer, live on guides, community information, neighborhood information, real estate, mercer island community, mercer island community blog, mercer island blogger, mi reporter, mercer island real estate info,

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative, and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

© Copyright 2022, Windermere Real Estate/Mercer Island.

 

Real Estate January 13, 2022

How’s the Market? Annual Report on Seattle Area Real Estate…

In the wake of extreme buyer demand and mind-blowing bidding wars, housing prices soared in Seattle and reached staggering heights on the Eastside. Record low interest rates were the silver lining for those buyers who were able to successfully purchase a home with financing.

 

2022 looks to be another strong year for real estate. Windermere’s chief economist, Matthew Gardner, predicts that interest rates will remain low and home price growth will continue—albeit at a slower, more sustainable rate than we saw in 2021. He also foresees a nice bounce back for our COVID-impacted economy in Q4 of 2022.

 

Click or scroll down to find your area report:

Seattle | Eastside | Mercer Island | Condos | Waterfront

 


SEATTLE

The Seattle real estate market, while extremely active in its own right, was far more moderate than the Eastside’s frenzied and nearly unattainable environment.

 

Seattle’s Median Sale Price increased by 9% to $852,000 (up from $785,000 in 2020). Neighborhoods in Lake Forest Park-Kenmore (+24%) and Shoreline (+16%) outperformed the average, while Queen Anne-Magnolia (+4%) and West Seattle (+7%) lagged behind.

 

Despite the tight supply of homes for sale, there was a 20% increase in the number of Seattle homes sold in 2021 (11,589) compared to 9,682 sold in 2020. Central Seattle (+31%) and Queen Anne-Magnolia (+22%) had the largest increases in number of homes sold.

 

79% of all Seattle homes, and 24% of those priced above $1 million, sold at or above the list price.

 

Homes that sold in their first ten days on the market went for an average of 7% above list price, compared to 4% over if we look at the overall average. The most competitive neighborhoods were North Seattle and Lake Forest Park, with first-ten-day sales averaging 10% above list price.

 

Seattle Recap

Click here for the full report and neighborhood-by-neighborhood statistics!

Seattle Report

 

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EASTSIDE

To say the 2021 Eastside real estate market was aggressive would be the understatement of the year. Typical home buyers requiring loans to finance their purchases found it nearly impossible to compete with the many cash or cash-equivalent, no contingency offers that often won out. With few exceptions, home buyers had to be willing to sacrifice rights and fail safes—such as inspection contingencies—that are normally taken for granted in a balanced market.

 

The Eastside’s Median Sale Price was $1,350,000 in 2021, up an unprecedented 32% over 2020 ($1,020,000) as desperately competing buyers drove prices to record levels. Redmond (+38%) and South Eastside (+36%) saw the largest gains, while West Bellevue (+25%) had the lowest—albeit still staggering—year-over-year increase.

 

89% of all Eastside homes, and 66% of homes priced above one million dollars, sold for at or above their list price. With fewer than 0.3 Months of Inventory (the number of months it would take to sell all homes currently for sale), the entire Eastside market remained ultra-competitive throughout the year. Many Eastside communities have had only a handful of homes for sale at any one time.

 

Homes sold an average of 7% above list price. For those sold within the first ten days, however, that number spiked to an average of 11% above list price. The most competitive neighborhoods were East Bellevue and South Eastside, with first—ten-day sales averaging 14% and 13% above list price, respectively.

 

Eastside Recap

Click here for the full report and neighborhood-by-neighborhood statistics!

Eastside Report

 

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MERCER ISLAND

Fewer than two dozen homes for sale on the Island at any given time in 2021 led to a continued ultra-competitive market. Waterfront, in particular, saw very steep increases during the year as the laws of supply and demand deftly governed prices.

 

Echoing the extreme price increases seen throughout the Eastside, Mercer Island’s Median Sale Price shot up by a staggering 29% over the last year. It’s worth noting, however, that this number was skewed upward by the unusually high number of luxury waterfront sales.

 

In 2021, 82% of all homes sold at or above their listed price. Those sold in the first 10 days on market closed for an average of 10% above their list price. On the other hand, homes on the market 11-30 days sold for an average of 2% below their list price list and homes on the market longer than 30 days sold for an average of 6% below their list price.

 

Mercer Island Recap

Click here for the full report and neighborhood-by-neighborhood statistics!

Mercer Island Report

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CONDOS – SEATTLE & EASTSIDE

Seattle condos saw a Median Sale Price increase of 2% (to $490,000) and Eastside condos saw a 5% increase (to $550,000) in 2021. 46% of Seattle condos and 67% of Eastside condos sold in the first ten days on the market.

 

60% of Seattle condos and 77% of Eastside condos sold at or above their listed price. Those sold in the first 10 days on the market went for an average of 2% and 5% above their list price, respectively.

 

On the Seattle side, Shoreline condos saw a 43% increase—and on the Eastside, Sammamish and Redmond condos saw a 20% increase—in Median Sale Price driven by both new construction and buyer demand. West Bellevue saw an 18% decrease due to the lack of significant new construction following the debut of luxury new construction in 2020.

 

Check out area-by-area details the full condo report.

 

Condo Report

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WATERFRONT

There were 170 privately-owned waterfront home sales in the greater Seattle-Eastside region in 2021 (Eastside 59; Seattle 48; Lake Sammamish 36; Mercer Island 27).

 

The waterfront home market continues to see incredible buyer demand coupled with an extreme shortage of available waterfront homes for sale. As an indicator of demand in the luxury segment, most homes sold near to or above their list price with few outliers—something that historically has rarely happened in this sector.

 

This brief overview of the entire Seattle-Eastside private waterfront market, including Mercer Island and Lake Sammamish, illustrates the trends occurring in our region over time. This data is interesting and insightful but cannot replace an in-depth waterfront analysis provided by a savvy broker with years of local waterfront experience.

 

Waterfront Report

↑ Back to top


 

Mercer island blog, windermere mercer island, windermere real estate, seattle blog, live on mercer, live on guides, community information, neighborhood information, real estate, mercer island community, mercer island community blog, mercer island blogger, mi reporter, mercer island real estate info,

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative, and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

2737 77th Ave SE, Mercer Island, WA 98040 | (206) 232-0446
mercerisland@windermere.com

© Copyright 2022, Windermere Real Estate/Mercer Island.