Seattle waterfront real estate had a strong year in 2016. Single family waterfront real estate, excluding condos and houseboats, saw an increase in average price ($2,175,991 vs 1,896,089), average price per square feet ($588 vs $581), and sales price as compared to list price (99% vs 97%). Seattle waterfront homes overall sales were down slightly (58 sales vs 61 sales) and the average days on market did increase (97 vs 80).
The highest sale in 2016, was a Laurelhurst watefront home on just over 1 acre of land. It sold for $9,750,000. The highest sale in 2015, was also in the Laurelhurst nieghborhood. It sold for $5,220,000. If you do not want to spend that much, your best bet is to either look in either north or south Seattle where waterfront houses tend to be less expensive. Waterfront condos and houseboats also can be a more economical alternative.
The overall real estate market in the region (area covered by Northwest Multiple Listing Service which serves 23 Washington State counties) saw an 8.1 increase of sales in 2016 when compared to 2015 with inventory at a record low for most of the year. Seattle waterfront tends to be luxury homes. The luxury real estate market was strong in 2016, with over 3,251 home sales over $ 1 million compared to 2,676 in 2015: over a 21 percent increase.
2017 seems to be taking over where 2016 left off. As always, to maneuver the Seattle real estate market reach out to your local real estate broker to navigating the Seattle real estate market.
These statistics were gathered from the Northwest Multiple Listing Service, but were not compiled or published by that organization.
Pictured Above: Denny Blaine waterfront available for purchase at time of this blog.