Greater Seattle Waterfront Home Report, February 2022
Greater Seattle Waterfront Homes Market
Following is a look at Greater Seattle waterfront homes, condos, and luxury real estate in Seattle, Bellevue, Kirkland, Mercer Island and surrounding areas for the the past month.
Waterfront Homes
Depending your parameters, there were about 10 Greater Seattle waterfront home sales in February compared to about 5 last February. When most locals thing of Seattle waterfront they think of Puget Sound and Lake Washington as well as Lake Sammamish, but there are several smaller lakes as well as rivers and streams. For the above sales we concentrate on lakes or the Sound. For those areas, there were 7 sales over $1 million (8 over $970,000) this past month.
The highest sale this February was for $12,750,000 on Lake Sammamish. The 7,280 sq ft home sits on 1.5 acres on the west side of the lake. The next two highest sales were both in Medina: $7,250,000 and $5,850,000. Both of the Medina waterfront homes had more limited access to Lake Washington. One featured shared access while the other had exclusive access but via a narrower strip of land next to a home that sat in front of it. The most expensive Seattle waterfront home was a Puget Sound “development site” on the north tip of Magnolia. The property sold for $3.5 million.
In February 2021, the highest sale was in Magnolia again. The Seattle waterfront home sold for $6,300,000. The second highest sale was Kirkland waterfront that sold for $1.65 million.
Mercer Island has approximately 800 waterfront homes and interesting enough, none sold in Feb 2022 or Feb 2021.
Waterfront Condos
Greater Seattle waterfront condos sell on the condo market all the time. While they cannot be built today there are many condos that were built over the lakes. For example, picture above in the foreground, is the Madison Park Waterfront Park HOA built over Lake Washington. A condo in that building recently sold for over $126,000 over asking price.
Twenty two waterfront condos closed this February versus about 17 last year (again depending on parameters). Several of these condos are sold before they ever hit the real estate market. Three sold this February and two last February. Not a huge overall number, but still over 10% of the waterfront condo sales. The highest sale in February 2022 was a Leschi condo that sold for $2.3 million. In February 2021, the highest sale was a Madison Park condo that was listed for $1.325 million but with multiple offers got bid up to nearly $1.6 million.
Greater Seattle Waterfront Market
Looking at the numbers, it shows the Seattle real estate market continues to be very strong and the market for waterfront homes and condos is no different. Nevertheless, every real estate market brings new challenges. Waterfront homes can also add complications to a transaction. To navigate theses 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 Madison Park waterfront condo, a Kirkland waterfront home, a Mercer Island waterfront estate, Ewing and Clark can assist.
