2010: Eastside Waterfront Real Estate Sales Up 19%

Waterfront real estate sales on the Eastside finished out 2010 with a 19% increase in total sales vs. the previous year. This trend follows the strong sales for the year in Seattle and around the Puget Sound. While prices on waterfront and luxury real estate fell in all areas over the past two years, the recent strong sales seem to have created a bottoming out in prices at this point.

Final numbers for 2010 won't be out for a while, but approximate numbers from the MLS give us a good picture of the year. So far, I'm seeing 207 recorded sales of waterfront homes, vs. 168 in 2009. Waterfront houses, being the strongest indicator of the market, were actually up 24% with 146 in 2010 vs 111 in 2009, and a similar 114 in 2008. Waterfront condo sales were flat for 2010 and 2009 at around 60 sales, after a strong 2008 waterfront condo market with 91 sales.

We're seeing the same general market conditions on the Eastside waterfront as we are in Seattle, albeit at somewhat higher prices. Sellers who adjust their pricing to the current market realities are moving properties, and there are still a significant number of waterfront home buyers in the market. Lake Washington and Lake Sammamish waterfront real estate sales continue to improve, and as these sales continue to strengthen the market base, we'll see more clearly where pricing flattens out.

Source:  Individually compiled MLS data.  The NWMLS did not compile or publish this information.

(Eastside cities included: Bellevue, Medina, Kirkland, Yarrow Point, Hunts Point, Kenmore, Renton, Redmond, Issaquah, Sammamish)

  • January 02 2011 - Yarrow Point
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