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2019 Seattle-Eastside Residential Real Estate Report

Annual Market Review: Seattle & The Eastside

 

A strong local employment sector, very low mortgage interest rates, and the most balanced market we’ve seen in two decades each contributed to increased sales velocity in 2019.

 

While the number of homes for sale increased overall in 2019 as compared to 2018, the higher rate of sales throughout the year resulted in nearly a third fewer homes on the market at year-end in 2019 than at the end of 2018. The inventory of homes available to purchase in 2020 will be a dominating factor in the local real estate market in the coming year.

 

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Seattle | Eastside | Mercer Island | Condos | Waterfront

 


SEATTLE

There were 9.6% more Seattle home sales in 2019 (a total of 8,362), bringing Seattle back to its typical annual sales velocity following an off year in 2018. Seattle’s median sale price softened by 3.9% in 2019, with the Central Seattle region performing best (-1.6%) and the Ballard-Green Lake region down the most (-4.6%). In the north end of Seattle, Lake Forest Park-Kenmore and Richmond Beach-Shoreline showed the strongest five-year growth trend at 47.1% and 45.5% respectively.

 

In 2019, 53.9% of all Seattle homes sold at or above their listed price. The average number of days to sell jumped notably to 36 from 22 the year prior, indicating movement towards a more balanced market. The upper price segments of the market were far less competitive with just 10.4% of homes sold above one million dollars transacting at or above their list price.

 

The highest Seattle home sale was in Washington Park (Central Seattle) for $13,750,000 and the lowest was a Lake Union houseboat for $80,000.

Seattle Market Recap

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

Seattle Report

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EASTSIDE

On the Eastside, neighborhoods central to core employment hubs continue to see older, more affordable housing stock replaced with new and more expensive development. On the periphery, reasonably priced homes are highly competitive as homebuyers and investors alike scramble for homes that offer greater appreciation potential.

 

Development in East Bellevue, particularly surrounding the Spring District, is predicted to significantly drive prices upward in the coming years as employment centers expand and light rail service to Seattle begins.

 

In 2019, 49.7% of all homes, and 18.8% of homes priced above one million dollars, sold for at or above their listed price.

 

Median sale prices in Eastside cities fared better than those in Seattle, with the overall Eastside median sale price down 1.0% from 2018. Kirkland performed best on the Eastside with a median sale price gain of 3.8% to $1,350,000. Looking at the five-year trend, Kirkland came in on top with a 67.1% increase in its median sale price over the past five years, followed by Juanita-Woodinville-Duvall at 48.0%, and East Bellevue at 44.5%.

Eastside Market Recap

Click here for the full report and neighborhood-by-neighborhood statistics!

Eastside Review

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MERCER ISLAND

Mercer Island, central to the Seattle-Eastside region, held the middle ground with prices softening slightly—not as much as in Seattle, but more than on the Eastside.

 

A total of 299 homes changed hands in 2019 according to Northwest Multiple Listing Service. The highest Mercer Island sale was a $10,050,000 waterfront home on the North End. The lowest was a $685,000 renovation/rebuild ready rambler on West Mercer Way.

 

In 2019, 39.8% of all homes, and 12.7% of homes priced above two million dollars, sold for at or above their listed price.

 

Well-priced homes in move-in ready condition, with good lighting and access, and with functional floor plans, command the most attention from market-savvy buyers hoping to make a good investment in the place they will call home.

Mercer Island Recap

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

Mercer Island Report

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© Copyright 2019. Information and statistics derived from Northwest Multiple Listing Service.

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