The median residential sale price increased a modest 4.7% over last year’s first quarter across the Woodinville-Bellevue region that represents the Eastside.
"Price gain throughout this widespread market varied wildly, however, with homes closest to the core employment centers and those suffering most from lack of inventory for sale, garnering the biggest increases."
Speaking of gains, the West Bellevue region led the pack with a median price jump of 47% over the first quarter of last year. Kirkland at 29% and South Bellevue at 20% followed suit. The outlying Juanita-Woodinville and Redmond-Carnation areas softened with median prices down a slight 1-3%.
At an average of $1.9 million, the priciest neighborhood on the Eastside continues to be West Bellevue, which is comprised of Hunts Point, Medina and the region of Bellevue lying West of I-405. The most affordable homes could be found in north King County in the Juanita-Woodinville area with an average sale price of $561,444.
Giving buyers a bit of a boost in buying power, interest rates fell to an average of 3.72% for a 30-year fixed-rate mortgage in the first quarter.
The highest sale in Q1 was a 5881 sq. ft., 2003 MacPherson-built Yarrow Point home on 100 ft. of private waterfront with unobstructed views of the lake and mountain/city skylines beyond at $6,145,000.
The lowest sale was a tie between a flood-damaged 1926 Snoqualmie home on 1/5 acres, sold at land value, and a 1970-built bank-owned Skykomish cabin sans running water. Both properties transacted for $65,000, all cash.
Click here for the full report and to see how prices fared in your neighborhood!
© Copyright 2015, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.