While living anywhere along Lake Washington would be a prized lifestyle, the most coveted shoreline remains the waterfront communities of West Bellevue, Medina, Hunts Point, Kirkland, Juanita, Beau Arts, Enatai, Newport Shores and the north end of Mercer Island. These sought after neighborhoods offer close proximity to job centers, access to preferred schools and are comprised of the most valuable real estate in the Pacific Northwest.
As an aggregated set, the summer of 2015 was very consistent with 2014 with average home sales just over $4 million. The past two years however, marked a significant increase over the same period in 2013 as the market recovered and demand expanded. However, the average price per square foot fell from $960 in summer 2014 to $854 in 2015. That’s not to say that values have dropped because they haven’t, rather fewer homes sold in the most expensive markets of West Bellevue where more listings led to increased days on market. The north end of Mercer Island and South Bellevue saw the greatest increases in home sales year-over-year as savvy buyers explore new alternatives to the pricier West Bellevue market, which continues to set new records in average sales pricing at $5,649,804. Likewise, South Bellevue and Juanita also experienced a significant year-over-year value increase, albeit on fewer trades.