Got $3 million and a dream? The luxury housing market in King County was a good place to be in 2011! The average price per square foot, average sale price and number of homes on the market all point to the continuation of a huge buyer’s market in these higher price brackets. While there’s no set definition of what the “luxury” market is ($1 million buys a lot more home in Phoenix than it does in Seattle), for this we’re looking at homes that sold for $3 million or more.
The by-the-numbers list below shows a steady decrease in price per square foot, and on top of that, at the current pace of sales, it would take four years for all those homes to sell. In a balanced market, there would only be 4-6 months of supply.
Redfin area manager Febe Cude works mostly in Mercer Island, Laurelhurst, Ravenna and Queen Anne. She says all the high end inventory we’ve seen lately has given buyers the luxury to pick and choose, but even that segment of the market is unpredictable. “Late last summer, there were more luxury properties on the market than I’d seen in a long time, most of which had been there for months, and some for years, “ she said. “My clients were just narrowing their list down when many of the homes they were considering went pending in the matter of 4-5 weeks. They still found their dream home, but the lesson was learned: It’s definitely still a buyer’s market, but when you see the right home, you need to move quickly.”
Here’s a by-the-numbers breakdown of interesting facts about the 2011 luxury housing market in King County: