The Seattle private waterfront market has been very active with 27 new listings in Q3—compared to 14 during the same period last year. The 17 closed sales mark an increase in the average sale price to $2.4 M. Of Q3’s sales, 8 homes were sited on Puget Sound’s saltwater beaches while 9 rested along the shores of Lake Washington.
In spite of typical sales activity, the number of private waterfront homes on the Island has steadily been increasing. This has brought the month’s supply of inventory—the number of months it would take to sell through the current listings for sale based on the rate of pending sales—up to 13 months. While this is seasonal to some degree, the Island has seen a significant run up in the for sale inventory of priced above $2 million, and it therefor merits careful observation to see how this trend unfolds.
Of Q3’s eight private waterfront sales, 3 were sited on the Westside, 3 on the Eastside and 2 at the South End. The highest sale ($9.8 M) was a 9,750 square foot mid-century modern on the Westside with 250 feet of waterfront on 1.138 acres (3 lots). The lowest, at $2.9 M, was a 1937-built cottage sited on Butterworth Road with .238 acres and 80 feet of waterfront.
Private waterfront sales on the Eastside were up in Q3 to the highest level seen in years. The highest waterfront sale ($7 M) was on Hunts Point and the lowest ($1.5 M) was in Kenmore. Eighteen new listings entered the market maintaining an average listing count of 32 active listings. There were 24 pending sales reported between July and September 2016 as compared to 19 during the same period last year.
Lake Sammamish has awakened from its slumber with a significant uptick of sales activity paralleling that of Q3 2015. Eleven new listings brought the average listing count up to 13 (from 8 in Q3 2015). Ten pending sales (up twofold) and 15 closed sales made for a nice finish to Q3.
© 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.