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!
Click here for the full report and neighborhood-by-neighborhood statistics!
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!
Click here for the full report and neighborhood-by-neighborhood statistics!
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.
Click here for the full report and neighborhood-by-neighborhood statistics!
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.
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).
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 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.
2023 Holiday Happenings Around the Sound
The rain is back, the days are dark…who is ready to beat the gloom? Below are some Seattle-area favorites to brighten your spirits. You can bundle up and bask in breathtaking outdoor light shows, or relax and enjoy from the comfort of a cruise ship or theater seat…
Winterfest at Seattle Center
305 Harrison Street, Seattle, WA 98109
www.seattlecenter.com/winterfest
- Dates/Times: Nov. 24, 2023 – Dec. 31, 2023. Seattle Center (Holiday lighting Nov. 1 – March 1); ice sculpting Nov. 24, 12-4 pm; Winter train & village open daily Nov. 24 – Dec. 31 | 10 am – 6 pm; Seattle Christmas Market open Nov. 24 – Dec. 24.
- Cost: General admission is free for all ages; Seattle Christmas Market is $16-$20 for adults (buy tickets)
- Parking: Paid parking available at the Mercer Garage, 5th Ave N Garage, and Theatre Commons ADA Lot. Click here for the campus map.
- Food: A multitude of dining options await you in the Armory.
- Special Events: Opening Day Celebration, live stage entertainment at the Armory, the Winter Train & Village, New Year’s Eve Celebration Dec. 31 from 8pm-12 Midnight, and more!
- Holiday Closure: Dec. 25
The Nutcracker by Pacific Northwest Ballet
McCaw Hall | 321 Mercer St, Seattle
pnb.org/nutcracker/
click here to get tickets
- Dates: November 24 – December 27, 2023
- Cost: $29-$208 per seat
- Parking: Mercer Street Garage or Other Nearby Parking
- Food: Beverages and snacks are available for purchase
Garden d’Lights at Bellevue Botanical Garden
12001 Main Street, Bellevue WA 98005
http://gardendlights.org
click here to get tickets (must be purchased online)
- Dates/Times: Open nightly Nov. 25, 2023 – Dec. 31, 2023 | 4:30 – 9:00 pm
- Cost: $8 per person (ages 10 and under are free)
- Promotions: Discounted$5 ticket nights Nov. 27-30 and Dec. 4-7.
- Parking: Premium parking is $5 per car in the Garden’s lot as space allows OR park for free at Wilburton Hill Park
- Food: Hot drinks and snacks are available for purchase
- Holiday Closures: December 25
Snowflake Lane at the Bellevue Collection
Bellevue Way & NE 8th Street, Bellevue WA 98004
http://snowflakelane.com/
- Dates/Times: Nightly Nov. 24, 2023 – Dec. 24, 2023 | 20 minute show starts at 7 pm
- Cost: Free for all ages
- Parking: Free parking at Bellevue Square, Bellevue Place and Lincoln Square
- Food: A variety of dining options (from happy hour, to kid fare, to gourmet) are all within walking distance
- Special Events & Activities: Ice Skating, Santa Photos
Christmas Ship Festival
Launch locations include Seattle Waterfront – Pier 55, Shilshole Bay Marina, Hyatt Regency Lake Washington, Lake Union Park (MOHAI), AGC Marina, Carillon Point Marina, and Kirkland City Dock.
www.argosycruises.com
click here to get tickets
- Dates/Times: Click here for the full schedule
- Cost: $40 – $74 per person (kids 3 and under are free)
- Parking: Varies by location – click here for details
- Food: Snacks and drinks available for purchase on the ship. Outside food/drinks are not allowed.
- Special Events: Opening Night, Parade of Boats, Grand Finale
Westlake Center Tree Lighting & Holiday Activities
401 Pine St., Seattle, WA 98101 (Westlake Park)
https://downtownseattle.org/events/holidays/
https://downtownseattle.org/events/holidays
- Tree Lighting Celebration: Nov. 24 at 3:30 pm in Westlake Park.
- Luminous Light Sculptures: Nov. 24, 2023 – Jan. 9, 2024 in Westlake Park.
- Holiday Lights & Delights: Nov. 25, 2023 – Jan. 9, 2024 in Occidental Square.
- Sweet & Snowy Saturdays: Nov. 25, 2023 – Dec. 16, 2023 | 11:30 am – 1 pm in Occidental Square.
- Cost: Free for all ages
- Parking: Access the Republic Parking garage from Olive Way between 4th & 5th Ave, or check out this interactive map of city parking
Zoolights at Point Defiance Zoo & Aquarium
5400 N Pearl St, Tacoma, WA 98407
www.pdza.org/event/zoolights
click here to get tickets
- Dates/Times: Open nightly Nov. 24, 2023 – Jan. 1, 2024 | 4:30 – 10 pm
- Cost: $14-$18 (free for kids 2 & under)
- Promotions: Discounted tickets for zoo members & BECU members
- Parking: Free parking in zoo lots (carpooling recommended)
- Food: Dinner, drinks & snacks are available at the Plaza Cafe & outside stands. Roast s’mores and pudgy pies around the fire on the Cafe Deck, too!
- Activities: Carousel, S’mores Roasting, Groovy Goats in Holiday Coats
- Holiday Closures: Dec. 24 & 25
WildLanterns at Woodland Park Zoo
West Entrance: 5500 Phinney Ave. N, Seattle, WA 98103
South Entrance: 750 N 50th St, Seattle, WA 98103
www.zoo.org/wildlanterns
Click here to get tickets | Map
- Dates/Times: Open nightly Nov. 10, 2023 – Jan. 14, 2024 | 4:00 – 9:00 pm.
- Cost: $25.95 – $36.95 per person (ages 2 & under are free).
- Promotions: Zoo members get 20% off tickets; Holiday Senior Stroll on Nov 14 from 4-6 pm with 40% off for ages 65+
- Parking: $6 parking is available in all lots after 3:30 pm (here is a map). Park by the West Entrance (Penguin, Otter, or Bear Lot) if you are purchasing your tickets in person—the South Gate (Hippo Lot) is only for those who already have tickets.
- Food: Refreshments are available at food kiosks throughout, plus the Pizza Corner at 1899 Grove, and Gather & Graze Café (with covered seating provided). You are also welcome to bring your own food & non-alcoholic beverages.
- Special Activities: Tianyu Cultural Performances in the PACCAR Auditorium, Zoomazium, ZooStore, Carousel. Sensory-Friendly Nights on 11/15, 12/6 & 1/11.
- Closures: Most Mondays (open Dec. 11 & 18 + Jan 1); Nov. 23, Dec. 24 & 25.
But wait, there’s more…
Holiday theatrical & musical shows
“A Christmas Carol” at ACT Theatre
The Great Figgy Pudding Caroling Competition
The Polar Express train ride at Mt. Rainier Railroad
Gingerbread Village at the Sheraton Grand Seattle
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.
2023 Football & Hockey Schedules, Recipes & Tips…
Football is BACK and hockey is coming in hot! Scroll down for printable schedules, tailgating hacks (including how to pack the perfect cooler!), and favorite gameday recipes. Fans of all ages will also love our printable football and hockey bingo sheets.
Need to brush up on your sports lingo? Check out Wikipedia’s handy football and hockey glossaries. You can say impressive things like, “Are they running a 3-4 defense?” and “It’s not icing unless the puck passes the goal line…”
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.
Extended! Kicks for Kids Shoe Drive August 1st-21st
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. Through August 21st, we’ll be accepting donations 3 ways:
-
Bring new or gently used sneakers (toddler/youth sizes) to our 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!
-
Shop from our Amazon Wishlist.
-
Contact your REALTOR to arrange a pickup.
This year, we’re partnering once again with KidVantage (formerly 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!
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.
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
- Ballard
- Capitol Hill (Broadway)
- Columbia City
- Lake City
- Lake Forest Park
- Madrona
- Magnolia
- Phinney
- Pike Place
- Queen Anne
- Shoreline
- U-District
- Wallingford
- West Seattle
Greater Eastside
- Bellevue – Crossroads
- Bellevue – Downtown
- Carnation
- Duvall
- Issaquah
- Kirkland – Downtown
- Kirkland – Juanita
- Mercer Island (Sponsored by Windermere MI!)
- North Bend
- Redmond
- Renton
- Sammamish
- Woodinville
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/
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
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
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
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
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
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
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
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
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
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
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
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/
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
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/
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
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
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
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
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
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
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
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
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
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
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
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.
Our Favorite Summer Festivals
The sun is here and the whole PNW is celebrating! Whether it’s a fair close to home or an excuse to pack up the fam for a destination festival, we hope you get out and make the most of these fun events…
JUNE
JULY
- Seafair Summer 4th (7/4)
- Redmond Derby Days (7/14-7/15)
- Ballard Seafood Fest (7/14-7/16)
- Kirkland Uncorked (7/14-7/16)
- West Seattle Summer Fest (7/14-7/16)
- Mercer Island Summer Celebration (7/15)
- Renton River Days (7/21-7/23)
- Bite of Seattle (7/21-7/23)
- Sequim Lavender Weekend (7/21-7/23)
- Timber! Outdoor Music Festival (7/27-7/29)
- Bellevue Arts & Crafts Fair (7/28-7/30)
AUGUST
- Seafair Weekend (8/4-8/6)
- Watershed at the Gorge (8/4-8/6)
- Festival at Mount Si (8/12-8/13)
- Chief Seattle Days (8/18-8/20)
- CHOMP Redmond Food Festival (8/19)
- Evergreen State Fair (8/24-9/4)
- Port Townsend THING Music/Art Festival (8/25-8/27)
SEPTEMBER
- Washington State (Puyallup) Fair (9/1-9/24)
- Bumbershoot (9/2-9/3)
- Mercer Island Art UnCorked (9/8)
- Fremont Oktoberfest (9/22-9/24)
JUNE
Fremont Fair
One of Seattle’s biggest events, this bohemian-inspired festival features 300+ craft vendors, food, beer garden, dog parade, music, and the Solstice Parade (including the unofficial but famous naked bide ride).
Saturday, June 17 & Sunday, June 18, 2023
West of Fremont Ave N, on N 35th St. and N 34th St.
Seattle PrideFest
Held in two locations (Capitol Hill & Seattle Center) this year with beer gardens, food, performances, and dancing in the Seattle Center fountain.
Saturday, June 24th – Capitol Hill
310 Broadway E | Seattle
Sunday, June 25th – Seattle Center
305 Harrison St | Seattle
JULY
SeaFair Summer Fourth
Seattle’s biggest fireworks show plus live music, family activities & beer gardens. Watch the show from free open seating or reserve a front row seat.
Tuesday, July 4th, 2023
Gates Open at 3pm, Fireworks at 10:15pm
Redmond Derby Days
Redmond’s bike-themed summer event including bicycle races, kids bike parade, carnival rides, drone light show, craft fair, arts festival, food, cornhole tourney, and live music.
Friday, July 14th & Saturday, July 15th, 2023
Ballard Seafood Fest
Live music, salmon BBQ, kids entertainment, vendors, and excellent craft beer. Don’t miss the Festi-Bowl skateboard events at Ballard Commons Park on Saturday, the 15th.
Friday, July 14th – Sunday, July 16th, 2023
2208 NW Market St | Seattle (on Market St from Leary to 24th Ave NW, and on Ballard Ave from Market St to 22nd Ave NW)
Kirkland Uncorked
Sip local wine, beer or cocktails and listen to live music in beautiful Marina Park on the water. There’s also a street fair with crafts, art, food, dog modeling contest (!), and more. Buy tickets here (proceeds benefit the Homeward Pet Adoption Center).
Friday, July 14th – Sunday, July 16th, 2023
West Seattle Summer Fest
Live bands, arts & crafts booths, outdoor cafes, beer garden, and fun Kids Zone with inflatables.
Friday, July 14th – Sunday, July 16th, 2023
The Junction, 4210 SW Oregon St | Seattle
Mercer Island Summer Celebration
Parade and lively street fair at Mercerdale Park followed by a waterfront fireworks show at Luther Burbank Park.
Saturday, July 15th, 2023
Fireworks at 10pm
Mercerdale Park Fair: 3009 77th Ave SE | Mercer Island
Luther Burbank Park (Fireworks): 2040 84th Ave SE | Mercer Island
mercerisland.gov/summercelebration
Renton River Days
Summer bazaar, parade, rubber duck derby, live music, food trucks, beer/wine gardens, activity zone, drone show, volleyball & basketball tourneys, and 5k/10k Fun Walks on the Cedar River Trail.
Friday, July 21st – Sunday, July 23rd, 2023
Bite of Seattle
200 vendors, 50+ music performances (including Sir Mix-a-Lot!), 3 beer gardens, wine garden, & more.
Friday, July 21st – Sunday, July 23rd, 2023
Seattle Center, 305 Harrison St | Seattle
Sequim Lavender Weekend
Celebrate all things lavender with tours of local farms, live music, and 150 street fair booths highlighting NW crafts & food.
Friday, July 21st – Sunday, July 23rd, 2023
Carrie Blake Park, 500 N Blake Ave | Sequim
Timber! Outdoor Music Festival
In addition to a wide range of local musicians, discover adventures like bat/bird finding expeditions, hiking, biking, tree climbing, nature painting/photography, yoga, 5K run, coffee walk, obstacle course, stargazing, fika (a Swedish morning tradition), shibori shirt dyeing, and lots of kids activities. Enjoy great food & local brews, too.
Thursday, July 27 – Saturday, July 29, 2023
Tolt-MacDonald Park, 31020 NE 40th St | Carnation
Bellevue Arts Fair
Shop from over 300 artists showcasing their handmade arts & crafts. Kids Fair, food trucks, stage performances, and free Bellevue Art Museum exhibitions, too!
Friday, July 28th – Sunday, July 30th, 2023
Bellevue Square, 510 Bellevue Way NE | Bellevue
AUGUST
Seafair Weekend
Seattle’s iconic festival featuring a spectacular airshow, hydroplane races, classic car show, live music, local food/beverages, and log boom party for boaters.
Friday, August 4th – Sunday, August 6th, 2023
Genesee Park, 4316 S Genesee St | Seattle
Watershed
If you’re a country music fan, then this destination festival at the Gorge is for you. Three days of live bands plus carnival rides, food, drinks, and camping.
Friday, August 4th – Sunday, August 6th, 2023
The Gorge Ampitheatre, 754 Silica Rd NW | Quincy
Festival at Mount Si
This street fair in scenic North Bend offers music, a parade, 5K fun run, cherry pie eating contest, and even a live chili cookoff (not to mention food and craft vendors!). Make it a day and visit the outlet mall or go hiking while you’re at it.
Saturday, August 12th & Sunday, August 13th, 2023
Si View Park, 400 SE Orchard Dr | North Bend
Chief Seattle Days
A celebration of the Suquamish people honoring Chief Seattle since 1911, this festival is now open to the public and includes canoe races, a salmon bake, 5k fun run, market, games, traditional songs & dances, and a gravesite honoring for Chief Seattle.
Friday, August 18th – Sunday, August 20th, 2023
Gravesite Honoring of Chief Seattle: 7076 NE South St | Suquamish
CHOMP Local Food Festival
A King County celebration of all that is local, sustainable, fresh…and delicious. Spend the day at beautiful Willowmoor Farm in Marymoor Park and support area farms. Live music, local food vendors, all-ages activities, and zucchini races, too!
Saturday, August 19th, 2023 from 10am to 6pm
Marymoor Park, 6046 West Lake Sammamish Pkwy NE | Redmond
Evergreen State Fair
Held each year during the 11 days leading up to Labor Day (for the past 114 years!), this fair offers a little of everything—a fun carnival with rides/games, food, shopping, contests, live events, and more.
August 24th – September 4th, 2023
(Closed Wednesday, August 30th)
THING: Music, Arts & Other Things
The ultimate destination festival, this 3-day event takes place amongst scenic sound views at Port Townsend’s historic Fort Worden (it’s even got a lighthouse!). In addition to an epic music lineup, you’ll also find art installations, workshops, and activities for all ages.
Friday, August 25th – Sunday, August 27th, 2023
200 Battery Way | Port Townsend
SEPTEMBER
Washington State (Puyallup) Fair
A September tradition, peeps all around the Sound flock to “Do the Puyallup.” You’ll find your favorite carnival rides, a concert series, rodeo, petting farm, and a plethora of exhibits & vendors.
September 1st – 24th, 2023
Bumbershoot
Seattle’s biggest music festival and a 50-year tradition. This year you’ll find a great music lineup along with everything art, dance, performances, roller skating, and…a cat circus.
Saturday, September 2nd – Sunday, September 3rd, 2023
Seattle Center, 305 Harrison St | Seattle
Mercer Island Art UnCorked
Discover Washington wine, beer & cider while you browse local artists at this outdoor event in Mercer Island’s Greta Hackett Outdoor Sculpture Gallery. Tasting garden, artist booths, live music, food trucks, and more.
Friday, September 8th, 2023 | 5-8 pm
78th Ave SE & Sunset Hwy | Mercer Island
Fremont Oktoberfest
Celebrate 100+ beers and ciders along with games, Texas Chainsaw Pumpkin Carving, and Dogtoberfest. Strictly 21+…unless you’re a dog.
Friday, September 22nd – Sunday, September 24th, 2023
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.
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.
Click here for the full report and neighborhood-by-neighborhood statistics!
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.
Click here for the full report and neighborhood-by-neighborhood statistics!
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.
Click here for the full report and neighborhood-by-neighborhood statistics!
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.
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.
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. 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.
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. We 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 your Windermere Mercer Island agent.
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.
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.
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.
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).
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.
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
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.
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.