Wednesday, June 3, 2015

Puget Sound Waterfront

Sotheby's International Realty reports on the first quarter of activity around the sale of waterfront homes in the four-county region of Puget Sound.

As you might expect, demand for waterfront in the Puget Sound region is rather seasonal – not only because buyers surface when the sun comes out but because brokers and sellers are more inclined to list properties during the peak sales season of April through October each year.  Therefore the first quarter trends lead into pivotal April statistics, which provides a glimpse of how the following sales season will respond.  Here’s a hint – it’s going to be hot!

4 County (King, Pierce, Kitsap and Island) Waterfront Homes For Sale in April 2015: 756 properties
Up 16.3% 
compared to the last month
Down 10.3% compared to the last year

4 County Waterfront Closed in April 2015: 163 properties
Up 28.3%
 compared to the last month
Up 53.8% compared to the last year

4 County Home Placed under Contract in April 2015: 235 properties
Up 23%
 compared to the last month
Up 50.6% compared to the last year

The average selling price of waterfront homes by County was:
Island - $477K
Pierce - $483K
Kitsap - $635K
King - $1.186M

For the central Puget Sound region including King, Kitsap, Snohomish and Pierce counties the long term trend has been for fewer new listings, increasing sales and expanding demand since the market rebound began in 2012.  

From a macro perspective median home prices along the water’s edge have increased at least 5-percent per annum but far more extraordinary trends can be found when exploring microclimates such as West Bellevue where demand for waterfront has reached a boiling point.   For example the greater Eastside lakeside market has experienced an 87.5-percent increase in homes placed under contract in April compared to the prior year and that’s only what is published with the Northwest Multiple Listing Service – private and off-market transactions only add to the spectacle.  

By numerous accounts wealthy Chinese nationals are amongst the top consumer group.  It helps too that the local economy and the surrounding single family home markets are robust allowing move-up buyers to successfully sell their current house and explore the waterfront lifestyle they’ve long desired.

 Please email for a complete list of waterfront properties for sale in your favorite Puget Sound location.

Happy Investing!

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