The Seattle market has remained incredibly active with sales up 15% over the same quarter last year—1855 homes sold in the third quarter of 2012 compared to 1609 homes sold during the same period in 2011. The average sales price slipped ever so slightly to $474,633 while the median sales price increased 4% to $407,000.
Condominium sales are up a whopping 33% in the third quarter. Mimicking the single-family trend, the condo average sales price is down while the median sales price is up.
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Mercer Island has seen brisk sales activity once again this quarter with sales up over 10% compared to the same quarter last year. A larger percentage of high end homes sales (deceptively) increased the average sales price to $1,405,792. The median sales price increased from $800,000 last year to $900,000 this year.
Brokers in the field note that the most desirable homes have received multiple offers and have seen moderate price appreciation in the past year, whereas more challenged properties have continued to languish. A handful of luxury estates have changed hands in the past quarter indicating continued strength in the upper end of the high-end market.
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The Eastside has been a hotbed of activity with sales up over 28% compared to the same quarter last year—2086 homes sold in the third quarter of 2012 compared to 1634 homes sold during the same period in 2011. The average sales price, $623,836 was up 6% from third quarter 2011 while the median price remained the same at $510,000. The cost per square foot increased to $231.
Condominium sales were up 22% to 616 units sold this quarter with an increase in average sales price to $296,732 and a median sales price of $230,000.
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© Copyright 2012, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.
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The absorption rate based on pending home sales continues to be off the charts with listing inventory very low and sales activity brisk. Overall, prices have continued to slip slightly in all areas except Seattle Metro–which actually saw prices rise. Of note however, is the fact that distressed properties have sold for significantly less than non-distressed homes for sale.
Data prepared and analyzed by Julie Nugent for Windermere Real Estate/Mercer Island. For questions or comments, email Julie at email@example.com.