Seattle Home Prices To Rise 25.5% by 2014: Report

Moody's and Fiserv (Case-Shiller Indices) recently studied the most likely housing markets to lead the real estate recovery in the U.S. Washington state came out number 1, with particular attention to the Puget Sound region. Seattle was forecast to have a bullish 25.5% increase in prices over the next 4 years.

The group estimates that housing prices will rise significantly through 2014, and Washington's real estate market will be the strongest in the nation. Despite some recent dreary real estate news, Fiserv's chief economist sees the future as bright for Washington and the greater Seattle metro:

A housing market rebound seems tenuous following the expiration of the home buyer tax credit, and consumer confidence remains weak due to lackluster employment, but David Stiff, chief economist at Fiserv, says the bottom is near. Home prices in the U.S. have declined 29.5 percent over the past four years, according to the Fiserv Case-Shiller Indexes. Stiff says prices should form a trough early next year, when median prices will be down an estimated 32.9 percent from the 2006 peak.

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Top 10 Housing Markets That Will Be Strongest by 2014

1. Washington
Biggest home price increase projected in 2014: Bremerton-Silverdale metro

Forecast 4-year price increase: 44.7 percent
Current median price: $245,000
Prices to reach trough in: 2010 Q1
Median family income: $69,900
Population: 240,860

The Bremerton-Silverdale area, on Puget Sound's Kitsap Peninsula, has the highest growth forecast of all MSAs in the country, with prices expected to jump 44.7 percent by 2014, according to Fiserv. Cathy Doney, general manger for Reid Real Estate in Silverdale, says the waterfront community has benefited from government employment, which has helped sustain the job market, and attracted buyers looking to live close to Seattle at a lower cost. Washington's second-strongest market is Tacoma, with a growth rate expected to be 33.1 percent. Prices in the Seattle area are expected to grow 25.5 percent by 2014.

Index used to calculate historical home price changes: Case-Shiller

 

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Current Listings:
Seattle Homes For Sale
Seattle Waterfront Homes
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Sam DeBord is a Realtor and Managing Real Estate Broker with SeattleHome.com, a division of Washington State Realty, LLC. He is a member of the Seattle-King County Association of Realtors and a Green-Certified Pro. The NWMLS did not compile or publish this information.

Have a question about this waterfront home, or Seattle real estate in general?
Sam can be contacted at (206) 658-3225 or Sam(at)SeattleHome.com.  

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Waterfront Home Sales on The Eastside Surge, Then Slow a Bit

Waterfront real estate sales this summer on the Eastside have been far stronger than in 2009. June sales were particularly outstanding, with July showing a slight downturn which wasn't unexpected after the early summer burst, matching the rest of the market in Greate Seattle.

Thirteen significant Eastside waterfront home sales on Lake Washington and Lake Sammamish closed in June, and four more lakefront sales closed this July. Compare that to 2009 which had just 7 similar sales in June and 3 in July. So far, the summer of 2010 is turning out to be a boon to waterfront buyers, as a portion of the selling market is getting realistic about the correction in luxury and real estate prices. Many waterfront homes have now been priced at a level that fits the current market, and transactions are moving forward at a better pace than the past two years.

The most recent sales were a $1.6 million home on Lake Sammamish waterfront in Sammamish, a $1.782 million protected waterfront home on South Bellevue's canals in Newport Shores, a $1.8 million West of Market lakefront home in Kirkland, and a $5.5 million waterfront estate in exclusive Hunts Point.

Address City Price Beds Baths Sq Ft
July 2010 Sales
2029 E Lake Sammamish Pkwy NE Sammamish $1,600,000 3 2.5 4,299
26 Columbia Key Bellevue $1,782,000 4 2.5 3,970
1433 10th St W Kirkland $1,800,000 3 1.5 1,610
4224 Hunts Point Rd Hunts Point $5,500,000 4 3.5 4,030

June 2010 Sales
4011 E Lk. Sammamish Shore Lane SE Sammamish $815,000 2 2.25 1,770
1727 E Beaver Lake Drive SE Sammamish $950,000 4 2.5 3,380
3268 W Lake Sammamish Pkwy SE Bellevue $1,245,000 4 3.5 4,090
2120 W Lake Sammamish Pkwy NE Redmond $1,395,000 3 2.75 3,720
13253 Holmes Point Dr NE Kirkland $1,700,000 4 2.5 2,520
273 E Lake Sammamish Shore Lane NE Sammamish $1,795,000 4 3.25 3,950
161 E Lake Sammamish Shore Lane NE Sammamish $1,950,000 5 3.25 3,750
1721 E Lake Sammamish Place SE Sammamish $2,000,000 4 4 4,800
4129 E Lake Sammamish Pkwy SE Sammamish $2,305,000 3 3.75 4,183
2401 Killarney Wy SE Bellevue $3,266,050 3 3.75 3,380
3257 Hunts Point Rd Hunts Point $3,900,000 4 3.25 5,022
9455 Lake Washington Blvd NE Bellevue $4,283,000 5 3.5 4,600
9010 NE 47 St Yarrow Point $4,600,000 3 4 3,670
9441 Lake Washington Blvd NE Bellevue $4,900,000 3 3.5 6,590

Current Listings:
Seattle Homes For Sale
Seattle Waterfront Homes
Seattle Houseboats and Floating Homes

Sam DeBord is a Realtor and Managing Real Estate Broker with SeattleHome.com, a division of Washington State Realty, LLC. He is a member of the Seattle-King County Association of Realtors and a Green-Certified Pro. The NWMLS did not compile or publish this information.

Have a question about this waterfront home, or Seattle real estate in general?
Sam can be contacted at (206) 658-3225 or Sam(at)SeattleHome.com.  

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Strong Seattle Waterfront Real Estate Sales Continue In July

 

Waterfront real estate sales in Seattle maintained an even keel in July, as the general real estate market continued to push along through a slow economy. July waterfront home sales in Seattle matched the eight homes sold in June, with two sales being high-end floating homes and the remainder of the sales being traditional single family homes. These numbers are a large increase over the same period last year.

The least expensive waterfront home sales in July were at the extreme ends of Seattle, with a Bryn Mawr home on the South end of the city selling for $650k, and a Cedar Park home on the North end that sold for $700k. Our Lake Union floating home sales closed at $740k in Westlake, and $1.242 million in Eastlake.

At the top end of the waterfront real estate sales were a home in Denny Blaine that sold for $2.15 million, and a waterfront estate in Leschi that closed at $2.625 million.

Overall, the waterfront real estate market continues to outpace 2009's sales numbers by leaps and bounds. July of 2009 had just two waterfront home sales, part of a dismal year of waterfront and luxury home purchases. While sales of these homes are often at discounted prices, the total number of sales month after month continue to strengthen the base of the luxury market and increase confidence for buyers.

June 2010 Seattle Waterfront Home Sales
Address City Sold Price Beds Baths Sq Ft
2401 N Northlake Wy #9-E Seattle $249,138 1 1.5 620
2915 Harris Place S Seattle $400,000 3 2.5 1,910
3415 Sound View Dr W Seattle $575,000 4 3 2,800
9645 50th Ave SW Seattle $1,100,000 3 1.5 2,490
3736 W Commodore Way Seattle $1,350,000 5 2.75 3,930
2481 Perkins Lane W Seattle $1,600,000 2 1.75 2,520
11045 Arroyo Beach Place SW Seattle $2,200,000 3 3.5 3,050
4408 55th Ave NE Seattle $2,500,000 6 3.75 5,450

July 2010 Seattle Waterfront Home Sales
Address City Sold Price Beds Baths Sq Ft
11016 Rainier Ave S Seattle $650,000 2 1.75 1,600
12322 Riviera Place NE Seattle $700,000 4 1.5 1,970
2770 Westlake Ave N #6 Seattle $740,000 2 1.75 1,151
8452 Island Dr S Seattle $810,000 3 2.5 2,390
2600 Fairview Ave E #8 Seattle $1,242,500 3 2.25 2,000
2444 NW Blue Ridge Dr Seattle $1,335,000 4 2.25 3,800
1616 Lake Washington Blvd. Seattle $2,150,000 2 2.5 2,730
1108 Lakeside Ave S Seattle $2,625,000 4 3.25 3,680

Current Listings:
Seattle Homes For Sale
Seattle Waterfront Homes
Seattle Houseboats and Floating Homes

Sam DeBord is a Realtor and Managing Real Estate Broker with SeattleHome.com, a division of Washington State Realty, LLC. He is a member of the Seattle-King County Association of Realtors and a Green-Certified Pro. The NWMLS did not compile or publish this information.

Have a question about a waterfront home, or Seattle real estate in general?
Sam can be contacted at (206) 658-3225 or Sam(at)SeattleHome.com.  

Connect with me: