MARCH HOUSING UPDATE

The opening months of the Seattle/King County housing market can best be expressed as sparks of activity within a mostly tentative purchasing environment. Unless the listed home is in a favorable location, priced competitively and move-in ready, activity has been somewhat muted as prospective buyers and sellers wait for economic conditions to improve. 

Sellers who priced their homes appropriately enjoyed busy open houses in their first weekend on the market followed by multiple offers. However, many potential buyers appeared to be in a wait-and-see mode amid a backdrop of rising mortgage rates that usually spell affordability challenges. General uncertainty about the future of the economy and job security have helped to slow market mojo and wrench power away from buyers and sellers alike.

“Today, real estate is ‘nobody’s market,’” notes realtor.com’s chief economist Danielle Hale. “The number of homeowners deciding to sell continues to lag, but inventory and time on market continue to [mostly] climb, reflecting still-hesitant buyers.”

The number of new listings of all home types (single-family, townhome and condo) in King County climbed 6.4% (1866 units) from January to February, as expected, and total inventory at the start of March (2064) was 111% higher than a year ago. The median days on market for resale homes across the county is now 20 days, up from only 5 days this time last year, suggesting a significant market slowdown.

Median home prices are lower in most parts of the county compared with February 2022. Issaquah (-42%) and Kirkland (-31%) are most notably experiencing a price correction, though Redmond remains higher (+17%) year-on-year. (See chart)

Read a detailed assessment of the King County area housing market in my most recent blog post: Economic Turbulence Prompts Seattle Area Market Concern vs. Year Ago

CONDO NEWS

It’s full speed ahead at Avenue Bellevue, the two-tower, high-end condominium project in the heart of the city. The structures have been topped out and construction cranes are soon coming down. All that is left is to complete individual residences and add amenities. Here’s a video of its progress.

Avenue consists of a 25-story classic luxury condo known as the Residences, with all the traditional perks and priced from $1M. The ultra-luxe Estates stands 26 stories and features floor-to-ceiling marble bathrooms and waterfall edge marble kitchen islands as part of a special home experience. Prices start at $1.14M at the Estates, which will share space with a new InterContinental Hotel.

There is a lot of interest in Avenue, with slightly more than half of the 365 homes in the towers reserved by buyers. The community will include high-end shopping from world-renowned brands (though nothing yet has been announced) and restaurants influenced by Michelin-star chefs.

The condo project is working toward opening later this year – summer for the Residences tower and fall for the Estates. A sales gallery is open for private meetings, so let me know if you’re interested in paying a visit.

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One block north, another high rise is beginning to blossom. The 20-story luxury condo Mari is under construction with a 2024 target opening.

The sales office is preparing to open and take initial deposits to live in the building. The community will have a complete array of amenities – 24/7 concierge, top-floor lounge and rooftop deck, private dining space, library, fitness and yoga space, and pet spa.

Mari is developed by Bellevue-based Create World, the same company that built Mira Flats, a six-story condo that opened in 2018 next to the Mari site.

A friendly reminder: Whether new construction or resale condos, always visit the sales gallery or home with a buyer broker for trusted representation.

LUXURY LIVING

We kick off this month’s stand-out listings with a glimpse at new home construction looking east over Lake Sammamish in Bellevue. It’s a 6-bedroom, 4.5-bath, 4527 sq. ft., 2-story with basement. Contemporary craftsmanship, open plan, partial water views … what more can you ask for? This is one of three new homes available from local developer Crestline. List: $2.95M ($652/sq. ft.). Take a video tour and contact me for an in-person visit.

Over to the north side of Mercer Island and this 4-bed, 4-bath, 5580 sq. ft., 2-story home with basement and shared waterfront dock. Nestled within tall trees, the place delivers areas for play, entertaining, work and rest, while offering panoramic views of Mt. Rainier and Lake Washington. Wow, I don’t think this one will last long. List: $3,888,000 ($697/sq. ft.)

Or how about West Seattle waterfront living? This is a rare opportunity to own two homes on adjoining parcels. According to King County records, the first home is closest to the water – near the Fauntleroy Ferry Terminal – a 3-bed, 1.75-bath, 2460 sq. ft. space built in 1925 and includes a driftwood-dotted beachfront with unobstructed westerly views. Can you imagine glancing out the kitchen window and seeing a pod of Orcas swimming by? The second home – or accessory dwelling unit, perhaps – is a 2-bed, 1.5-bath, 820 sq. ft. structure built in 1941. Neither home has aged well but think of the possibilities! The land reportedly has been in the same family’s hands since 1968. List: $3.498M ($1066/sq. ft.)