Greater Seattle Real Estate Report, Nov 2022
Northwest MLS Real Estate Report
The NWMLS and greater Seattle real estate market is still strong, but there are signs of change. For example, NWMLS inventory has skyrocketed to 12,245 active listings heading into December compared to 4,621 active listings at the same time last year. Thus, inventory is at a 2.36 months supply which is the highest since January 2019 when inventory was at 2.4 months supply. Nevertheless, we are coming off historical low inventory; therefore, based on traditional metrics (4 to 6 months is an even market), we are still technically in a seller’s market. However, because the market is comparably slower then the last couple years, sellers are feeling the need to price their homes correctly and buyers are not feeling as rushed.
Despite all these adjustments, median prices across the NWMLS are up slightly (0.88%) as compared to last year at this time. On the other hand, numbers are mixed. For example, in King County, median prices are up just over 1% but average prices are down just over a half percent. In addition, of the 26 counties in the NWMLS, 15 have seen median price increases while 11 have witnessed a decline. Although, the four Puget Sound counties all saw an increase, including King County as already mentioned. Of the four local counties, Snohomish had the greatest increase of 2.9%.
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.
Seattle, Bellevue, and Mercer Island Homes
As in previous months, the number of home sales are down across the area including Bellevue, Mercer Island and Seattle. However, prices had been consistently up year-over-year for a long time, but now there are conflicting numbers. For example, in the Seattle home market the average price is down just under 1% (0.8%), but the median Seattle home price is up 7.3%. Thus, prices are finally starting to show the affects of the decrease in sales. The number of Seattle homes sold in November (461 closings) are down over 46% from the last November.
The Eastside has seen a drastic decrease in the number of home sales with conflicting information on pricing. For instance, on Mercer Island the number of sales were less than half the year before. Only 9 Mercer Island homes sold this November versus 23 in the prior year. Nevertheless, average and median prices were up. For example, Mercer Island homes sold for an average of $3.429 million versus $2.609 million last November. The cheapest sale on Mercer Island was a 2,200+ sq ft townhome that sold for $1.613 million with over half the homes selling for over $3 million.
In the greater Bellevue real estate market which including Clyde Hill, Medina, Hunts Point and Yarrow Point, sales were down 41.6% from 125 to 73 sales this November. In addition, both median and average prices were down. Average home prices last year were $2.224 million and this year average prices were $2.037 million. In addition, median prices went from $1.720 to $1.580 million.
At the end of the day, Seattle probably reflected the market the best, since King County saw of 46% reduction of sales with a slight decrease of averages sales price (about 0.6%) and a slight increase in median sales price (just over 1%).
Condo Market in Seattle, Bellevue, and Mercer Island
Like the home market, the condo market slowed in number of transactions while the pricing data was interesting. For instance, Seattle condos sales are down from last November (300 vs 142) but average price are up slightly to $604,000 from $591,000 while median prices decreased to $475,000 from $503,000. Meanwhile, Bellevue condos transaction were also down (28 vs 66). In addition, average Bellevue condo prices decreased to $751,000 vs $854,000. Similarly, the Bellevue median prices also declined ($646,000 vs $701,000). The Mercer Island condo market is very small. For instance, there were 4 sales last November and 3 this November.
Seattle, Bellevue, and Mercer Island Luxury Real Estate Market
Bellevue and Mercer Island are both luxury home markets. For example, out of 9 Mercer Island homes that sold in November, 7 sold for over $2 million and none sold for under $1 million. Thus, the average sales price for a Mercer Island home this past month was over $3.429 million. Indeed, the most expensive Mercer Island home sold for $8.827 million. That sale was a waterfront home on the north end of the island.
The average sales price of a home in the Bellevue area, including Hunts Point, Medina, Clyde Hill, and Yarrow Point, was $2.037 million. Twenty-seven of the 73 homes sold for $2 million or more. A Bridle Trails home was the most expensive sale in November selling for $5.750 million.
The most expensive Seattle luxury home was a Laurelhurst home that sold for $5.495 million. The view home is just up the street from the Laurelhurst Beach Club. There were 23 sales over $2 million in Seattle in November. Unlike, the Eastside this is a relatively low percentage of the sales. Nevertheless, it is still 5% of the sales.
Is Greater Seattle Real Estate Slowing Down?
As seen throughout blog, sales are down, but prices remain up or at the very least steady. Thus, the great Seattle real estate market has slowed in number of transactions, but not necessarily in sale price. Nevertheless, the future real estate market is hard to predict. Every real estate market brings new challenges. To navigate the current issues, contact one of Ewing and Clark’s real estate brokers. Ewing and Clark has provided exceptional real estate service to Greater Seattle since 1900. Whether you are looking for a waterfront property in Whidbey, a luxury home in Queen Anne, or your first Seattle home, please contact us
