Market Reports January 12, 2024

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

Median home sales prices across the region saw a year-over-year dip compared to 2022, with prices settling just above their 2021 levels. That being said, most homes still sold within the first 10 days on the market and either at or above the listing price. Today’s higher rates, in concert with constricted inventory, have slowed the total number of sales. Should rates ease like experts are predicting, however, we will see more people enter the market and hopefully more listings will follow. (Read more about that in our full 2024 forecast).

 

Click or scroll down to find your area report:

Seattle  |  Eastside  |  Mercer Island  |  Condos  |  Waterfront

 


SEATTLE

Would you like the good news or the bad news? Bad: Overall home prices slid in the city by 7%. Good: 57% of all homes sold in the first 10 days and for 104% of list price. While we may have backed off of our head spinning pandemic list/sale percentages, we’re still going strong. To us what this means is: if you’re considering selling there is probably a buyer ready and waiting to make you an offer. It just won’t be quite as lucrative as it might have been in 2022. It could be a lot worse given the high cost of money in 2023. Homeowners certainly came out ahead and Seattleites have our chronically low inventory and stable job market to thank for this!

We finished the year with sales down 23%, a figure made a lot less scary by the fact that listings were also down city wide by 24%. North Seattle east of I-5 saw the most stable prices, only losing 2% at a median price of $976,000. Queen Anne/Magnolia lost 10%, closing out the year at $1,263,000. It’s also interesting to note that 65% of homes sold for list price or better. This means we have mostly well counseled homeowners with reasonable expectations of what the market will bear.

If you’re in the market for a new home in 2024, Q1 is a great time! Inventory hasn’t been this low since 2012. If the cost of money goes down—as many experts are predicting—and more people decide to purchase, it could get very competitive very quickly! Beat the rush!

 

Seattle Metro Listings vs. Sales

 

Seattle Metro Median Sales Price

 

Seller's or Buyer's Market? Seattle Metro Months of Inventory

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

Seattle Metro Annual Market Report

 

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EASTSIDE

The Eastside median sales price was down by 4% as we closed out 2023. This is in large part due to the interest rates. It certainly isn’t supply and demand: Total listings were down 29% while sales only dipped 18% YOY. That’s staggering. Buyers and Sellers did not seem to be aligned in their estimation of the market: only 55% of homes sold for at or above list price while 45% needed a reduction or negotiation prior to accepting an offer. While this sounds balanced, it’s out of the norm compared to our historic data.

Sammamish was the strongest overall area with a whopping 1217 sales (25% of the total 4954) and the lowest median price dip of 3%; $1,400,000 in 2023 v. $1,450,000 in 2022. Mercer Island was the hardest hit with a 12% drop in median price to $2,239,000—the lowest since 2020. Corrections are healthy for the long-term health of a real estate market. We’re not sure how long this one will last; all signs are pointing to continued low inventory. It seems to be a game of chicken with the interest rates that could lead to massive pent-up demand.

If you’re in the market for a new home in 2024, Q1 is a great time! Inventory is at its absolute 15 year low (6,140 listings compared to a high of 10,880 in 2010) which means we are poised for a market flip. If the cost of money goes down—as many experts are predicting—and more people decide to purchase, it could get very competitive very quickly! Beat the rush!

 

Eastside Listings vs. Sales

 

Eastside Median Sales Price

 

Seller's or Buyer's Market? Eastside Months of Inventory

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

Greater Eastside Market Report

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MERCER ISLAND

The Island saw just 289 new listings last year, only 60% of the peak 488 in 2013. There are some numbers that show we had very realistic homeowners in 2023: a 78% absorption of listings, (222 sales, up from 218 in 2022) and 98% list/sale price. When buyer and seller expectations meet, magic happens. The median price in 2023 was $2,239,000 back to around the same level as 2021—if you remember, this was a 30% increase from $1,700,000 in 2020.

Condos on the Island are off 8% to $620,000 from the 2022 high of $674,000, this is a strong showing. For the previous 4 years (2018-21) median prices were in the $500’s. There were only 33 sales Island-wide, the lowest number of total sales in 15 years. Listings were down as well: the lowest level since 2012. The metrics show that the market was strong, even with the dip in median sales price: 19 days on market, 99% list/sale price ratio, on average only 4 listings were active at one time. These are all signs of a constricted inventory/sellers’ market, which is what will eventually drive prices higher.

All in all, MI is holding strong to the price gains made during the pandemic. We are bullish on our market in 2024 as interest rates are easing. Time will tell.

 

Mercer Island Listings vs. Sales

 

Mercer Island Median Sales Price

 

Seller's or Buyer's Market? Mercer Island Months of Inventory

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

Mercer Island Annual Market Report

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CONDOS – SEATTLE & EASTSIDE

Whew! What a year! The major condo headline for both Eastside and Seattle condos: Prices hold steady while demand dips 25%! While this is sensationalized, it’s true. Likely due to the fact that inventory was also down by 20%, which means that supply and demand remained aligned and shielded homeowners from what could have been a massive hit to their bottom lines.

On the Eastside, when the dust settled, prices are down by 1%. The largest drop in median price was East Bellevue losing 11% while Kirkland soared above all other neighborhoods with double digit gains (up 19%). Other areas of note: West Bellevue topped the charts with a median sale price of $880,000! This is higher than the $876,000 residential median sale price in the city of Seattle.

Speaking of Seattle, the condo market in the city reminds us of The Little Engine That Could. Chugging merrily along despite having the odds stacked against it: I think I can! Overall, the city posted a 5% gain year over year with record high median sales price of $546,000. Downtown saw the highest overall unit volume at 439 total sales, while Greenlake/Ballard boasted the highest overall gain in median price at 15% appreciation. All good news, finally.

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

 

Condo Report: Seattle / Eastside Annual Review

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WATERFRONT

While Seattle and the Eastside both posted fewer waterfront sales in 2023 than in 2022, Lake Sammamish saw a big 40% year-over-year jump in sales. Mercer Island’s sales increased by a more modest 10%.

The highest waterfront sale of 2023 was $20 million for a breathtaking Evergreen Point estate on 115 feet of prime low-bank shoreline. Listed by Windermere and truly unique with a custom home designed by Hal Levitt, it sold its first day on the market (and well above the $18.5m asking price!).

The most modest waterfront sale was a 1,749 sq. ft. Lake Sammamish home sold by the owner for $1.62 million. It featured 25 feet of lakefront and big lake/mountain views.

Click here for the full waterfront report with top sales for the entire Seattle-Eastside private waterfront market, including Mercer Island and Lake Sammamish. The data is interesting and insightful (but cannot replace an in-depth waterfront analysis with your trusted professional).

 

Waterfront Report: Seattle / Eastside Annual Review

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Windermere Mercer Island

 

Find a Home | Sell Your Home | Property Research

Neighborhoods | Market Reports | Our Team

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 2024, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and Trendgraphix, and deemed accurate but not guaranteed. Seattle cover photo courtesy of Team RAREnorthwest and Baylee Reinert with Clarity NW Photography. Eastside cover photo courtesy of Donna Cowles and Kelly Morrissey with Clarity NW Photography. Mercer Island cover photo courtesy of the Oordt Ceteznik Realty Group and Clarity NW Photography. Condo cover photo courtesy of Fred Fox and Brandon Larson with Clarity NW Photography. Waterfront cover photo courtesy of Anni Zilz and Andrew Webb with Clarity NW Photography.

 

Market Reports December 13, 2023

Top 10 Predictions for 2024 Real Estate

Will 2024 be a good year for real estate? This question comes up a LOT, especially from those who are considering buying or selling a home in the near future. Housing economist Matthew Gardner weighed in with his top 10 predictions for what the real estate market will look like in the coming year. Here is what he had to say…

 

1. Still no housing bubble

This was number one on my list last year and, so far, my forecast was spot on. The reason why I’m calling it out again is because the market performed better in 2023 than I expected. Continued price growth, combined with significantly higher mortgage rates, might suggest to some that the market will implode in 2024, but I find this implausible.

 

2. Mortgage rates will drop, but not quickly

The U.S. economy has been remarkably resilient, which has led the Federal Reserve to indicate that they will keep mortgage rates higher for longer to tame inflation. But data shows inflation and the broader economy are starting to slow, which should allow mortgage rates to ease in 2024. That said, I think rates will only fall to around 6% by the end of the year.

 

3. Listing activity will rise modestly

Although I expect a modest increase in listing activity in 2024, many homeowners will be hesitant to sell and lose their current mortgage rate. The latest data shows 80% of mortgaged homeowners in the U.S. have rates at or below 5%. Although they may not be inclined to sell right now, when rates fall to within 1.5% of their current rate, some will be motivated to move.

 

4.Home prices will rise, but not much

While many forecasters said home prices would fall in 2023, that was not the case, as the lack of inventory propped up home values. Given that it’s unlikely that there will be a significant increase in the number of homes for sale, I don’t expect prices to drop in 2024. However, growth will be a very modest 1%, which is the lowest pace seen for many years, but growth all the same.

 

5. Home values in markets that crashed will recover

During the pandemic there were a number of more affordable markets across the country that experienced significant price increases, followed by price declines post-pandemic. I expected home prices in those areas to take longer to recover than the rest of the nation, but I’m surprised by how quickly they have started to grow, with most markets having either matched their historic highs or getting close to it – even in the face of very high borrowing costs. In 2024, I expect prices to match or exceed their 2022 highs in the vast majority of metro areas across the country.

 

6. New construction will gain market share

Although new construction remains tepid, builders are benefiting from the lack of supply in the resale market and are taking a greater share of listings. While this might sound like a positive for builders, it’s coming at a cost through lower list prices and increased incentives such as mortgage rate buy downs. Although material costs have softened, it will remain very hard for builders to deliver enough housing to meet the demand.

 

7. Housing affordability will get worse

With home prices continuing to rise and the pace of borrowing costs far exceeding income growth, affordability will likely erode further in 2024. For affordability to improve, it would require either a significant drop in home values, a significant drop in mortgage rates, a significant increase in household incomes, or some combination of the three. But I’m afraid this is very unlikely. First-time home buyers will be the hardest hit by this continued lack of affordable housing.

 

8. Government needs to continue taking housing seriously

The government has started to take housing and affordability more seriously, with several states already having adopted new land use policies aimed at releasing developable land. In 2024, I hope cities and counties will continue to ease their restrictive land use policies. I also hope they’ll continue to streamline the permitting process and reduce the fees that are charged to builders, as these costs are passed directly onto the home buyer, which further impacts affordability.

 

9. Foreclosure activity won’t impact the market

Many expected that the end of forbearance would bring a veritable tsunami of homes to market, but that didn’t happen. At its peak, almost 1-in-10 homes in America were in the program, but that has fallen to below 1%. That said, foreclosure starts have picked up, but still remain well below pre-pandemic levels. Look for delinquency levels to continue rising in 2024, but they will only be returning to the long-term average and are not a cause for concern.

 

10. Sales will rise but remain the lowest in 15 years

2023 will likely be remembered as the year when home sales were the lowest since the housing bubble burst in 2008. I expect the number of homes for sale to improve modestly in 2024 which, combined with mortgage rates trending lower, should result in about 4.4 million home sales. Ultimately though, demand exceeding supply will mean that sellers will still have the upper hand.

 


 

About Matthew Gardner

Matthew Gardner analyzes and interprets 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.

Matthew also 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.

 


Adapted from an article that originally appeared on the Windermere blog December 4th, 2023. Written by: Matthew Gardner.

 

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Find a Home | Sell Your Home | Property Research

Neighborhoods | Market Reports | Our Team

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

 

Home Buyer TipsHome Seller Tips November 14, 2023

When is the Best Time to Buy or Sell a Home?

Market peaks, holidays, school, oh my! Once you’ve decided that you want to sell or buy a home, the when can be tricky to tackle. Many factors contribute to optimal timing. Scroll down for the pros and cons of selling or buying in each season.

While each season has its perks and challenges, your personal circumstances will be the most important consideration. Relocation, marriage, divorce, or other life changes may mean that it makes the most sense for you to move now regardless of market factors. If you have kids in school, it may be best to wait until after the school year to make your move.

If your timing is flexible, on the other hand, you’ll also want to consider things like the condition of your property—homes that need work or have challenges with location/layout may require a hot market (or serious lack of competing inventory) in order to sell. You’ll also want to analyze the micro-market in your neighborhood, including how many other listings are currently for sale. Check out our article on timing the market for some great tips on that.

Seasonal cycles are definitely worth considering. For sellers looking to get the maximum number of eyes on your home, it’s important to avoid listing during holiday weeks or inclement weather events like snow. Buyers might find it more difficult to purchase a home at the peak of the market when homes are selling like hotcakes. Below is a chart showing typical market activity based on a five-year average of pending sales.

 

Market Activity Based on Pending Sale Averages Over the Past 5 Years

 

When our clients ask for our advice on when to sell or buy, we typically analyze all of these factors along with seasonal pricing trends. Below are some of the pros and cons we tend to see for buyers and sellers in each season…


SELLING

 


BUYING

 

Pssst…we know decisions like this can feel overwhelming. Reach out any time for expert advice. We’re always happy to discuss your options and help you choose the best timing for your unique property, circumstances, and micro-market…

Connect with an agent to request an expert market timing analysis.

 


 

Windermere Mercer Island

 

Find a Home | Sell Your Home | Property Research

Neighborhoods | Market Reports | Our Team

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 2023, Windermere Real Estate/Mercer Island.

Living & Community June 14, 2023

2023 Seattle & Eastside Farmers Markets: Locations, Times & More

Summer is just around the corner, and so are these farmers markets! Spend an evening or weekend finding your new favorites among the tents. Think it’s all about kale? Think again. Most offer live entertainment along with a mouth-watering variety of local brews, cheese, bread, meat/seafood, honey, hand roasted coffee, and other hidden gems (in addition to the freshly picked fruits & veggies).

Seattle Metro

Greater Eastside

 

When's it in Season?


 

Seattle Metro

 

Ballard

Seattle’s first year-round Farmers Market, selling produce exclusively from Washington state farmers along the historic cobblestone stretch of Ballard Ave.

Sundays, 9am – 2pm | Year-Round
5345 Ballard Ave NW | Seattle
sfmamarkets.com/visit-ballard-farmers-market/

Photo courtesy of sfmamarkets.com

 

Capitol Hill (Broadway)

Come for Sunday brunch from food vendors who source ingredients from local, WA state farms (many of whom you’ll also meet selling their wares at the market). Live music and street performers often make an appearance, too.

Sundays, 11am – 3pm | Year-Round
Tuesdays, 3pm – 7pm (July 11 – September 26, 2023)
E Barbara Bailey Way | Seattle
seattlefarmersmarkets.org/chfm

Photo courtesy of do206.com

 

Columbia City

With everything from freshly harvested Asian greens to Ethiopian eats, come check out the immense variety King County’s most diverse zip code has to offer. Bring your bounty to adjacent Columbia Park for a picnic.

Wednesdays, 3pm – 7pm | May 3 – Oct 11, 2023
37th Ave S | Seattle
seattlefarmersmarkets.org/ccfm

Photo courtesy of SouthSeattleEmerald.com

 

Lake City

This celebrated North End seasonal market offers unique finds grown and prepared by local farms and food artisans. Enjoy kids’ activities, too!

Thursdays, 3pm – 7pm | June 8 – Oct 5, 2023
NE 125th St & 28th Ave NE | Seattle
seattlefarmersmarkets.org/lcfm

Photo courtesy of enjoylakecity.org

 

Lake Forest Park

With an emphasis on fresh, locally grown food, this market is an epicurean’s delight. Browse hard cider, baked goods, preserves, meat, pasta, sauces, and prepared foods along with the locally harvested fruits and veggies. There is also one “Crafts Market” each summer featuring local artisans.

Sundays, 10am – 2pm | May 14 – Oct 15, 2023
17171 Bothell Way NE | Lake Forest Park
www.thirdplacecommons.org/farmers-market

Photo courtesy of www.thirdplacecommons.org

 

Madrona

Located in one of Seattle’s most diverse neighborhoods, you’ll find artisan foods as well as seasonal produce from Washington state farmers, fishers, and ranchers.

Fridays, 3pm – 7pm | May 12 – Oct 27, 2023
MLK Way & E Union St | Seattle
sfmamarkets.com/madrona-farmers-market

Photo courtesy of sfmamarkets.com

 

Magnolia

This popular Saturday market is nestled in the tree-lined Magnolia Village. In addition to seasonal fruits and veggies, you’ll find sweet & savory pies, fresh bread, flowers, and more!

Saturdays, 10am – 2pm | June 3 – Oct 14, 2023 + Harvest Market on Nov 18, 2023
W McGraw St & 33rd Ave W | Seattle
seattlefarmersmarkets.org/mfm

Photo courtesy of pinterest.com

 

Phinney

A popular gathering spot for both the Phinney Ridge and Greenwood communities, this market is right next door to a playground and offers live music in addition to the great mix of fresh produce and prepared food.

Fridays, 3pm – 7pm | June 2 – Sept 29, 2023
6761 Phinney Ave N | Seattle
seattlefarmersmarkets.org/pfm

Photo courtesy of wikipedia.org

 

Pike Place

No introduction needed…make it a day with great restaurants, eateries and retail shops, too.

Daily, 9am – 6pm | Year-Round (Closed Thanksgiving & Christmas)
Pike Place between Pine & Virginia St | Seattle
(206) 682-7453
pikeplacemarket.org

Photo by Daniel Schwen

 

Queen Anne

Seattle’s only independent farmers market, offering food, chef demos, live music, and children’s activities.

Thursdays, 3pm – 7:30pm | June 1 – Oct 12, 2023 + Harvest Markets on 10/28, 11/18 & 12/16
Queen Anne Ave N & W Crockett St | Seattle
qafm.org

Photo courtesy of qafm.org

 

Shoreline

Starting this year in their NEW location at the Shoreline Park & Ride, this market offers kids’ programs and live music in addition to its fresh Washington produce, organic meats, bread, honey, and prepared foods. Check out the schedule for info about vendors and entertainment.

Saturdays, 10am – 2pm | June 3 – Oct 7, 2023 + Harvest Markets on 10/28 & 12/16
18821 Aurora Ave N | Shoreline
shorelinefarmersmarket.org

Photo courtesy of www.shorelineareanews.com

 

University District

Seattle’s only independent farmers market, offering food, chef demos, live music, and children’s activities.

Saturdays, 9am – 2pm | Year-Round
University Way NE (the “Ave”) between 50th & 52nd | Seattle
seattlefarmersmarkets.org/udfm

Photo courtesy of pinterest.com

 

Wallingford

Located in Meridian Park, you can shop with the whole fam and then enjoy a picnic or playtime at the award-winning playground.

Wednesdays, 3pm – 7pm | May 24 – Sept 27, 2023
4800 Meridian Ave N | Seattle
sfmamarkets.com/visit-wallingford-farmers-market/

Photo courtesy of sfmamarkets.com

 

West Seattle

A South Seattle weekend destination, this market is set in the vibrant West Seattle Junction and features up to 70 vendors during the summertime peak. Great community atmosphere celebrating Washington grown food and ingredients.

Sundays, 10am – 2pm | Year-Round
California Ave SW & SW Alaska | Seattle
seattlefarmersmarkets.org/wsfm

Photo courtesy of westseattleblog.com

 


Greater Eastside

 

Bellevue – Crossroads

East Bellevue’s market features fruits, veggies & dairy products from Washington state farms along with handmade soaps, candles, greeting cards, herbal wellness products, and more. Don’t missed the locally roasted coffee and handmade ice cream sandwiches, too!

Tuesdays, 12pm – 6pm | June 6 – Sept 26, 2023
15600 NE 8th St | Bellevue
https://crossroadsbellevue.com/music-events/crossroads-farmers-market/

Photo courtesy of crossroadsbellevue.com

 

Bellevue – Downtown

Set in the heart of Downtown Bellevue, this market offers goods exclusively produced within Washington state—from seasonal fruits & veggies to flowers, fresh meats, artisan goods, and prepared cuisine. The Kids’ POP club empowers kids to know where their food comes from and make healthy eating choices.

Thursdays, 3pm – 7pm | May 18 – Oct 19, 2023
1717 Bellevue Way NE | Bellevue
Spring District: First Wednesday of the month, May – October
12167 NE 14th Terrace | Bellevue
bellevuefarmersmarket.org

Photo courtesy of eatbellevue.com

 

Carnation

Set in the heart of the Sno-Valley farming district, you’ll find plenty of freshly picked produce along with live music and educational activities for the kids.

Tuesdays, 3pm – 7pm | June, July & August 2023 (closed July 4th)
Tolt-MacDonald Park, 31020 NE 40th St | Carnation
Map
carnationfarmersmarket.org

Photo courtesy of carnationfarmersmarket.org

 

Duvall

Nestled alongside the scenic Snoqualmie River, this friendly market features local eggs, jams, fresh roasted coffee, arts, crafts, and baked goods in addition to the seasonal veggies, fruits, and plant starts. Live music, picnic shelters and a playground make this a fun family destination.

Thursday, 3pm – 7pm | May 4 – October 12, 2023
Taylor Landing at 16201 Main St NE | Duvall
duvallfarmersmarket.org

Photo courtesy of duvallfarmersmarket.org

 

Issaquah

Located at the historic Pickering Barn, this picturesque venue offers a variety of fresh farm and food-based products, concessions, and local artisans.

Saturdays, 9am – 2pm | May 6 – Sept 30, 2023
Pickering Barn, 1730 10th Ave NW | Issaquah
www.issaquahwa.gov/778/Farmers-Market

Photo by Saifu Angto, courtesy of google.com

 

Kirkland – Downtown

This stunning setting on the Lake Washington shoreline turns shopping into a day at the beach. Peruse local produce and goods, then go for a swim or stroll along Moss Bay. Perfect for a picnic, too!

Wednesdays, 3pm – 7pm | June 7 – September 27, 2023
Marina Park, 25 Lakeshore Plaza | Kirkland
kirklandmarket.org

Photo courtesy of kirklandmarket.org

 

Kirkland – Juanita

Set in beautiful Juanita Beach Park on Lake Washington, you’ll find as many as 30 vendors offering farm fresh local produce, herbs, honey, nuts, flowers, plants, baked good, handcrafted items, and prepared cuisine. Make it a date with live music and a picnic at the beach. There’s a great playground for the kids, too.

Fridays, 3pm – 7pm | June – Sept, 2023
Juanita Beach Park, 9703 NE Juanita Dr | Kirkland
www.kirklandwa.gov

Photo courtesy of yelp.com

 

Mercer Island

Come on down for quality local Washington state produce, cheese, fish, meat, bread, and more. Check out the live music schedule, too!

Sundays, 10am – 2pm | June 4 – Oct 8, 2023
7700 SE 32nd St | Mercer Island
www.mifarmersmarket.org

Photo courtesy of www.mifarmersmarket.org

 

North Bend

This relaxed market enjoys live music and a spectacular Mount Si view. Vendors offer fresh produce, berries, honey, flowers, baked goods, hand-crafted items, and delicious prepared foods. Two playgrounds plus play fields and a covered picnic shelter make this a fun hangout spot. Leashed pets are welcome, too!

Thursdays, 4pm – 8pm | June 8 – Sept 7, 2023
Si View Park, 400 SE Orchard Dr | North Bend
www.siviewpark.org/farmers-market.phtml

 

Redmond

Going strong since 1976, the Redmond Saturday Market offers a huge selection of vendors and dazzling array of produce, flowers, cheeses, preserves, salmon, tea, and handmade goods such as pottery and soaps. You’ll love the ready-to-eat foods, too.

Saturdays, 9am – 2pm | May 13 – Oct 28, 2023
9900 Willows Rd | Redmond
www.redmondsaturdaymarket.org

 Photo by Jeff, courtesy of google.com

 

Renton

Find exclusively Washington-produced fruits, veggies, handmade goods, arts, crafts and more right in the heart of downtown Renton at Piazza Park. Food trucks, live music, and kids’ activities such as the “Healthy Kids Corner” make this a fun spot to liven up your Tuesday.

Tuesdays, 3pm – 7pm | June – Sept, 2023
Piazza Park, 233 Burnett Ave. S | Renton
www.rentonfarmersmarket.com

Photo courtesy of yelp.com

 

Sammamish

Each Wednesday, the Sammamish Commons plays host to a variety of local farmers, nurseries, bakeries, artisans, food vendors, and more. Live music and kids’ activities, too!

Wednesdays, 4pm – 8pm | May – Sept, 2023
Sammamish Commons, 801 228 Ave SE | Sammamish
www.sammamishfarmersmarket.org

Photo courtesy of sammamishfarmersmarket.org

 

Woodinville

Come check out downtown Woodinville’s newly renovated Schoolhouse District and find produce grown in the state of Washington (and picked fresh for that morning!). You’ll also have an array of boutique baked goods, sauces, cider, artisans, and more to peruse. Check out the calendar for live entertainment, music, demos, and other activities.

Saturdays, 10am – 3pm | May – Sept, 2023
13205 NE 175th St | Woodinville
woodinvillefarmersmarket.com

 

 


 

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Find a Home | Sell Your Home | Property Research

Neighborhoods | Market Reports | Our Team

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 2022-2023, Windermere Real Estate/Mercer Island.

Market Reports April 13, 2023

How’s the Market? Q1 2023 Review of Seattle Area Real Estate

The first quarter of 2023 saw a price correction compared to last year’s spike, with year-over-year median prices down by 9% in Seattle and 14% on the Eastside.  That being said, prices are already beginning to climb again with steady growth since the beginning of the year.  Buyer demand remains strong despite higher interest rates—competitively priced, well-presented homes are still fetching multiple offers.

 

Click or scroll down to find your area report:

Seattle  |  Eastside  |  Mercer Island  |  Condos  |  Waterfront

 


SEATTLE

For those who purchased a home in Seattle this quarter, it likely felt like there were more options and inventory with a minor rebalance on price. While transactions were down 28% year over year, we also saw median sales price was down from $925,000 to $830,000 since last quarter, which is a 9% adjustment. A down correction in pricing gave relief to buyers feeling the pinch and stress of rising interest rates to 6.5%. Rates have doubled the past 1.5 years but, considering the limited supply of homes for sale, the drop in home prices hasn’t been severe.

 

Neighborhoods like Lake Forest Park saw growth in their number of transactions (up 15%); other neighborhoods like Madison Park and Capitol Hill had nearly half the homes for sale compared to last year. It’s no surprise that as interest rates rise and affordability changes, buyers are casting a wider net to other parts of Seattle to the north. Keep an eye on neighborhoods like Shoreline, Kenmore and Lake Forest Park. Desirable prices paired with accessible transit is a bonus for those who are being asked to return to the office.

 

Multiple offers are apparent in some neighborhoods (price & presentation is key!) and we did experience 30% of homes sell above their listing price. If the shortage of inventory remains and interest rates drop slightly, we could see the frequency of multiple offers increase.

 

Seattle Metro Listings vs. Sales

 

Seattle Metro Median Sales Price

 

Seller's or Buyer's Market? Seattle Metro Months of Inventory

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

Seattle Metro Market Report

 

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EASTSIDE

The Eastside was struck by job layoffs in the tech sector, rising interest rates and new property listings (28% more homes than last quarter!) but pending sales remained low compared to the previous year. Transaction volume was much like Seattle’s, with a decline of 22%. Mercer Island was the only community that stayed steady (no increase) in the number of transactions year over year.

 

Interestingly, while prices are down to a median of $1,400,000 year over year, this is a slight 2% increase from last quarter’s median of $1,380,000. 20% of the properties on the Eastside also sold above their listing price (most of these homes were in Bellevue) while sellers needed a shift in expectations with a whopping 58% of homes needing a price improvement to find their buyer. The list price vs. sold price percentage was 97% which means if you were a seller who listed your home at $1,000,000, you would expect to sell for $970,000 this quarter. Again, price and presentation matter and 41% of sellers who did this well sold in the first 10 days.

 

Buyers who are shopping for homes on the Eastside continue to be hyper focused on the school districts, turn-key properties and are serious about locking in their interest rate now, with the hopes of refinancing later this year when economists predict rates could decrease. If rates drop below 5.5% coupled with low inventory levels, we could see the frequency of multiple offers increase.

 

Eastside Listings vs. Sales

 

Eastside Median Sales Price

 

Seller's or Buyer's Market? Eastside Months of Inventory

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

Greater Eastside Market Report

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MERCER ISLAND

Even though there were just 39 residential transactions on Mercer Island this quarter, that number has stayed perfectly steady year over year. Over half of these homes sold in the first 10 days on the market, which is no surprise as demand has stayed robust.

 

13% of listings sold above their listing price, but this wasn’t concentrated on a certain community; four homes located on First Hill, Mid-Island plus the South & North Ends respectively, each received multiple offers this quarter. Q1 of 2022 saw a median price of $2,540,000 with just one home listed under $1,500,000. This quarter, the median price is $2,233,000 (a 12% decline) while six homes sold under $1,500,000! Due to the decline in prices and a slower start to the year, many sellers needed a shift in expectations with a whopping 67% of homes needing a price improvement to find their buyer.

 

We haven’t seen the number of new listings in the double-digit figures since Q2 of 2022, and it’s very possible we won’t experience that same level of inventory this year. Baby boomers are holding onto their homes with the benefit of their remarkably low 2.75% interest rate, and families are staying put to finish out the school year.

 

Our advice still stands: if you’re thinking about waiting for lower rates AND lower prices, you might be dreaming. Enjoy the fantastic Island inventory now, lock in your rate and consider refinancing later this year or next spring when economists predict rates will shift down.

 

Mercer Island Listings vs. Sales

 

Mercer Island Median Sales Price

 

Seller's or Buyer's Market? Mercer Island Months of Inventory

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

Mercer Island Market Report

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CONDOS – SEATTLE & EASTSIDE

Seeing first time homebuyers come back to the market or considering an investment? Buying a condo in Seattle or on the Eastside is a fantastic opportunity, especially as many companies are calling their employees back to the office at least 3 days per week. It’s very possible transaction volume will be up next quarter, but for now, transactions were down 44% year over year. With that said, 465 units sold in Seattle; 347 units sold on the Eastside which isn’t all doom and gloom.

 

Just like North Seattle is heating up with residential sales, Lake Forest Park, Shoreline, Ballard and North Seattle condos outpace the rest of Seattle, up 10% on average. These areas are experiencing new construction townhomes that are especially desirable to first time homebuyers. Boutique builders are offering a trendy design palette (have you seen the Scandinavian-style design with light woods and sleek finishes?) paired with all the “bells and whistles” that city dwellers appreciate, like dog washing stations, artificial turf, and EV chargers.

 

For the Eastside, Redmond condos stayed the steadiest, down just 17% year or year. Kirkland was the only neighborhood to experience a price bump, up 11% to a median price of $693,000.

 

The Seattle condo median price has declined just 1% year over year to $515,000, while the Eastside experienced a 12% adjustment to $550,000. This is a $530,000 average when comparing both areas. With interest rates doubling the past 1.5 years and buyers considering a condo unit under the umbrella of a condo association, shoppers will be very particular about their monthly dues assessment and what’s included for those monies as both interest rates and dues have such a dominant effect on their overall buying power. Condos continue to be a necessary niche in our marketplace!

 

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

 

Condo Report for Seattle & Eastside

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WATERFRONT

There were 17 privately-owned waterfront home sales in the greater Seattle-Eastside region in Q1 2023 (Eastside-7; Seattle-6; Lake Sammamish-2; Mercer Island-2). This is exactly on par with last year, when we also saw 17 sales in Q1 2022.

 

The highest sale was for a Medina Northwest Contemporary on 115 feet of low-bank waterfront that sold above list price for $20m. The most affordable waterfront was a unique triplex with 1920-1930 era beach cottages on a private boardwalk near the Ballard Locks—a buyer snagged it below list price for $1.9m.

 

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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Windermere Mercer Island

 

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Neighborhoods | Market Reports | Our Team

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 2023, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and Trendgraphix, and deemed accurate but not guaranteed. Mercer Island cover photo courtesy of Petra Varney and Clarity Northwest Photography.

Market Reports December 14, 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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© Copyright 2022, Windermere Real Estate/Mercer Island.

 

Market Reports October 13, 2022

How’s the Market? Q3 2022 Real Estate Review

Q3 2022 Market 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.

 

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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Find a Home | Sell Your Home | Property Research

Neighborhoods | Market Reports | Our Team

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. Information and statistics derived from Northwest Multiple Listing Service and deemed accurate but not guaranteed.

Market Reports 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,

Find a Home | Sell Your Home | Property Research

Neighborhoods | Market Reports | Our Team

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. Information and statistics derived from Northwest Multiple Listing Service and deemed accurate but not guaranteed.

Market Reports October 18, 2021

How’s the Market? Q3 Real Estate Review

The frenetic pace of Seattle-area real estate continued in Q3, with the number of sales and median sales prices both up across the region compared to this time last year. Seattle condo sales saw a healthy year-over-year jump as they continued to recover from the COVID slump we saw in 2020.

 

While buyers still contended with a lack of inventory and stiff competition for available homes, our continued low interest rates were the silver lining. Those obtaining financing were buoyed up by lower mortgage payments and increased buying power compared to times when rates are higher.

 

Click or scroll down to find your area report:

Seattle  |  Eastside  |  Mercer Island  |  Condos  |  Waterfront

 


SEATTLE

Seattle’s Median Sale Price increased by 8% to $865,500 (up from $800,000 in Q3 2020). Neighborhoods in Lake Forest Park-Kenmore (+19%), Shoreline (+13%), North Seattle (+10%), West Seattle (+10%), and Queen Anne-Magnolia (+9%) outperformed the average while South Seattle (+8%) stayed on par and Ballard-Green Lake (+5%) and Central Seattle (+2%) lagged behind.

 

There was an 8% increase in the number of Seattle homes sold in the third quarter of 2021 (3171) compared to Q3 2020 (2929) despite the tight supply of homes for sale. Central Seattle (+20%) and North Seattle (+18%) had the largest increases over Q3 2020 in number of homes sold.

 

79% of all Seattle homes, and 28% of those priced above $1 million, sold at or above the list price. The average of all homes sold closed at a price 4% more than list. Price increases were even more dramatic when homes sold in their first ten days on the market—with an average sale price of 7% above list price. The most competitive neighborhoods were North Seattle and South Seattle, with first 10-day sales averaging 9% and 8% above list price, respectively.

 

Seattle Recap

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

Seattle Report

 

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EASTSIDE

The Eastside’s Median Sale Price was $1,325,500 in the third quarter of 2021, up 29% over Q3 2020 ($1,025,100). Buyer demand outpacing the supply of homes for sale was the biggest factor fueling this increase. Mercer Island, (+42%), Redmond (+32%), Sammamish (+32%), and South Eastside (+32%) saw the largest gains, while Woodinville (+23%) had the smallest year-over-year increase.

 

87% of all Eastside homes, and 65% of homes priced above one million dollars, sold for at or above their list price. With 59% fewer homes for sale than in Q3 2020, the entire Eastside market remained ultra-competitive. The average of all homes sold was 7% above list price. Homes sold within the first ten days went for an average of 11% above list price. The most competitive neighborhoods were East Bellevue and South Eastside, with first 10-day sales averaging 13% and 12% above list price, respectively.

 

The Eastside market saw Months of Inventory (the number of months it would take to sell all homes currently for sale) remain at historical lows of between 0.3 and 0.4 months. Many Eastside communities have had only a handful of homes for sale at any one time.

 

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 has led to a continued ultra-competitive market and unpredictable shifts in median sale price as a result. It’s worth noting that a few very high-end waterfront home sales skewed the median sale price upward as compared to last year.

 

In the third quarter of 2021, 75% of all homes sold at or above their listed price. Sellers who prepped and priced their homes competitively reaped huge rewards from bidding wars—those that sold in the first 10 days on market closed for an average of 10% above their list price.

 

On the other hand, those properties that were not immediately snapped up tended to sell at a discount. Homes on the market 11-30 days sold for an average of 3% below their list price, while homes on the market longer than 30 days sold for an average of 5% below their list price. Pricing and condition tended to separate the “haves” from the “have nots” when it came to selling quickly.

 

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 did quite well overall in the third quarter of 2021 as single-family home markets became more competitive, and in some cases, unattainable.

 

Seattle condos saw a 3% increase (to $492,750) and Eastside condos saw a 10% increase (to $551,619) in Median Sale Price compared to Q3 2020.

 

62% of Seattle condos and 78% 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.

 

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

 

Condo Report

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WATERFRONT

The waterfront home market continues to see incredible buyer demand while also suffering from an extreme shortage of available homes for sale. Nearly every waterfront home listed for sale sold in record time, some for jaw-dropping prices. The Eastside had 23 waterfront home sales in the third quarter of 2021 while Seattle had 22 Q3 waterfront sales, Mercer Island had 15, and Lake Sammamish had 10 waterfront sales. More than half of waterfront homes listed for sale went under contract in mere days, with an average market time still a fraction of that of a more typical year.

 

As an indicator of demand in the luxury segment, with few outliers, most homes sold near to or above their list price—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

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Find a Home | Sell Your Home | Property Research

Neighborhoods | Market Reports | Our Team

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 2021, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and deemed accurate but not guaranteed.

Market Reports July 8, 2021

How’s the Market? Q2 Real Estate Review

Buyers found no relief as our region’s extreme sellers’ market continued skyward. Strong home buyer demand simply outpaced the number of available properties for sale. Fierce competition drove prices up 15% in Seattle and a staggering 38% on the Eastside as compared to Q2 of 2020. While COVID played a factor in early 2020; all things considered, prices have increased substantially in the first half of 2021.

 

Home affordability, or unaffordability, is one of the most significant factors impacting our communities. Many first-time buyers, retirees, and moderate wage earners are finding the tri-county region of King, Snohomish, and Pierce Counties simply out of reach…or find themselves settling for accommodations that are far less than expected. The Seattle area, much like other high-priced markets across the country, has become a region where only the affluent can afford to own real estate.

 

As we move into the summer, buyer fatigue, coupled with COVID reopening of recreation and vacation opportunities, may provide much needed dampening of buyer demand. Our market desperately needs more balance between buyers and sellers in the market.

 

Click or scroll down to find your area report:

Seattle  |  Eastside  |  Mercer Island  |  Condos  |  Waterfront

 


SEATTLE

Seattle’s Median Sale Price increased by 15% to $895,000 (up from $780,000 in Q2 2020). North end neighborhoods in Shoreline (+37%), Lake Forest Park-Kenmore (+37%), and North Seattle (+18%) outperformed the average while South Seattle (+9%), West Seattle (+11%). and Central Seattle (+12%) lagged slightly behind.

 

There was a 74% increase in the number of Seattle homes sold in Q2 (3,404) compared to Q2 2020 (1,956)—much of which can be attributed to COVID-related factors. Central Seattle (+116%) and West Seattle (+90%) had the largest increases in number of homes sold.

 

86% of all Seattle homes, and 33% of those priced above $1 million, sold at or above list, with the average of all homes sold at prices 6% more than list. Price increases were even more dramatic when homes sold in their first ten days on the market (76% of all listings) with an average sale price of 10% above list price. The most competitive neighborhoods were Kenmore-Lake Forest Park and North Seattle, with first 10-day sales averaging 15% and 13% above list price, respectively.

 

Seattle Recap

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

Seattle Report

 

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EASTSIDE

The Eastside’s Median Sale Price was $1,320,355 in Q2, up 38% over Q2 2020 ($958,000). Buyer demand outpacing the supply of homes for sale was the biggest factor fueling this increase. Redmond, (+48%), Kirkland (+48%), and South Eastside (+45%) saw the largest gains, while West Bellevue (+7%) had the smallest year-over-year increase.

 

93% of all Eastside homes, and 68% of homes priced above one million dollars, sold for at or above their list price. With 70% fewer homes for sale than in Q2 2020, the entire Eastside market remained ultra-competitive. The average of all homes sold was 9% above list price and homes sold within the first ten days went for an average of 13% above list price.

 

The Eastside market saw Months of Inventory (the number of months it would take to sell all homes currently for sale) remain at historical lows of between 0.3 and 0.4 months. Many Eastside communities have had only a handful of homes for sale at any one time.

 

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 has led to a continued ultra-competitive market with 90% of all homes sold at or above their listed price. Those sold in the first 10 days on market (77% of all sales) closed for an average of 13% above their list price. Homes on the market 11-30 days sold for an average of 1% above list and homes on the market longer than 30 days sold for an average of 4% 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

Condo demand surged in Q2 as single-family home markets became more competitive, and in some cases, unattainable.

 

Seattle condos saw a 7% increase (to $488,750) and Eastside condos saw a 5% increase (to $550,000) in Median Sale Price compared to Q2 2020. Fueled by new construction development, South Seattle saw a three-fold increase in the number of condos sold, while the number of West Bellevue condos sold was up nearly double.

 

61% of Seattle condos and 80% of Eastside condos sold at or above their listed price. Those that were sold in the first 10 days (48% of Seattle and 70% of Eastside sales) sold for an average of 2% and 5% above their list price, respectively.

 

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

 

Condo Report

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WATERFRONT

Waterfront listings were swooped up by buyers nearly as quickly as they came to market, some for staggering margins. Lake Sammamish had a record 18 sales while the Eastside had 17, Seattle 14, and Mercer Island had 7. Many waterfront homes went under contract in mere days, with an average market time in the teens instead of months.

 

As an indicator of demand in the luxury segment, most homes sold above their list price—something that historically has rarely happened in this sector. Some of most competitive homes sold for outrageously more than their list price as affluent buyers opened their pocketbooks for the win.

 

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 can’t replace an in-depth waterfront analysis provided by a savvy broker with years of local waterfront experience.

 

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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,

Find a Home | Sell Your Home | Property Research

Neighborhoods | Market Reports | Our Team

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 2021, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and deemed accurate but not guaranteed.