Q2 Reports: Seattle | MI | Eastside

Seattle Report

With rent prices increasing at an even faster pace than home appreciation, it’s no wonder so many residents are opting to own rather than rent.

Monthly housing costs increased a modest 2% in Q2 over those in Q1 and 12% over Q2 of 2015.

Seattle experienced very strong price appreciation in Q2 as compared to the surrounding region.

Affordable North Seattle continues to be a hotbed of activity with price increases to show for it.

North Seattle (20.9%) saw the highest gain in year-over-year median sale price, followed by Madison Park-Capitol Hill (18.6%), Queen Anne-Magnolia (16.1%), Richmond Beach-Shoreline (14.4%), Lake Forest Park-Kenmore (14%), West Seattle (13.5%), Ballard-Greenlake (13%), and Mount Baker-Beacon Hill (11.6%).

Mercer Island Report

On the tails of a massive increase in values in Q1, Mercer Island saw a more moderate Q2.

The Island’s median sale price rose a mere .4% over Q2 of 2015.

An increase in the number of homes for sale was heavily weighted toward those priced above $2 million.

Tapered buyer demand, coupled with a surge of inventory in the high end, caused the two-million and above market to stagnate somewhat—resulting in one of the strongest buyer-favored market segments in the region.

This transition in the higher end of the market overshadowed solid price gains at more modest price points.

A shortage of turnkey homes priced below $1.5 million has driven prices on the hottest properties up to record levels.

Cash offers, pre-inspections, and release of buyer funds on offer acceptance became the norm in the sub $1.5M market segment.

Eastside Report

The Eastside continues to be a hub of activity as more and more residents infiltrate the area—driven in large part by the expansion and migration of many prominent companies.

Monthly housing costs increased 6% in Q2 over those in Q1 and 16% over Q2 of 2015.

While most areas continue to be dominated by a seller-favored environment, balanced markets are beginning to emerge.

Time will tell whether enough new inventory will finally bring the much needed balance into our market.

Woodinville (18.7%), South Bellevue (14.6%), and East Bellevue (13.3%) showed the strongest year-over-year median sale price gains in Q2 while Mercer Island (8.7%) and Redmond (9.7%) were the most conservative. West Bellevue (12.1%), Kirkland (11.7%), and East Lake Sammamish (11.2%) held the middle ground.


Find Q2 Market and Waterfront Reports here.