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How’s the Market? Q1 2026 Review of Seattle Area Real Estate
Across the region, median sales prices were lower than we saw at this time last year. The likely cause: more homes are hitting the market, but buyers (rattled by rising rates, layoffs, and an uncertain economy) aren’t keeping pace. That being said, we are still seeing many homes sell in their first 10 days on market with the choicest homes drawing multiple offers and selling above the asking price. The market is complex and every home is different…part of my job is to look beyond the averages to get a clearer understanding of what is happening at the neighborhood level.
Despite the push in interest rates, it continues to be a good time to invest and find the right home! Buyers who are up-sizing have a special advantage when prices dip since the money they save on their purchase often exceeds the lower ROI from their sale.
Click or scroll down to find your area report:
Seattle | Eastside | Mercer Island | Condos | Waterfront
SEATTLE
When you look past the overall data, Seattle real estate is firing on all cylinders. Even though the median price is down YOY from $958,000 in 2025 to today’s $920,000 the actual median price point is hot, in city. We’re hearing tales of multiple offers in the $800,000-$1,200,000 price range from all corners of the core Seattle neighborhoods. 67% of homes sold for at or above list price, those that sold above sold for 104% (median) over list! The entire market average list to sales price is 101%, which bodes well for gains YOY in Q2.
West Seattle and Madison Park seem to be carrying the market, the only two neighborhoods to post stable or even a modest gain in price. Maybe not so ironically, Shoreline and Lake Forest Park saw among the highest gain in overall sales volume but also the biggest losses in median price at 10%. Shoppers are savvy and know when they’ve found a deal.
While our market is facing existential pressure from things like rising interest rates, war, and talks of recession; the city hasn’t looked this beautiful in years as officials prepare for World Cup festivities in a few months. There is always a bright side, and homebuyers appear to be seeing the silver lining as they consider their long-term investment plans. If you’ve thought about selling your home in 2026, we think this could be a great year: sales are happening, 55% within the first 10 days.
Click here for the full report and neighborhood-by-neighborhood statistics!
EASTSIDE
While median prices across the Eastside fell from $1,678,000 in Q1 2025 to $1,520,000, this quarter there are still bright spots. Namely, West Bellevue whose median price jumped 23% YOY. Though while the total number of sales were up in nearly every Eastside city, West Bellevue’s 36% dip drug the market down to report flat total sales: 966 at the end of Q1 2026 compared to 969 in the same period last year.
Mercer Island reported a region-wide high gain in average price per square foot at 14%, and West Bellevue was not far behind at 2%. All other neighborhoods had dips, topped by Redmond which fell 10%.
New listings rose 20% YOY, and this could mean many things but we think the two most likely are: home sellers got a head start in 2026 (we predict fewer new listings in Q2 than last year when new inventory nearly doubled from one quarter to the next) OR everyone else is as bullish about the market as we are. List to sales price ratios are at 99% on average and 51% of homes sold in the first 10 days. If you find the right home, don’t be afraid to jump.
Click here for the full report and neighborhood-by-neighborhood statistics!
MERCER ISLAND
Island real estate seems to be off to a slow start in 2026 with median prices slipping YOY from $2,937,000 in 2025 to $2,370,000 in 2026. This is likely due to a spike in the months of inventory: 4.7 up from 2.9 last Q1. The months of inventory is a barometer for which way prices trend. High inventory = falling prices, supply/demand. That said, 60% of all homes sold for at or above list price and 63% sold in the first 10 days. Both of these numbers are indicators that homeowners are pricing to sell.
The condo market appears to be healthy this spring. Even though there are only 8 total sales that number is up a whopping 60% YOY. Median price is down 33%, but this is a rounding error with only 8 data points this year and 5 last year. A better indicator of market health is a 2.2 months supply of inventory, which is outpacing pretty much any segment of the market!
While our market is facing existential pressure from things like rising interest rates, war, and talks of recession; Mercer Island is now the “Bridge” in a whole new way with light rail open from Seattle to the Eastside. It will be interesting to see how this fun change affects the market as a whole.
Click here for the full report and neighborhood-by-neighborhood statistics!
CONDOS – SEATTLE & EASTSIDE
Seattle condo sales are up 8% over Q4 2025, an incredible seasonal boost. Though, the median price is down 6% YOY to $596,000. 25% of listed condos sold in the first 10 days and 48% of all condos sold for at or above list price. This tells us that agents and homeowners are tuned in to what a homebuyer in today’s market expects.
On the Eastside it’s a very similar story. Inventory is at 5.1 months. Meaning: at the current pace of sales, if no new listings came on the market, it would take nearly half a year to sell through the current inventory. That’s the highest since before 2020, the six year low was Q4 of 2021. Prices seem to reflect this, with an 11% dip in median home price down to $655,000 from Q1 2025: $740,000.
If you’ve thought about selling your condo in 2026, prepare for a highly saturated market where you’ll need to whip your unit into tip-top shape and price competitively to attract buyers. Inventory is up a combined 5%, while sales are down 21%. This is a big gap that will definitely create downward pressure on pricing if the gap between demand and supply widens. If you have the luxury to wait and watch, that might be your best option. If you’ve thought about buying, this is an excellent year to consider your options. Just remember, if you find the right nest and it hasn’t been on the market long: jump in! The good ones don’t last.
Check out area-by-area details in the full condo report.
WATERFRONT
Seattle and the Eastside both had fewer waterfront sales this quarter than we saw in Q1 of 2025, whereas Lake Sammamish posted the same number of sales and Mercer Island saw a boost. The vast majority of homes sold at or below their listed prices with the exception of one mid-century Magnolia home on 75 feet of waterfront that garnered over $300k above and beyond its original asking price.
The highest sale was in Hunts Point at $17+ million for a stunningly reimagined English Tudor on 3/4-acre with extensive waterfront. The most modest sale was in Rainier Beach: an original 1980 home on 50 feet of waterfront that went for $1,640,000.
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 with your trusted professional.
View the full waterfront report
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 2026, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and Trendgraphix, and deemed accurate but not guaranteed.
Seattle report cover photo courtesy of The Sirianni Group; and Andrew Webb, Clarity NW Photography.
Eastside report cover photo courtesy of Tori Franzen; and Michael Tilzer Photography.
Mercer Island report cover photo courtesy of Julie Wilson; and Chris Neir, Clarity NW Photography.
Condo report cover photo courtesy of Marianne Parks; and Christopher Cooper, Clarity NW Photography.
How’s the Market? Q1 2025 Review of Seattle Area Real Estate
Q1 started the year off strong for Seattle-area real estate with the majority of homes selling in the first 10 days on the market and for at or above their listed prices. Median sales prices were also up compared to Q1 of last year. Buyers enjoyed more choice with new listings outpacing sales, steadily increasing our supply of available homes for sale.
What the numbers don’t show yet is that the spring market sprang early, in January and February; now that prime inventory is hitting the market, demand appears to be waning. Our advice to Home Shoppers: don’t take any chances. Just because the last new listing didn’t sell in a competitive situation, doesn’t mean the next one won’t. If you love the home, act with confidence. Our advice to Home Sellers: don’t take any chances. Prep well, price appropriately, and take that first buyer seriously. It’s unpredictable out there.
Click or scroll down to find your area report:
Seattle | Eastside | Mercer Island | Condos | Waterfront
SEATTLE
The Seattle real estate market continues to show encouraging signs of strength and stability as we step into 2025. Median home prices rose 6% year-over-year to $960,000, building on the 9% increase we saw in Q1 2024 and rebounding from $830,000 in Q1 2023. That’s a remarkable $130,000 gain in just two years. Inventory is also trending in the right direction, with 2,293 new listings this quarter—up 14% from Q1 2024 and significantly higher than the 1,958 new listings in Q1 2023. It appears that need is outweighing the pull of a sub 3% interest rate when considering whether or not to make a move.
Momentum is visible across several neighborhoods. West Seattle, for instance, saw 75% of homes sell at or above list price (up from 71% last year and 70% the year before), while North Seattle maintained its reputation for competitive sales—70% sold at or above list and 66% sold in the first 10 days. Madison Park & Capitol Hill remained a strong performer with an impressive median price of $1,100,000; holding steady year-over-year after a 10% jump last year.
Citywide, 71% of homes sold at or above list price—up from 69% in Q1 2024—and the average price per square foot increased to $580, up 2% from last year. Quick market movement also continues to be a theme, with 62% of homes going pending in the first 10 days.
Click here for the full report and neighborhood-by-neighborhood statistics!
EASTSIDE
The Eastside market continues its upward momentum, with a 5% year-over-year increase in median sale price to $1,680,000 in Q1—building on the 14% jump reported in Q1 2024 and the remarkable recovery from Q1 2023’s $1,400,000 low. This marks a $280,000 increase over two years, a clear signal of sustained buyer demand and market strength.
Homes are moving quickly, with 69% selling in the first 10 days—up from 65% last year. Additionally, 72% of homes sold at or above list price, improving consistently from 68% in 2024. East Bellevue (E of 405) stood out with 83% of homes selling in the first 10 days and a 10% jump in median price—continuing its leadership in market competitiveness in recent years.
We also saw notable activity in Redmond, where sales rose 10% and 75% of homes sold in the first 10 days. Kirkland held strong as well, with an 8% increase in median price to $2.21M after last year’s 32% gain. And despite West Bellevue’s sharp 18% price dip, it remains one of the most valuable submarkets with a median price of $3,200,000.
The listing count jumped 21% year-over-year, with 1,833 homes hitting the market—finally turning a corner after multiple years of historically low inventory. Overall average price per square foot also increased 4% to $699.
Click here for the full report and neighborhood-by-neighborhood statistics!
MERCER ISLAND
Mercer Island’s real estate market launched into 2025 with remarkable momentum. Median sale prices surged 17% year-over-year to $2,937,000—outpacing both Q1 2024’s 13% growth and 2024’s full-year 11% rise. This continued appreciation reflects strong buyer demand and an increase in high-value transactions across neighborhoods like Southend and Northend, which posted some of the highest median sales at $4,401,000 and $4,012,000 respectively.
While total sales volume declined by 21% from Q1 2024, due in part to seasonally low inventory, the market remained highly competitive. Over half (53%) of homes sold within the first 10 days—down from 73% in Q1 2024 but still a strong indicator of buyer urgency. Likewise, 47% of homes sold at or above list price, a notable drop from last year’s 65%, but consistent with Q1’s evolving pace as buyers exercise more discretion amid shifting macro conditions.
Inventory began to bounce back with 66 new listings—12% more than Q1 2024—signaling renewed confidence from sellers. Price per square foot rose modestly by 4% to $846, continuing the stable value trend seen in prior quarters.
Click here for the full report and neighborhood-by-neighborhood statistics!
CONDOS – SEATTLE & EASTSIDE
The condo market is off to a strong and balanced start in 2025. With a 15% year-over-year increase in Seattle’s median condo price—now at $635,000—and a 9% increase on the Eastside to $735,000, it’s clear that confidence is returning to this sector. Seattle posted a 19% rise in condo sales, while Eastside transactions grew 15%, building on the momentum established last year. Go Seattle Go! We’re always rooting for downtown condo recovery.
Woodinville condos were the breakout stars this quarter, with a remarkable 108% rise in median sale price and 41% more units sold. Likely due to new construction projects in wine country. Redmond followed suit, reporting a 27% price jump and 36% growth in volume. Meanwhile, West Bellevue remains the most expensive submarket at $1,045,000, despite some pricing fluctuations. Seattle’s North End also had a strong showing, with prices up 3% and more than half of condos selling at or above list price.
In terms of competitiveness, Mercer Island stood out with 80% of its (5) sales happening in the first 10 days—up from 52% last year. This level of demand echoes across the Eastside, where 44% of homes sold within 10 days, up from 39% last year. Seattle mirrored this pace with 35% selling in the first 10 days.
Inventory has expanded as well. New condo listings rose 34% over last year, providing buyers with more choice while keeping upward pressure on prices. The condo market is proving to be as unpredictable as all things in the US today. There are certainly bright spots and it we are cautiously optimistic that Home Shoppers are considering condos a realistic option, unlike years past.
Check out area-by-area details the full condo report.
WATERFRONT
Seattle led the pack with 10 waterfront sales in Q1 of 2025, including the highest sale in the region—an immense 15,321 square foot Magnolia home on over 3 acres and 293 feet of waterfront that sold for $21,500,000. All but 3 of Seattle’s waterfront homes sold within the first 10 days on the market with one Lake Forest Park home going for $160,000 above the asking price.
The Eastside also posted some impressive Q1 sales, including a $16m Hunts Point sanctuary and a $13.125m Italian-inspired stunner at Mercer Island’s southern tip. The most modest waterfront sale was an original 1968 beach house on 58 feet of lakefront in Bellevue that sold for $1,750,000.
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 with your trusted professional.
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 2025, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and Trendgraphix, and deemed accurate but not guaranteed. Seattle cover photo courtesy of Brooke Davis and Northwest’s Best Real Estate Video & Photography. Eastside cover photo courtesy of Joe C. Liu and Clarity Northwest Photography. Condo cover photo courtesy of Andrea Iverson and Andrew Webb, Clarity Northwest Photography.
How’s the Market? Q1 2024 Review of Seattle Area Real Estate
The Seattle/Eastside real estate market is hot and the Q1 stats support the claim; most homes sold in the first 10 days and either at or above their listed prices. Eastside median sales prices saw double-digit gains of 14% compared to this time last year, while Seattle was close behind with a 9% price bump. We saw more new listings this year than in Q1 of 2023; however, this was not enough to tip the scales and we remain staunchly in a seller’s market for the foreseeable future. The good news for buyers is that interest rates have stabilized and more sellers are jumping off the fence to list their homes. Competition for prime properties will remain high, however, so buyers should be prepared to take a leap of their own when the right home presents itself.
Click or scroll down to find your area report:
Seattle | Eastside | Mercer Island | Condos | Waterfront
SEATTLE
It’s safe to say the spring market hit early in Seattle! We’ve seen a 9% rise in median home price and 69% of listings selling at or above list price, all while interest rates are in the mid 6s. We are bullish on the year to come. Overall sales are down 3% YoY, which is slightly troubling because Q1 2023 saw a 28% dip from the previous year. If you dig a little deeper it seems that the north end (Kenmore and Lake Forest Park) saw a 42% reduction in overall sales with a 30% increase in median price.
Prices are up across the board. The largest jumps in median price are in Lake Forest Park and North Seattle (30% and 23% respectively), while the highest $/sq.ft. jumps were in Madison Park and South Seattle. 56% of all homes on the west side sold in the first 10 days and for an average of 105% of list price. This is a great indicator that the market will continue to be strong in Q2.
The total number of new listings remains relatively low in the city, when compared with years past. This is to be expected as current homeowners stay put to enjoy their cozy sub-3% interest rates. We hope that equity will begin burning holes in their pockets soon—the market could use the inventory. If you’ve been thinking about buying, this could be your year! Get pre-approved and be ready to jump when you see the right home come available.
If you’ve thought about selling your home, it may be a good year to do so. As is typical in the early stages of appreciating cycles, buyers are brought off the fence by “the house” popping up—and they’re paying premiums for cream puff properties. Interest rates have stabilized and experts say they may become even more favorable as the year progresses. Check with your agent about your own unique situation.
Click here for the full report and neighborhood-by-neighborhood statistics!
EASTSIDE
The numbers are in and the statistics reflect what agents and consumers have felt thus far in 2024—the market is hot. Median home prices on the greater Eastside are up 14%. 65% of all listed homes sold in the first ten days for an average of 105% of list price. The communities that have posted the largest gains are Kirkland and the area South of I-90 (32% and 21%). Redmond and West Bellevue reported much more conservative median price increases at 4%. The total number of pending homes was up 18% YoY, which bodes well for continued price gains.
If you’re in the market to purchase a home on the Eastside we are hopeful for more inventory this year. Even though rates are still nowhere near their all-time lows, which was the anecdotal explanation for lack of inventory in 2023, it seems that a Q1 sales boom is enough to help potential home sellers feel bullish on 2024. This means you can also expect competition for the prime properties. Our best home buying advice: do your research, act with confidence, and remember real estate is a long-term investment.
If you’re a homeowner thinking about a home sale in 2024, Q2 could be the perfect time. Shoppers are out in droves and they’re prepared to pay top dollar for quality product. The steep jump in median home price should continue at least into Q2. The only threat in Q3 and Q4 is what could shape up to be a distracting election cycle. Though, the election year is likely what is keeping downward pressure on rates. Our best home selling advice: follow your agents’ guidance on timing as it’s sure to be a volatile year. Prep hard and price conservatively. It will all work out in your favor.
Click here for the full report and neighborhood-by-neighborhood statistics!
MERCER ISLAND
What a difference a year makes! In Q1, Mercer Island’s median sale price is already up 13% over a relatively flat year in 2023, rising from around $2,200,000 to $2,520,000. We’re seeing shorter market times and multiple offers; spring has sprung on the Island. With 59 new listings and 37 closed sales inventory appears to be tracking with what we’ve seen in Q1 in years past. That said, condos continue to lag behind single family: only 6 closed sales all quarter. The average price per square foot is $535—about where it’s been tracking since it jumped from $485 in Q1 of 2021. Not a lot of shocking change here.
If you’re in the market to purchase a home on Mercer Island you can expect better inventory this year than last year. Even though rates are still nowhere near their all-time lows, which was the anecdotal explanation for low inventory in 2023, it seems that a Q1 sales boom is enough to help potential home sellers feel bullish on 2024. This means you can also expect competition for the prime properties. Our advice: do your research, act with confidence, and remember real estate is a long-term investment.
If you’ve been thinking about selling your home to upgrade or downsize, Q2 could be the perfect time. Shoppers are out in droves and they’re prepared to pay top dollar for quality product. The steep jump in median home price should continue at least into Q2. The only threat in Q3 and Q4 is what could shape up to be a distracting election cycle. That being said, the election year is likely what is keeping downward pressure on rates. Our advice: follow your agents’ guidance on timing as the situation develops this year. Prep hard and price conservatively. It will all work out in your favor.
Click here for the full report and neighborhood-by-neighborhood statistics!
CONDOS – SEATTLE & EASTSIDE
It seems a healthy start to 2024 in the condo market. While the Q1 of 2023 numbers were down across the board, Q1 of 2024 is looking up with a combined rise in price of 15% and 34% more fresh new listings (YoY).
On the Eastside there were 202 active listings available at the end of the quarter, while 501 homes accepted offers during the quarter. This was the highest number of pendings in one quarter in the last two years! To real estate professionals, “pendings” are the canary in the coal mine of the market. A spike in pendings is a predictor that the market is heating up.
In Seattle new listings doubled from Q4 2023 (534) to Q1 2024 (1019), while pendings and solds are up 20% YoY. If you’re shopping for a condo, keep an eye out for enticing new inventory in Q2. 42% of Seattle condos sold in the first 10 days and for 100% of the list price. 44% of condos took more than 30 days to sell, though they still commanded 97% of their list price. To me this means that pricing is more important than ever in determining your outcome.
Now it’s time for me to stand on the home ownership soap box. There seem to be a lot of headlines about the unaffordability of single family homes. While there is no denying how expensive it is, there is a missing piece to the story: at some point during the prolonged period of “cheap money” first time buyers forgot about the first rung of the property ladder. CONDOS create an affordable option to start building wealth at a younger age. It’s an important real estate product that has been overlooked. We are hopeful that enterprising young homeowners return to the condo market in droves this next real estate cycle.
Check out area-by-area details the full condo report.
WATERFRONT
Seattle and the Eastside each had 6 waterfront sales in the first quarter, with 4 out of the 6 sales for both areas closing at or above the listing price (including one unlisted sale). All of the Eastside’s listed sales were on the market for only 8 days or less. Lake Sammamish was close behind with 5 sales (however 4 out 5 sales went below the asking price) and Mercer Island lagged behind with just 1 sale. Medina boasted the largest waterfront sale, a newer home on 117 feet of lakefront with a mind-blowing 13,590 interior square feet and 1.5 acres of grounds. The most modest sale was for a Lake Forest Park home on just 40 feet of waterfront—it sold almost immediately for 7% above its asking price.
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 with your trusted professional.
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 2024, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and Trendgraphix, and deemed accurate but not guaranteed. Seattle cover photo courtesy of Brooke Davis and Emerald City Snap. Eastside cover photo courtesy of Team RAREnorthwest and Clarity Northwest Photography. Mercer Island cover photo courtesy of Nancy LaVallee and Clarity Northwest Photography. Condo cover photo courtesy of Michael Fleming and Clarity Northwest Photography.
How’s the Market? Q1 2023 Review of Seattle Area Real Estate
The first quarter of 2023 saw a price correction compared to last year’s spike, with year-over-year median prices down by 9% in Seattle and 14% on the Eastside. That being said, prices are already beginning to climb again with steady growth since the beginning of the year. Buyer demand remains strong despite higher interest rates—competitively priced, well-presented homes are still fetching multiple offers.
Click or scroll down to find your area report:
Seattle | Eastside | Mercer Island | Condos | Waterfront
SEATTLE
For those who purchased a home in Seattle this quarter, it likely felt like there were more options and inventory with a minor rebalance on price. While transactions were down 28% year over year, we also saw median sales price was down from $925,000 to $830,000 since last quarter, which is a 9% adjustment. A down correction in pricing gave relief to buyers feeling the pinch and stress of rising interest rates to 6.5%. Rates have doubled the past 1.5 years but, considering the limited supply of homes for sale, the drop in home prices hasn’t been severe.
Neighborhoods like Lake Forest Park saw growth in their number of transactions (up 15%); other neighborhoods like Madison Park and Capitol Hill had nearly half the homes for sale compared to last year. It’s no surprise that as interest rates rise and affordability changes, buyers are casting a wider net to other parts of Seattle to the north. Keep an eye on neighborhoods like Shoreline, Kenmore and Lake Forest Park. Desirable prices paired with accessible transit is a bonus for those who are being asked to return to the office.
Multiple offers are apparent in some neighborhoods (price & presentation is key!) and we did experience 30% of homes sell above their listing price. If the shortage of inventory remains and interest rates drop slightly, we could see the frequency of multiple offers increase.
Click here for the full report and neighborhood-by-neighborhood statistics!
EASTSIDE
The Eastside was struck by job layoffs in the tech sector, rising interest rates and new property listings (28% more homes than last quarter!) but pending sales remained low compared to the previous year. Transaction volume was much like Seattle’s, with a decline of 22%. Mercer Island was the only community that stayed steady (no increase) in the number of transactions year over year.
Interestingly, while prices are down to a median of $1,400,000 year over year, this is a slight 2% increase from last quarter’s median of $1,380,000. 20% of the properties on the Eastside also sold above their listing price (most of these homes were in Bellevue) while sellers needed a shift in expectations with a whopping 58% of homes needing a price improvement to find their buyer. The list price vs. sold price percentage was 97% which means if you were a seller who listed your home at $1,000,000, you would expect to sell for $970,000 this quarter. Again, price and presentation matter and 41% of sellers who did this well sold in the first 10 days.
Buyers who are shopping for homes on the Eastside continue to be hyper focused on the school districts, turn-key properties and are serious about locking in their interest rate now, with the hopes of refinancing later this year when economists predict rates could decrease. If rates drop below 5.5% coupled with low inventory levels, we could see the frequency of multiple offers increase.
Click here for the full report and neighborhood-by-neighborhood statistics!
MERCER ISLAND
Even though there were just 39 residential transactions on Mercer Island this quarter, that number has stayed perfectly steady year over year. Over half of these homes sold in the first 10 days on the market, which is no surprise as demand has stayed robust.
13% of listings sold above their listing price, but this wasn’t concentrated on a certain community; four homes located on First Hill, Mid-Island plus the South & North Ends respectively, each received multiple offers this quarter. Q1 of 2022 saw a median price of $2,540,000 with just one home listed under $1,500,000. This quarter, the median price is $2,233,000 (a 12% decline) while six homes sold under $1,500,000! Due to the decline in prices and a slower start to the year, many sellers needed a shift in expectations with a whopping 67% of homes needing a price improvement to find their buyer.
We haven’t seen the number of new listings in the double-digit figures since Q2 of 2022, and it’s very possible we won’t experience that same level of inventory this year. Baby boomers are holding onto their homes with the benefit of their remarkably low 2.75% interest rate, and families are staying put to finish out the school year.
Our advice still stands: if you’re thinking about waiting for lower rates AND lower prices, you might be dreaming. Enjoy the fantastic Island inventory now, lock in your rate and consider refinancing later this year or next spring when economists predict rates will shift down.
Click here for the full report and neighborhood-by-neighborhood statistics!
CONDOS – SEATTLE & EASTSIDE
Seeing first time homebuyers come back to the market or considering an investment? Buying a condo in Seattle or on the Eastside is a fantastic opportunity, especially as many companies are calling their employees back to the office at least 3 days per week. It’s very possible transaction volume will be up next quarter, but for now, transactions were down 44% year over year. With that said, 465 units sold in Seattle; 347 units sold on the Eastside which isn’t all doom and gloom.
Just like North Seattle is heating up with residential sales, Lake Forest Park, Shoreline, Ballard and North Seattle condos outpace the rest of Seattle, up 10% on average. These areas are experiencing new construction townhomes that are especially desirable to first time homebuyers. Boutique builders are offering a trendy design palette (have you seen the Scandinavian-style design with light woods and sleek finishes?) paired with all the “bells and whistles” that city dwellers appreciate, like dog washing stations, artificial turf, and EV chargers.
For the Eastside, Redmond condos stayed the steadiest, down just 17% year or year. Kirkland was the only neighborhood to experience a price bump, up 11% to a median price of $693,000.
The Seattle condo median price has declined just 1% year over year to $515,000, while the Eastside experienced a 12% adjustment to $550,000. This is a $530,000 average when comparing both areas. With interest rates doubling the past 1.5 years and buyers considering a condo unit under the umbrella of a condo association, shoppers will be very particular about their monthly dues assessment and what’s included for those monies as both interest rates and dues have such a dominant effect on their overall buying power. Condos continue to be a necessary niche in our marketplace!
Check out area-by-area details the full condo report.
WATERFRONT
There were 17 privately-owned waterfront home sales in the greater Seattle-Eastside region in Q1 2023 (Eastside-7; Seattle-6; Lake Sammamish-2; Mercer Island-2). This is exactly on par with last year, when we also saw 17 sales in Q1 2022.
The highest sale was for a Medina Northwest Contemporary on 115 feet of low-bank waterfront that sold above list price for $20m. The most affordable waterfront was a unique triplex with 1920-1930 era beach cottages on a private boardwalk near the Ballard Locks—a buyer snagged it below list price for $1.9m.
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 with your trusted professional.
© Copyright 2023, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and Trendgraphix, and deemed accurate but not guaranteed. Mercer Island cover photo courtesy of Petra Varney and Clarity Northwest Photography.
