Luxury real estate market is extremely hot. In the first quarter of the previous year there were 371 sales over $2 million in King County. In the first quarter of 2022, there were 513 luxury home sales over $2 million. Not only were there more sales, the average list price of those luxury homes was nearly $2.78 million, BUT the average sales price was $3.04 million. So the average luxury real estate listing went for nearly 9.5% over asking.
The highest sale price in the first quarter of 2022 was only $12.75 million compared to $18.15 million for the same time in the previous year. Thus, the 2022 averages were not distorted by only a few large sales.
The Eastside continues to dominate the luxury "home" market. 8 out of 10 of the top sales in 2022 were in Bellevue, Medina, and Clyde Hill. In 2021, all ten were on the Eastside. In contrast, luxury condos tend to be more split with about half the sales tending to be Seattle condos and half on the Eastside.
Ewing and Clark has sold some of the most significant homes in King County. If you want to learn more about the Seattle luxury real estate market, then reach out to their experience residential real estate brokers.
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