Driven by a continued strong seller’s market, Seattle’s Median Sale Price was up 8.3% over Q1 2016.
The communities of Richmond Beach-Shoreline and Lake Forest Park-Kenmore were on fire in Q1. Their Median Sale Prices were up 18.9% and 24.7%, respectively, over Q1 2016. Representing an affordable region north of Seattle with many local amenities and a reasonable commute, it’s no wonder this area has been favored by local home buyers. Accessible to downtown without tolls, these neighborhoods are also an attractive alternative to communities located further out on the Eastside. North Seattle, while still a very popular region, showed the smallest gain—but of note is that it falls on the heels of exponential growth in 2016 and some moderation in its gains are a good sign of a healthy real estate market.
Overall the Median Sale Price change Q1 2016 to Q1 2017 stacks up as follows: West Seattle (7.6%), Mount Baker-Beacon Hill (10.0%), Madison Park-Capitol Hill (7.9%), Queen Anne-Magnolia (11.6%), Ballard-Greenlake (9.9%), North Seattle (4.9%), Richmond Beach-Shoreline (18.9%), and Lake Forest Park-Kenmore (24.7%).
Mercer Island Report
Mercer Island remains a tale of two markets, with homes below $1.5 million seeing significant price growth while the higher-end market is relatively stagnant.
Caused by a severe shortage of homes priced below $2 million dollars and several significant high-end sales, the Average Sale Price on Mercer Island increased 22.3% (to $2,174,039) over Q1 of 2016 while the Median Sale Price increased a mere 1.6% (to $1,625,000). As buyers competed for the very few homes for sale, especially below $1.5 million, Mercer Island’s more moderate priced homes saw the biggest benefit of that gain while many of the higher price points saw little to no change.
The Average Cost Per Square Foot, another indicator of value, increased 20% during the same period. The highest sale in Q1 was a Westside waterfront home sold for $8,205,000 and the lowest sale was a mid-Island 1958-built rambler for $935,000.
Driven by a continued strong seller’s market, the Eastside’s Median Sale Price was up 15.2% over Q1 2016.
Appreciation on the Eastside soared ahead of that in Seattle—a rare occurrence given Seattle’s red hot market and the Eastside’s higher price point. Leading the charge was the South Bellevue-Issaquah corridor at 24.5%, followed by the Redmond-Carnation area at 21.6% over Q1 of 2016. Previously housing some of the Eastside’s larger lots and more affordable homes, these sought-after neighborhoods, coupled with the Woodinville region, have definitely grown up and brought their land values along for the ride.
The Median Sale Price change Q1 2016 to Q1 2017 breakdown is as follows: Eastside South of I-90 (24.5%), Mercer Island (1.6%), West Bellevue (17.2%), East Bellevue (9.7%), East Lake Sammamish (18.9%), Redmond (21.6%), Kirkland (4.7%), and Juanita-Woodinville (13.2%).