Market Reports for the First Half of 2017
The Kipp Team is pleased to present a most recent analysis of the housing market trends for the first half of 2017. These reports show what the market is doing in comparison to last year and how it may affect our buyers across the Puget Sound region. With low inventory and an influx of buyers moving to the region for jobs at tech companies, the market has become more competitive than ever. Our company is happy to report local statistics about the trends of the market in different neighborhoods across Puget Sound. At a glance, the statistics for our market vary by location. Our Eastside has seen noted growth and this continues into our summer market. Similarly, the Seattle market is robust.
Eastside | Residential
Average home prices on the Eastside have also had impressive increases. Notoriously anemic supply continues for communities on the Eastside, as inventory decreased to just 0.8 months with a spike in the average list price, up $300,000 from last year.
Issaquah and Sammamish
Issaquah and Sammamish continued to be desirable locations for buyers. With aquatic adventures aplenty, top-rated golf courses and premier public education, the area has it all. Combined, the two cities held a median selling price that was 21.8 percent higher year-over-year. Homes continued to sell in a week or less with a median price 2.4 percent higher than the listing price. Boasting a great community atmosphere with a close proximity to the Eastside tech corridor, Issaquah and Sammamish remain to be highly sought-after areas.
In May, the Kipp Team sold the above Sammamish residence for $1,900,000. This is just one example of the luxurious homes that the area has to offer, and why the value of homes in the region have been continuing to rise.
Those on the Eastside looking to live farther North are often drawn to Kirkland. This city continues the trend of rising median price, selling volume and prices paid over list. It is no surprise that there is an excess of demand over supply, given that the city offers waterfront living, award-winning schools and seasonal events that are appeasing to all. With a median selling price of $1.38 million for a waterfront home, Kirkland offers all that is needed for luxury living.
Mercer Island saw the sharpest growth in the region for both number and dollar volume of sales (up 27.7 percent to 189, and 54 percent to $324.14 million). Waterfront living and private docks coupled with a small-town atmosphere and award-winning public schools make Mercer Island an ideal home. Buying into the wealthiest zip code in the state has a competitive edge, with an average of just 8 cumulative days on market.
On the Eastside, Bellevue continues to be an attractive option due to top-rated schools and outdoor amenities. Though the total number of homes sold in East Bellevue decreased nearly 9 percent year-over-year, the premium paid by buyers was higher than anywhere else: 9.3 percent over the listing price. With a median selling price that was up by 20.5 percent year-over-year, homes in this area sold for an average of $742,500.
Chateau Colline, pictured above, is a current listing that the team has in Bellevue. The estate features 4 bedrooms, 3 bathroom, a 27,000 square foot lot and spectacular mountaintop views. This hilltop castle is offered at $1,799,000.
In West Bellevue buyers are attracted to waterfront estates that serve as private retreats. Medina, Hunts Point, Yarrow Point and Clyde Hill are comprised of homes that sell for the highest prices in the region. The total number of sales in the first half of 2017 may have declined slightly, but that median selling price increased by 7 percent. This made the average home price $1.34 million.
Woodinville and Redmond
On the Eastside, Woodinville and Redmond continue to bustle with home buying activity. The area is made up of expansive estates with parks and activities for all. Made up of the heart of Washington’s wine country and the Bicycle Capitol of the Northwest, these Eastside communities are full of life. The market in the area has become increasingly competitive, with the median selling price in Redmond up 18.8 percent year-over-year to $769,500.
Seattle | Single Family Homes
Single Family homes have far exceeded seller's expectations. Prices continued to exceed seller’s expectations in Q2-2017, as the median sales price reached $718,000, an increase of nearly 13% compared to 2016.
Overall prices in the Puget Sound area continued the exceed seller’s expectations. With a high demand for homes across the region the value of houses continues to spike. If you are interested in buying or selling a home in this busy market, we are happy to answer any questions you may have. Please don’t hesitate to contact us today.