Q1 2018 Seattle-Eastside Real Estate Report

Q1 Market Snapshot

 

Q1 prices in the Seattle-Eastside region have escalated yet again with no sign of slowing in the immediate future. An unprecedented lack of inventory for sale coupled with rising interest rates has prompted buyers to compete with reckless abandon to win the prize of their very own home, albeit with a steep price tag.

 

Overall median prices in Seattle rose 16.1% to $770,000, while the Eastside rose 13.0% to $944,000. Those regional numbers certainly don’t tell the whole story, especially when you consider the highest change in median sale price was nearly 46% and the lowest was a -4%. New construction sales, or lack thereof, made the biggest impact on home sale prices. Existing homes, offering good walkability or commute options, and those that were on the more affordable end of the pricing spectrum saw the strongest appreciation overall.

 

Rising mortgage interest rates, now up a full percentage point from their lows, are adding fuel to the fire. While not dampening buyer demand yet, further increases will likely begin to price home buyers out of the core Seattle-Eastside region. Homebuyer fear of being priced out of the market is at least partly to blame for the crazed demand at more modest price points.

 

As predicted, many who don’t have a need to be close in to the metro region are choosing to sell at a high and buy more affordably outside of the Seattle-Eastside area. The rate of tear-down new construction infill has escalated at staggering numbers as builders capitalize on the market’s appetite for fresh and new.

 

Buyers today should consider their purchase thoughtfully as buying at or near the peak of the market can limit their resale options when the market corrects. Planning to stay put for five to seven years is a good strategy at this time.

 

Q1 Market Snapshot

SEATTLE

West Seattle leads the pack in median home price growth on the Seattle side of the lake. With its vibrant, hip vibe and convenient access to the city, West Seattle has benefited from Seattle’s commute gridlock—maintaining status quo while other Seattle neighborhoods have come to a halt (literally).

Seattle Report

Queen Anne saw a nice rebound in Q1 after lagging the Seattle averages for some time. South Seattle, with its light rail access, affordable prices, and new vitality, continues to see its real estate market thrive.

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

 

EASTSIDE

Significant new home development at higher price points has led the market in West Bellevue and Kirkland and brought up everything else along with it.

Eastside Review

With land values alone higher than average home sale prices in surrounding communities, this growth will have long-lasting impacts that will forever change the flavor of these communities–for better (fresh new housing stock) and worse (the lack of affordable options). Kirkland led this charge with a median sale price 45.9% higher than Q1 last year, followed by West Bellevue at 23.1%.

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

 

MERCER ISLAND

Overall, a much higher percentage of mid-range homes sold in the first quarter than in quarters past, giving the appearance of falling prices. In reality, however, it was actually a downward shift of the segment of the market that is selling.

Mercer Island Report

Don’t let the negative number for Q1 fool you. The market below the two-million-dollar mark is vastly different than the market above it. With the most severe shortage of available homes in mid-range price points Mercer Island has seen, especially early in Q1 this year, the sub $2 million market has been brisk and competitive with strong price escalation. The $2 million and above market has been a different story altogether. While highly desirable homes in that bracket have transacted quickly, many other less notable homes have languished on the market.

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

 

CONDOS – SEATTLE & EASTSIDE

Still the only affordable option for many home buyers today, condos have continued to escalate in value with appreciation rates above those of residential homes in many areas.

Condo Report

On the Eastside, new condo and townhome developments in Crossroads and Rose Hill drove prices up to new highs in those communities. Richmond Beach and Shoreline benefited from an infusion of new construction standalone condominium ‘homes’ on very small lots.

Check out all of these factoids and more in the full condo report.

 

WATERFRONT

Waterfront Report

Several significant sales accented an otherwise unremarkable quarter. A $26.8 million iconic Medina estate on 2.5 acres with 150 feet of waterfront set a new benchmark on the Eastside. Two $8+ million homes on the north end of Mercer Island–both newer construction with over 7,000 square feet–set the tone for the Island in 2018. Lake Sammamish, with a $4.2 million sale in Q1, is still in hot demand, while Seattle saw only three modest waterfront sales.

Check out the full Waterfront Report for a complete list of waterfront home sales by address and community.

 


ABOUT WINDERMERE MERCER ISLAND

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© Copyright 2018, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and deemed accurate but not guaranteed.v

Posted on April 13, 2018 at 9:25 am
Windermere Mercer Island | Category: Economics and Housing Market | Tagged , , , , , , , ,

Price Reduced: Nature & Modernism in Madrona

Lofty, Modern, Impeccable

Nature and modernism are nestled in the breathtaking Madrona Ravine, creating a lofty hideaway you’ll want to call home. Escape from the daily grind to your own modern treehouse! The master suite is your spot to take in lake views while sipping your favorite beverage and sitting on its sunny deck in peace. Completely reinvented in 2009 and impeccably maintained, this turnkey property is waiting for you!

MLS: 1198494

List Price: $1,400,000

4 Bed • 3 Bath •  2,660 SQFT

Click here to learn more about this modern treehouse!

Posted on October 2, 2017 at 4:50 pm
Emily Roberts | Category: Just Listed | Tagged , , , , , ,

SOLD: Capitol Hill Classic

This is your canvas to create a masterpiece on one of the best streets in Seattle.

A location and property often coveted, but rarely available, this 1901 classic foursquare offers yesteryear grandeur with the space and opportunity for adding your modern take.

Capitol Hill Classic

The large covered front porch gracefully welcomes you into the light-filled foyer with exquisite period staircase. The circular floorplan makes easy use of the main floor, featuring airy entertaining spaces flowing intuitively to a sunny kitchen and breakfast nook. Upstairs, light streams through the large master suite with a walkout balcony and territorial views.  Three more bedrooms—plus an oversized, finished top-floor garret—provide plenty of flex-space for your lifestyle.

Are you ready to call Capitol Hill home?

Stroll to shops,  coffee houses, restaurants, and Volunteer Park from this fantastic Capitol Hill locale!

Click here to learn more about this elegant house. 


Posted on September 7, 2017 at 4:41 pm
Emily Roberts | Category: Just Listed | Tagged , , , , , , ,

The 10 Hottest Seattle Neighborhoods in 2017

Seattle Washington is experiencing a hot real estate market and these 10 neighborhoods are the hottest in Seattle in 2017

“THE LOCAL HOUSING MARKET isn’t so much hot as it is blazing at temperatures only measurable by NASA.”  – Darren Davis, Seattle Met

I love this quote from the article from Davis’ Seattle Met magazine article presenting a list of the 10 hottest Seattle neighborhoods in 2017. It’s so true!!  The neighborhoods that made the list have experienced rises in home value, drops in inventory, new attention from developers, or all of those things. What I really enjoy about this article is it’s not sharing only statistics – stories from local business owners, transplants and longtime residents are told alongside neighborhood histories are featured. Enjoy!

Photo credit: Olichel Adamovich | Pixabay.com

Posted on April 28, 2017 at 4:11 pm
Emily Roberts | Category: Economics and Housing Market, Real Estate | Tagged , , , ,

Sold: Rare chance to live a block from Seattle’s Pike Place Market!

I am so excited to share with you this downtown Seattle condo I just listed. Here is a rare chance to live a block from Pike Place Market. Its Walkscore is 98!  Check out all the beautiful features: new bamboo floors, lofty ceilings and inset lighting, a great room with floating media cabinets, plus a private garden terrace.

The quintessential Seattle lifestyle

Beyond the terrace gate, and down a short flight of stairs, is your pathway to Virginia St./Post Alley. It’s a half block stroll to the market for fresh flower, veggies and fish for dinner. The quintessential Seattle lifestyle, available a stone’s throw away from your back entry!

Posted on February 23, 2017 at 1:13 pm
Emily Roberts | Category: Just Listed, Real Estate | Tagged , , , , ,