Overall, the Seattle-Eastside waterfront market showed a resurgence of activity in Q1 with highly desirable properties (moderate topography, easy access, prime exposure and waterfront quality, etc.) transacting most quickly and at strong prices while homes lacking those essential qualities are passed over or sold at very negotiated prices.
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%).