Seattle’s luxury real estate market is HOT. According to the Puget Sound Business Journal’s list of the 20 most expensive home sales, a quarter of them sold in 9 days or less.
Matthew Gardner (Windermere RE Chief Economist) reported across all price ranges, home prices are up 10.4%, and homes in the $3M+ range are up a total of 9.8%. In King County we have seen a significant increase in the number of home sales in the luxury market with 45 sales in 2011, 131 in 2015 and today’s year-to-date is at 135.
The PSBJ article was very timely as I have been watching the luxury condo market for the past year with several clients anxiously waiting for the right home to hit the market- BUT it seems as soon as they go Active, they are Pending!
Year-to-date, there have been 7 downtown condo sales in the $3M+ range, 4 of which sold in less than 15 days as per the NWMLS. The most expensive sale is currently pending at $8.8M – The Escala, 1920 4th Ave #3001 – came on and off the market in 2 days!! The most recent sale, came on the market 3 days ago at 1521 2nd Ave and went pending in less than a day – no joke.
And another noteworthy sale – Pointe3 Real Estate did represent one of those 7 luxury sales downtown at Seattle Heights in Belltown at 2600 2nd Ave #2602 – $3.2M…SOLD in 3 days!