Q1 2018 Seattle-Eastside Real Estate Report

Q1 Market Snapshot


Q1 prices in the Seattle-Eastside region have escalated yet again with no sign of slowing in the immediate future. An unprecedented lack of inventory for sale coupled with rising interest rates has prompted buyers to compete with reckless abandon to win the prize of their very own home, albeit with a steep price tag.


Overall median prices in Seattle rose 16.1% to $770,000, while the Eastside rose 13.0% to $944,000. Those regional numbers certainly don’t tell the whole story, especially when you consider the highest change in median sale price was nearly 46% and the lowest was a -4%. New construction sales, or lack thereof, made the biggest impact on home sale prices. Existing homes, offering good walkability or commute options, and those that were on the more affordable end of the pricing spectrum saw the strongest appreciation overall.


Rising mortgage interest rates, now up a full percentage point from their lows, are adding fuel to the fire. While not dampening buyer demand yet, further increases will likely begin to price home buyers out of the core Seattle-Eastside region. Homebuyer fear of being priced out of the market is at least partly to blame for the crazed demand at more modest price points.


As predicted, many who don’t have a need to be close in to the metro region are choosing to sell at a high and buy more affordably outside of the Seattle-Eastside area. The rate of tear-down new construction infill has escalated at staggering numbers as builders capitalize on the market’s appetite for fresh and new.


Buyers today should consider their purchase thoughtfully as buying at or near the peak of the market can limit their resale options when the market corrects. Planning to stay put for five to seven years is a good strategy at this time.


Q1 Market Snapshot


West Seattle leads the pack in median home price growth on the Seattle side of the lake. With its vibrant, hip vibe and convenient access to the city, West Seattle has benefited from Seattle’s commute gridlock—maintaining status quo while other Seattle neighborhoods have come to a halt (literally).

Seattle Report

Queen Anne saw a nice rebound in Q1 after lagging the Seattle averages for some time. South Seattle, with its light rail access, affordable prices, and new vitality, continues to see its real estate market thrive.

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.



Significant new home development at higher price points has led the market in West Bellevue and Kirkland and brought up everything else along with it.

Eastside Review

With land values alone higher than average home sale prices in surrounding communities, this growth will have long-lasting impacts that will forever change the flavor of these communities–for better (fresh new housing stock) and worse (the lack of affordable options). Kirkland led this charge with a median sale price 45.9% higher than Q1 last year, followed by West Bellevue at 23.1%.

Click here for the full report and neighborhood-by-neighborhood statistics!



Overall, a much higher percentage of mid-range homes sold in the first quarter than in quarters past, giving the appearance of falling prices. In reality, however, it was actually a downward shift of the segment of the market that is selling.

Mercer Island Report

Don’t let the negative number for Q1 fool you. The market below the two-million-dollar mark is vastly different than the market above it. With the most severe shortage of available homes in mid-range price points Mercer Island has seen, especially early in Q1 this year, the sub $2 million market has been brisk and competitive with strong price escalation. The $2 million and above market has been a different story altogether. While highly desirable homes in that bracket have transacted quickly, many other less notable homes have languished on the market.

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.



Still the only affordable option for many home buyers today, condos have continued to escalate in value with appreciation rates above those of residential homes in many areas.

Condo Report

On the Eastside, new condo and townhome developments in Crossroads and Rose Hill drove prices up to new highs in those communities. Richmond Beach and Shoreline benefited from an infusion of new construction standalone condominium ‘homes’ on very small lots.

Check out all of these factoids and more in the full condo report.



Waterfront Report

Several significant sales accented an otherwise unremarkable quarter. A $26.8 million iconic Medina estate on 2.5 acres with 150 feet of waterfront set a new benchmark on the Eastside. Two $8+ million homes on the north end of Mercer Island–both newer construction with over 7,000 square feet–set the tone for the Island in 2018. Lake Sammamish, with a $4.2 million sale in Q1, is still in hot demand, while Seattle saw only three modest waterfront sales.

Check out the full Waterfront Report for a complete list of waterfront home sales by address and community.



We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.


© Copyright 2018, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and deemed accurate but not guaranteed.v

Posted on April 13, 2018 at 3:25 pm
Windermere Mercer Island | Category: Uncategorized | Tagged , , , , , , , ,

The Trump effect. How will it impact the US economy and housing?


Many of my clients have asked me how the presidential election results might impact our housing market and economy.  Windermere’s Chief Economist, Matthew Garner, explains his perspective below.  As always, reach out to me with any questions – I’m never too busy to help with your real estate needs!

The Trump effect. How will it impact the US economy and housing?

Posted in Market News by Matthew Gardner, Chief Economist, Windermere Real Estate

The American people have spoken and they have elected Donald J. Trump as the 45th president of the United States. Change was clearly demanded, and change is what we will have.

The election was a shock for many, especially on the West Coast where we have not been overly affected by the long-term loss in US manufacturing or stagnant wage growth of the past decade. But the votes are in and a new era is ahead of us. So, what does this mean for the housing market?

First and foremost I would say that we should all take a deep breath. In a similar fashion to the UK’s “Brexit”, there will be a “whiplash” effect, as was seen in overnight trading across the globe. However, at least in the US, equity markets have calmed as they start to take a closer look at what a Trump presidency will mean.

On a macro level, I would start by stating that political rhetoric and hyperbole do not necessarily translate into policy. That is the most important message that I want to get across. I consider it highly unlikely that many of the statements regarding trade protectionism will actually go into effect. It will be very important for President Trump to tone down his platform on renegotiating trade agreements and imposing tariffs on China. I also deem it highly unlikely that a 1,000-mile wall will actually get built.

It is crucial that some of the more inflammatory statements that President-Elect Trump has made be toned down or markets will react negatively. However, what is of greater concern to me is that neither candidate really approached questions regarding housing with any granularity. There was little-to-no-discussion regarding housing finance reform, so I will be watching this topic very closely over the coming months.

As far as the housing market is concerned, it is really too early to make any definitive comment. That said, Trump ran on a platform of deregulation and this could actually bode well for real estate. It might allow banks the freedom to lend more, which in turn, could further energize the market as more buyers may qualify for home loans.

Concerns over rising interest rates may also be overstated. As history tells us, during times of uncertainty we tend to put more money into bonds. If this holds true, then we may see a longer-than-expected period of below-average rates. Today’s uptick in bond yields is likely just temporary.

Proposed infrastructure spending could boost employment and wages, which again, would be a positive for housing markets. Furthermore, easing land use regulations has the potential to begin addressing the problem of housing affordability across many of our nation’s housing markets – specifically on the West Coast.

Economies do not like uncertainty. In the near-term we may see a temporary lull in the US economy, as well as the housing market, as we analyze what a Trump presidency really means. But at the present time, I do not see any substantive cause for panic in the housing sector.

We are a resilient nation, and as long as we continue to have checks-and balances, I have confidence that we will endure any period of uncertainty and come out stronger.

Matthew Gardner is the Chief Economist for Windermere Real Estate, specializing in residential market analysis, commercial/industrial market analysis, financial analysis, and land use and regional economics. He is the former Principal of Gardner Economics, and has over 25 years of professional experience both in the U.S. and U.K.

White house photo credit to GlynLowe.com – see license.

Posted on November 10, 2016 at 1:59 pm
Kelly Weisfield | Category: Uncategorized | Tagged , , , ,

Price Appreciation in 2015

2015 was another year for rising home prices in the greater Seattle area. Home prices have clearly recovered in King County – with the median home price surpassing pre-recession levels.  A major contributing factor to these rising home prices is depleted inventory – King County dropped to less than one month of supply (a "balanced market" is considered 4-6 months of housing supply).

The map below shows the median price increase by area in the Seattle and Eastside markets. West Bellevue had the greatest price appreciation at 22.7% – which is also significant as the average sale price in 2015 was over $2,000,000. Top rated schools, attractive neighborhoods and proximity to downtown Bellevue and Seattle drew luxury home buyers both locally and from overseas, especially China, to this coveted community. Not surprisingly, areas further away from the city cores, such as Juanita and Redmond, did not experience as much price appreciation on the Eastside. 

In Seattle, Beacon Hill and Shoreline experienced the greatest median price increases – while Capitol Hill only increased 2.2%. I think the affordability of areas further away from downtown such as Shoreline, Kenmore and Beacon Hill – combined with record low inventory in Seattle – drew buyers to these areas and contributed to the price appreciation there.  The average sale price in those areas last year was around $500,000 – whereas the average sale price on Capitol Hill was nearly $900,000.

2015 was Seattle's fourth year of home price increases – putting us in year five of a strong seller's market. Inventory continues to be the biggest problem for buyers and local economists report they see no signs of a housing bubble in our area. Predictions are that 2016 will be another hot year for real estate – however price appreciation is expected to increase less dramatically than last year. If you've ever considered selling, NOW IS THE TIME!


Appreciation by NWMLS Area (00000002)

Posted on January 28, 2016 at 1:57 pm
Kelly Weisfield | Category: Uncategorized | Tagged , , , , , , , , , , , , , , ,

This Weekend’s Events in Seattle: Better Plan Ahead with Viaduct Closure & Hot Chocolate Run

It's a fun weekend in Seattle!  Checkout the events below.   Plan ahead to avoid driving delays given the Alaskan Way Viaduct Closure and Sunday morning's Hot Chocolate 15k/5k run.


SEATTLE – Multiple events are planned for the coming weekend (today, through Sunday, March 2) at both the Seattle Center and the CenturyLink Field Events Center. Motorists should expect normal congestion associated with the events around both facilities.   There is, however, inspection work and one event that could slow you down if you don’t make plans: The Hot Chocolate 15k and 5k run on Sunday morning,  which will take advantage of the weekend semi-annual inspection closure of the Alaskan Way Viaduct; the run will also close SR 99/Aurora Avenue N up to N 48th  Street,  just south of the Woodland Park Zoo.  For more details, please see the following schedule.

Seattle Center activities:

Friday, February 28

Seattle Opera Performance of The Consul:  7:30 – 9:55 p.m.

McCaw Hall

2,900 attending

Expect heavier traffic on Mercer Street.


Saturday, March 1

Hot Chocolate 15k/5K Expo and Packet Pick-up:  10 a.m. – 8 p.m.

Exhibition Hall

8,000 attending

Expect heavier traffic on Mercer Street.


Seattle University vs Idaho Men’s Basketball :  7 – 9:30 p.m.

Key Arena, Seattle Center

3,500 attending

Expect heavier traffic on the west side of the center grounds.


Seattle Opera Performance of The Consul:  7:30 – 9:55 p.m.

McCaw Hall

2,900 attending

Expect heavier traffic on Mercer Street.      


CenturyLink Field Event Center activities:

Friday – Sunday, February 28 – March 2

Seattle Golf & Travel Show:

CenturyLink Field Event Center

Attending:  Approximately 1,000 Friday and  2,500 per weekend day

Expect congestion surrounding stadium.



Northwest Outdoor Adventure Expo:

CenturyLink Field Event Center

Attending:  3,000 Friday and approximately 3,500 per weekend day

Expect congestion surrounding stadium.



Sunday, March 2

Hot Chocolate 15K & 5K: 5k run – 6:45 a.m.; 15k run – 7:40 a.m.

Gathers at Seattle Center

7,000 participants

Motorists should keep the follow closures in mind:

Closed 6 – 11 a.m.:  SR-99 between the Western Avenue off-ramp and N 48th Street (includes Aurora Bridge)

Closed from 6:30 – 11:30 a.m.: all other streets along the route

 5k route: Starts on Second Avenue N on Seattle Center campus; moves south on Second to Broad Street; west on Broad to Elliott Avenue; south on Elliott to Western Avenue; south on Western to approximately Pike Street; makes a U-turn, then goes north on Western to the northbound SR-99 Bell Street on-ramp; north on SR-99 to Republican Street; east on Republican to Dexter Avenue N; north on Dexter to Mercer Street; west on Mercer to Fifth Avenue. N; south on Fifth to Thomas Street; west on Thomas onto the Seattle Center grounds;

15K route: Starts on Second Avenue N on Seattle Center campus; south on Second to Broad Street; west on Broad to Elliott Avenue; south on Elliott to Western Avenue; south on Western to Spring Street; makes a U-turn, and then moves north on Western to the southbound SR-99 Battery Street off-ramp; then north on SR-99 to N 48th Street; does a  U-turn and goes south on Aurora to Republican Street; east on Republican to Dexter Avenue N; north on Dexter to Mercer Street; west on Mercer to Fifth Avenue N; south on Fifth to Thomas Street; west on Thomas onto Seattle Center grounds;

For more details please:  http://www.hotchocolate15k.com/seattle/

Key Construction /inspection closures:

Washington State Department of Transportation Alaskan Way Viaduct Semiannual Inspection, Friday, February 28 – Monday, March 3

  • Both directions of SR 99 will be closed between Valley Street and the south end of the Battery Street Tunnel from 10 p.m. Friday to 6 a.m. Saturday.
  • Both directions of SR 99 will be closed between Valley Street and South Spokane Street from 6 a.m. to 6 p.m. Saturday.
  • Both directions of SR 99 will be closed between Valley Street and the south end of the Battery Street Tunnel from 6 p.m. Saturday to 6 a.m. Sunday.
  • Both directions of SR 99 will be closed between North 48th Street and South Spokane Street from 6 a.m. to 11 a.m. Sunday.
  • Both directions of SR 99 will be closed between Denny Way and South Spokane Street from 11 a.m. to 6 p.m. Sunday. 

Montlake Bridge: Washington State Department of Transportation will close a single lane in each direction of the Montlake Bridge (SR 513) – Saturday, March, 1, 6:30 a.m. – Noon. Maintenance crews will do repairs on the bridge.  Drivers should plan on delays.

First Hill Streetcar:  Saturday and Sunday, March 1 and 2 –  Partial intersection closures on S Jackson Street at Eighth Avenue S (Saturday) and S Jackson Street and Fifth Avenue S (Sunday).

Seattle Weekend Events provided by SDOT

Photo credit to Nat Rocket (see license).

Posted on February 28, 2014 at 12:34 pm
Kelly Weisfield | Category: Uncategorized | Tagged , , , ,

Where to Watch the Seahawks in the Super Bowl on Seattle’s Eastside

The excitement in Seattle for next weekend’s Super Bowl XLVIII game is palpable.  Blue and green are everywhere and Seattleites have really come together in support for our beloved Seahawks.  What better way to experience the energy, camaraderie and thrills of this momentous game than by watching it with others?


There are some great downtown Seattle bars to watch the Superbowl gameFor those of us east of the pond, here is a list of my favorite places (including some family friendly options) to watch the Super Bowl game on the Greater Eastside:


520 Bar and Grill                                                       
On Main Street in Old Bellevue, the 520 Bar and Grill is a personal favorite – the welcoming atmosphere, consistently great food at reasonable prices (don't miss the killer nachos!) and fun drink menu never fails to keep me coming back.  Not only is it kid-friendly, there isn’t a bad seat to watch the game due to the strategically mounted TV screens throughout the restaurant.  It’s hard to think of a cozier and more relaxed neighborhood bar & grill to watch the game with friends and family.

10146 Main St. Bellevue, WA 98004 (425) 450-0520

Rock Bottom Brewery

In the heart of downtown in the Bellevue Galleria, the Rock Bottom Brewery features tons of TV screens for viewing the big game including a 120 inch projection screen and 22 other TV screens throughout the bar and dining room.  Pub fare, house made beers, a family-friendly restaurant and 4 hours of validated parking make this a convenient and fun place to cheer on the Seahawks.  Can’t wait until kickoff to start watching and enjoying game day?  The Rock Bottom opens at 9:30am on Super Bowl Sunday.

550 106th Ave NE, Suite 103 Bellevue, WA 98004  (425) 462-9300


Taphouse Grill

Also located in the Bellevue Galleria is the Taphouse Grill.  The Taphouse features the largest selection of Northwest beers on tap and a wide variety of menu choices ranging from steak and sushi to more traditional pub food.  Plenty of screens throughout the restaurant and bar areas make this a great spot to witness the Legion of Boom!

550 106th Ave NE Bellevue, WA 98004  (425) 467-1730


Lunchbox Laboratory in Bellevue:

If you’re a burger fan and haven’t yet been to Lunchbox Laboratory, you’re missing out!  Burgers of uncommon combinations served alongside unique shakes, fries and eclectic cocktails make for a memorable and delicious meal.  The portions are HUGE and kids love it here.  Lunchbox Lab does football games very well – they even have a game menu with specials during all NFL games and Seahawks-inspired menu items – I dare you to try a Hawkbomb!

989 112th Ave NE Bellevue, WA  (425) 505-2676


Joey’s (the Lounge)

The Lounge at Joey’s restaurant in downtown Bellevue is a hip bar with walls of windows, plenty of TVs and a huge screen to watch the game right the heart of Bellevue’s shopping district.  21 and older only in the Lounge – the menu boasts a wide range of very good food (ahi tacos are a favorite!) and the comfy booths fill up quick.  Don’t come here if you’re looking for a quiet atmosphere – this lounge is happening and will be a lively place to watch the Super Bowl!

800 Bellevue Way NE Bellevue, WA 98004  (425)637-1177



The Lodge Sports Grille Kirkland

Located in the heart of downtown Kirkland, the Lodge is a wonderful place to watch the Hawks in all their glory.  The Lodge in Kirkland features 56 beers on tap and a view of Lake Washington along with ample screens to catch the game.  Ideally located at 107 Lake Street, this restaurant has a warm and comfortable vibe and is also family friendly – get there early, it’s a local favorite!

107 Lake Street Kirkland, WA 98033  (425) 202-7663


Mercer Island:

Roanoke Inn

This historic bar and oldest running business on Mercer Island opened in 1914 – it’s a favorite watering hole among locals and off-island patrons who appreciate it’s casual, neighborhood ambiance, pub fare (think chicken wings, nachos and signature burgers) and great beer selection on tap.  No kids allowed here – but if you’re in the mood to cheer on the Hawks by a fireplace with friendly fans in a nostalgic bar that feels like you may have stepped back in time – look no further than the “Roie” (as it’s called by us Islanders) for your Super Bowl experience.

1825 72nd Ave SE Mercer Island, WA 98040  (206) 232-0800

The Bar in the Islander

The recently re-opened and newly renovated Islander restaurant features a very cool spot to watch the game – the Bar.  Multiple screens, oversized booths and its new swanky interior provide a very fun atmosphere to cheer on the Seahawks. Though normally no reservations are taken in the Bar, the Islander is making an exception on February 2nd  – those 21 & older, call ahead to reserve your spot.  The Islander Bar is also having a Super Bowl Sunday raffle with various prizes and a game board ($1/square).

2441 76th Ave SE Mercer Island, WA 989040  (206) 232-6676


Of course, there are many more great spots around Seattle and Eastside to watch next Sunday’s Super Bowl game – what are your favorites? 



Seahawks photocredit to Philip Robertson (see license).


Posted on January 23, 2014 at 3:34 pm
Kelly Weisfield | Category: Uncategorized | Tagged , , , , , , , , , , , , , , , , , , , , , , , ,