Seattle Luxury Market $5M + This Year Vs. Last Interesting Points

Seattle Luxury Market $5M + This Year Vs. Last:   Should we be concerned?

Looking at the Seattle luxury homes market for only single family residential properties that are listed for $5,000,000 or more, there has only been one sale that has closed this year!  In Laurelhurst,  a Seattle waterfront home located at 4911 NE Laurelcrest Lane was listed for $9,998,000 and sold for only $8,850,000 in March of this year. At face value this stat alone would likely be cause for concern for property owners contemplating selling their higher caliber Seattle homes.

Since the Seattle real estate market overall is on absolute fire, you have to dig deeper to see what is going on. This property closed in March. One sale in Seattle for over $5 million dollars this year so far.  How does that compare to last year? There were seven single family residences that sold for over $5,000,000 in the city of Seattle all of last year. All seven of these Seattle luxury homes – over $45 million in sales –  closed between 5/31/2016 and 7/14/2016.  You can see details of the sold Seattle luxury homes of 2016 here: seattle luxury homes 2016 .  It is interesting to look at the individual stats for them.  The average days on market for all seven in 2016 was 142 days with a range of 13 days to 368 days. The average sales price to list price ratio is 97.43% with a range of 89.57% to 122.11%. Only one Laurelhurst waterfront home in the list of sales went for over the list price of $4,750,000 with a final closing price of $5,800,000 in only 13 days. Another on the list across the water from Laurelhurst – one of the Broadmoor homes for sale sold for full ask in just 16 days.

Fast forward back to 2017 and where we are now.  There are 14 actives in the MLS for single family residential homes asking over $5,000,000. They range in price from $5,395,000 to $15,000,000 with a median price of $7,725,000.  The cumulative average days on market is 248 wth a range of 6 days to 709 days.  Six of these homes will need to sell between now and July 14th to catch us up to 2016 numbers. On the list, there are only two of these Seattle luxury homes that have reduced their price.  Oddly enough they are both in Queen Anne. One has dropped significantly from $7,500,000 to $5,395,000.  It has been on the market for 709 days.  The other is also a Queen Anne home for sale which has dropped their price form $7,500,000 to $6,895,000 and has been on the market for 216 days.

Back to my question – Should we be concerned with regards to the 2017 Seattle luxury home market?

My answer:  not yet.   We need to keep an eye on this.  If we catch up tot 2016 numbers and then sell our all 14 of the current listings then we are going to be pulling down much bigger numbers for 2017 and this should be encouraging for those thinking about selling. This should be the trigger if you are on the fence about selling. The buyer pool once you cross the $5 Million dollar threshold is much smaller so if our market has grown to be able to support 14 sales in one year to high net worth individuals for over $5,000,000 then this is cause to be recognized as a major achievement in the market.

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Laurelhurst & Windermere Real Estate Market Updates

Laurelhurst & Windermere Real Estate

Market Update 2015

NE Seattle packs a punch in the real estate market – Here is the latest on two of Seattle’s favorite Northeast neighborhoods – Laurelhurst & Windermere

Let’s look at Seattle’s Laurelhurst neighborhood first:

Active Laurelhurst properties for sale: There are 14 ranging in price from $479,000 to $13,250,000.  In addition, there are a few Laurelhurst homes for rent if purchasing i

sn’t quite in your plans yet.

Laurelhurst Homes for sale with offers in on them:

  • 1 Contingent home listed for $1,195,000
  • 8 Pending in escrow ranging from $849,000 to $3,390,000
  • 1 Sale in the last 30 days that has closed in escrow at $825,000

In the last 30 days there has been one sale in the MLS: 4188 42nd Ave NE.  It was listed for $825,000 and sold for full ask on 9/14/2015 after 10 days on the market. Here are the details of the above: Laurelhurst Real Estate Market Details 10 2015

OK, How About Windermere Real Estate Down The Road?

Windermere real estateHere’s what is happening in Seattle’s Windermere neighborhood. There are 6 Windermere homes for sale and 2 Windermere homes for rent in the MLS currently.  The Windermere properties on the market range from $508,000 to $6,995,000.

Windermere homes for sale with offers on them:

2 Pending Windermere homes in the MLS, but it is actually one extensive Seattle waterfront property being offered for sale in a few different ways. So let’s look at the Windermere real estate which has sold in escrow through the MLS:

6669 NE Windermere Rd was on the market for 13 days.  It was listed at $2,988,666 and sold for $3,000,000 on 10/5/2015.

6445 NE Windermere Rd was listed for $5,350,000 and sold for $4,325,000 after 0 days on the market. OK? 80.84% of list price without really testing the market much.  Wasn’t our listing for sure, but ok. Dollar per square foot numbers still look good. This home also closed on 10/5/2015.

Please let us know if you are interested in buying or selling in Windermere or Laurelhurst.  We have brokers in the office that specialize in Area 710 of Seattle – NE Seattle, and we look forward to helping you meet your goals: NESeattle@CooperJacobs.comHere are the details of the above Windermere real estate information: Windermere real estate sold homes Windermere Real Estat eMarket Update 2015