Greater Seattle Real Estate Report, Sept 2021
Washington Real Estate Market
Real estate inventory, including Seattle homes and condos, continues to be low. Inventory last September, the previous month (August 2021), and this September all saw just over 11,000 new listings added in each of these months. And while pending sales did not outpace the amount of new listings, it was very close. In September there was 11,318 pending sales with 11,373 new listings. That makes this September the second best September for pending sales in the last 20 years. Thus overall real estate inventory is still low with 7,757 total properties which is only 3 weeks of inventory. Generally 3 to 6 MONTHS is considered an even market. Homes in King County are especially tight, down 32.5% since last year at this time.
Prices in King County are up almost 7%, but outside counties are seeing a great increase. For example, Kittitas County which starts at Snoqulamie Pass has seen a 26% increase from last September.
Condos were hit hard after COVID, but have recovered nicely. Active listings are half of what they were a year ago, with 20% more condos closed in King County and 34% more in Seattle. Condo prices are up 15.7% across the NWMLS.
Greater Seattle Real Estate Market
The following is a look at homes, condos, luxury real estate, and waterfront homes in Seattle for the month of September.
Greater Seattle Homes
Seattle real estate market is still strong. 912 homes sold in Seattle for an average of nearly $1 million with a stunning average of only 17 days on the market. This is compared to last September when more Seattle homes sold (1,016) for an average of just over $961,000. The average of 20 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 over $3 million in September compared to $2.15 million the year before. In addition, the Bellevue area including Clyde Hill, Medina, and Hunts Point saw an average sales price of of over $2.6 million. Homes there sold extremely fast: an average of 13 days. While there were similar numbers of home sold from last September, house sold quicker (25 days) and for more money (less than $1.7 million) than the year before
Greater Seattle Condos
Seattle condo market is doing much better than a year ago. Price are up $613,000 compared to $604,000 a year ago with 338 closed sales this September versus 286 a year ago. The number of Bellevue condos are up, although not as much: 85 vs 79. But price are down $733,000 versus $948,000. This was mainly because Bosa came on the market with their Luxury Bellevue Condo Building, One88, was completed in 2020 and there were 20 sales in September 2020 alone which sold for over $1 million. Mercer Island condo market is not robust. There were 5 Mercer Island condo sales in September 2021 which is down from 9 in September 2020.
Greater Seattle Luxury Real Estate
In September there were 242 sales for over $2 million in King County versus 171 luxury home sales the year before. The luxury real estate market tends to be on the Eastside in areas such as Mercer Island, Clyde Hill, Medina, Hunts Point among others. Nevertheless the most expensive home sold in 2020 was a Seattle luxury home in Laurelhurst that sold for just under $11.5 million. Actually the top 3 sales were in Seattle in September 2020. In September 2021, the top 6 sales were all over $10 million and all on the Eastside. The most expensive was a $23.5 million home on Hunts Point.
Greater Seattle Waterfront Homes
King County waterfront homes sell includes rivers, streams, and small lakes as well as the larger lakes (Sammamish and Washington as well as the Puget Sound. Most of the expensive waterfront homes are on Lake Washington. In September 2021, there were 34 waterfront sales over $2 million. The most expensive being the Hunts Point sale mention above for $23.5 million. The top 7 were all on the Eastside and all on Lake Washington. The rest tend to be on Lake Sammamish or the Puget Sound.
In September there 29 waterfront sales over $2 million. The most expensive waterfront in 2021 was the Seattle waterfront homes in Laurelhurst that sold for $11.5 million.
Is Greater Seattle Real Estate Slowing Down?
The simple answer is: no. Looking at September numbers, it shows the Seattle real estate market continues to be 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.