Lake Union – Laurelhurst/Windermere – Magnolia
Queen Anne – Shilshole/Salmon Bay – W. Seattle/Alki
In the Seattle region, total units sold are a bit down from this time last year (32 in 2015 vs 20 in 2016) but the markets in these areas tend to be comprised of a few large sales rather than a greater quantity of more middle-priced options. With a glut of construction in Seattle Proper to meet the demand of the near-constant stream of people relocating from out-of-city or out-of-state, the area has developed a strong rental market, perhaps with the result of fewer home sales. Waterfront sales in this area tend to be either large, multi-million dollar estates or lower-priced condos with little in-between.
Compounding the large discrepancy in property values and types (Magnolia, for example, had a high of $1.78M and a low of $330,000), is the low number of total units, making it difficult to glean enough information to find a clear trend in this region. Even days on market are widely varied due to the range of prices that sell. Total units gives us the clearest picture. Inventory is lower in these areas as consumers look to rent and home owners look to sit and wait to see just how high their property values might rise.