Luxury Real Estate Sales Picking up in Seattle and Puget Sound

Luxury real estate sales have been active this year in the Seattle and greater Puget Sound areas. Since January 1st there has been 53 (single family and condos) closed sales above $3 million with an average sales price of $4.5 million. The highest closed sale has been $12 million. There are currently 6 pending sales above $3 million with the average listing price of $3,697,000. There have been 4 closed condo sales averaging $5,654,525. It appears the sales activity for the fourth quarter is slowing down but it is early in the fourth quarter. The market time for closed sales has been 287 days as compared to 480 days for the current pending sales.

We have experienced many international buyers in the market place. Most of the buyers are coming from China. These buyers have businesses in China and Seattle and want to own residences in the Seattle area. The buyers are very attracted to the luxury view and waterfront properties located close to urban centers. If showing traffic is any indication of market strength, we should see a few more sales before the end of the year.

Posted by:  Tere Foster