Denny Blaine real estate continued to be strong in 2016 as it was in 2015. Not a lot of homes sell in Denny Blaine each year, so the real estate statistics can be deceiving. On average, there are just under one and a half (1.5) Denny Blaine home sales per month. In 2016 there were 15 sales, while in 2015 there were 19 sales. WHile the median sales price ($1,100,000 vs $1,400,000) and cost per square foot ($471 vs $494) went down in 2016 from 2015, the average days on market (45 vs 48) improved in 2016. What might be the most telling, is the average sales price over average list price was 102.1% in 2016 versus s still strong 98.9% in 2015. The decrease of the total Denny Blaine home sales and average sales price versus list price increasing can probably be attributed to the tight inventory in Denny Blaine and Seattle.
The Seattle market did see increases in price and the number of sales, but the biggest story in the Seattle real estate market was the low inventory. Inventory was tight throughout the year in the 23 counties served by the Northwest Multiple Listing Service, 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. A balanced market is generally considered to be between 4 and 6 months of inventory.
The luxury real estate market was strong in 2016, with over 3,251 home sales over $1 million compared to 2,676 in 2015: over a 21 percent increase in the 23 counties. 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 in the same area. The vast majority of luxury sales are in King County.
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.
Pictured: Home pictured about is Denny Blaine Waterfront listed by Ewing and Clark real estate for $12,000,000.
These statistics were gathered from the Northwest Multiple Listing Service, but were not compiled or published by that organization.