The median sale price of single-family homes rose 7.8% on the Eastside, only half of the year-over-year appreciation Seattle saw last year. While the Eastside is growing at a slower rate, at $663,000, its median sale price continues to be higher than the Seattle median of $550,000. The average cost per square foot increased 9% to $301 from $277 per square foot in 2014.
There were 8,237 homes sold in 2015, up from 7,909 in 2014. Of those, 1,469 (18%) had a sale price above $1,000,000—up 27% from last year’s record high—as the Eastside continues to dominate the Seattle region’s luxury market. On the other end of the spectrum, there were 2,017 homes sold below $500,000—the fewest sold since 2008.
The average market time of homes for sale fell to 38 days. This number can be deceptive however, as the most desirable homes are still selling in under a week while more challenged properties may sit on the market for months.
The highest sale of the year was $13.8 million—a 2007 built, 8 bedroom/8.5 bath home with 13,721 square feet located on 120 feet of waterfront on the north end of Mercer Island. The lowest sale was a $48,500 Denny Creek Recreational Area cabin with 500 square feet and sited on leased Forest Service land.
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.