Real Estate April 15, 2022

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

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

 

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

 

Click or scroll down to find your area report:

Seattle | Eastside | Mercer Island | Condos | Waterfront

 


SEATTLE

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

 

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

 

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

 

Seattle Recap

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

Seattle Report

 

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EASTSIDE

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

 

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

 

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

 

Eastside Recap

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

Eastside Report

 

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MERCER ISLAND

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

 

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

 

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

 

Mercer Island Recap

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

Mercer Island Report

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CONDOS – SEATTLE & EASTSIDE

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

 

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

 

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

 

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

 

Condo Report

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WATERFRONT

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

 

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

 

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

 

Waterfront Report

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

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

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

Real Estate January 13, 2022

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

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

 

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

 

Click or scroll down to find your area report:

Seattle | Eastside | Mercer Island | Condos | Waterfront

 


SEATTLE

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

 

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

 

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

 

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

 

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

 

Seattle Recap

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

Seattle Report

 

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EASTSIDE

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

 

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

 

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

 

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

 

Eastside Recap

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

Eastside Report

 

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MERCER ISLAND

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

 

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

 

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

 

Mercer Island Recap

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

Mercer Island Report

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CONDOS – SEATTLE & EASTSIDE

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

 

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

 

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

 

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

 

Condo Report

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WATERFRONT

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

 

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

 

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

 

Waterfront Report

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

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

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

© Copyright 2022, Windermere Real Estate/Mercer Island.

Community November 3, 2021

Give Back This Season

“We make a living by what we get; we make a life by what we give.”

Giving to others can enrich our own lives in ways we never imagined. With that in mind, here are some of our favorite Seattle-area organizations who are in need of time, resources, toys, and more to help improve the lives of homeless and low-income families in our area. You might also check out these tips on how to make the most of charitable giving. Together we can make the holidays a little brighter for everyone!

 


 

YOUTH CARE: Homeless Youth Off the Streets Preparing for Life

Each night in King County, almost 1,100 unaccompanied youth and young adults experience homelessness on any given night, and around 70% of these youth sleep outside because of lack of shelter or housing. Why? A national study found that over 90% of homeless youth reported family conflict and 1/4 suffered from abuse and neglect before they reached the streets. YouthCare builds confidence and self-sufficiency for homeless youth by providing a continuum of care that includes outreach, basic services, emergency shelter, housing, counseling, education, and employment training. Lend a hand by donating most needed items, delivering a warm meal, hosting a virtual fundraiser, or hiring a YouthCare graduate.

http://youthcare.org/
(206) 694-4500
2500 NE 54th Street, Seattle

 


Northwest Harvest

Northwest Harvest’s mission is to end hunger in Washington. They partner with 375 food pantries, meal programs, and high-need schools across the state to provide nutritious food (an average of 2 million meals per month!) and promote good health for those in need. You can help by hosting a virtual food drive, making a cash donation, or volunteering (children age 9 and up can volunteer with you!).

http://www.northwestharvest.org/
1 (800) 722-6924
SODO Community Market Food Bank: 1915 4th Ave S, Seattle
Kent Warehouse: 22220 68th Ave S, Kent

 


http://www.marysplaceseattle.org/

Mary’s Place helps homeless women, children and families from the greater King County area. You can help by participating in their giving tree tag program now through December 11th. You can also volunteer your time, donate wishlist items, or share your used clothing, blankets, and coats.

http://www.marysplaceseattle.org
(206) 621-8474
Donation Center in SODO: 9 South Nevada St, Seattle
Mary’s Place at the Regrade: 720 Blanchard St, Seattle

 


 

Hopelink

Hopelink provides critical services to homeless and low-income families, children, seniors, and people with disabilities on north and east King County. You can help by donating to their Greatest Needs Fund, volunteering at one of their centers, participating in their Turkey Trot 5k fundraiser (virtual this year), or making a cash donation to support their “Lend a Hoping Hand” holiday giving campaign.

https://www.hopelink.org/
(425) 869-6000
8990 154th Ave NE, Redmond

 


 

Treehouse

 

Did you know less than 50% of Washington state youth in foster care graduate from high school? Treehouse seeks to level the playing field by providing academic and other essential support foster kids need to graduate at the same rate as their peers, with a plan for their future. You can help by hosting a holiday drive, purchasing items on their holiday wish list, volunteering, or donating.

https://www.treehouseforkids.org/
(206) 767-7000
2100 24th Avenue S./Suite 200

 


 

 

With a mission to help people in need of immediate food assistance, the Emergency Feeding Program partners with 120 local agencies to distribute 42,000 meals of quality, nutritional food per week and ensure that no one will go hungry tonight. Your volunteer time or cash contribution would be most appreciated.

https://www.emergencyfeeding.org/
(425) 277-0300
851 Houser Way N, Suite A, Renton

 


 

Eastside Baby Corner was founded by a local pediatric nurse concerned about the large numbers of babies in her practice who began life without basic essentials like adequate food, clothing, beds, or safety equipment. Today Eastside Baby Corner’s locations in Issaquah, Northshore and Bremerton collect, purchase, and distribute essential care items such as formula, diapers, car seats, warm coats, school supplies, and more for babies and children in need. You can help out by donating goods or cash, shopping off their wish list, volunteering or organizing a drive.

Eastside Baby Corner:
http://babycorner.org

(425) 865-0234
1510 NW Maple St, Issaquah

 


Toys for Tots

Last year, King County Toys for Tots donated 85,169 toys to 61,092 local children in need. Consider helping out this year by making a cash donation, donating a toy before December 15th, hosting a Toys for Tots event, or asking your organization to become a toy drop site.

https://fort-lewis-wa.toysfortots.org
Coordinator: GySgt Edward Chapman, 760-405-3203

 


Food Lifeline

Every year, nearly 40% of our country’s food ends up in landfills, while millions go hungry. Food Lifeline attempts to solve both problems by rescuing millions of pounds of surplus food from farmers, manufacturers, grocery stores, and restaurants. They then deliver this healthy and nutritious food to more than 350 food banks, shelters and meal programs across Western Washington–providing the equivalent of 201,000+ meals every day for hungry children, adults and seniors. You can help by volunteering (opportunities are available for kids as young as 10, too!), donating funds or hosting a food drive.

https://foodlifeline.org/
(206) 545-6600
815 S 96th St, Seattle

 


 

Wellspring

Wellspring helps low-income and vulnerable individuals, children and families in Seattle and King County address issues such as mental health, family homelessness, early learning, basic needs, and domestic violence intervention. Each year they help thousands of children and families break cycles of instability, homelessness, and adversity to achieve positive, permanent change. You can help by donating essential items, cash, or your old vehicle. You can also get your kids involved in the Kids Helping Kids youth philanthropy program.

http://wellspringfs.org/
(206) 826-3050
1900 Rainier Avenue South, Seattle

 


 

Seattle Children's Hospital Research Foundation

 

Founded and run by a group of philanthropic women over 100 years ago, Seattle Children’s mission is to provide hope, care and cures to help every child live the healthiest and most fulfilling life possible. You can help their patients by donating a new toy or gift card, volunteering, contributing funds, or supporting one of its guilds (such as the Project Kids Cancer Cure Guild).

http://www.seattlechildrens.org
(206) 987-2000
4800 Sand Point Way NE, Seattle

 


 

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

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

© Copyright 2021, Windermere Real Estate/Mercer Island.

Real Estate October 19, 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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Mercer island blog, windermere mercer island, windermere real estate, seattle blog, live on mercer, live on guides, community information, neighborhood information, real estate, mercer island community, mercer island community blog, mercer island blogger, mi reporter, mercer island real estate info,

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

© Copyright 2021 Windermere Mercer Island

Real Estate July 13, 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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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.

Community May 21, 2021

Thank You for Helping Us Support Eastside Baby Corner!

UPDATE—Our Drive Made a Difference for EBC!

We want to thank all of our clients, friends and family who pitched in to raise items and funds for the Eastside Baby Corner. In addition to your generous donations, our agents and owners personally donated a total of $7,772 along with hundreds of childcare items as part of our annual Community Service Day effort. Together, we made a difference for local kids in need. Thank you!

 

 


 

For the past 30 years, Eastside Baby Corner has been there to help kids access the essentials they need to grow, play, learn and thrive. As part of our annual Community Service Day, my office is pitching in to support EBC with funds and the items they need most right now. You can help too! Support local children from birth through 12 years old (and expectant mothers) with a donation of diapers, diaper wipes, shampoo, conditioner, detangler, body wash, soap, toothbrushes, toothpaste, or funds to purchase those items.

 

IN PERSON DROP-OFF

Drop off new items at my office: 2737 77th Ave SE, Mercer Island 98040 Monday-Friday 8 am-5 pm

Plus, Saturday, May 22nd from 9 am-2pm during our annual paper shredding event (because why not get your old docs shredded for free while you’re doing something great for the community?!)

 

DONATE ONLINE

Contribute funds to allow Eastside Baby Corner staff to purchase the items most needed: Donate funds directly to Eastside Baby Corner

 

SHOP ONLINE

Choose items from EBC’s Wish List of needed items (ships directly to EBC)

 

PRINTABLE FLYER

View the PDF flyer with all the details

 


 

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

© Copyright 2021, Windermere Real Estate/Mercer Island.

 

Real Estate April 14, 2021

How’s the Market? Q1 Real Estate Review…

An extreme sellers’ market, driven by too few homes for sale and incredibly low mortgage interest rates, led to the most aggressive multiple offer bidding wars we have experienced in our region. There are simply dozens of buyers for nearly every home that comes to market. To be competitive, most buyers did their home research prior to writing an offer, waived typical protective contingencies—including financing, appraisal, title, and inspection—and drained their savings and investment accounts to pay cash or fund discrepancies between the purchase price and appraised value.

 

The ability to secure a suitable home in a neighborhood of choice is a luxury not afforded to many buyers, regardless of assets. Indeed, the lack of inventory for sale and competitiveness of the market has kept many current homeowners from moving to a home that would better suit their needs or commute.

 

Home affordability, or unaffordability, is at crisis levels. Most homes are completely unaffordable to first-time buyers and moderate wage earners who are finding it increasingly difficult to work and live within King County. Snohomish and Pierce Counties are not far behind. While cities and counties are coming to the table to address this issue, the potential solutions will take years to implement and see relief.

 

Time will tell if For Sale inventory levels will increase as we move further into our peak spring season market.

 

Click or scroll down to find your area report:

Seattle | Eastside | Mercer Island | Condos | Waterfront

 


SEATTLE

Seattle’s Median Sale Price increased by 7% to $800,000 (up from $750,000 a year ago in Q1 2020). Shoreline (+11%), Lake Forest Park-Kenmore (+11%), and South Seattle (+9%) outperformed the average while West Seattle (-2%) and Queen Anne-Magnolia (+4%) lagged.

 

There was a 39% increase in the number of Seattle homes sold in Q1 (2,271) compared to Q1 2020 (1,632)—much of which can be attributed to emerging COVID concerns in 2020 coupled with increased mobility in 2021. Queen Anne-Magnolia (+91%), West Seattle (+51%), and North Seattle (+47%) had the largest increases in number of homes sold, although all neighborhoods except Lake Forest Park-Kenmore saw double-digit increases in total sales.

 

75% of all Seattle homes, and 19% of those priced above $1 million, sold at or above their listed price. The most competitive Seattle markets were Kenmore-Lake Forest Park and North Seattle, with sales in the first 10 days averaging 111% and 110% of their listed price, compared to the 107% average for all Seattle neighborhoods combined.

 

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 $1,300,000 in Q1, up 31% over Q1 2020 ($989,950). Movement of companies and households to the Eastside and the extreme lack of a supply of homes for sale were the biggest contributors to this increase. South of I-90 (+39%) saw the largest gains, while the higher-priced markets of Kirkland (+16%), Mercer Island (+17%), and West Bellevue (+22%) had the smallest year-over-year increases—although being well into the double-digits, they could hardly be considered small.

 

85% of all Eastside homes, and 59% of homes priced above one million dollars, sold for at or above their list price. With 71% fewer homes for sale than in Q1 2020, the entire Eastside market remained ultra-competitive. East Bellevue sales topped the charts with an average sale price of 112% above list price for sales occurring in the first 10 days on the market.

 

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 .3 and .6 months. Despite the limited supply of homes for sale, there was a 25% increase in the number of Eastside homes sold in Q1 (1,413) compared to Q1 2020 (1,133)—much of which can be attributed to emerging COVID concerns in 2020 and in-migration to the Eastside.

 

Eastside Recap

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

Eastside Report

 

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MERCER ISLAND

Most notable on the Island was the continued lack of affordable housing options with no sales below $1 million, and only 10 sales below $1.5 million, in Q1. High end sales dominated the market with 30 of the Island’s 64 sales of homes priced $2 million and above. Mercer Island waterfront listings remained depleted with an average of 2 waterfront homes for sale at any given time and a mere 3 sales in all of Q1.

 

Q1 saw an average of only 17 homes available for sale—an unbelievable low for a typically burgeoning Q1 on the Island. This has led to a continued ultra-competitive market for the most desirable homes, especially those offering one-level living, a main floor owner’s suite or prime waterfront.

 

A staggering 81% of all homes sold at or above their listed price and those that sold in the first 10 days (75% of all sales) closed for an average of 110% of their listed price. That increase equated to sellers receiving an average of nearly $200,000 above their listed price at Island’s median sale 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

Condos have remained an attractive and more affordable option for entry-level buyers who might otherwise rent. As single-family home markets become more competitive, condo ownership becomes a more compelling—and many times the only—option for those wishing to begin their homeownership journey.

 

While the number of single-family homes for sale has been on the decline regionally, Seattle condos experienced a 45% increase in the number of units for sale while Eastside condos saw 23% fewer units for sale compared to Q1 2020. Both Seattle (+18%) and the Eastside (+30%) saw an increase in the number of Q1 sales.

 

Seattle condos saw a 3% increase (to $476,000) and Eastside condos saw a 9% increase (to $535,000) in Median Sale Price compared to Q1 2020. Fueled by new construction townhome development, South Seattle posted a 56% increase in its Median Sale Price during that same period. On the Eastside, with townhomes providing a solid alternative to lacking single-family homes, Sammamish was a standout with a 16% increase over Q1 2020

 

51% of Seattle condos and 70% of Eastside condos sold at or above their listed price. Those that were sold in the first 10 days (35% of Seattle and 55% of Eastside sales) sold for an average of 103% of their listed price.

 

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

 

Condo Report

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WATERFRONT

With a meager combined average of only 7 homes for sale (compared to 26 in Q1 2020) Mercer Island and Eastside waterfront headlines could only read that there was nearly nothing available for sale in Q1. The Seattle market was just above typical inventory levels (with an average of 12 homes for sale compared to 10 in Q1 2020) while Lake Sammamish maintained its two-year running low of 5 homes for sale.

 

While many waterfront homes went under contract in mere days, they did not see the dramatic price escalations in Q1 that the more affordable, non-waterfront market has experienced. In fact, only one sale closed at (a fraction of 1%) above its listed price. While 4 of the 14 Q1 sales closed at 100% of their listed price, a fair amount of price negotiation was far more common.

 

This top-level overview of the entire Seattle-Eastside private waterfront market, including Mercer Island and Lake Sammamish, provides a glance into the trends occurring in our region over time. It is interesting, and insightful, but in no way replaces an in-depth analysis on waterfront value provided by a savvy broker with years of local waterfront experience.

 

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

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

Real Estate January 12, 2021

How Did Seattle Real Estate Fare in 2020?

Our local real estate market overcame all odds in the surreal and tumultuous year laid at our doorstep. Despite many economic woes, home sellers were the big winners in 2020 as too few homes for sale could not keep up with increased buyer demand, leading to the most aggressive multiple offer bidding wars we have seen in decades—and likely ever.

 

Ridiculously low mortgage interest rates—below 3% for much of the year—were the primary factor motivating buyers to purchase as monthly mortgage payments looked increasingly attractive compared to rent. Our new work-from-home environment was also a contributing factor as the desire to improve one’s current living situation became paramount to many who were now spending most of their waking hours at home.

 

The Seattle and Eastside markets operated very independently from each other as prominent tech companies announced significant expansion or relocation in Bellevue, Redmond and Kirkland and Seattle struggled with civil unrest and new employer taxation concerns.

 

Driven by buyer demand, both regions did see an increase in Median Sale Price with the Eastside up 10% and Seattle up 6% over 2019. With multiple offer bidding wars being the norm rather than the exception, 60% of all Seattle homes and 62% of all Eastside homes sold went under contract in the first 10 days on the market at an average of 104% of their listed price in both Seattle the Eastside.

 

While consumer confidence continues to be challenged by local and national events—including COVID, unemployment, racial inequality, and our political environment—the desire to secure the best home environment possible, coupled with record low mortgage interest rates, continues to fuel local buyer demand. For many, COVID has changed perceptions of what is important. More buyers are reaching for their dream home or a second home in lieu of travel and other purchases.

 

Home affordability is quickly becoming one of the most prominent emerging concerns. Most homes are now unaffordable to first-time buyers and moderate wage earners who are finding it increasingly difficult to work in higher cost communities. Expect this issue to be at the center of any housing market discussion in years to come.

 

Click or scroll down to find your area report:

Seattle | Eastside | Mercer Island | Condos | Waterfront

 


SEATTLE

Seattle’s Median Sale Price increased by 6% to $785,000 over $740,000 in 2019. North Seattle (+8%), South Seattle (+7%), and Queen Anne-Magnolia (+7%) outperformed the average while Central Seattle (+2%) and West Seattle (+4%) lagged.

 

Most notable for the year was a 15% increase in the number of Seattle homes sold in 2020 (9,632) compared to 2019 (8,362). Central Seattle (+25%) and Queen Anne-Magnolia (+21%) had the largest increase in homes sold. Lake Forest Park-Kenmore saw a decrease in the number of sales (-2%).

 

69% of all Seattle homes, and 16% of those priced above $1 million, sold at or above their listed price. The most competitive Seattle markets were Kenmore-Lake Forest Park and North Seattle, with sales in the first 10 days averaging 105% of their listed price.

 

The highest Seattle home sale was a 2014-built, 5612 square foot Washington Park waterfront home for just shy of $14.3 million and the lowest was a 1979-built, 162 square foot approved floating home in a leased slip on Lake Union (Ballard-Green Lake) for $134,000.

 

Seattle Recap

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

 

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EASTSIDE

The Eastside’s Median Sale Price was $1,021,000 in 2020, up 10% over 2019 ($930,000) with the most significant gains in the second half of the year. East Bellevue (+12%) and the Eastside south of I-90 (+11%) outperformed the average while Mercer Island (+3%) and Redmond (+3%) had the smallest year-over-year increases.

 

69% of all Eastside homes, and 34% of homes priced above one million dollars, sold for at or above their list price. The entire Eastside market remained ultra-competitive throughout the year with East Bellevue sales topping the charts with an average sale price 106% above list price.

 

The Eastside market saw Months of Inventory (the number of months it would take to sell all homes currently for sale) drop well below 1 month for most of the year and end the year with the coffers nearly empty. Despite the limited supply of homes for sale, the total number of homes sold increased slightly by 5% to 7,641.

 

The highest sale was a record-setting $60 million, 2012-built Hunts Point estate with 356 feet of waterfront and the lowest sale was a 1924-built Skykomish cabin for $130,000.

 

Eastside Recap

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

 

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MERCER ISLAND

An astounding 123, of the Island’s 332 sales in 2020, were of homes priced above $2 million. There were only 11 sales below $1 million. Mercer Island waterfront listings were virtually all but depleted in the second half of the year as buyers snapped up their dream lifestyle opportunities.

 

As the year came to an end, there were only 9 homes for sale Island-wide—a new historic low for Mercer Island three times over. This shortage of available homes on the market has led to an extremely competitive market for the most desirable homes, especially those offering one-level living, a main floor owner’s suite or prime waterfront.

 

58% of all homes, and 16% of homes priced above two million dollars, sold at or above their listed price. The highest Mercer Island sale was a $11.2 million, Forest Avenue waterfront home on the Westside with 178 feet of waterfront. The lowest sale was a $815,000 West Mercer rambler sold at land value.

 

Mercer Island Recap

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

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CONDOS – SEATTLE & EASTSIDE

Housing affordability due to ultra-low interest rates and lifestyle choices sculpted condominium ownership in 2020. Condos offered an attractive and often more affordable option for entry-level buyers who might otherwise rent. Alternatively, many buyers who might previously have chosen a condo living environment found the idea of a single-family home (if they could snag one) more compelling.

 

The concept that real estate is local applied more to condos this year than ever before. Condo stats in both Seattle and Eastside neighborhoods varied from one to the next so significantly that looking at the overview stats is almost meaningless. As a result, we’ve delved into the community details as much as possible in our market summary below.

 

NUMBER FOR SALE – While the number of single-family homes for sale has been on the decline, several condo markets experienced substantial year-over-year increases. The number of units for sale in West Bellevue (+55%), Mercer Island (+55%), Sammamish (+48%), Central Seattle (+45%), Redmond (+41%), West Seattle (+38%), and Downtown Seattle (+32%) were all up markedly over 2019. The third quarter of 2020 was the most active quarter in number of sales for every region except Bellevue and Kirkland—which had the most activity in the fourth quarter.

 

NUMBER SOLD – Downtown Seattle (+47%) and West Bellevue (+45%) both saw record increases in the number of units sold compared to 2019. While some of rise in sales can be attributed to COVID-motivated movement away from dense housing environments and urban flight, much of it was due to the final completion and closing of new construction units. South Seattle (+29%), Mercer Island (+28%), Ballard-Green Lake (+25%), and Kirkland (+23%) also saw noteworthy increases in their year-over-year numbers.

 

MEDIAN SALE PRICE – West Bellevue saw a 42% increase in year-over-year Median Sale Price, mostly influenced by the completion of the Bosa 188 project. Kirkland (+17%), Redmond (+16%), Woodinville (+16%) also saw significant Median Sale Price increases in 2020 while Downtown Seattle was the only area to see no increase from 2019.

 

% OF ASKING PRICE – 57% of Seattle condos and 65% of Eastside condos sold at or above their listed price. 38% of Seattle condos and 55% of Eastside condos sold in the first 10 days on the market for an average of 101% and 102% of their asking price, respectively. Downtown Seattle’s lack of appreciation in 2020 made it relatively more affordable and resulted in 61% of all listings selling at or above their list price.

 

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

 

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WATERFRONT

Fifteen waterfront sales topped the $10 million benchmark in 2020 as the local waterfront home market came alive amid international trends focusing on home and lifestyle. A shortage of supply in available homes for sale dominated the waterfront scene, which typically has a glut of inventory for sale, resulting in the scooping up of nearly everything on the market by the year’s end.

 

The Eastside had 46 waterfront sales, including a record-setting $60 million 2012-built Hunt’s Point estate with 356 feet of coveted waterfront. The Eastside ended the year with just 10 waterfront homes for sale from Kenmore to Kennydale.

 

Mercer Island had a good year with 31 waterfront sales in 2020 and ended the year with only 2 waterfront homes for sale, both on the east side of the Island. The highest sale was an $11.2 million Forest Avenue abode with 9,790 square feet on 178 feet of west side waterfront.

 

Lake Sammamish also enjoyed 31 waterfront sales of its own during the year. The highest sale was of an 11,750 square foot 2006-built home on the west side of the lake for $6.4 million. There were just 3 waterfront homes for sale on Lake Sammamish at year end.

 

We saw much the same story in Seattle with 43 waterfront sales in 2020 and only 8 homes for sale at the end of the year. The highest Seattle sale was a $14.3 million Washington Park home sited on 60 feet of Lake Washington waterfront.

 

This top-level overview of the entire Seattle-Eastside private waterfront market, including Mercer Island and Lake Sammamish, provides a glance into the trends occurring in our region over time. It is interesting, and insightful, but in no way replaces an in-depth analysis on waterfront value provided by a knowledgeable broker with years of local waterfront experience.

 

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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.

Community November 4, 2020

Give Back This Season

Local Charities That Would LOVE Your Help

 

In his poem, When Giving Is All We Have, Alberto Álvaro Ríos wrote,

“We give because someone gave to us.
We give because nobody gave to us.
We give because giving has changed us.
We give because giving could have changed us.”

With need especially keen this year during the pandemic, many of us are looking for ways to be “the helpers” for others. Below are some of our favorite Seattle-area organizations who are in need of time, resources, toys, and more to help improve the lives of homeless and low-income families in our area. You might also check out these tips on how to make the most of charitable giving. Together we can make the holidays a little brighter for everyone!

 


 

YOUTH CARE: Homeless Youth Off the Streets Preparing for Life

Each night in King County, almost 1,100 unaccompanied youth and young adults experience homelessness on any given night, and around 70% of these youth sleep outside because of lack of shelter or housing. Why? A national study found that over 90% of homeless youth reported family conflict and 1/4 suffered from abuse and neglect before they reached the streets. YouthCare builds confidence and self-sufficiency for homeless youth by providing a continuum of care that includes outreach, basic services, emergency shelter, housing, counseling, education, and employment training. Lend a hand by participating in the Survival Needs Drive, delivering a warm meal, donating cash or most needed items, hosting a virtual fundraiser, or hiring a YouthCare graduate.

http://youthcare.org/
(206) 694-4500
2500 NE 54th Street, Seattle

 


Northwest Harvest

Northwest Harvest’s mission is to end hunger in Washington. They partner with 375 food pantries, meal programs, and high-need schools across the state to provide nutritious food and promote good health for those in need. You can help by hosting a virtual food drive, making a cash donation, or volunteering (children age 9 and up can volunteer with you!).

http://www.northwestharvest.org/
1 (800) 722-6924
SODO Community Market Food Bank: 1915 4th Ave S, Seattle
Kent Warehouse: 22220 68th Ave S, Kent

 


http://www.marysplaceseattle.org/

Mary’s Place helps homeless women, children and families from the greater King County area. You can help by participating in their giving tree tag program now through December 11th. You can also volunteer your time, donate wishlist items, or share your used clothing, blankets, and coats.

http://www.marysplaceseattle.org
(206) 621-8474
Donation Center in SODO: 9 South Nevada St, Seattle
Mary’s Place at the Regrade: 720 Blanchard St, Seattle

 


 

Hopelink

Hopelink provides critical services to homeless and low-income families, children, seniors, and people with disabilities on north and east King County. You can help by donating food or grocery gift cards to their food bank, or making a cash donation to support their “Lend a Hoping Hand” holiday giving campaign.

https://www.hopelink.org/
(425) 869-6000
8990 154th Ave NE, Redmond

 


 

Treehouse

 

Did you know less than 50% of Washington state youth in foster care graduate from high school? Treehouse seeks to level the playing field by providing academic and other essential support foster kids need to graduate at the same rate as their peers, with a plan for their future. You can help by hosting a holiday drive, purchasing items on their holiday wish list, volunteering, or donating.

https://www.treehouseforkids.org/
(206) 767-7000
2100 24th Avenue S./Suite 200

 


 

 

With a mission to help people in need of immediate food assistance, the Emergency Feeding Program partners with 120 local agencies to distribute 42,000 meals of quality, nutritional food per week and ensure that no one will go hungry tonight. With volunteering limited this year due to COVID, your cash contribution would be most appreciated.

https://www.emergencyfeeding.org/
(425) 277-0300
851 Houser Way N, Suite A, Renton

 


Eastside Baby Corner

 

Eastside Baby Corner was founded by a local pediatric nurse concerned about the large numbers of babies in her practice who began life without basic essentials like adequate food, clothing, beds, or safety equipment. Today Eastside Baby Corner’s locations in Issaquah, Northshore and Bremerton collect, purchase, and distribute essential care items such as formula, diapers, car seats, warm coats, school supplies, and more for babies and children in need. You can help out by donating goods or cash, shopping off their wish list, volunteering or organizing a drive.

Eastside Baby Corner:
http://babycorner.org

(425) 865-0234
1510 NW Maple St, Issaquah

 


Toys for Tots

Last year, King County Toys for Tots donated 85,169 toys to 61,092 local children in need. Consider helping out this year by making a cash donation, or asking your organization to become a toy drop site.

https://fort-lewis-wa.toysfortots.org
Coordinator: GySgt Edward Chapman, 760-405-3203

**2020 toy donation locations and times to be announced**

 


Food Lifeline

Every year, nearly 40% of our country’s food ends up in landfills, while millions go hungry. Food Lifeline attempts to solve both problems by rescuing millions of pounds of surplus food from farmers, manufacturers, grocery stores, and restaurants. They then deliver this healthy and nutritious food to more than 300 food banks, shelters and meal programs across Western Washington–providing the equivalent of 116,000 meals every day for hungry children, adults and seniors. You can help by volunteering (opportunities are available for kids as young as 6, too!), donating funds or hosting a food drive.

https://foodlifeline.org/
(206) 545-6600
815 S 96th St, Seattle

 


See the source image

Wellspring helps low-income and vulnerable individuals, children and families in Seattle and King County address issues such as mental health, family homelessness, early learning, basic needs, and domestic violence intervention. Each year they help thousands of children and families break cycles of instability, homelessness, and adversity to achieve positive, permanent change. You can help by donating to their Giving Together holiday campaign or getting your children involved in the Kids Helping Kids youth philanthropy program.

http://wellspringfs.org/
(206) 826-3050
1900 Rainier Avenue South, Seattle

 


 

Seattle Children's Hospital Research Foundation

 

Founded and run by a group of philanthropic women over 100 years ago, Seattle Children’s mission is to provide hope, care and cures to help every child live the healthiest and most fulfilling life possible. You can help their patients by donating a new toy or gift card, volunteering, contributing funds, or supporting one of its guilds (such as the Project Kids Cancer Cure Guild).

http://www.seattlechildrens.org
(206) 987-2000
4800 Sand Point Way NE, 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 2020, Windermere Real Estate / Mercer Island

Real Estate October 20, 2020

Q3 2020 Reports: Market Update

Q3 Market Update for Seattle/Eastside

 

The volume of Q3 transactions made up for Q2’s fewer sales and then some. Truth be told, the market could have absorbed twice the number of transactions, if only there were more homes on the market to sell. Too few homes for sale is the defining character of the Q3 Seattle region real estate market as evidenced by multiple offer bidding wars being the norm rather than the exception. Nearly 66% of all homes sold went under contract in the first 10 days on the market at an average of 103% of their listed price in Seattle and 105% of that price on the Eastside.

 

As predicted by Windermere’s chief economist, Matthew Gardner, the second half of 2020 is indeed shaping up to be the brightest spot in our local economy. While consumer confidence continues to be challenged by local and national events—including COVID, unemployment, racial inequality, and uncertainty around the presidential election—the desire to secure the best home environment possible coupled with ridiculously low mortgage interest rates continue to fuel local buyer demand.

 

In addition to typical real estate activity, new and changing home needs (especially for those working virtually with children) have driven many to question the adequacy of their current living situation. This has added to the already significant buyer demand we are experiencing. For many, COVID has changed their perception of what is important. More buyers are reaching for their dream home or a second home in lieu of world travel and luxury goods.

 

As demand drives up local home prices further, affordability is quickly becoming one of the most prominent emerging concerns. Currently only a sliver of homes are considered affordable to first time buyers at their projected median income. Teachers, first responders, and critical infrastructure workers that keep our region going are finding it increasingly difficult to work in higher cost communities. Will our children be able to buy a home in the Seattle region? Not unless something changes to create lower cost housing options. One does not need a crystal ball to see that this problem will get worse when mortgage interest rates increase closer to their norms. Expect this issue to be at the center of any housing market discussion in years to come.

 

Click or scroll down to find your area report:

Seattle | Eastside | Mercer Island | Condos | Waterfront

 


SEATTLE

Seattle’s median sale price increased by 3% (to $800,000) over Q2 ($780,000) and by 7% over Q3 2019 ($749,000). Neighborhoods to the north experienced the largest increase in median sale price with Kenmore-Lake Forest Park (+10%) and Shoreline-Richmond Beach (+8%) over Q2. In addition, Queen Anne-Magnolia, North Seattle, Shoreline-Richmond Beach, and South Seattle all saw double-digit increases over Q3 of 2019.

 

71% of Seattle homes (all price points), and 18% of homes priced above $1 million, sold at or above their listed price. The most competitive Seattle markets were Kenmore-Lake Forest Park and North Seattle, with sales in the first 10 days averaging 107% and 106% of their listed price, respectively.

 

There were 50% more Seattle home sales in Q3 (2,929) than in Q2 (1,956) and 29% more sales than in Q3 of 2019 (2,279).

 

The highest Seattle home sale was a 2014-built, 6400 square foot Laurelhurst (North Seattle) waterfront home for just shy of $11.5 million and the lowest was a 1982-built, 240 square foot approved floating home in a leased slip on Lake Union (Ballard-Green Lake) for $187,500.

 

Seattle Recap

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

 

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EASTSIDE

The Eastside median sale price broke the million-dollar barrier, coming in at $1,025,100 in Q3, up 7% over Q2 ($958,000) and 11% over Q3 2019 ($925,000). Kirkland-Bridle Trails (+18%) and the Eastside South of I-90 (+10%) performed best over Q2. while Eastside South, East Bellevue, West Bellevue, and East Lake Sammamish all saw double-digit increases over Q3 2019.

 

67% of Eastside homes, and 32% of homes priced above one million dollars, sold for at or above their listed price. The most competitive Eastside markets were East Bellevue, Mercer Island and Redmond-Carnation, with sales in the first 10 days averaging 105%, 104% and 104% of their listed price, respectively.

 

There were 56% more Eastside home sales in Q3 (2,448) than in Q2 (1,570) and 19% more sales than in Q3 of 2019 (2,055).

 

The highest sale was a $23.5 million 1908-built Hunts Point estate on 1.59 acres sold off-market and the lowest sale was a 1960-built Stossel Creek fixer without documented well or septic on 4.79 acres in Duvall for $235,000.

 

Eastside Recap

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MERCER ISLAND

Of Mercer Island’s 113 Q3 sales, all but two were for over $1 million and 41 were above $2 million. There were 14 sales above $3 million in Q3, compared to only 4 in Q2.

 

As the quarter came to an end, there were only 35 homes for sale compared to 75 in Q3 2019. This shortage of available homes on the market has led to an extremely competitive market for the most desirable homes, especially those offering one-level living or a main floor owner’s suite.

 

58% of all homes, and 16% of homes priced above two million dollars, sold for at or above their listed price.

 

The highest Mercer Island sale was a $10.2 million, Faben Point waterfront home. The lowest sale was a $925,000 North End fixer sold at land value.

 

Mercer Island Recap

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CONDOS – SEATTLE & EASTSIDE

The number of Seattle condos for sale has increased markedly, and while the pace of sales is up, it is nonetheless struggling to keep up with the volume of condos coming to market. Condos fared well overall with a median sale price up by 5% (to $479,925) over Q2 ($455,000) and by 9% over Q3 2019 ($438,500). Condos in Shoreline-Richmond Beach, Queen Anne-Magnolia, and South Seattle experienced double-digit increases in median sale price while the Downtown-Belltown median sale price was 6% lower than Q2.

 

54% of Seattle condos (all price points), and 4% of those priced above $1 million, sold at or above their listed price. 48% sold in the first 10 days on the market. There were 68% more Seattle condo sales in Q3 (784) than in Q2 (468) and 11% more sales than in Q3 of 2019 (706).

 

On the Eastside, the median sale price was down 5% to $499,950 in Q3 following a record setting Q2 ($525,000), but up 6% over Q3 2019 ($471,000). Condos in Kirkland-Bridle Trails (+13%) and West Bellevue (+11%) saw increases in median sale price while the Eastside South of I-90 (-15%) and East Bellevue (-17%) saw declines from Q2.

 

60% of Eastside condos (all price points), and 3% of those priced above $1 million, sold at or above their listed price. 49% sold in the first 10 days on the market. There were 72% more Eastside condo sales in Q3 (755) than in Q2 (440) and 17% more sales than in Q3 of 2019 (643).

 

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

 

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WATERFRONT

Waterfront rebounded in a big way in Q3 with record setting sales velocity. The Eastside had more sales this quarter (18) than the last three prior quarters combined. The supply of inventory fell to 3 months (from an average of 10 months of supply) with only 16 waterfront homes for sale at quarter end. Lake Sammamish posted 14 sales after a sleepy prior four quarters with a combined total of 14 sales. For sale inventory is in step with the Eastside at 3 months of supply (from an average of 5 months of supply).

 

Mercer Island saw 12 waterfront sales in Q3, a sharp increase from its average of five sales per quarter. With only 8 waterfront homes on the market, Mercer Island’s available inventory fell from an average 12 months to just 2 months of supply. Seattle posted 12 sales, maintaining its typical pace of sales. There were 17 waterfront homes for sale at the end of Q3 and Seattle’s for sale inventory remained a steady 4 months of supply.

 

The highest sale was a $23.5 million 1908-built Hunts Point estate on 1.59 acres sold off-market with 138 feet of premium Lake Washington waterfront. The most affordable was a $1.1 million Holmes Point home built in 1928 with 36 feet of waterfront on the lake.

 

This top-level overview of the entire Seattle-Eastside private waterfront market, including Mercer Island and Lake Sammamish, provides a glance into the trends occurring in our region over time. Interesting, and certainly insightful, it in no way replaces an in-depth analysis on waterfront value provided by a savvy broker with years of local waterfront experience.

 

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© Copyright 2020, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and deemed accurate but not guaranteed.