Market Updates January 12, 2024

How’s the Market? An Annual Review of Seattle Area Real Estate

Median home sales prices across the region saw a year-over-year dip compared to 2022, with prices settling just above their 2021 levels. That being said, most homes still sold within the first 10 days on the market and either at or above the listing price. Today’s higher rates, in concert with constricted inventory, have slowed the total number of sales. Should rates ease like experts are predicting, however, we will see more people enter the market and hopefully more listings will follow. (Read more about that in our full 2024 forecast).

 

Click or scroll down to find your area report:

Seattle  |  Eastside  |  Mercer Island  |  Condos  |  Waterfront

 


SEATTLE

Would you like the good news or the bad news? Bad: Overall home prices slid in the city by 7%. Good: 57% of all homes sold in the first 10 days and for 104% of list price. While we may have backed off of our head spinning pandemic list/sale percentages, we’re still going strong. To us what this means is: if you’re considering selling there is probably a buyer ready and waiting to make you an offer. It just won’t be quite as lucrative as it might have been in 2022. It could be a lot worse given the high cost of money in 2023. Homeowners certainly came out ahead and Seattleites have our chronically low inventory and stable job market to thank for this!

We finished the year with sales down 23%, a figure made a lot less scary by the fact that listings were also down city wide by 24%. North Seattle east of I-5 saw the most stable prices, only losing 2% at a median price of $976,000. Queen Anne/Magnolia lost 10%, closing out the year at $1,263,000. It’s also interesting to note that 65% of homes sold for list price or better. This means we have mostly well counseled homeowners with reasonable expectations of what the market will bear.

If you’re in the market for a new home in 2024, Q1 is a great time! Inventory hasn’t been this low since 2012. If the cost of money goes down—as many experts are predicting—and more people decide to purchase, it could get very competitive very quickly! Beat the rush!

 

Seattle Metro Listings vs. Sales

 

Seattle Metro Median Sales Price

 

Seller's or Buyer's Market? Seattle Metro Months of Inventory

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

Seattle Metro Annual Market Report

 

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EASTSIDE

The Eastside median sales price was down by 4% as we closed out 2023. This is in large part due to the interest rates. It certainly isn’t supply and demand: Total listings were down 29% while sales only dipped 18% YOY. That’s staggering. Buyers and Sellers did not seem to be aligned in their estimation of the market: only 55% of homes sold for at or above list price while 45% needed a reduction or negotiation prior to accepting an offer. While this sounds balanced, it’s out of the norm compared to our historic data.

Sammamish was the strongest overall area with a whopping 1217 sales (25% of the total 4954) and the lowest median price dip of 3%; $1,400,000 in 2023 v. $1,450,000 in 2022. Mercer Island was the hardest hit with a 12% drop in median price to $2,239,000—the lowest since 2020. Corrections are healthy for the long-term health of a real estate market. We’re not sure how long this one will last; all signs are pointing to continued low inventory. It seems to be a game of chicken with the interest rates that could lead to massive pent-up demand.

If you’re in the market for a new home in 2024, Q1 is a great time! Inventory is at its absolute 15 year low (6,140 listings compared to a high of 10,880 in 2010) which means we are poised for a market flip. If the cost of money goes down—as many experts are predicting—and more people decide to purchase, it could get very competitive very quickly! Beat the rush!

 

Eastside Listings vs. Sales

 

Eastside Median Sales Price

 

Seller's or Buyer's Market? Eastside Months of Inventory

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

Greater Eastside Market Report

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MERCER ISLAND

The Island saw just 289 new listings last year, only 60% of the peak 488 in 2013. There are some numbers that show we had very realistic homeowners in 2023: a 78% absorption of listings, (222 sales, up from 218 in 2022) and 98% list/sale price. When buyer and seller expectations meet, magic happens. The median price in 2023 was $2,239,000 back to around the same level as 2021—if you remember, this was a 30% increase from $1,700,000 in 2020.

Condos on the Island are off 8% to $620,000 from the 2022 high of $674,000, this is a strong showing. For the previous 4 years (2018-21) median prices were in the $500’s. There were only 33 sales Island-wide, the lowest number of total sales in 15 years. Listings were down as well: the lowest level since 2012. The metrics show that the market was strong, even with the dip in median sales price: 19 days on market, 99% list/sale price ratio, on average only 4 listings were active at one time. These are all signs of a constricted inventory/sellers’ market, which is what will eventually drive prices higher.

All in all, MI is holding strong to the price gains made during the pandemic. We are bullish on our market in 2024 as interest rates are easing. Time will tell.

 

Mercer Island Listings vs. Sales

 

Mercer Island Median Sales Price

 

Seller's or Buyer's Market? Mercer Island Months of Inventory

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

Mercer Island Annual Market Report

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CONDOS – SEATTLE & EASTSIDE

Whew! What a year! The major condo headline for both Eastside and Seattle condos: Prices hold steady while demand dips 25%! While this is sensationalized, it’s true. Likely due to the fact that inventory was also down by 20%, which means that supply and demand remained aligned and shielded homeowners from what could have been a massive hit to their bottom lines.

On the Eastside, when the dust settled, prices are down by 1%. The largest drop in median price was East Bellevue losing 11% while Kirkland soared above all other neighborhoods with double digit gains (up 19%). Other areas of note: West Bellevue topped the charts with a median sale price of $880,000! This is higher than the $876,000 residential median sale price in the city of Seattle.

Speaking of Seattle, the condo market in the city reminds us of The Little Engine That Could. Chugging merrily along despite having the odds stacked against it: I think I can! Overall, the city posted a 5% gain year over year with record high median sales price of $546,000. Downtown saw the highest overall unit volume at 439 total sales, while Greenlake/Ballard boasted the highest overall gain in median price at 15% appreciation. All good news, finally.

Check out area-by-area details the full condo report.

 

Condo Report: Seattle / Eastside Annual Review

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WATERFRONT

While Seattle and the Eastside both posted fewer waterfront sales in 2023 than in 2022, Lake Sammamish saw a big 40% year-over-year jump in sales. Mercer Island’s sales increased by a more modest 10%.

The highest waterfront sale of 2023 was $20 million for a breathtaking Evergreen Point estate on 115 feet of prime low-bank shoreline. Listed by Windermere and truly unique with a custom home designed by Hal Levitt, it sold its first day on the market (and well above the $18.5m asking price!).

The most modest waterfront sale was a 1,749 sq. ft. Lake Sammamish home sold by the owner for $1.62 million. It featured 25 feet of lakefront and big lake/mountain views.

Click here for the full waterfront report with top sales for the entire Seattle-Eastside private waterfront market, including Mercer Island and Lake Sammamish. The data is interesting and insightful (but cannot replace an in-depth waterfront analysis with your trusted professional).

 

Waterfront Report: Seattle / Eastside Annual Review

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Windermere Mercer Island

 

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative, and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

© Copyright 2024, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and Trendgraphix, and deemed accurate but not guaranteed. Seattle cover photo courtesy of Team RAREnorthwest and Baylee Reinert with Clarity NW Photography. Eastside cover photo courtesy of Donna Cowles and Kelly Morrissey with Clarity NW Photography. Mercer Island cover photo courtesy of the Oordt Ceteznik Realty Group and Clarity NW Photography. Condo cover photo courtesy of Fred Fox and Brandon Larson with Clarity NW Photography. Waterfront cover photo courtesy of Anni Zilz and Andrew Webb with Clarity NW Photography.

 

Local Community & Events November 8, 2023

2023 Holiday Happenings Around the Sound

The rain is back, the days are dark…who is ready to beat the gloom? Below are some Seattle-area favorites to brighten your spirits. You can bundle up and bask in breathtaking outdoor light shows, or relax and enjoy from the comfort of a cruise ship or theater seat…

 

Winterfest at Seattle Center

305 Harrison Street, Seattle, WA 98109
www.seattlecenter.com/winterfest

Map  |  Guidebook

Image courtesy of seattlecenter.com


 

The Nutcracker by Pacific Northwest Ballet

McCaw Hall | 321 Mercer St, Seattle
pnb.org/nutcracker/
click here to get tickets

Image courtesy of pnb.org


 

Garden d’Lights at Bellevue Botanical Garden

12001 Main Street, Bellevue WA 98005
http://gardendlights.org
click here to get tickets
(must be purchased online)

  • Dates/Times: Open nightly Nov. 25, 2023 – Dec. 31, 2023 | 4:30 – 9:00 pm
  • Cost: $8 per person (ages 10 and under are free)
  • Promotions: Discounted$5 ticket nights Nov. 27-30 and Dec. 4-7.
  • Parking: Premium parking is $5 per car in the Garden’s lot as space allows OR park for free at Wilburton Hill Park
  • Food: Hot drinks and snacks are available for purchase
  • Holiday Closures: December 25
https://bellevuebotanical.org/wp-content/uploads/2021/10/032_D-Lites_LH0A4170_M_Burton_2018-scaled.jpg

Image courtesy of bellevuebotanical.org


 

Snowflake Lane at the Bellevue Collection

Bellevue Way & NE 8th Street, Bellevue WA 98004
http://snowflakelane.com/

Image courtesy of snowflakelane.com


 

Christmas Ship Festival

Launch locations include Seattle Waterfront – Pier 55, Shilshole Bay Marina, Hyatt Regency Lake Washington, Lake Union Park (MOHAI), AGC Marina, Carillon Point Marina, and Kirkland City Dock.

www.argosycruises.com
click here to get tickets

Image courtesy of argosycruises.com


 

Westlake Center Tree Lighting & Holiday Activities

401 Pine St., Seattle, WA 98101 (Westlake Park)
https://downtownseattle.org/events/holidays/


 

Zoolights at Point Defiance Zoo & Aquarium

5400 N Pearl St, Tacoma, WA 98407
www.pdza.org/event/zoolights
click here to get tickets

https://www.pdza.org/wp-content/uploads/2018/05/Hero-zoolights-1440x500.jpg

Image courtesy of https://www.pdza.org


 

WildLanterns at Woodland Park Zoo

West Entrance: 5500 Phinney Ave. N, Seattle, WA 98103
South Entrance: 750 N 50th St, Seattle, WA 98103
www.zoo.org/wildlanterns
Click here to get tickets  |  Map

  • Dates/Times: Open nightly Nov. 10, 2023 – Jan. 14, 2024 | 4:00 – 9:00 pm.
  • Cost: $25.95 – $36.95 per person (ages 2 & under are free).
  • Promotions: Zoo members get 20% off tickets; Holiday Senior Stroll on Nov 14 from 4-6 pm with 40% off for ages 65+
  • Parking: $6 parking is available in all lots after 3:30 pm (here is a map). Park by the West Entrance (Penguin, Otter, or Bear Lot) if you are purchasing your tickets in person—the South Gate (Hippo Lot) is only for those who already have tickets.
  • Food: Refreshments are available at food kiosks throughout, plus the Pizza Corner at 1899 Grove, and Gather & Graze Café (with covered seating provided). You are also welcome to bring your own food & non-alcoholic beverages.
  • Special Activities: Tianyu Cultural Performances in the PACCAR Auditorium, Zoomazium, ZooStore, Carousel. Sensory-Friendly Nights on 11/15, 12/6 & 1/11.
  • Closures: Most Mondays (open Dec. 11 & 18 + Jan 1); Nov. 23, Dec. 24 & 25.

Image courtesy of zoo.org


 

But wait, there’s more…

Holiday theatrical & musical shows

“A Christmas Carol” at ACT Theatre

Magic in the Market

The Great Figgy Pudding Caroling Competition

Leavenworth Village of Lights

Santa Train in North Bend

 


 

Windermere Mercer Island

 

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative, and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

© Copyright 2023, Windermere Real Estate/Mercer Island.

Market Updates October 12, 2023

How’s the Market? Q3 2023 Review of Seattle Area Real Estate

While median sales prices varied quite a bit from area to area, they stayed relatively stable with most communities posting either modest gains or slight declines compared to this time last year.  Low inventory is keeping us in what you might call a “flat” seller’s market…supply is low but prices aren’t appreciating as fast as we would normally see.  That being said, if rates float down—and experts believe they will—we could see another frenzy of bidding wars as buyers compete for the few homes on the market.  If you’re considering purchasing a home (even if you need to sell yours first), our advice is to get out there and start shopping while you can pick and choose at relatively reasonable prices…

 

Click or scroll down to find your area report:

Seattle  |  Eastside  |  Mercer Island  |  Condos  |  Waterfront

 


SEATTLE

The Seattle residential market showed resilience in Q3 of 2023. While the $894,000 median sales price was down 3% from last year, 60% of sellers fetched sales at or above their list price and 58% sold within the first 10 days. The city saw 2,321 new listings, a 23% reduction from the previous year. This is healthy, for now, with decreased demand due to rising interest rates. When rate pricing eases—and it will according to experts—the lower inventory will be sure to send prices through the roof. NOW IS THE TIME!

Diving deeper into communities, Queen Anne, with its blend of historic charm and modernity, saw a 1% rise in median sales prices to $1,349,000. Kenmore and Lake Forest Park have also held their own—60% of homes sold within the first ten days and both median sales prices and cost-per-square-foot went up 2% over last year. North Seattle remains a strong contender in the market, with 68% of homes selling at or above the list price. West Seattle, with its coastal vibe, saw a remarkable 72% of homes sell at or above the listing price.

The data underscores Seattle’s diverse and dynamic housing landscape, where different communities cater to varied tastes, yet all show promise and potential. Overall, Seattle’s housing market is marching on, optimistically steady, backed by strong analytical data and historically low unemployment.

 

Seattle Metro Listings vs. Sales

 

Seattle Metro Median Sales Price

 

Seller's or Buyer's Market? Seattle Metro Months of Inventory

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

Seattle Metro Market Report

 

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EASTSIDE

The Eastside showed steady growth in Q3. With a notable 5% year-over-year rise in home values, the median sales price landed at a respectable $1,460,000. Interestingly, cost per square foot ($625) showed virtually no YOY change. Sellers saw a close alignment with their expectations, as the average list price to sale price for all properties stood at 99%. Furthermore, 58% of homes sold at or above their listing price, a testament to the region’s enduring demand.

Diving deeper, most communities remained fairly stable with modest year-over-year increases. Redmond, Mercer Island and Newcastle/North Renton saw slight declines. The star of the Eastside was West Bellevue, posting 23% more sales than Q3 of last year, a median sales price hike of 14%, and the highest cost-per-square-foot in the region (even after a 14% drop from last year). While overall sales were down about 13% across the region, this was counterbalanced by a 20% drop in new listings keeping the Eastside in a flat seller’s market for the foreseeable future.

Our conclusion? The Eastside’s market remains robust and versatile. Buyers and sellers both need to be savvy, understanding both their micro-markets and the broader trends. For sellers, strategic pricing and presentation remain king! Our advice to buyers: don’t sleep on this market, it will turn fast when interest rates float downward and inventory will not be able to keep up with demand.

 

Eastside Listings vs. Sales

 

Eastside Median Sales Price

 

Seller's or Buyer's Market? Eastside Months of Inventory

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

Greater Eastside Market Report

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MERCER ISLAND

While Mercer Island’s Q3 median sales price of $2,368,000 was still down slightly compared to Q3 of last year, prices have been trending upward since the beginning of the year. Furthermore, the average price-per-square-foot in Q3 was actually up 6% over last year. More than half of homes sold at or above their list prices (53%) and in 10 days or less (57%)—this is right on par with what we saw in Q3 of 2022. Buyers found room to negotiate on the remaining listings and were able to add contingencies for things like inspections and financing.

We saw a boost in sales compared to last year’s initial interest rate shock, despite a lower number of new listings. This has kept the Island in a flat seller’s market much like we saw in 2018. That being said, Mercer Island homes are taking longer to sell than we saw last year—the average total number of days properties spent on the market before receiving an offer went from 18 days in Q3 2022 to 30 days by Q3 2023. Buyers, perhaps more hesitant due to higher interest rates, are being careful to pick and choose before leaping into a contract.

Overall, the Mercer Island real estate market has remained fairly steady with some signs of growth. While median prices are still down from their spike during the post-COVID frenzy, we should start seeing year-over-year gains if this year’s upward trend continues. For prospective buyers, the landscape offers an opportunity to negotiate favorable deals on those properties that don’t sell right away. For sellers, astute pricing and marketing strategies will continue to win the day.

 

Mercer Island Listings vs. Sales

 

Mercer Island Median Sales Price

 

Seller's or Buyer's Market? Mercer Island Months of Inventory

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

Mercer Island Market Report

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CONDOS – SEATTLE & EASTSIDE

The PNW condo market showed steady growth in Q3 of 2023, with year-over-year median sales prices up by 6% in both Seattle and The Eastside. Overall activity was subdued, however, with a drop in the number of new condo listings corresponding with fewer sales.

When dissecting Seattle’s condo statistics, Shoreline, Lake Forest Park and Kenmore saw the biggest price gains with a whopping 39% rise in median sales price compared to last year. Ballard and Green Lake also saw big gains with median sales price up 25%. Conversely, Shoreline experienced a stark 59% drop in sales and 40% drop in median sales prices, indicating possible shifts in buyer preferences toward the more convenient city center. While Downtown condo sales prices were also down slightly, their shimmering skylines still fetched a premium at $825 per square foot.

The Eastside condo market varied from area to area. Kirkland’s condo sales surged by 18%, with an impressive 43% increase in median sale price. Redmond also shone brightly with a 45% spike in median sale prices. Mercer Island stood out, with its 43% increase in the number of sales and 31% rise in median sale price showcasing its luxury market segment. Conversely, West Bellevue, East Bellevue, and East Lake Sammamish all posted lower year-over-year median sales prices—down -20%, -%12% and -7% respectively.

The juxtaposition of these two markets, and really the neighborhood specific swings within them, highlights the unique characteristics and demands of each, underscoring the need for prospective buyers and sellers to strategize based on specific community data. All the more reason to consult a condo pro!

 

Check out area-by-area details the full condo report.

 

Condo Report for Seattle & Eastside

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WATERFRONT

Seattle once again commanded the highest number of private waterfront sales with 9 total—4 of these sold in 4 days or less, including 2 hot Beach Drive listings in West Seattle that sold above their asking prices.  Lake Sammamish was close behind with 8 sales including one that sold immediately (and marked the most affordable waterfront sale at $1.62 million). Mercer Island boasted the highest waterfront sale of the quarter, a stunning North End estate on 120 feet of waterfront that went for $24.4 million. The Eastside held its own with 6 sales and the second highest sale of the quarter—$12 million—for a half-acre Yarrow Point estate on 105 feet of prime west-facing waterfront.

This brief overview of the entire Seattle-Eastside private waterfront market, including Mercer Island and Lake Sammamish, illustrates the trends occurring in our region over time. This data is interesting and insightful but cannot replace an in-depth waterfront analysis with your trusted professional.

 

Waterfront Report: Seattle/Eastside

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Windermere Mercer Island

 

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative, and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

© Copyright 2023, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and Trendgraphix, and deemed accurate but not guaranteed. Seattle cover photo courtesy of Codi Nelson and HD Estates. Eastside cover photo courtesy of Team RAREnorthwest and Elevato Photography. Condo cover photo courtesy of Jessica Livingston and im3rd Media. Waterfront cover photo courtesy of Anni Zilz and Clarity Northwest Photography.

Local Community & Events August 10, 2023

2023 Football & Hockey Schedules, Recipes & Tips…

Football is BACK and hockey is coming in hot! Scroll down for printable schedules, tailgating hacks (including how to pack the perfect cooler!), and favorite gameday recipes. Fans of all ages will also love our printable bingo sheets.

Need to brush up on your sports lingo? Check out Wikipedia’s handy football and hockey glossaries. You can say impressive things like, “Are they running a 3-4 defense?” and “It’s not icing unless the puck passes the goal line…”






 

Windermere Mercer Island

 

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative, and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

© Copyright 2023, Windermere Real Estate/Mercer Island.

Local Community & Events July 27, 2023

Extended! Kicks for Kids Shoe Drive August 1-21

Help us give kids the confidence they need to start the school year right! My Windermere team and I invite you to participate in our Kicks for Kids back-to-school sneaker drive. It connects low-income youth in our local communities with new shoes for the upcoming school year. Through August 21st, we’ll be accepting donations 3 ways:

 

  • Bring new or gently used sneakers (toddler/youth sizes) to my office at 2737 77th Ave SE, Ste. 100, Mercer Island. We’ll enter your name into a raffle for a delectable prize from Island Treats, and we’ll also match the first 100 pairs of shoes donated!

 

 

 


This year, we’re partnering once again with KidVantage (formerly Eastside Baby Corner), an amazing organization that helps kids thrive by providing resources and essentials with their 70+ partner agencies—many of which are school districts.

 

Help us make sure every child has a new pair of shoes for school!

 

 

Amazon Wish List: https://www.amazon.com/hz/wishlist/ls/2CS39QR9QBFOO?ref_=wl_share

 

All in, for our community. Windermere Mercer Island.

 


 

Windermere Mercer Island

 

© Copyright 2023, Windermere Real Estate/Mercer Island.

Real Estate July 13, 2023

How’s the Market? Q2 2023 Review of Seattle Area Real Estate

While median sales prices rose in Q2 compared to Q1, they were still down about 10% from last summer’s peak. Most areas saw fewer new listings and sales this year than we saw last year. Supply levels are still low enough to keep us technically in a seller’s market — our Windermere Chief Economist, Matthew Gardner, predicted this will continue, saying, “with relatively few homes on the market and the share of homes with price reductions dropping and list prices rising again, I just can’t see a buyer’s market appearing this year.”

 

Click or scroll down to find your area report:

Seattle  |  Eastside  |  Mercer Island  |  Condos  |  Waterfront

 


SEATTLE

The Seattle market felt a similar adjustment as the Eastside with home prices down about 10% across the board. This spring market had a 27% drop in supply which limited the overall sales. The median closed sales price of $900,000 is up from May’s $830,000, but down 10% year over year offering some relief to buyers feeling the squeeze of high interest rates.

Last quarter, we mentioned keeping an eye on North Seattle and the growth we’ve seen in Shoreline, Lake Forest Park and Kenmore likely due to transit and those seeking affordability. Interestingly, 80% of the Lake Forest Park and Kenmore homes sold at or above their list price (in comparison to Queen Anne at 62%, for example) with prices rising 14% since last quarter but down 19% year over year.

Q2 closed with 879 active residential homes on the market, but no real sense of urgency from buyers (although the average days on market was 20 compared to the Eastside’s 23 days). The presentation of a home coupled with a smart pricing strategy equates to a positive outcome for sellers — we can see this in the 42% of homes that experienced multiple offers with an average boost of 6% over list price. With that said, 26% of Seattle contracts experienced a price negotiation between parties, so if you’re a motivated buyer and write an offer, you could benefit from more traditional contract terms.

 

Seattle Metro Listings vs. Sales

 

Seattle Metro Median Sales Price

 

Seller's or Buyer's Market? Seattle Metro Months of Inventory

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

Seattle Metro Market Report

 

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EASTSIDE

The Eastside residential market adjusted significantly this quarter. With a median price of $1,450,000 across all neighborhoods, this is an adjustment of 10% compared to last year. West Bellevue real estate, a luxury market, took the largest adjustment of 16%, down to an average of $996 per square foot. Market times were also slightly longer with 66% of homes selling within the first 10 days; the other 34% of homes had to be more patient in finding their buyer. This means that it took an average of 23 days for a seller to sell their property compared to 7 days at this time last year. However, this is much improved from 52 days in Q1!

Just like Redmond’s condos, its single family residential supply numbers were down 43%—but offered more supply than this time last year. Overall, there were 40% fewer listings than in Q2 of last year. With just 645 active homes available at the end of this quarter and rates closing out ~6.75%, low supply and high interest rates have kept sales stagnant. This time last year, there were 1,105 homes available for sale and rates had just moved across the 5% level.

It’s very true that sales are still happening and price and presentation from the seller matter most. On the Eastside, 39% of homes sold above their list price at an average of 5% over. Many buyers have adjusted their budget with the higher rates and seem motivated to get into the market now when the right home is found. If you can afford the payment, take the leap as a buyer. Sellers are motivated to accept more traditional terms, and you may not be competing amongst others.

 

Eastside Listings vs. Sales

 

Eastside Median Sales Price

 

Seller's or Buyer's Market? Eastside Months of Inventory

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

Greater Eastside Market Report

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MERCER ISLAND

Much like other Eastside neighborhoods, Mercer Island made a significant adjustment in price—but one area of difference is that supply has remained steady. The south end offered the largest number of sold homes with 20, followed by 16 sold homes mid-island and 12 sold homes on the north end. Mid-island pricing continues to be smack in the middle with an average median sales price of $2,249,000; 75% of mid-island homes sold at or above their listing price, evidence that the desirability of being tucked away from freeway and amenities while still accessible to all is very appealing. Overall, island pricing has adjusted by 19% year over year to a median of $2.2 million compared to $2.7 million this same time last year.

There are currently 36 active homes on the market at the end of this quarter, which is identical to our supply level Q2 last year! This is up slightly from 39 active homes at the end of last quarter. The island is also feeling the pause in demand and urgency and that’s evident in the days on market numbers. Average days on market was 31 this quarter; it only took 7 days to sell your home this time last year. The inventory of homes for sale continues to be unique and striking, and a great pricing strategy equates to both happy seller and happy buyer.

 

Mercer Island Listings vs. Sales

 

Mercer Island Median Sales Price

 

Seller's or Buyer's Market? Mercer Island Months of Inventory

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

Mercer Island Market Report

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CONDOS – SEATTLE & EASTSIDE

For first time homebuyers, condos are still a fantastic starter purchase, whether you want to invest, live in the city or in a more suburban environment. We didn’t experience the same urgency with condo buyers this Spring likely because of interest rates, the fear of tech layoffs, or the transition from remote work to office work.

Year over year, neighborhoods like West Seattle, North Seattle, Queen Anne and Ballard saw strong price gains while South Seattle and Capitol Hill took a 20% median price adjustment. While it’s tough to find a direct correlation for neighborhoods tracking significantly different than others, the price gains are likely due to supply issues in these popular neighborhoods. On the flip side, price adjustments could be a sign that sellers had higher expectations of price before correcting to a normal level with a reduction or negotiation. There were 565 units available at the close of the quarter, down from 605 active units at the close of Q2 last year. Sellers are likely staying put for now, or they are investors with a low interest rate mortgage. Lake Forest Park and Shoreline condos triumphed over others with 81 percent of the 16 total condos selling at or above their list price; 70% of these units sold within the first week.

On the eastside, East Bellevue and East of Lake Sammamish had rising median prices with an average increase of 6% year over year, while other eastside neighborhoods adjusted downward. Redmond condo supply was down 41 percent! Again, this number reflects sellers staying put and with current interest rates hovering around 6.5% today, there may not be a suitable option for them to consider “trading up” to a larger unit or a single family home. With lack of supply and high rates, total sales are stagnant.

 

Check out area-by-area details the full condo report.

 

Condo Report for Seattle & Eastside

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WATERFRONT

Most of the waterfront sales this quarter happened in Seattle with 14 sold homes compared to 6 sold homes last quarter. Just two Mercer Island waterfront properties, located on the north end, sold this quarter (the same number of sales as last quarter!) one with significant competition selling $750,000 above its listing price in just four days. In regard to eastside waterfront homes, while there was just seven sales (also the same number of sold homes as Q1 this year), four of those homes sold in five days or less including a $14m waterfront property on Hunts Point.

This brief overview of the entire Seattle-Eastside private waterfront market, including Mercer Island and Lake Sammamish, illustrates the trends occurring in our region over time. This data is interesting and insightful but cannot replace an in-depth waterfront analysis with your trusted professional.

 

Waterfront Report: Seattle/Eastside

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Windermere Mercer Island

 
© Copyright 2023, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and Trendgraphix, and deemed accurate but not guaranteed. Mercer Island cover photo courtesy of Cynthia Schoonmaker and Clarity Northwest Photography. Eastside cover photo courtesy of Joe Liu and Clarity Northwest Photography. Condo cover photo courtesy of Team RAREnorthwest and Elevato Photography.

Local Community & Events June 21, 2023

2023 Seattle & Eastside Farmers Markets: Locations, Times & More

Summer is finally here, and so are these farmers markets! Spend an evening or weekend finding your new favorites among the tents. Think it’s all about kale? Think again. Most offer live entertainment along with a mouth-watering variety of local brews, cheese, bread, meat/seafood, honey, hand roasted coffee, and other hidden gems (in addition to the freshly picked fruits & veggies).

Seattle Metro

Greater Eastside

 

When's it in Season?


 

Seattle Metro

 

Ballard

Seattle’s first year-round Farmers Market, selling produce exclusively from Washington state farmers along the historic cobblestone stretch of Ballard Ave.

Sundays, 9am – 2pm | Year-Round
5345 Ballard Ave NW | Seattle
sfmamarkets.com/visit-ballard-farmers-market/

Photo courtesy of sfmamarkets.com

 

Capitol Hill (Broadway)

Come for Sunday brunch from food vendors who source ingredients from local, WA state farms (many of whom you’ll also meet selling their wares at the market). Live music and street performers often make an appearance, too.

Sundays, 11am – 3pm | Year-Round
Tuesdays, 3pm – 7pm (July 11 – September 26, 2023)
E Barbara Bailey Way | Seattle
seattlefarmersmarkets.org/chfm

Photo courtesy of do206.com

 

Columbia City

With everything from freshly harvested Asian greens to Ethiopian eats, come check out the immense variety King County’s most diverse zip code has to offer. Bring your bounty to adjacent Columbia Park for a picnic.

Wednesdays, 3pm – 7pm | May 3 – Oct 11, 2023
37th Ave S | Seattle
seattlefarmersmarkets.org/ccfm

Photo courtesy of SouthSeattleEmerald.com

 

Lake City

This celebrated North End seasonal market offers unique finds grown and prepared by local farms and food artisans. Enjoy kids’ activities, too!

Thursdays, 3pm – 7pm | June 8 – Oct 5, 2023
NE 125th St & 28th Ave NE | Seattle
seattlefarmersmarkets.org/lcfm

Photo courtesy of enjoylakecity.org

 

Lake Forest Park

With an emphasis on fresh, locally grown food, this market is an epicurean’s delight. Browse hard cider, baked goods, preserves, meat, pasta, sauces, and prepared foods along with the locally harvested fruits and veggies. There is also one “Crafts Market” each summer featuring local artisans.

Sundays, 10am – 2pm | May 14 – Oct 15, 2023
17171 Bothell Way NE | Lake Forest Park
www.thirdplacecommons.org/farmers-market

Photo courtesy of www.thirdplacecommons.org

 

Madrona

Located in one of Seattle’s most diverse neighborhoods, you’ll find artisan foods as well as seasonal produce from Washington state farmers, fishers, and ranchers.

Fridays, 3pm – 7pm | May 12 – Oct 27, 2023
MLK Way & E Union St | Seattle
sfmamarkets.com/madrona-farmers-market

Photo courtesy of sfmamarkets.com

 

Magnolia

This popular Saturday market is nestled in the tree-lined Magnolia Village. In addition to seasonal fruits and veggies, you’ll find sweet & savory pies, fresh bread, flowers, and more!

Saturdays, 10am – 2pm | June 3 – Oct 14, 2023 + Harvest Market on Nov 18, 2023
W McGraw St & 33rd Ave W | Seattle
seattlefarmersmarkets.org/mfm

Photo courtesy of pinterest.com

 

Phinney

A popular gathering spot for both the Phinney Ridge and Greenwood communities, this market is right next door to a playground and offers live music in addition to the great mix of fresh produce and prepared food.

Fridays, 3pm – 7pm | June 2 – Sept 29, 2023
6761 Phinney Ave N | Seattle
seattlefarmersmarkets.org/pfm

Photo courtesy of wikipedia.org

 

Pike Place

No introduction needed…make it a day with great restaurants, eateries and retail shops, too.

Daily, 9am – 6pm | Year-Round (Closed Thanksgiving & Christmas)
Pike Place between Pine & Virginia St | Seattle
(206) 682-7453
pikeplacemarket.org

Photo by Daniel Schwen

 

Queen Anne

Seattle’s only independent farmers market, offering food, chef demos, live music, and children’s activities.

Thursdays, 3pm – 7:30pm | June 1 – Oct 12, 2023 + Harvest Markets on 10/28, 11/18 & 12/16
Queen Anne Ave N & W Crockett St | Seattle
qafm.org

Photo courtesy of qafm.org

 

Shoreline

Starting this year in their NEW location at the Shoreline Park & Ride, this market offers kids’ programs and live music in addition to its fresh Washington produce, organic meats, bread, honey, and prepared foods. Check out the schedule for info about vendors and entertainment.

Saturdays, 10am – 2pm | June 3 – Oct 7, 2023 + Harvest Markets on 10/28 & 12/16
18821 Aurora Ave N | Shoreline
shorelinefarmersmarket.org

Photo courtesy of www.shorelineareanews.com

 

University District

Seattle’s only independent farmers market, offering food, chef demos, live music, and children’s activities.

Saturdays, 9am – 2pm | Year-Round
University Way NE (the “Ave”) between 50th & 52nd | Seattle
seattlefarmersmarkets.org/udfm

Photo courtesy of pinterest.com

 

Wallingford

Located in Meridian Park, you can shop with the whole fam and then enjoy a picnic or playtime at the award-winning playground.

Wednesdays, 3pm – 7pm | May 24 – Sept 27, 2023
4800 Meridian Ave N | Seattle
sfmamarkets.com/visit-wallingford-farmers-market/

Photo courtesy of sfmamarkets.com

 

West Seattle

A South Seattle weekend destination, this market is set in the vibrant West Seattle Junction and features up to 70 vendors during the summertime peak. Great community atmosphere celebrating Washington grown food and ingredients.

Sundays, 10am – 2pm | Year-Round
California Ave SW & SW Alaska | Seattle
seattlefarmersmarkets.org/wsfm

Photo courtesy of westseattleblog.com

 


Greater Eastside

 

Bellevue – Crossroads

East Bellevue’s market features fruits, veggies & dairy products from Washington state farms along with handmade soaps, candles, greeting cards, herbal wellness products, and more. Don’t missed the locally roasted coffee and handmade ice cream sandwiches, too!

Tuesdays, 12pm – 6pm | June 6 – Sept 26, 2023
15600 NE 8th St | Bellevue
https://crossroadsbellevue.com/music-events/crossroads-farmers-market/

Photo courtesy of crossroadsbellevue.com

 

Bellevue – Downtown

Set in the heart of Downtown Bellevue, this market offers goods exclusively produced within Washington state—from seasonal fruits & veggies to flowers, fresh meats, artisan goods, and prepared cuisine. The Kids’ POP club empowers kids to know where their food comes from and make healthy eating choices.

Thursdays, 3pm – 7pm | May 18 – Oct 19, 2023
1717 Bellevue Way NE | Bellevue
Spring District: First Wednesday of the month, May – October
12167 NE 14th Terrace | Bellevue
bellevuefarmersmarket.org

Photo courtesy of eatbellevue.com

 

Carnation

Set in the heart of the Sno-Valley farming district, you’ll find plenty of freshly picked produce along with live music and educational activities for the kids.

Tuesdays, 3pm – 7pm | June, July & August 2023 (closed July 4th)
Tolt-MacDonald Park, 31020 NE 40th St | Carnation
Map
carnationfarmersmarket.org

Photo courtesy of carnationfarmersmarket.org

 

Duvall

Nestled alongside the scenic Snoqualmie River, this friendly market features local eggs, jams, fresh roasted coffee, arts, crafts, and baked goods in addition to the seasonal veggies, fruits, and plant starts. Live music, picnic shelters and a playground make this a fun family destination.

Thursday, 3pm – 7pm | May 4 – October 12, 2023
Taylor Landing at 16201 Main St NE | Duvall
duvallfarmersmarket.org

Photo courtesy of duvallfarmersmarket.org

 

Issaquah

Located at the historic Pickering Barn, this picturesque venue offers a variety of fresh farm and food-based products, concessions, and local artisans.

Saturdays, 9am – 2pm | May 6 – Sept 30, 2023
Pickering Barn, 1730 10th Ave NW | Issaquah
www.issaquahwa.gov/778/Farmers-Market

Photo by Saifu Angto, courtesy of google.com

 

Kirkland – Downtown

This stunning setting on the Lake Washington shoreline turns shopping into a day at the beach. Peruse local produce and goods, then go for a swim or stroll along Moss Bay. Perfect for a picnic, too!

Wednesdays, 3pm – 7pm | June 7 – September 27, 2023
Marina Park, 25 Lakeshore Plaza | Kirkland
kirklandmarket.org

Photo courtesy of kirklandmarket.org

 

Kirkland – Juanita

Set in beautiful Juanita Beach Park on Lake Washington, you’ll find as many as 30 vendors offering farm fresh local produce, herbs, honey, nuts, flowers, plants, baked good, handcrafted items, and prepared cuisine. Make it a date with live music and a picnic at the beach. There’s a great playground for the kids, too.

Fridays, 3pm – 7pm | June – Sept, 2023
Juanita Beach Park, 9703 NE Juanita Dr | Kirkland
www.kirklandwa.gov

Photo courtesy of yelp.com

 

Mercer Island

Come on down for quality local Washington state produce, cheese, fish, meat, bread, and more. Check out the live music schedule, too!

Sundays, 10am – 2pm | June 4 – Oct 8, 2023
7700 SE 32nd St | Mercer Island
www.mifarmersmarket.org

Photo courtesy of www.mifarmersmarket.org

 

North Bend

This relaxed market enjoys live music and a spectacular Mount Si view. Vendors offer fresh produce, berries, honey, flowers, baked goods, hand-crafted items, and delicious prepared foods. Two playgrounds plus play fields and a covered picnic shelter make this a fun hangout spot. Leashed pets are welcome, too!

Thursdays, 4pm – 8pm | June 8 – Sept 7, 2023
Si View Park, 400 SE Orchard Dr | North Bend
www.siviewpark.org/farmers-market.phtml

 

Redmond

Going strong since 1976, the Redmond Saturday Market offers a huge selection of vendors and dazzling array of produce, flowers, cheeses, preserves, salmon, tea, and handmade goods such as pottery and soaps. You’ll love the ready-to-eat foods, too.

Saturdays, 9am – 2pm | May 13 – Oct 28, 2023
9900 Willows Rd | Redmond
www.redmondsaturdaymarket.org

 Photo by Jeff, courtesy of google.com

 

Renton

Find exclusively Washington-produced fruits, veggies, handmade goods, arts, crafts and more right in the heart of downtown Renton at Piazza Park. Food trucks, live music, and kids’ activities such as the “Healthy Kids Corner” make this a fun spot to liven up your Tuesday.

Tuesdays, 3pm – 7pm | June – Sept, 2023
Piazza Park, 233 Burnett Ave. S | Renton
www.rentonfarmersmarket.com

Photo courtesy of yelp.com

 

Sammamish

Each Wednesday, the Sammamish Commons plays host to a variety of local farmers, nurseries, bakeries, artisans, food vendors, and more. Live music and kids’ activities, too!

Wednesdays, 4pm – 8pm | May – Sept, 2023
Sammamish Commons, 801 228 Ave SE | Sammamish
www.sammamishfarmersmarket.org

Photo courtesy of sammamishfarmersmarket.org

 

Woodinville

Come check out downtown Woodinville’s newly renovated Schoolhouse District and find produce grown in the state of Washington (and picked fresh for that morning!). You’ll also have an array of boutique baked goods, sauces, cider, artisans, and more to peruse. Check out the calendar for live entertainment, music, demos, and other activities.

Saturdays, 10am – 3pm | May – Sept, 2023
13205 NE 175th St | Woodinville
woodinvillefarmersmarket.com

 

 


 

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© Copyright 2022-2023, Windermere Real Estate/Mercer Island.

Local Community & Events June 15, 2023

Favorite Summer Festivals

The sun is here and the whole PNW is celebrating!  Whether it’s a fair close to home or an excuse to pack up the fam for a destination festival, I hope you get out and make the most of these fun events…

 

JUNE

JULY

AUGUST

SEPTEMBER

 

 


 

JUNE

 

Fremont Fair

One of Seattle’s biggest events, this bohemian-inspired festival features 300+ craft vendors, food, beer garden, dog parade, music, and the Solstice Parade (including the unofficial but famous naked bide ride).

Saturday, June 17 & Sunday, June 18, 2023

West of Fremont Ave N, on N 35th St. and N 34th St.

Parade: Begins at the intersection of N. 36th St. and Leary Way, and winds through downtown Fremont, ending at Gasworks Park.

fremontfair.com

Photo courtesy of fremontfair.com

 

Seattle PrideFest

Held in two locations (Capitol Hill & Seattle Center) this year with beer gardens, food, performances, and dancing in the Seattle Center fountain.

Saturday, June 24th – Capitol Hill
310 Broadway E | Seattle

Sunday, June 25th – Seattle Center
305 Harrison St | Seattle

seattlepridefest.org

Photo courtesy of seattlepridefest.org

 


JULY

 

SeaFair Summer Fourth

Seattle’s biggest fireworks show plus live music, family activities & beer gardens. Watch the show from free open seating or reserve a front row seat.

Tuesday, July 4th, 2023
Gates Open at 3pm, Fireworks at 10:15pm

Gas Works Park

Lake Union Park

seafair.org/summerfourth

Photo courtesy of seafair.org/summerfourth

 

Redmond Derby Days

Redmond’s bike-themed summer event including bicycle races, kids bike parade, carnival rides, drone light show, craft fair, arts festival, food, cornhole tourney, and live music.

Friday, July 14th & Saturday, July 15th, 2023

15670 NE 85th St, Redmond

redmond.gov/derbydays

Photo courtesy of redmond.gov

 

Ballard Seafood Fest

Live music, salmon BBQ, kids entertainment, vendors, and excellent craft beer. Don’t miss the Festi-Bowl skateboard events at Ballard Commons Park on Saturday, the 15th.

Friday, July 14th – Sunday, July 16th, 2023

2208 NW Market St | Seattle (on Market St from Leary to 24th Ave NW, and on Ballard Ave from Market St to 22nd Ave NW)

seafoodfest.org

Photo courtesy of Andrew Jacob Media and seafoodfest.org

 

Kirkland Uncorked

Sip local wine, beer or cocktails and listen to live music in beautiful Marina Park on the water. There’s also a street fair with crafts, art, food, dog modeling contest (!), and more. Buy tickets here (proceeds benefit the Homeward Pet Adoption Center).

Friday, July 14th – Sunday, July 16th, 2023

25 Lakeshore Plaza | Kirkland

kirklanduncorked.com

Photo courtesy of kirklanduncorked.com

 

West Seattle Summer Fest

Live bands, arts & crafts booths, outdoor cafes, beer garden, and fun Kids Zone with inflatables.

Friday, July 14th – Sunday, July 16th, 2023

The Junction, 4210 SW Oregon St | Seattle

westseattlesummerfest.com

Photo courtesy of westseattlesummerfest.com

 

Mercer Island Summer Celebration

Parade and lively street fair at Mercerdale Park followed by a waterfront fireworks show at Luther Burbank Park.

Saturday, July 15th, 2023
Fireworks at 10pm

Mercerdale Park Fair: 3009 77th Ave SE | Mercer Island

Luther Burbank Park (Fireworks): 2040 84th Ave SE | Mercer Island

mercerisland.gov/summercelebration

 

Renton River Days

Summer bazaar, parade, rubber duck derby, live music, food trucks, beer/wine gardens, activity zone, drone show, volleyball & basketball tourneys, and 5k/10k Fun Walks on the Cedar River Trail.

Friday, July 21st – Sunday, July 23rd, 2023

1055 S Grady Way | Renton

rentonriverdays.org

Photo courtesy of patch.com

 

Bite of Seattle

200 vendors, 50+ music performances (including Sir Mix-a-Lot!), 3 beer gardens, wine garden, & more.

Friday, July 21st – Sunday, July 23rd, 2023

Seattle Center, 305 Harrison St  | Seattle

biteofseattle.com

Photo courtesy of biteofseattle.com

 

Sequim Lavender Weekend

Celebrate all things lavender with tours of local farms, live music, and 150 street fair booths highlighting NW crafts & food.

Friday, July 21st – Sunday, July 23rd, 2023

Carrie Blake Park, 500 N Blake Ave | Sequim

lavenderfestival.com

Photo courtesy of seattleandsound.com

 

Timber! Outdoor Music Festival

In addition to a wide range of local musicians, discover adventures like bat/bird finding expeditions, hiking, biking, tree climbing, nature painting/photography, yoga, 5K run, coffee walk, obstacle course, stargazing, fika (a Swedish morning tradition), shibori shirt dyeing, and lots of kids activities. Enjoy great food & local brews, too.

Thursday, July 27 – Saturday, July 29, 2023

Get tickets here

Tolt-MacDonald Park, 31020 NE 40th St | Carnation

timbermusicfest.com

Video courtesy of Timber! Outdoor Music Festival

 

Bellevue Arts Fair

Shop from over 300 artists showcasing their handmade arts & crafts. Kids Fair, food trucks, stage performances, and free Bellevue Art Museum exhibitions, too!

Friday, July 28th – Sunday, July 30th, 2023

Bellevue Square, 510 Bellevue Way NE | Bellevue

bellevuearts.org/artsfair

Photo courtesy of bellevuearts.org/artsfair

 


AUGUST

 

Seafair Weekend

Seattle’s iconic festival featuring a spectacular airshow, hydroplane races, classic car show, live music, local food/beverages, and log boom party for boaters.

Friday, August 4th – Sunday, August 6th, 2023

Get tickets here

Genesee Park, 4316 S Genesee St | Seattle

seafair.org

Photo courtesy of seafair.org

 

Watershed

If you’re a country music fan, then this destination festival at the Gorge is for you. Three days of live bands plus carnival rides, food, drinks, and camping.

Friday, August 4th – Sunday, August 6th, 2023

Get tickets here

The Gorge Ampitheatre, 754 Silica Rd NW | Quincy

watershedfest.com

Photo courtesy of watershedfest.com

 

Festival at Mount Si

This street fair in scenic North Bend offers music, a parade, 5K fun run, cherry pie eating contest, and even a live chili cookoff (not to mention food and craft vendors!). Make it a day and visit the outlet mall or go hiking while you’re at it.

Saturday, August 12th & Sunday, August 13th, 2023

Si View Park, 400 SE Orchard Dr | North Bend

festivalatmtsi.org

Photo courtesy of festivalatmtsi.org

 

Chief Seattle Days

A celebration of the Suquamish people honoring Chief Seattle since 1911, this festival is now open to the public and includes canoe races, a salmon bake, 5k fun run, market, games, traditional songs & dances, and a gravesite honoring for Chief Seattle.

Friday, August 18th – Sunday, August 20th, 2023

7235 NE Pkwy | Suquamish

Gravesite Honoring of Chief Seattle: 7076 NE South St | Suquamish

chiefseattledays.org

Photo courtesy of chiefseattledays.org

 

CHOMP Local Food Festival

A King County celebration of all that is local, sustainable, fresh…and delicious. Spend the day at beautiful Willowmoor Farm in Marymoor Park and support area farms. Live music, local food vendors, all-ages activities, and zucchini races, too!

Saturday, August 19th, 2023 from 10am to 6pm

Marymoor Park, 6046 West Lake Sammamish Pkwy NE | Redmond

chomplocal.org

Photo courtesy of chomplocal.org

 

Evergreen State Fair

Held each year during the 11 days leading up to Labor Day (for the past 114 years!), this fair offers a little of everything—a fun carnival with rides/games, food, shopping, contests, live events, and more.

August 24th – September 4th, 2023

(Closed Wednesday, August 30th)

Get tickets here

14405 179th Ave SE | Monroe

evergreenfair.org

Photo courtesy of Evergreen State Fair

 

THING: Music, Arts & Other Things

The ultimate destination festival, this 3-day event takes place amongst scenic sound views at Port Townsend’s historic Fort Worden (it’s even got a lighthouse!). In addition to an epic music lineup, you’ll also find art installations, workshops, and activities for all ages.

Friday, August 25th – Sunday, August 27th, 2023

Get tickets here

200 Battery Way | Port Townsend

thingnw.org

Photo courtesy of THING

 


SEPTEMBER

 

Washington State (Puyallup) Fair

A September tradition, peeps all around the Sound flock to “Do the Puyallup.” You’ll find your favorite carnival rides, a concert series, rodeo, petting farm, and a plethora of exhibits & vendors.

September 1st – 24th, 2023

Get tickets here

110 9th Ave SW | Puyallup

thefair.com

Photo courtesy of thefair.com

 

Bumbershoot

Seattle’s biggest music festival and a 50-year tradition. This year you’ll find a great music lineup along with everything art, dance, performances, roller skating, and…a cat circus.

Saturday, September 2nd – Sunday, September 3rd, 2023

Get tickets here

Seattle Center, 305 Harrison St | Seattle

bumbershoot.com

Photo courtesy of seattlecenter.com

 

Mercer Island Art UnCorked

Discover Washington wine, beer & cider while you browse local artists at this outdoor event in Mercer Island’s Greta Hackett Outdoor Sculpture Gallery. Tasting garden, artist booths, live music, food trucks, and more.

Friday, September 8th, 2023 | 5-8 pm

Get tickets here

78th Ave SE & Sunset Hwy | Mercer Island

mercerislandartuncorked.com

 Photo courtesy of mi-reporter.com

 

Fremont Oktoberfest

Celebrate 100+ beers and ciders along with games, Texas Chainsaw Pumpkin Carving, and Dogtoberfest. Strictly 21+…unless you’re a dog.

Friday, September 22nd – Sunday, September 24th, 2023

Get tickets here

3503 Phinney Ave N | Seattle

fremontoktoberfest.com

Photo courtesy of fremontoktoberfest.com

 

 


 

Mercer island blog, windermere mercer island, windermere real estate, seattle blog, live on mercer, live on guides, community information, neighborhood information, real estate, mercer island community, mercer island community blog, mercer island blogger, mi reporter, mercer island real estate info,

© Copyright 2023, Windermere Real Estate/Mercer Island.

Market Updates April 18, 2023

How’s the Market? Q1 2023 Review of Seattle Area Real Estate

The first quarter of 2023 saw a price correction compared to last year’s spike, with year-over-year median prices down by 9% in Seattle and 14% on the Eastside.  That being said, prices are already beginning to climb again with steady growth since the beginning of the year.  Buyer demand remains strong despite higher interest rates—competitively priced, well-presented homes are still fetching multiple offers.

 

Click or scroll down to find your area report:

Seattle  |  Eastside  |  Mercer Island  |  Condos  |  Waterfront

 


SEATTLE

For those who purchased a home in Seattle this quarter, it likely felt like there were more options and inventory with a minor rebalance on price. While transactions were down 28% year over year, we also saw median sales price was down from $925,000 to $830,000 since last quarter, which is a 9% adjustment. A down correction in pricing gave relief to buyers feeling the pinch and stress of rising interest rates to 6.5%. Rates have doubled the past 1.5 years but, considering the limited supply of homes for sale, the drop in home prices hasn’t been severe.

 

Neighborhoods like Lake Forest Park saw growth in their number of transactions (up 15%); other neighborhoods like Madison Park and Capitol Hill had nearly half the homes for sale compared to last year. It’s no surprise that as interest rates rise and affordability changes, buyers are casting a wider net to other parts of Seattle to the north. Keep an eye on neighborhoods like Shoreline, Kenmore and Lake Forest Park. Desirable prices paired with accessible transit is a bonus for those who are being asked to return to the office.

 

Multiple offers are apparent in some neighborhoods (price & presentation is key!) and we did experience 30% of homes sell above their listing price. If the shortage of inventory remains and interest rates drop slightly, we could see the frequency of multiple offers increase.

 

Seattle Metro Listings vs. Sales

 

Seattle Metro Median Sales Price

 

Seller's or Buyer's Market? Seattle Metro Months of Inventory

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

Seattle Metro Market Report

 

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EASTSIDE

The Eastside was struck by job layoffs in the tech sector, rising interest rates and new property listings (28% more homes than last quarter!) but pending sales remained low compared to the previous year. Transaction volume was much like Seattle’s, with a decline of 22%. Mercer Island was the only community that stayed steady (no increase) in the number of transactions year over year.

 

Interestingly, while prices are down to a median of $1,400,000 year over year, this is a slight 2% increase from last quarter’s median of $1,380,000. 20% of the properties on the Eastside also sold above their listing price (most of these homes were in Bellevue) while sellers needed a shift in expectations with a whopping 58% of homes needing a price improvement to find their buyer. The list price vs. sold price percentage was 97% which means if you were a seller who listed your home at $1,000,000, you would expect to sell for $970,000 this quarter. Again, price and presentation matter and 41% of sellers who did this well sold in the first 10 days.

 

Buyers who are shopping for homes on the Eastside continue to be hyper focused on the school districts, turn-key properties and are serious about locking in their interest rate now, with the hopes of refinancing later this year when economists predict rates could decrease. If rates drop below 5.5% coupled with low inventory levels, we could see the frequency of multiple offers increase.

 

Eastside Listings vs. Sales

 

Eastside Median Sales Price

 

Seller's or Buyer's Market? Eastside Months of Inventory

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

Greater Eastside Market Report

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MERCER ISLAND

Even though there were just 39 residential transactions on Mercer Island this quarter, that number has stayed perfectly steady year over year. Over half of these homes sold in the first 10 days on the market, which is no surprise as demand has stayed robust.

 

13% of listings sold above their listing price, but this wasn’t concentrated on a certain community; four homes located on First Hill, Mid-Island plus the South & North Ends respectively, each received multiple offers this quarter. Q1 of 2022 saw a median price of $2,540,000 with just one home listed under $1,500,000. This quarter, the median price is $2,233,000 (a 12% decline) while six homes sold under $1,500,000! Due to the decline in prices and a slower start to the year, many sellers needed a shift in expectations with a whopping 67% of homes needing a price improvement to find their buyer.

 

We haven’t seen the number of new listings in the double-digit figures since Q2 of 2022, and it’s very possible we won’t experience that same level of inventory this year. Baby boomers are holding onto their homes with the benefit of their remarkably low 2.75% interest rate, and families are staying put to finish out the school year.

 

Our advice still stands: if you’re thinking about waiting for lower rates AND lower prices, you might be dreaming. Enjoy the fantastic Island inventory now, lock in your rate and consider refinancing later this year or next spring when economists predict rates will shift down.

 

Mercer Island Listings vs. Sales

 

Mercer Island Median Sales Price

 

Seller's or Buyer's Market? Mercer Island Months of Inventory

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

Mercer Island Market Report

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CONDOS – SEATTLE & EASTSIDE

Seeing first time homebuyers come back to the market or considering an investment? Buying a condo in Seattle or on the Eastside is a fantastic opportunity, especially as many companies are calling their employees back to the office at least 3 days per week. It’s very possible transaction volume will be up next quarter, but for now, transactions were down 44% year over year. With that said, 465 units sold in Seattle; 347 units sold on the Eastside which isn’t all doom and gloom.

 

Just like North Seattle is heating up with residential sales, Lake Forest Park, Shoreline, Ballard and North Seattle condos outpace the rest of Seattle, up 10% on average. These areas are experiencing new construction townhomes that are especially desirable to first time homebuyers. Boutique builders are offering a trendy design palette (have you seen the Scandinavian-style design with light woods and sleek finishes?) paired with all the “bells and whistles” that city dwellers appreciate, like dog washing stations, artificial turf, and EV chargers.

 

For the Eastside, Redmond condos stayed the steadiest, down just 17% year or year. Kirkland was the only neighborhood to experience a price bump, up 11% to a median price of $693,000.

 

The Seattle condo median price has declined just 1% year over year to $515,000, while the Eastside experienced a 12% adjustment to $550,000. This is a $530,000 average when comparing both areas. With interest rates doubling the past 1.5 years and buyers considering a condo unit under the umbrella of a condo association, shoppers will be very particular about their monthly dues assessment and what’s included for those monies as both interest rates and dues have such a dominant effect on their overall buying power. Condos continue to be a necessary niche in our marketplace!

 

Check out area-by-area details the full condo report.

 

Condo Report for Seattle & Eastside

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WATERFRONT

There were 17 privately-owned waterfront home sales in the greater Seattle-Eastside region in Q1 2023 (Eastside-7; Seattle-6; Lake Sammamish-2; Mercer Island-2). This is exactly on par with last year, when we also saw 17 sales in Q1 2022.

 

The highest sale was for a Medina Northwest Contemporary on 115 feet of low-bank waterfront that sold above list price for $20m. The most affordable waterfront was a unique triplex with 1920-1930 era beach cottages on a private boardwalk near the Ballard Locks—a buyer snagged it below list price for $1.9m.

 

This brief overview of the entire Seattle-Eastside private waterfront market, including Mercer Island and Lake Sammamish, illustrates the trends occurring in our region over time. This data is interesting and insightful but cannot replace an in-depth waterfront analysis with your trusted professional.

 

Waterfront Report: Seattle/Eastside

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Windermere Mercer Island

© Copyright 2023, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and Trendgraphix, and deemed accurate but not guaranteed. Mercer Island cover photo courtesy of Petra Varney and Clarity Northwest Photography.

Tips, Trends & Living February 10, 2023

Property Tax Relief Programs in King County

More than 26,000 low-income seniors and disabled people in King County who qualify for a tax exemption haven’t claimed it…are you or your family member one of them?

If you are homeowner, make $58k or less per year, and are either age 61+ or retired due to disability, there is a good chance you qualify. You can even retroactively apply for the exemption for the prior 3 years!

Scroll down for details on this exemption plus 4 other property tax relief programs that King County offers.

In another county? Here is the full list of income thresholds for every county in Washington State, and here is another link to view the programs each county offers.

 

Senior/Disabled Property Tax Exemption


WHAT IS IT?

A reduction in King County property tax for seniors, people with disabilities, and disabled veterans.


WHO QUALIFIES?

  • Seniors age 61+

or

  • Those who cannot work due to a disability

or

  • Veterans with service-related disabilities

YOU MUST…

  • Own your home
  • Have occupied it as a primary residence at least 6 months out of the year

INCOME LIMIT

  • $58,423 maximum annual household income in the previous year

WAYS TO APPLY

  • Click here to apply online
  • Call 206-296-3920
  • Ask your local senior center if they help with applications

 

Senior/Disabled Property Tax Deferral


WHAT IS IT?

The ability for seniors & disabled people to defer unpaid property tax/special assessments, including back taxes for as long as you’ve owned the home. Deferred taxes + any accumulated interest then become a lien on the property until it’s repaid.


WHO QUALIFIES?

  • Seniors age 60+

or

  • Those who cannot work due to a physical disability

YOU MUST…

  • Own your home and have lived in it for more than 9 months in a calendar year
  • Meet an equity requirement

INCOME LIMIT

  • $67,411 maximum annual household disposable income

HOW TO APPLY

  • Call 206-263-2338

 

MORE TAX RELIEF PROGRAMS…

 

Limited Income Deferral

WHAT IS IT?

The ability to defer the second installment of your property taxes/special assessments (normally due October 31st) if you are a low-income homeowner. The deferred taxes plus interest become a lien on the property until they’re repaid.


YOU MUST…

  • Have owned your property for 5 years
  • Be living in the home as of January 1st of the application year AND more than 9 months during that year
  • Meet an equity retirement
  • Have already paid the first half of your taxes (due April 30th)

INCOME LIMIT

  • $57,000 maximum annual household income in the previous year

HOW TO APPLY

  • Call 206-263-2338

 

Homeowner Improvement Exemption


WHAT IS IT?

Relief from tax increases caused by major additions or remodels.


YOU MUST…

  • Own a detached single family dwelling (including mobile homes)
  • File your claim for exemption with the assessor BEFORE construction is complete

HOW TO APPLY

  • Call 206-263-2338

 

Flood & Storm Damage Property Tax Reduction


WHAT IS IT?

Tax relief for property damaged by something beyond the owner’s control. Eligible properties receive a reduction of assessed value resulting in lower property taxes. In addition, taxpayers can receive an exemption to keep taxes lower for the 3 years after they rebuild.


YOU MUST…

  • Have your property on the assessment roll as of January 1st in the year it was damaged
  • Have property that was destroyed, OR was in a declared disaster area and reduced in value by more than 20% as a result of the disaster

HOW TO APPLY


 

For more information on any of these programs, visit the King County Assessor’s tax relief page. You can also find info for other counties on the WA Dept of Revenue website.

 


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