"Life on the shores of Puget Sound, as well as its neighboring straits & harbors, lakes & archipelagoes, offers all the pleasures and adventure that draw people to the water’s edge."
WHAT'S IN THE REPORT?
For this half-yearly waterfront report, we analyzed Waterfront sales throughout the Puget Sound region, comparing Jan 1- June 30 for 2014, 2015, and 2016. The areas covered have been broken down into several regions: Northern Sound, North Seattle, Seattle, Seattle (Central), South Seattle, Eastside, Issaquah/Sammamish, Islands, and South Sound. Waterfront is defined as any homes residing next to: Bank, Bay, Bulkhead, Canal, Creek, Jetty, Lake, Ocean, River, Sound, Strait, or Tideland. We have included both single family residences and condominiums in our statistics.
PUGET SOUND OUTLOOK
Overall, there were 530 waterfront sales in 2014, 615 in 2015, and 586 in 2016, indicating an increased surge in waterfront sales in 2015, likely a result of an influx of buyers trying to take advantage of perceived high-value properties available along the waterfront. 2016’s slightly decreased total sales number indicates a more cautious wait-and-see approach from sellers, who may be hoping to capitalize on even further increases in overall market value and potentially higher sales prices should trends continue to match what we’ve seen from 2014 to 2016 regarding average sales prices increasing throughout the region.
Demand for waterfront homes on Bainbridge Island remains consistent from where it was in 2014, with 39 total sales in 2014, 41 in 2015 and 40 in 2016. Average square footage on Bainbridge Island comes in at just under 3,000, with an average of 2,953. The average price per square foot, however, has steadily increased since 2014, from $398.76 per SF in 2014 to $448.89 now.
Average sales prices have also increased steadily, 14.1% from 2014 to 2016 ($1,163,244 to $1,327,450) with sellers obtaining nearly 97% of the asking price. The high sale in Bainbridge this year is $5,970,000 compared to just $3,025,000 over the same period in 2015. We see this trend over and over in higher-end areas which continues to bode well for those markets.