Q1 Reports: Seattle | MI | Eastside

Seattle Report

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%).

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2016 Condo Report

Seattle area condos saw the annual median sale price increase by 13.3% over 2015, while Eastside condos rose 16.0%. Both regions experienced stronger appreciation in condos than in single-family homes—an early indicator that affordability is becoming a factor for local home buyers and evidence that millennials have entered the market in force.

Downtown Seattle-Belltown had the most sales volume in the Greater Seattle-Eastside region with 933 units sold in 2016. An extreme shortage of condos available indicates 2017 will remain a strong seller’s market for Seattle-Eastside region condos.

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