November 2023 Greater Seattle Real Estate Report
Northwest MLS Real Estate Report
Is the real estate market, including the greater Seattle real estate market, slowing down? For the fourth month in a row, NWMLS median price have beaten the prior year. Certainly what is more impressive was November median price has been relatively unchanged the last three months. This is unusual since prices tend to have a seasonal dip when heading into the winter months. Median price was $600,000 in September, $602,000 in October and $601,342 in November.
Last November median price was $575,000, this November median price was $601,342. On the other hand, transactions were down significantly. For instance, there were 4.367 closed transactions this November versus 5,194 the prior November. Thus, a 16%% drop in the number of sales.
Interest rates are widely considered the main culprit. Most sellers these days are “have-to” sells. In other words, homeowners are only selling if they are highly motivated for one reason or another. Meaning most people are staying in their home longer than normal, because in most cases, if they sell, their interest rates will go up drastically when they purchase another home.
In conclusion, yes the real estate market is slowing when it comes to the number of transactions, but when it comes to price the market remains very strong.
Seattle Real Estate Market
Following is a more detail look at homes, condos, luxury real estate, and waterfront homes in Seattle for the past month.
Seattle Homes
The number of Seattle home sales transactions decreased in November. There were 421 homes sold this November compared to 470 in 2022. On the other hand, the median home price in Seattle increased in November 2023 to $915,000 from $883,225 the year before. This follows the overall real estate market trend which has generally seen lower transactions, but strong median prices for the most part.
Condo Market in Seattle
In November 2023, 147 Seattle condos sold, essentially the same as 2022 (145). The median price was strong in November 2023: $580,500 compared to $477,252 in 2022. The condo market remains strong, likely because it is more affordable than homes.
With Ewing and Clark’s headquarters located just north of Pike Place market, we are uniquely equipped to assist with Downtown/Belltown condos. For example, Ewing and Clark recently listed the Belltown condo pictured above. Click the pictures for more details.
Greater Seattle Luxury Real Estate Market
Seattle saw a strong luxury real estate market this November. Twenty-eight (28) homes sold for $2 million or more including 6 for over $3 million. Both were an increase from the previous year. The previous November there were 24 sales of $2+ million and 5 of $3+ million. Ewing and Clark participated in 2 of the 6 sales for over $3 million this November. For instance, Jane Powers and Betsy Terry sold their Washington Park listing for $3,185,000 while Kristine Losh represented her client who purchased a Mount Baker home for $3,100,000.
The Eastside dominates the luxury real estate market especially as a percentage of their sales. This November, the Bellevue area including Clyde Hill, Medina, Evergreen Point, Hunts Point, and Yarrow Point had 68 total sales but 25 of those sold for $2 million or more and 9 for over $3 million. Furthermore, Mercer Island had only 10 TOTAL home sales this November, BUT the median price was $2.380 million. Correspondingly, half the sales were over $2 million. The Eastside, especially anywhere close to Lake Washington, is truly a luxury market.
Is Greater Seattle Real Estate Slowing Down?
As seen throughout blog, the Greater Seattle real estate market has slowed in transactions, but pricing is steady if not up slightly.
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 Belltown condo, a luxury home in Windermere, or your first Seattle home, please contact us.
For this blog the information and statistics were derived from the Northwest Multiple Listing Service.
