Following an unprecedented year of scarce inventory, the Seattle real estate market saw the median sale price of single-family homes increase by 14.7%. This follows three years of 7% plus appreciation and marking four years of a strong seller’s market. The average cost per square foot increased 11% to $311 from $280 in 2014.
There were 8,588 homes sold in 2015, up from 8,262 in 2014. Of those sales, 844 (10%) had a sale price above $1,000,000 and 3,592 (42%) sold below $500,000. Strong momentum in the high end and upward pressure on prices resulted in 37% more homes sold above one million dollars in 2015 than in 2014.
The average market time of all homes for sale fell to 25 days—the lowest we’ve ever seen in the Seattle region. At that, the most desirable homes sold on their offer review date while more challenged properties sat on the market for months.
The highest sale of the year was $5.75 million—a 2012 built, 9,820 square foot iconic Washington Park home located across the street from the water with sweeping views of Lake Washington and the Cascades. The lowest priced-sale was a 580 square foot Rainier Beach home sold for land value at $109,000.
Interest rates remain low with conventional 30-year fixed rates averaging 3.85% in 2015 while 5/1 adjustable-rate mortgages came in at 2.94%.
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© Copyright 2016, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.
