Queen Anne/Magnolia - Ballard/Greenlake - North Seattle
In the sub-region of Seattle north of downtown, and including North Seattle, Ballard, and Magnolia, there were 39 waterfront single-family home sales from July 2016 through June 2017. The average price among these sales was $2.03 million, at nearly $700 per square foot. Sales were closed at an average CDOM of 70 days. Although waterfront property is more plentiful in Seattle than in many other cities, sales are irregular due to the infrequency with which these properties change hands. Areas that have seen many sales in recent years may see very few sales for a period thereafter, not due to a lack of demand, but rather to a shortage of supply, as occurred two years ago in Ballard and Lake Union. Waterfront homes in Laurelhurst, which saw four sales from $5.8 million to $9.75 million, command the highest prices.
Part of the remarkable disparity in waterfront property values (Magnolia, for example, saw a high selling price of $3.35M and a low of $175,000) is attributable to houseboats, some of which are quite small, yet are included among the records for large single-family homes on oversized lots. However, we have included those in our analysis, as houseboats do offer an authentic marine living experience. Some offer true waterborne luxury, such as a Lake Union listing this year by RSIR, which sold for $1.15 million.