"Life on the shores of Puget Sound, as well as its neighboring straits & harbors, lakes & archipelagoes, offers all the pleasures and adventure that draw people to the water’s edge."
WHAT'S IN THE REPORT
For this half-yearly waterfront report, we analyzed Waterfront sales throughout the Puget Sound region, comparing Jan 1- June 30 for 2014, 2015, and 2016. The areas covered have been broken down into several regions: Northern Sound, North Seattle, Seattle, Seattle (Central), South Seattle, Eastside, Issaquah/Sammamish, Islands, and South Sound. Waterfront is defined as any homes residing next to: Bank, Bay, Bulkhead, Canal, Creek, Jetty, Lake, Ocean, River, Sound, Strait, or Tideland. We have included both single family residences and condominiums in our statistics.
puget sound OUTLOOK
Overall, there were 530 waterfront sales in 2014, 615 in 2015, and 586 in 2016, indicating an increased surge in waterfront sales in 2015, likely a result of an influx of buyers trying to take advantage of perceived high-value properties available along the waterfront. 2016’s slightly decreased total sales number indicates a more cautious wait-and-see approach from sellers, who may be hoping to capitalize on even further increases in overall market value and potentially higher sales prices should trends continue to match what we’ve seen from 2014 to 2016 regarding average sales prices increasing throughout the region.
HIGH-END AREA OUTLOOK & THE GOLD COAST
High-end areas, though also reflecting general trends over time, are less volatile year-to-year due to several factors. One is much lower inventory relative to other areas. When a high-end area such as Medina or Hunts Point records just a few (if any) waterfront sales in 6 months, it only takes one very high sale to throw off an average. Don’t look at the change in percentages in these types of areas—look at the dollar amounts. For example, the high sale in Bainbridge this year is $5,970,000 compared to just $3,025,000 over the same period in 2015. We see this trend over and over in higher-end areas which continues to bode well for those markets.
Realogics Sotheby's International Realty has given the name “Gold Coast” to the Lake Washington shoreline stretching from Faben Point at the northwestern tip of Mercer Island to Beaux Art Village, and from there to Saint Edward State Park north of Kirkland’s Juanita neighborhood. The across-the-water city views of Bellevue and North Seattle from these locations, together with the quality of life in these world-renown lakefront communities, make Gold Coast homes among the most sought-after in the region. RSIR brokers bring extensive knowledge of this area to buyers and sellers of the best homes that the Puget Sound has to offer.