The median sale price of single-family homes rose 9.7% on the Eastside. This follows a solid 12% increase in 2013 and is an indicator of continued market strength.
There were 7,909 homes sold in 2014. That’s down from 8,206 homes in 2013, but still well above the five year average. A shortage of homes for sale has dominated the headlines in the greater Seattle-Eastside region in past year.
Of the single-family home sales, 1,148 (15%) had a contract price above $1,000,000–a ten year high–as the Eastside continues to dominate the Seattle region’s luxury market. On the flip side, there were 2,536 homes sold on the Eastside priced below $500,000–the fewest number sold in the past five years. This is very much the result of continued appreciation in a market once plagued with post-boom price decreases and a very good sign of growth.
The average market time remained at 46 days for single-family homes–exactly the same as in 2013. Both years are down markedly from the 100+ days on the market of the several years prior to that. This market time average can be deceptive however, as the most desirable homes are still selling in under a week while more challenged properties may sit on the market for months.
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© Copyright 2015, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.