Queen Anne/Magnolia, Ballard/Greenlake, & North Seattle
On Mercer Island, the 29 waterfront homes selling between July 2016 and June 2017 averaged $4.38 million and nearly $1,000 per square foot. This is one of the region’s top markets for waterfront homes, and selling prices have been steadily rising since 2014. Sellers here price their homes for sale accordingly and reduce those prices grudgingly, resulting in an average time on market of over four months. While all waterfront properties on Mercer Island command a premium—the lowest priced home sold for $1.7 million—the highest prices were paid for homes north of SE 45th Street and closer to I-90.
Bellevue offers waterfront access on the shores of both Lake Washington to the west, and Lake Sammamish to the east, as well as on smaller Phantom Lake. From July 2016 to June 2017, the average waterfront single-family residential selling price in the city of Bellevue was $3.29 million. On the spectrum of regional selling prices, Bellevue waterfront lies between Mercer Island and the Four Points at the high end, and the quiet affluence of Seattle waterfront. At $834, prices per square foot were $82 higher in Bellevue than in Seattle Central over the past year; but market times in the former were half again as long, at 98 CDOM.
Kirkland’s Lake Washington waterfront sees scarcely more single-family home sales each year than the Four Points, and most of these are in the vicinity of what was once Juanita, which was annexed by Kirkland in 2011. Although outside the scope of this report, waterfront condos are more frequently sold further south at Houghton, where their prices may compete with those of single-family waterfront homes.
The highest priced single-family waterfront home sold in Kirkland from July 2016 through July 2017 was listed by RSIR. (It sold for $5.35 million.) During this period, the average price paid for single-family waterfront homes in Kirkland was $2.94 million, and the selling price per square foot averaged $796. Although Kirkland’s average CDOM was 73, this was skewed by a single sale that took 432 days to close. Correction for that transaction, the CDOM among Kirkland’s remaining waterfront sales was 52 days, making these homes the fastest-selling in the region.