MUCH LIKE THE state of real estate in Seattle proper, where some neighborhoods are showing decent growth and others are signaling a buyer’s market, the latest Northwest Multiple Listing Service data for the suburbs presents a muddled picture.
On one hand, some communities had surprisingly massive year-over-year price growth, which was the same case back in September. On the other hand, the declines last month were much more dramatic. Rumblings of a Washington state exodus sure haven’t helped. Here were the winners and losers of October.
3. Bellevue (East of I-405)
Ever since the first signs of a market cooldown this summer, the east side of Bellevue has seen more modest—although consistent—price growth compared to the same months last year. In October, things took a noticeable turn upward. October 2022 median sale price: $1,236,000 Price growth year-over-year: 21.18 percent
2. Bellevue (West of I-405)
Not to be bested by the half of the city to the east, west Bellevue, containing downtown and the core commercial district, had a whopping year-over-year price growth more fitting for the bonkers pandemic years. What’s even more impressive is the median sale price in October 2021 was already high to begin with: $1,899,900. October 2022 median sale price: $2,625,000 Price growth year-over-year: 38.16 percent
Who needs an astronomical median sale price when you’ve got affordability in your corner? But given the latest housing data, Enumclaw might need to add air quotes around “affordable.” Its median sale price increased $275,000 from the same month last year. October 2022 median sale price: $820,000 Price growth year-over-year: 50.46 percent
3. Lake Forest Park
Ever since the first glimmers of a market reversion, this community has managed to remain fairly steady in terms of price growth. That changed in October when Lake Forest Park slid a considerable amount, despite having the tightest inventory of all the suburbs at just 1.38 months. October 2022 median sale price: $720,000 Price growth year-over-year: -11.6 percent
2. Vashon Island
Vashon is traditionally a wishy-washy suburb when it comes to year-over-year price growth. There are so few properties sold each month that one or two listings can sway things considerably. That appears to be the case here, when only seven homes closed in October. October 2022 median sale price: $810,000 Price growth year-over-year: -13.37 percent
1. Redmond and Carnation
A decrease like this would have been practically unheard of a few months ago let alone a year ago. What’s perhaps more troubling for this once-coveted burb is that inventory is relatively tight at 1.64 months, meaning buyers could be signaling that the $1 million median sale price mark is just about as high as they’re willing to go. October 2022 median sale price: $1,012,500 Price growth year-over-year: -17.68 percent