May 2023 Greater Seattle Real Estate Report
Northwest MLS Real Estate Report
Is the real estate market, including the greater Seattle property market, slowing down? The first half of last year was a record period. Thus, May numbers compared to last year are not impressive. For example, most residential numbers are down from last May across the NWMLS: pending sales down 23%, closed sales are down 30.6%, and median sales price is down about 6.8%. On the other hand, 2023 has seen improvement as the year progresses. For instance, median sales price in January was $557,250 and it has increased each month. In May it was $615,000: up 10.4% from January. In addition, compared to last month (April), May pending sales are up 13.8% and closed sales are up 18.2%. This is an impressive improvement especially since this trend has been consistent since January. Another example of the real estate market’s strength, is that both homes (100.9%) and condos (100.1%) are selling for more than list price across the NWMLS.
Greater Seattle Real Estate Market
Following is a more detail look at homes, condos, luxury real estate, and waterfront homes in Seattle, Bellevue, and Mercer Island for the past month.
Seattle, Bellevue, and Mercer Island Homes
Similar to NWMLS, King County median home prices are down 8.9% from last May, but have increased throughout 2023. Year to date, the median price is up 16.5% and more specifically 4% since last month. For example, King County median home price this May was $910,000 compared to $998,888 last May and $781,098 just this January.
When looking at Seattle and Mercer Island you see the same trend. Numbers are down from last year but up from the beginning of the year. For instance, Seattle had less sales (677 vs 879) and a lower median ($885,000 vs $990,000) when comparing this May 2023 with the previous year. But sales in April were 561 and a median price of $865,000 so this May saw a healthy increase over April.
Concentrating on home sales on Mercer Island: The number of sales were down and median home price decreased from last May, but when compared to April median prices ($2.231 million vs $2.165 million) and sales (26 vs 19) were both up.
On the other hand, greater Bellevue real estate market, including Clyde Hill, Medina, Hunts Point and Yarrow Point, saw a decrease in median sales price from a year ago and last month. The median sale price decreased from $1.980 million last May to $1.699 million this May. In addition, sales transaction decreased from 111 to 92. But April 2023 was very strong in Greater Bellevue. Prices were actually 3.7% higher in April 2023 than April 2022 on a limited number of sales (68). Thus, May median sales price was less than last year and last month.
Condo Market in Seattle, Bellevue, and Mercer Island
King County condo prices are also down from last year ($530,750 vs $505,000), but up from last month ($502,500). On the other hand, the Seattle condo market is doing better. The median price for a Seattle condo is up 1.6% from last year ($548,500 vs $557,500). Other areas did not do as well. For example, the Greater Bellevue condo median price was down 5.8% ($700,000 vs 659,500)
The number of condo sales are down in both Seattle (364 to 232) and Bellevue (62 to 38). Mercer Island condo market is very small so it is hard to see a pattern. For instance, there were only two condo sales last May and four this May.
Seattle, Bellevue, and Mercer Island Luxury Real Estate Market
Mercer Island is a luxury real estate market. For example, out of 24 Mercer Island homes that sold this past month, 16 sold for $2 million or more and none sold for under $1 million. The most expensive Mercer Island home sold in May for $13 million. The Mercer Island waterfront property was on 3/4 of an acre and included a pickleball court
The Bellevue area is also a luxury home market. The average sales price of real estate in the Bellevue area, including Hunts Point, Medina, Clyde Hill, and Yarrow Point, was $1.699 million. Furthermore, 38 of the Bellevue homes sold for $2 million or more. The most expensive sale was a Clyde Hill home that sold for $5,530,000.
Seattle home prices are not on the same level as the Eastside. Nevertheless, the average sales price for a Seattle home was $1.060 million in May. Furthermore, Seattle had a total of 39 home sales of $2 million or more. However, while this was one more Seattle home (39 vs 38) that sold for $2 million or more than the Bellevue area, it is a much lower percentage. For instance, there were 677 homes sold in Seattle compared to 111 in the Bellevue area during the month of May. The most expensive Seattle sale was an unlisted Madrona view home that sold for $4.8 million.
Is Greater Seattle Real Estate Slowing Down?
As seen throughout blog, the Greater Seattle real estate market has slowed in both transactions and pricing as compared to last year, but as 2023 as progressed the real estate market has seen more transactions and higher prices. In addition, there have been signs that the market has been improving. For example, as said before, both homes and condos are on average selling for more than list price.
Every real estate market is different. 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 on Bainbridge, a luxury home in Windermere, or your first Seattle home, please contact us
