MARKET REVIEW
SPRING INTO THE MARKET
WHATS THE NEWS Q1?
As the winter market thawed and gave way to the warmth of spring, the Washington real estate market has seen notable developments in the first quarter of the year. Initiatives led by the Northwest Multiple Listing Service (NWMLS) have underscored a commitment to transparency, empowering buyers and sellers with clear information and negotiation opportunities. NWMLS’s revisions to rules and forms, aligned with Washington State regulations, have laid the foundation for a market distinguished by compliance and integrity.
Throughout Q1, consumers in Washington State have benefited from increased transparency regarding broker compensation, thanks to NWMLS’s efforts. Buyers and sellers now have the confidence to navigate transactions with clarity, knowing they have access to comprehensive information about compensation offered to buyer brokers. This transparency fosters trust and confidence in the market, setting the stage for healthy and competitive transactions.
Looking ahead to Q2, the Washington real estate market is poised for continued momentum and growth. With the spring season traditionally heralding increased activity in the housing market, buyers and sellers can anticipate a surge in listings and transactions. The combination of warmer weather and ongoing initiatives by NWMLS to promote consumer empowerment suggests a vibrant market landscape characterized by robust competition and innovation.
As the housing market in Washington State enters the second quarter, buyers and sellers alike can expect dynamic environments marked by opportunity and growth. With the foundations of transparency and consumer empowerment firmly established, coupled with the seasonal buoyancy of spring, Q2 holds promise for a flourishing real estate market where all participants can thrive.
SEATTLE MARKET STATISTICS
*information on this page has been collected on April 5th, 2024 from NWMLS Matrix data for Single family residence, Condominiums, all properties and new construction in the Seattle neighborhoods listed in this Market review. ALL PROPERTIES Q1 2023 Q1 2024 CHANGE TOTAL HOMES SOLD 1,717 1,833 6.8% MEDIAN SOLD PRICE $750,000 $825,000 10.0% AVERAGE DOM 36 35 -2.8% SOLD/LIST PRICE % 100% 103.1% 3.1% NEW CONSTRUCTION Q1 2023 Q1 2024 CHANGE TOTAL HOMES SOLD 426 351 -17.6% MEDIAN SOLD PRICE $733,776 $839,950 14.5% AVERAGE DOM 33 36 9.1% SOLD/LIST PRICE % 99.3% 100% 0.7%
Q1 2023 Q1 2024 CHANGE TOTAL HOMES SOLD 446 533 19.5% MEDIAN SOLD PRICE $515,000 $579,950 12.6% AVERAGE DOM 46 47 2.2% SOLD/LIST PRICE % 99% 100% 1.0% SINGLE FAMILY RESIDENCE Q1 2023 Q1 2024 CHANGE TOTAL HOMES SOLD 1,275 1,287 0.9% MEDIAN SOLD PRICE $825,000 $900,000 9.1% AVERAGE DOM 33 30 -9.1% SOLD/LIST PRICE % 100% 100.6% 0.6%
CONDOMINIUMS
EASTSIDE MARKET STATISTICS
CONDOMINIUMS
*information on this page has been collected on April 5th, 2024 from NWMLS Matrix data for Single family residence, Condominiums, all properties and new construction in the Eastside neighborhoods listed in this Market review. NEW CONSTRUCTION Q1 2023 Q1 2024 CHANGE TOTAL HOMES SOLD 180 152 -15.6% MEDIAN SOLD PRICE $1,850,000 $2,315,000 25.1% AVERAGE DOM 49 38 -22.4% SOLD/LIST PRICE % 92.9% 97.1% 4.5% ALL PROPERTIES Q1 2023 Q1 2024 CHANGE TOTAL HOMES SOLD 1,517 1,636 7.8% MEDIAN SOLD PRICE $1,000,000 $1,200,000 20.0% AVERAGE DOM 41 26 -36.6 SOLD/LIST PRICE % 97.8% 104.3% 6.7%
Q1 2023 Q1 2024 CHANGE TOTAL HOMES SOLD 402 490 21.9% MEDIAN SOLD PRICE $520,000 $634,500 22.0% AVERAGE DOM 37 29 -21.6% SOLD/LIST PRICE % 99.0% 101.1% 2.1% SINGLE FAMILY RESIDENCE Q1 2023 Q1 2024 CHANGE TOTAL HOMES SOLD 1,115 1,146 2.8% MEDIAN SOLD PRICE $1,250,000 $1,450,000 16.0% AVERAGE DOM 43 25 -41.9% SOLD/LIST PRICE % 98.0% 104.7% 6.8%
FIRST Q
STATS
The information provided herein is sourced from the Northwest Multiple Listing Service (NWMLS) and was retrieved on 04/05/2024. The listed neighborhoods include Ballard (Ballard, Blue Ridge, Crown Hill, Loyal Heights, North Beach, Olympic Manor, Sunset Hill, Whittier), Beacon Hill (Beacon Hill, Columbia City, Dunlap, Holly Park, Jefferson Park, N Beacon Hill), Capitol Hill (Arboretum, Broadmoor, Capitol Hill, Denny Blaine, Eastlake, Madison Park, Madison Valley, Montlake, North Capitol Hill, Portage Bay, Washington Park), Central District (Central Area, First Hill, Judkins, Leschi, Madrona), Downtown (Belltown, Denny Triangle, Downtown, International District, Pioneer Square, Seattle, T-Mobile Park), Fremont (Fremont, Wallingford), Green Lake (Green Lake, Greenwood, Licton Springs, Phinney Ridge, Woodland Park), Lake City (Cedar Park, Jackson Park, Lake City, Matthews Beach, Meadowbrook, Olympic Hills, Pinehurst, Victory Heights), Magnolia (Magnolia, Magnolia Bluff), Queen Anne (Lake Union, Queen Anne, South Lake Union, Westlake), Rainier Valley (Brighton, Columbia, Columbia City, Dunlap, Georgetown, Hillman City, Lakeridge, Lakewood, Mt Baker, Rainier Beach, Rainier Valley, Seward Park, Skyway, Upper Rainier Beach), Ravenna (Bryant, Inverness, Maple Leaf, Ravenna, University District, Wedgwood), West Seattle (Admiral, Alaska Junction, Alki, Arbor Heights, Beach Drive, Belvidere, Delridge, Fairmount, Fauntleroy, Gatewood, Genesee, High Point, Highland Park, Lincoln Park, Marine View, North Admiral, Pigeon Point, Puget Ridge, Seaview, Seola Beach, Shorewood, South Park, West Seattle, Westwood, Westwood Village, White Center), Windermere (Hawthorne Hills, Laurelhurst, Sand Point, Sand Point Country Club, View Ridge, Windermere). While we strive to maintain the accuracy and reliability of this information, users are encouraged to independently verify any crucial details for their specific needs. NWMLS, its affiliates, and contributors disclaim any liability for loss or damage resulting from the use or interpretation of the provided statistics.
SOLD/LIST RATIO
EASTSIDE AREA Q1 2023 Q1 2024 CHANGES BELLEVUE 96.1% 102.9% 7.1% BOTHELL 100.0% 104.0% 4.0% CLYDE HILL 87.4% 98.8% 13.1% HUNTS POINT 0 100.0% 100.0% ISSAQUAH 100.0% 106.1% 6.1% KIRKLAND 97.3% 102.2% 5.0% MAPLE VALLEY 98.6% 103.5% 5.0% MEDINA 95.9% 100.4% 4.7% MERCER ISLAND 95.6% 100.8% 5.4% NEWCASTLE 98.3% 102.5% 4.3% REDMOND 100.0% 107.3% 7.3% RENTON 100.0% 100.4% 0.4% SAMMAMISH 95.5% 105.3% 10.2% SNOQUALMIE 95.5% 106.7% 11.7% WOODINVILLE 100.0% 100.8% 0.8% YARROW POINT 90.2% 95.6% 5.9% SEATTLE AREA Q1 2023 Q1 2024 CHANGES BALLARD 100.6% 100.6% 0.0% BEACON HILL 98.5% 102.5% 4.0% CAPITOL HILL 101.8% 101.5% -0.3% CENTRAL DISTRICT 99.1% 102.5% 3.4% DOWNTOWN (CONDO) 100.0% 98.9% -1.1% FREMONT 99.9% 101.5% 1.6% GREENLAKE 100.9% 101.6% 0.7% LAKE CITY 96.8% 103.0% 6.5% MAGNOLIA 98.1% 112.7% 14.9% QUEEN ANNE 94.3% 101.8% 8.0% RAINIER VALLEY 98.6% 100.7% 2.1% RAVENNA 101.3% 110.8% 9.4% WEST SEATTLE 100.0% 102.6% 2.6% WINDERMERE 107.2% 103.4% -3.6%
EASTSIDE AREA Q1 2023 Q1 2024 CHANGE BELLEVUE $1,699,500 $1,850,000 8.9% BOTHELL $995,000 $1,196,475 20.2% CLYDE HILL $4,675,000 $4,569,000 -2.3% HUNTS POINT 0 $4,500,000 100.0% ISSAQUAH $1,300,000 $1,800,000 38.5% KIRKLAND $1,260,000 $1,512,000 20.0% MAPLE VALLEY $690,000 $775,000 12.3% MEDINA $4,888,000 $4,112,500 -15.9% MERCER ISLAND $2,232,500 2,519,500 12.9% NEWCASTLE $1,450,000 $1,707,500 17.8% REDMOND $1,400,000 $1,555,000 11.1% RENTON $725,000 $802,750 10.7% SAMMAMISH $1,600,000 $1,895,000 18.4% SNOQUALMIE $978,500 $1,150,000 17.5% WOODINVILLE $1,250,000 $1,348,250 7.9% YARROW POINT $5,188,000 $4,200,000 -19.0% SEATTLE AREA Q1 2023 Q1 2024 CHANGE BALLARD $830,000 $879,900 6.0% BEACON HILL $688,750 $722,500 4.9% CAPITOL HILL $1,189,900 $1,417,500 19.1% CENTRAL DISTRICT $850,000 $832,500 -2.1% DOWNTOWN (CONDO) $575,950 $696,000 20.8% FREMONT $897,000 $1,036,388 15.5% GREENLAKE $857,475 $889,000 3.7% LAKE CITY $750,000 $860,300 14.7% MAGNOLIA $1,027,500 $1,239,315 20.6% QUEEN ANNE $1,250,000 $1,324,000 5.9% RAINIER VALLEY $710,000 $770,000 8.5% RAVENNA $877,500 $1,105,500 26.0% WEST SEATTLE $724,995 $807,433 11.4% WINDERMERE $1,621,637 $1,745,000 7.6%
MEDIAN SALE PRICE
SALES CLOSED
EASTSIDE AREA Q1 2023 Q1 2024 CHANGE BELLEVUE 174 186 6.9% BOTHELL 49 54 10.2% CLYDE HILL 9 4 -55.6% HUNTS POINT 0 1 100.0% ISSAQUAH 53 76 43.4% KIRKLAND 140 177 26.4% MAPLE VALLEY 85 69 -18.8% MEDINA 9 12 33.3% MERCER ISLAND 38 37 -2.6% NEWCASTLE 23 30 30.4% REDMOND 105 105 0.0 RENTON 214 189 -11.7% SAMMAMISH 103 107 3.9% SNOQUALMIE 32 24 -25.0% WOODINVILLE 65 72 10.8%% YARROW POINT 1 3 200.0% SEATTLE AREA Q1 2023 Q1 2024 CHANGE BALLARD 145 139 -4.1% BEACON HILL 44 50 13.6% CAPITOL HILL 75 92 22.7% CENTRAL DISTRICT 80 54 -32.5% DOWNTOWN (CONDO) 107 114 6.5% FREMONT 73 71 -2.7% GREENLAKE 110 91 -17.3% LAKE CITY 49 36 -26.5% MAGNOLIA 44 54 22.7% QUEEN ANNE 63 65 3.2% RAINIER VALLEY 77 107 39.0% RAVENNA 70 92 31.4% WEST SEATTLE 261 222 -14.9% WINDERMERE 26 30 15.4%
EASTSIDE AREA Q1 2023 Q1 2024 CHANGE BELLEVUE 37 28 -24.3% BOTHELL 47 18 -61.7% CLYDE HILL 73 5 -93.2% HUNTS POINT 0 2 200.0% ISSAQUAH 55 28 -49.1% KIRKLAND 31 19 -38.7% MAPLE VALLEY 34 23 -32.4% MEDINA 53 38 -28.3% MERCER ISLAND 42 26 -38.1% NEWCASTLE 63 18 -71.4% REDMOND 47 14 -70.2% RENTON 41 30 -26.8% SAMMAMISH 45 29 -35.6% SNOQUALMIE 41 29 -29.3% WOODINVILLE 44 29 -34.1% YARROW POINT 95 17 -82.1% SEATTLE AREA Q1 2023 Q1 2024 CHANGE BALLARD 47 34 27.7% BEACON HILL 36 32 -11.1% CAPITOL HILL 35 41 17.1% CENTRAL DISTRICT 27 32 18.5% DOWNTOWN (CONDO) 45 69 53.3% FREMONT 27 34 25.9% GREENLAKE 38 24 -36.8% LAKE CITY 33 24 -27.3% MAGNOLIA 47 18 -61.7% QUEEN ANNE 22 49 122.7% RAINIER VALLEY 36 30 -16.7% RAVENNA 24 22 -8.3% WEST SEATTLE 37 27 -27.0% WINDERMERE 21 12 -42.9%
AVERAGE DAYS ON MARKET
3 MILLION + LUXURY
WATERFRONT
luxury
Q1 2023 Q1 2024 Change CLOSED SALES 81 140 72.8% MEDIAN SALE PRICE $3,855,000 $3,806,250 -1.3% SOLD/LIST RATIO 97.6% 98.4% 0.8% AVERAGE DAYS ON MARKET 48 38 -20.8%
* Luxury stats are based on the cities indicated on the previous pages.
Q1 2023 Q1 2024 Change CLOSED SALES 11 12 9.1% MEDIAN SALE PRICE $7,725,000 $5,800,000 -24.9% SOLD/LIST RATIO 112.0% 97.5% -13.0% AVERAGE DAYS ON MARKET 41 37 -9.8%
425.777.0162 lana.pestava@cbrealty.com 150 Bellevue Way SE Bellevue, WA 98004
Lana Pestava