Greater Seattle Real Estate Report, November 2021
Washington Real Estate Report
The real estate market tends to slow during the end of the year as we enter the holidays. Thus the Seattle real estate market as well as the entire NWMLS generally sees a seasonal slowing. During COVID, this year and last, the real estate market has not been as affected by holidays as other years. This November and last November are nearly identical in the number of transactions. Both years the number of pending sales were nearly 8,600 and the number of closed sales were within 1.14% (8,976 in 2021 vs 8,875 in 2020).
While more inventory was added than last year, still only 6,455 listing were added this November which was well below the pending and closed sales. This continues the downward trend on inventory; real estate inventory continues to be historically low. For example, King County had on 1,149 active listings at the end of November. Last November was 60% more with 2,867 active homes and condos, but if you go back to November 2010 there was a whopping 11,867 active properties.
Prices across the NWMLS are up 15%, but it varies per area. Seattle prices are only up approximately 10%. Meanwhile, Eastside and South King County areas are up 24%.
Big news is that conforming loans have increases significantly. Conforming loans which are backed by Fannie Mae or Freddie Mac, generally give favorable interest rates. The loan limit increases in King, Pierce and Snohomish Counties from $776,250 to $891, 250. Allowing buyers to borrow more at preferred rates.
Greater Seattle Real Estate Market
Following is a look at homes, condos, luxury real estate, and waterfront homes in Seattle, Bellevue, and Mercer Island for the the past month.
Homes in Seattle, Bellevue, and Mercer Island
Seattle real estate market is still strong. 854 homes sold in Seattle for an average of nearly $1.03 million with a stunning average of only 14 days on the market. This is compared to last November when 864 Seattle homes sold for an average of just over $935,000. The average of 20 days on the market.
While prices in Seattle are high, they are nothing compared to the Eastside. On Mercer Island the average house sold for $2.61 million compared to $2.44 million the year before. The least expensive Mercer Island home sold for $1,135,000. In addition, the Bellevue area including Clyde Hill, Medina, and Hunts Point saw an average sales price of of nearly $2.30 million. Last year, Bellevue homes sold for an average of $2.13 million.
Seattle, Bellevue, and Mercer Island Condos
Seattle condos sales are up from last November (296 vs 214), with average price up to $593,363 from $576,275. In Bellevue there were about a third less condo sales in November 2021 compared to the year before (60 vs 103). Undoubtedly, the difference in number of Bellevue condo sales had to do with One88 which was a new luxury condo that came on the market in 2020. Approximately 35 of the condos that sold in November 2020 were from the new Bellevue condo project. Mercer Island condos are not a significant number: 4 sold in 2021 and 4 Mercer Island condos sold in 2020.
Luxury Real Estate in Seattle, Bellevue, and Mercer Island
As discussed above, the average home sales price in Mercer Island and Bellevue are both over $2 million. Bellevue and Mercer are luxury real estate markets, especially west of I-405. The least expensive house in Mercer Island in October was $1,135,000. The most expensive Mercer Island home was $9.8 million. In the Bellevue area, the most expensive home sold in West Lake Sammamish for $8.4 million. Ten homes in the Bellevue area sold for $4 million. The ten homes were located in Vuecrest, Evergreen Point, Meydenbauer, West Bellevue, Clyde Hill, Medina (3), & West Lake Sammamish (2).
In Seattle, 48 homes sold for over $2 million. Seattle only had 4 homes that sold for over $4 million, but had the most expensive sale in the area. The most expensive Seattle home was 1.2 acre property on Lake Washington that sold for nearly $31 million.
Waterfront in Seattle, Bellevue, and Mercer Island
The Seattle, Bellevue and Mercer Island only saw 17 waterfront homes sell in November. This includes streams, lakes (Sammamish and Washington), as well as the Puget Sound. In the previous year 35 waterfront homes sold. The most expensive waterfront property was in Seattle sold for nearly $31 million, with the next two selling on the Eastside: both on West Lake Sammamish Parkway for $8.4 and $8.1 million. The fourth most expensive waterfront home sold for $4.5 million on the Puget Sound in the Magnolia neighborhood.
Is Greater Seattle Real Estate Slowing Down?
A simple answer is: not really. With interest rates predicted to increase next year, there may be a slowing of the market, but with extremely low inventory it seems hard to believe there will be a huge shift. Nevertheless, the future real estate market is hard to predict. Looking at November numbers, it shows the Seattle real estate market continues to be very strong. For instances, prices are up across the board, although Seattle area prices are not up as much as the surrounding areas. Every real estate market brings new challenges. To navigate the current issues, contact one of Ewing and Clark’s real estate agent. Ewing and Clark and its real estate brokers have been providing exceptional real estate service to Greater Seattle since 1900. Whether you are looking for a Seattle waterfront, a luxury home in Madison Park, or your first Seattle home, please contact us.
