Greater Seattle Real Estate Report, February 2022
Washington Real Estate Report
A lot more homes hit the real estate market in February compared to both last year (up 6.8%) and last month (up 33%). Nevertheless the 7,920 new listings barely outpaced the pending sales 7,697 during the month. Thus, inventory across the NWMLS remains extremely tight; down 19.5% from February 2021. Similarly, the number of sales in 2022 are down 12.6% compared with last year, but with so little inventory to sell, it should come as no surprise. Overall prices are up across the NWMLS 14.3% from last year with single family homes up 12.2% and condo prices increased a staggering 23%.
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. While only 510 homes sold in Seattle compared to just over 700 the previous February, the average price jumped to $1.05 million compared to $907,000 the previous year.
While prices in Seattle are high, they are nothing compared to the Eastside. On Mercer Island the average house sold for $2.60 million compared to $2.44 million the year before. The number of sales were similar 17 and 15, respectively. The least expensive Mercer Island home sold for $1,700,000. In addition, the Bellevue area including Clyde Hill, Medina, and Hunts Point saw an average sales price of of $2.85 million. Last year, Bellevue homes sold for an average of $1.91 million. The number of sales decreased to 45 sales vs 67 the year before.
Seattle, Bellevue, and Mercer Island Condos
Seattle condos sales are up from last February (290 vs 229), with average price up significantly to $644,000 from $555,000. In Bellevue there were less condo sales (39 vs 59) than the previous February. Nevertheless, Bellevue condo prices were up drastically ($842,000 vs $691,000). Mercer Island condos are not a significant number: None sold in February 2022 while only 4 sold the previous February.
Luxury Real Estate in Seattle, Bellevue, and Mercer Island
As discussed above, the average home sales price in Mercer Island and Bellevue are both well 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 $1.7 million. The most expensive Mercer Island home was $3.54 million. In the Bellevue area, the most expensive home sold in West Lake Sammamish for $12.75 million. Seven homes in the Bellevue area sold for $4 million. The seven homes were located in Lake Sammamish, Medina, Clyde Hill, Enatai, Bellevue, and Vuecrest.
In Seattle, 22 homes sold for $2 million or greater. However, Seattle only had 4 homes that sold for over $4 million. The most expensive Seattle home was located in the Windermere neighborhood. The home was listed for $5.25 million and sold for $6 million.
Is Greater Seattle Real Estate Slowing Down?
A simple answer is: not really. With interest rates predicted to increase, 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 the 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 on Capitol Hill, or your first Seattle home, please contact us
