Greater Seattle Real Estate Report, October 2021
Washington Real Estate Market
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 saw what could be considered a seasonal slowing last month. For example, sellers only added 9,219 listings in October – down 11.6% down from last October and down 19% from this past September. In addition, buyers also were less active. For instance, pending sales decreased 3.8% from last year and 6.2% from September. Nevertheless, there were 10,620 pending sales which outpaced the 9,219 new listings. At months end there were 6,588 active listings, down 23.6% from a year ago. Thus, the NMMLS prices are up 15% from last year, but King County and Seattle real estate has not increases quite as much. King County prices are up 9.5% with and Seattle had the smallest gain in the county with a 5.3% increase. On the other hand, Vashon was up 33%, Eastside was up 17.3%, and Southeast (19.7%) and Southwest (17.7%) were also up big.
Greater Seattle Real Estate Market
Following is a look at homes, condos, luxury real estate, and waterfront homes in Seattle for the the past month.
Greater Seattle Homes
Seattle real estate market is still strong. 980 homes sold in Seattle for an average of nearly $1.05 million with a stunning average of only 15 days on the market. This is compared to last October when 1,033 Seattle homes sold for an average of just over $920,000. The average of 21 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 $2.42 million compared to $2.25 million the year before. The least expensive Mercer Island home sold for $1,125,000. In addition, the Bellevue area including Clyde Hill, Medina, and Hunts Point saw an average sales price of of nearly $2.46 million. Last year, Bellevue homes sold for an average of $2.26 million.
Greater Seattle Condos
Across the NWMLS, active condo listings are down 55% from last year (2,079 vs 941). Seven out of 10 condos are located in King County. Median prices across the MLS are up 11.3% from a year ago, whiles condos in King County are up only 3.3%.
Seattle condos sales are up from last October (276 vs 258), but overall prices are down, but price per square foot is up. In Bellevue there were about half as many sales in October 2021 compared to the year before (67 vs 139). 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 half of the 139 of the condos that sold in October 2020 were from the new Bellevue condo project. Mercer Island condos are not a significant number: 6 sold in 2021 and 5 Mercer Island condos sold in 2020.
Greater Seattle Luxury Real Estate
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 $1,250,000. The most expensive Mercer Island home was $4.82 million. Bellevue saw a much wider margin. The most expensive home sold in Enatai for $22.75 million while a house in Woodridge sold for $465,000. Nine homes in the Bellevue area, all west of I-405, sold for $5 million. The nine homes were located in Clyde Hill, Yarrow Point, Medina, & Enatai.
In Seattle, 23 homes sold for over $2 million. The most expensive home was 1.5+ acre property in Windermere that sold for nearly $15 million.
Greater Seattle Waterfront Homes
King County saw a 97 waterfront homes sell. This includes rivers, streams, and small lakes as well as the larger lakes (Sammamish and Washington) as well as the Puget Sound. The previous year 113 waterfront homes sold. The most expensive waterfront property sold in Enatai for nearly $23 million, with the second most expensive being the Seattle waterfront home in Windermere for nearly $15 million. Two more homes sold in Seattle for over $7 million, then the two most expensive waterfront homes sold in Kirkland (both$7 million or more)
More affordable waterfront properties include condos in Seattle, Shoreline, and Redmond which all sold under $400,000. Waterfront homes in Black Diamond (Lake Sawyer) and Tukwila (Green River) sold in the $600,000 range.
Is Greater Seattle Real Estate Slowing Down?
The simple answer is: kind of. Looking at October numbers, it shows the Seattle real estate market continues to be very strong but there seems to be a slight slow down which may be attributed to a normal seasonal sleepiness in the winter months leading up to the holidays/ Nevertheless, 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 Puget Sound waterfront, a condo in Belltown, or your first Seattle home, please contact us.
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