Seattle Luxury Market Surges

Photo credit: Listing photos hosted by Seattle PI

Zosha Millman | Seattle PI

Although Seattle has been leading the nation in home prices for more than a year and a half, there’s still a lot of change happening within the local real estate market.

There’s the month-to-month shifts in median price (most recently notched at $689,950 for single family homes in King County), or the year-over-year growth (13.2 percent up from this time last year). And then, of course, there’s the shift in the timeline of an average buyer or seller on the market.

“What used to be a quick action market for buyers is now, once again, an instant response market, and this has been the case since the first of the year,” J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, said in the latest Northwest Multiple Listing Service report.

…Whether defined at upwards of $1 million or $2 million, the NWMLS figures confirm that luxury home prices are surging.

A comparison of the first quarter of 2018 with 2017 shows that the year-over-year volume of sales of homes priced at $2 million or more is up 30 percent, with NWMLS members reporting 136 such sales in 2017 and 177 in 2018.

For homes priced at $1 million or more, sales rose from 941 last year to 1,204 this year, a gain of nearly 28 percent.

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