Overall Greater Seattle Real Estate Market
The Greater Seattle real estate market is part of the Northwest MLS. Pending Sales in August were down 25% across the NWMLS, but the median price In August was the same as July ($615,000) and actually higher than the previous year ($600,000). Prices remain strong because of low inventory. Many current homeowners are locked in at historically low interest rates; thus, are generally choosing to stay put rather than sell. Only 8,152 new listings were added in August. Down 18% from the previous August which added 9,914.
The Greater Condo Market
The condo market has also faired well. Median prices in August ($465,000) did dip from July ($480,000), but for the second month in a row they did exceed the previous year’s median price ($450,000 in August 2022). Condos have been a great alternative to new homebuyers, especially, with employers pushing for people back in the office at least partially.
Greater Seattle Luxury Market
The luxury market has been strong. Last August there were 211 sales of $2 million or more across the NWMLS (80% of which were in King County), this August it increased to 239 sales. Thus, while the overall real estate market saw 16% less closed sales, the luxury real estate market actually saw an increase. This is due in part that the luxury market is not reliant on government-backed conforming loans. The limit of which is $977,500 in the Seattle Metro area. The luxury market has more links to the stock market which has been steady.
The true luxury market is on the Eastside, across Lake Washington from Seattle or on Mercer Island's case in Lake Washington. The highest sale in August was a Mercer Island waterfront home that sold for $24,375,000. Of the top 10 sales, 9 were on the Eastside and one was in Seattle.