Laurelhurst Real Estate – 2016 in Review

The Laurelhurst real estate market showed a great growth in numbers this past year (2016). Though there was 1 less sale in 2016 than 2015, sales prices showed a noticeable hike. The highest sale price jumped from $5,220,000 (2015) to $9,750,000 last year. The median sales price rose from $1,200,000 (2015) to $1,481,250 (2016), and the lowest moving slightly from $575,000 (2015) to $665,150 (2016). There are currently 3 active listings, one listed for $10,008,000 and another for $14,880,000.

Inventory was tight throughout the year, there was an average of 1.86 months of inventory in 2016, compared to 2.4 months in 2015.  King County was the tightest with only 1.1 months of supply.

The luxury real estate market was strong in 2016, with over 3,251 home sales over $ 1million compared to 2,676 in 2015: over a 21 percent increase.  The number of condos over $500,000 also increased with 1,711 sold in 2016 versus 1,459 half-million dollar sales in 2015: also over a 21 percent increase.

2017 seems to be taking over where 2016 left off.  Low inventory remains and prices remain strong.  As always, to maneuver the market, reach out to your local real estate broker to navigating the Seattle real estate market.