Seattle Real Estate Report, June 2021
Washington Real Estate Market
With COVID restrictions lessening and with people preoccupied with summer plans/travels, there may be no better time for buyers to be looking for their new home. In addition to buyers being preoccupied, more new homes came on the market in June than in nearly 1.5 years. Thus, the number of active listings at the end of June were the highest since November. Nonetheless, it is still a seller’s market and buyer’s need to be ready to act quickly when they find a property they like.
Despite inventory increasing 14.9% from May to June, compared to last year inventory in June is down 34% mainly due to sales being up 31.4% year over year. Therefore, across NWMLS home prices are up 27% and condo prices are up 20% from last June. So while there likely has been no better time to buy a house in the last 12 months, the market is still very competitive for buyers.
While the Seattle real estate market generally follows the trends of the NWMLS, which includes 26 out of 39 counties in Washington State, they are not always perfectly aligned.
Seattle Real Estate Market
Following is a look at homes, condos, luxury real estate, and waterfront homes in Seattle for the month of June.
Seattle Homes
Seattle real estate market is still strong. 1,212 homes sold in Seattle for an average of near.y $1.05 million with a stunning average of only 11 days on the market. This is compared to last June when 853 Seattle homes sold for an average of just under $937,000. The average of 19 days on the market.
This June over 90% of the homes sell in the first 30 days and those homes sell for 103% of list price. Last June, only 78% sold in the first 30 days. All is not lost if the home does not sell within the first 30 days. The median sales price over 98% of the list price up to 90 days on the market this past month.
Seattle Condos
The Seattle condo market is much stronger than after COVID first hit. This June 364 Seattle condos sold for an average of nearly $600.000. Seattle condo prices were nearly the same, BUT listed condos only sold for an average of $560,000. There were only 178 listed condos sold last June. Both years had similar number of off-market condo sales (8 vs 10), but in 2020 the ten off-market sales sold for and average of $1.243 million and brought the overall average sale price up nearly $40,000.
Seattle Luxury Real Estate
Seattle luxury sales have nearly doubled over last June! This continues the trend of Seattle luxury sales continuing to be strong. (Last month they were quadrupled from the previous year). This June there were 77 sales in Seattle for over $2 million (up from 73 last month). Last June there were only 37 sales (vs. 18 in May 2020). Luxury homes were only on the market for an average of 20 days compared to 64 the previous year.
Ewing and Clark once again sold the most expensive Seattle home in June. The Washington Park home sold for $13.3 million dollars. The nearly 9,000 sq ft home was handcrafted and engineered in 2010 and featured 6 bed/6 bath with views of Lake Washington and the Cascades.
Seattle Waterfront Homes
Twelve Seattle waterfront homes sold this month. The highest priced paid for a Lake Washington waterfront was $3.5 million for a home in Matthews Beach just north of Laurelhurst. The home was listed for $3,000,000 and sold in 5 days. Thus it got bid up over a half million dollars. The second most expensive property was a Seattle waterfront home on Puget Sound. The home was located in Arroyo Beach which is just south of the Fauntleroy Ferry Dock in West Seattle.
A handful of the homes listed as waterfront were on minor creeks. While the creeks add to the ambiance of the home, the value added is relatively minor compared to the other waterways. For instance, the 5 homes on creeks in North Seattle sold on average for just over $1.2 million. On the other hand, there were 5 Seattle houseboats that sold for an average of $1.5 million. This is despite the Seattle floating homes being an average of 1,274 sq ft compared to the homes on creeks averaging 2.390 sq ft.
Is Seattle Real Estate Slowing Down?
The simple answer is: no. Looking at June numbers, it shows the Seattle real estate market continues to be very, very strong. But 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 Puget Sound waterfront, a condo in Belltown, or your first Seattle home, please contact us.
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