Seattle’s diverse private waterfront consists of both rugged Puget Sound saltwater coastline and protected Lake Washington shoreline, along with a number of smaller bodies of water (not included in this report). Of Q2’s 10 waterfront sales, 6 were sited on Lake Washington north of 520, 1 on Lake Washington south of 520, and 3 on Puget Sound in West Seattle.
The highest sale, at $5 million, was a Washington Park 1952-built, 4296 square foot, Harrison Overturf designed mid-century modern remodeled in 1998 by Ralph Anderson with 60 feet of prime waterfront. Listed at $5,450,000, it sold in 21 days at 92% of its asking price. The most affordable private waterfront home, a 1912 West Seattle Craftsman listed at $1,275,000 and sold for $1.35 million in 7 days. Located just steps from Lincoln Park, this 2930 square foot home was sited on a shy 2/3 acre (with much of the land as tide flats) and had feet of frontage on Puget Sound.
The pace of Mercer Island waterfront sales has slowed from 15 pending listings in Q2 2015 to 8 during the same period this year. Closed sales are less than half of their typical pace—from 14 in 2015 to 6 during the same April-June time frame. This has resulted in a dramatic climb in the Month’s Supply of Inventory –from 4 months in Q2 2015 to 9 month’s supply in 2016—during a time when the market has otherwise been brisk. Of the 6 homes sold, 2 were Westside, 2 South End, and 1 each North End and Eastside.
The highest sale, at $7.5 M, was of a 1989 traditional with 6350 square feet on two extraordinary, side by side buildable waterfront lots with 204 feet of low bank West facing Gold Coast waterfront. Listed at $8,188,660, this home sold in 1 day at just shy of 92% of its listed price.
Only one private waterfront home sold below $3 M in the second quarter. It was an Eastside, 1952-built, 2400 square-foot basement rambler on a quarter acre lot with 80 feet of waterfront listed at $2,298,000 and sold for $2,290,500 after 14 days on the market.
Of the 16 private waterfront sales in Q2, half sold above $3 million. Kirkland had the highest concentration of sales, although not surprisingly, Medina ($6.3 M) and Hunts Point ($5.5 M) boasted the highest average sale prices. Twenty-five new listings entered the market increasing the average listing count to 36 active listings. The pace of sales slowed, with only 17 pending sales reported between April and June in 2016 as compared to 30 during the same period last year.
Scarcity in highly desirable market segments—west facing, turn-key or blank slate, and with optimum usable land has been met with an overabundance of supply in other segments. This brought the average days on market of sold listings to a startling 23—while other homes remained on the market waiting for just the right buyer.
In spite of 14 new listings for sale, inventory on Lake Sammamish has been scarce—averaging 13 active listings in Q2. Twelve pending sales are on the books awaiting closing—but only 2 sales were actually closed—the lowest number of quarterly closings in many years.
The highest Lake Sammamish sale was listed at $3,788,000 and sold near asking price at $3,775,000. A spectacular 5,875 square foot, 2010-built award-winning traditional with 20 foot ceilings and sited on 88 feet of sandy level beach with its own private dock. Located on the east side of the lake and north of Lake Sammamish State Park, this home sold at nearly 100% of its list price in early April after 11 days on the market.
The second private waterfront home sold in Q2 was listed at $1,595,000 million and sold at $1,487,500 in April after 17 days on the market. It was a 2000-built home with a mere 1,810 square feet on a sliver of land with 32 feet of waterfront along the east side of the lake.
© Copyright 2011-2016, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed. For questions or comments, email Julie Barrows at firstname.lastname@example.org.