Wednesday, March 11, 2015

Lake Sammamish Waterfront

With its proximity to Microsoft, Lake Sammamish is a popular waterfront community for affluent homeowners in King County.

One year ago, of the 34 waterfront homes for sale on or near Lake Sammamish, the median 4-bedroom, 3.5-bath house with over 4000sf of living space was listed for $2.2million ($541/sf). These homes had been on the market an average of 80 days.

Of the 50 Lake Sammamish waterfront homes that sold in the previous six months, the median home sale was for a smaller 3-bedroom, 2.75-bath house with less than 3000sf of living space for a price of $999,375 ($333.13/sf). These home sales were on the market just 77 days.

How have home prices on Lake Sammamish changed in the last year?

Lake Sammamish is the second largest lake in King County, encompassing zip codes 98008, 98027, 98029, 98052, 98074, and 98075 which border the lake. Using all of these zipcodes, we come up with the following waterfront statistics:

There are only six active listings on Lake Sammamish waterfront right now, a significant reduction in inventory from the previous year. Of these six, the median house has almost 5000sf, 4 bedrooms, and 3.75 baths. It is listed for a median price of $2,661,500 ($532.41/sf) and has been on the market for 73 days.

Here is what has sold on Lake Sammamish in the past six months: Only 12 waterfront homes sold on Lake Sammamish in the previous six months, again a significant reduction in inventory. Of these, the median home was a 4-bedroom, 2.75-bath with 3765 sf that sold in 39 days for  $1,927,500 ($511.95/sf). With shrinking inventory, we can see that the days on market have decreased significantly as well, assuming the property is priced correctly.

It would appear that the active listings, which have been on the market twice as long, are priced at least 4% too high.

That said, pricing waterfront properties is exceptionally difficult, given the custom nature of the homes, the waterfront, and the views. For a complete list of waterfront properties available for sale on Lake Sammamish, or in King County, please email or leave a private message at 888-621-4999.

Happy Investing!

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