Waterfront Report

Heed the Call of the Water

The beautiful landscapes of the Pacific Northwest aren’t complete without our water views. From in-city waterfronts along our lakes and the majesty of the Puget Sound, to island living and vistas along Washington’s scenic port towns, there’s nothing like finding a piece of shoreline to call your own.

Realogics Sotheby’s International Realty has observed over two years of waterfront transactions, from January 2019 through March 2021 across Western Washington’s most sought-after destinations.

By first looking at transactions by county we will start to look at price points generally, as well as the time on the waterfront homes are on the market, and larger trends that indicate which times of year are ideal to enter the market as a seller or buyer. Following a year where we’ve seen such significant price growth, increase in demand coupled with short time homes are on the market across the region, one thing is certain—that working with a Realogics Sotheby’s International Realty waterfront expert in order to achieve your goals, whether you’re buying or selling a primary residence, second home, or remote getaway, is an absolute necessity.

Featured Waterfront Neighborhoods

Explore our featured areas below. Click on the neighborhood to view the overview and download the area report.

Seattle - Lake Washington

Seattleites who live on Lake Washington enjoy water recreation, a front seat to Seafair, and one of the most enviable addresses in the Emerald City. Often gated, with docks both private and shared, those who call Lake Washington home have invested wisely. Just as we see the median sales price climb, from early 2020 through March of 2021, the average price per square foot has followed suit. In 2019, the average price per square foot hovered around the low $700s, occasionally dipping in the upper $600s. But in 2020, with timing that followed the start of Washington’s stay-at-home orders, those numbers took a very minor dip and then steadily climbed, reaching $1,092 per square foot by March of 2021. Year-over-year closed sales on the lake have remained relatively flat, but the number of homes on the market for sale has trended down, suggesting that now remains a good time for sellers from Matthews Beach to Seward Park to enter the market and capitalize on their investment. For buyers, the trend lines don’t appear to be swinging down, so it’s still a good time to make an offer on your dream house. And of course, both buyers and sellers guided by the trusted hand of a Realogics Sotheby’s International Realty waterfront expert will be set for the best possible outcome.

Bellevue

The coveted Eastside location of Bellevue is bookended by waterfront opportunities on both its west and east borders. To the west, Lake Washington living may appeal to those who want to stay in touch with their more urban dispositions, while to the east, Lake Sammamish provides a calmer escape. Median sales prices for the Lake Sammamish side of Bellevue are often $500K to $1 million less than those of Bellevue’s Lake Washington’s retreats. With those staking a claim to Lake Phantom in the southeast at about another million under that. Either way, median home prices continued to climb in the last year in this Eastside stronghold, it’s no surprise that the Bellevue waterfront homes have also seen an uptick in median sales prices, while the average length of time a waterfront home spends on the market has seen a 50 percent decrease year-over-year. And while only a few more homes sold in 2020 (39) compared to 2019 (35), the median sales price for these lakefront homes increased from $2.71 million to $2.86 million. Of Bellevue’s nearly 30,000 single-family homes, only 764 are perched at the water’s edge. Just in the last year, one estate on Lake Washington Boulevard sold for as much as $14.75 million, though that doesn’t come close to the most expensive Bellevue residence recorded in the MLS, a Lake Washington property that sold for $21 million in 2017.

Four Points

Comprised of Clyde Hill, Hunts Point, Medina, and Yarrow Point, these Eastside communities are home to the region’s most extraordinary residences. Privacy is paramount, and no detail is left unattended, which is why there is very little turnover in the homes of these neighborhoods. Of the area’s 2,874 single-family homes for sale, 409 of them are on the waterfront. When someone does decide to sell among these four communities, we see some of the area’s highest price points. Inventory year-over-year was relatively flat, with only slightly fewer homes on the market in 2020 than the year before. In 2019, only 22 homes total were sold, and in 2020, only 25 waterfront transactions closed. Year-over-year there was a slight uptick in the median sold price, from $7.638 million to $8.007 million the following year. Unlike other communities examined, there are too few listings in this exclusive area that it’s difficult to determine both the best time of year to list your Four Points home, or the time of year at which buyers might have the most significant advantage. There is one thing we’re certain of, the first quarter of 2021 offered a dearth of inventory. Buyers interested in the shores of Lake Washington here will need to bring patience and a trusted, strong negotiator to the table if they want to secure one of the few listings available for sale.

Mercer Island

An oasis ideal for those who desire the calm style of island living, all within an easy pivot to the business centers of neighboring Seattle or Bellevue, Mercer Island is one of the most coveted addresses in the greater Puget Sound region. Nearly 10 percent of the single-family homes on the island are waterfront properties. Its climbing median sales prices demonstrate that living on Mercer Island is ideal. The median sold price of a lakefront home in 2019 was $3.988 million, and the median sales price made a nearly $500K jump to $4.458 million in 2020. In just the last year, the highest waterfront sale on Mercer Island came in at $16.5 million, while the highest sold price on the island of all time remains a waterfront estate that sold for $21.6 million back in 2012. In analyzing the data over the last two years, signals indicate the peak listing month is June, however, closings spiked on the island in June of 2019, and in August of 2020, and as we follow the trends of new listings coming available, waterfront property inventory is down year-over-year.

Port Angeles

The supply of waterfront homes in Port Angeles whimpered into 2021: Not a single seaside abode was listed for sale in February or March. Year-over-year, the available inventory on the port town’s shorelines has ticked down, with half as many homes on the market as the year before. Following the trends of 2019, the listing season peaked in May with 21 homes for sale on the market, and in July, the highest number of waterfront properties closed—seven. One area that hasn’t been affected here is the number of days on market, with many homes in 2019 and 2020 spending at least a few months on the market before finding a buyer. The median sold price for a waterfront home in 2019 was $380K, and it ticked up by almost $40K in 2020, to $419K. In March of 2020, the community saw the highest sold price of a single-family residence in the area, at $1.4 million, and although it boasted acreage and ocean views, it did not have waterfront access. In the last year, the most expensive waterfront property sold in Port Angeles was $1.217 million, showing that this community’s waterfront offers a variety of opportunities.

Lake Union

The activity around Lake Union and its floating homes and houseboats has a season that, over the past two years, has peaked in late summer. While there are plenty of listings that come on in April, the peak of closed sales comes in August. For those selling either a modest and refined boat and slip to those marketing an estate-worthy floating home, entering the market during the summer months is ideal. Throughout the past two years, this area of the city has maintained a steady on-market time, ranging from about 50 to 60 days—which may feel like an eternity compared to the movement of residential properties in some of the city’s coveted, but landlocked neighborhoods, so you may need the patience to close the deal whether the buyer or the seller. Less than a single percent of the over 139,000 single-family homes in Seattle claim waterfront status, making opportunities like these—to live in a floating home or on a houseboat—rare. It is crucial to have a Realogics Sotheby’s International Realty waterfront expert by your side in both successfully marking and listing a Lake Union for its true worth, or seeking the slip that is right for you.

Sequim

A small coastal community situated at the entrance to Olympic National Park, Sequim’s name derives from a Native American expression meaning “quiet waters.” While many typically associate the Pacific Northwest climate with rain, the annual rainfall in Sequim is only 16 inches, making it one of the driest regions in the area and the perfect place for active retirees and vacation homeowners to put down roots. A retreat along these serene waters is an investment gaining momentum. The median sold price of a home here has jumped from under $400K to $600K in the last year. Twenty-two homes sold in Sequim in 2020, down from 25 in 2019. Listings peaked in September of 2019, but since, available homes for sales have steadily declined, making a Sequim waterfront home both a rare opportunity and a wise investment.

West Seattle

The banks of West Seattle provide exceptional vistas, beautiful shorelines, and extraordinary homes, all with a sense of remoteness. True, the West Seattle bridge repairs won’t be completed until mid-2022, but between the remote work promoted amidst the pandemic, and the thriving community this neighborhood is known for, buyers have continued to invest in waterfront properties here. In fact, despite the bridge closure in March of 2020, new listings year-over-year held steady at 20 and the median sold price of these properties increased, from $1.675 million in 2019 to $1.9 million in 2020. Over the last 28 months, what has remained steady is the average price per square foot—while occasionally there have been dips, overall waterfront homes sell for $700 to $900 per square foot. And while there are over 27,000 single-family residences in West Seattle, just 408 are among the area’s distinctive waterfront properties. In the last 12 months, the highest sales price for a waterfront home occurred in Lincoln Park, for $4.2 million. As for the best time to buy or sell—over the past two years, new listings have stayed fairly consistent April through September, but the buyer activity has proven to be slightly more sporadic, when in 2019 October peeked with the highest number of closings.

Bainbridge Island

This private and secluded sanctuary of Bainbridge Island awaits with just a 35-minute ferry ride from Seattle. In addition to its thriving arts community are the waterfront properties that line the shores of this distinctive island. And while 2020 saw fewer waterfront homes for sale on the island compared to 2019, the average length of time a listing spent on the market languished, comparatively. Unlike other market areas, historically, Bainbridge has proved to invite a later selling season, with listings hitting the market in mid-summer through late fall, and interested buyers make winning offers as late as October. Fewer homes were listed and sold in 2020, but the extended and late peak still made an appearance, and buyers weren’t deterred by the lack of options on the market—in November, for example, nine homes were listed for sale, and nine sold. Along with the median sold price, the price per square foot has ticked up evenly as well. The highest sales price for saltwater shoreline on Bainbridge Island was offered in January when 1792 Beans Bight Road NE closed at $7.6 million, offering its new homeowner 200 feet of pristine shoreline and 1.5 beautifully landscaped acres.

Camano Island

Camano Island is the second of the two main islands in Island County with a scenic drive from Seattle—no ferry required. Breathtaking vistas and views are found in hidden retreats, modern getaways, and bungalow homes. Since 2017, the yearly median waterfront home price on Camano had held steady in the low $600Ks, but in 2020 the median sales price shot up to $805K, supported by a similar year-over-year increase in the price per square foot for these seaside residences. Also since 2017, the number of closed sales continued to tick down, from 95 in 2017, 77 in 2018, 69 in 2019, and 66 in 2020, and at least in the last year, it’s almost certainly related to a decrease in available inventory. The season peaked with new listings in June of 2019 with steady inventory for sale throughout the summer. Amidst the pandemic in 2020, fewer homes were listed, and after the peak in May of that year, availability steadily decreased. The length of time one of these homes spent on the market was sliced in half between 2019 and 2020, from an average of 84 days to just 33 days. That means that to capture the right price or negotiate a winning offer, a trusted Realogics Sotheby’s International Realty advisor on your side is key.

Magnolia, Ballard, and North Seattle

For many shorelines across Washington, summertime is perfect for listing or putting in an offer on a piece of waterfront paradise. But that doesn’t appear to be the case for the homes of Magnolia, Ballard, and North Seattle, where both in 2019 and 2020 two small peaks occurred in the spring, and then later in the fall. There are 555 homes along Puget Sound, and the trends appear to be relatively unaffected by low inventory and the surge in buyer demand witnessed in 2020. Across the city’s waterfront shores, the median sales price increased between 2018 and 2019, but the average square footage price did not, turning down slightly from $758 per square foot to $705 per square foot. But that turned around amidst 2020’s hot market with the average price per square foot hitting a year-over-year all-time high of $894. Although activity peaking along Seattle’s Puget Sound was difficult to pinpoint over the last two years, in the city overall, both new listings and closings peaked in July of 2020, just as they had had in 2019.

Renton

Renton’s most recognizable waterfront address might be the Virginia Mason Athletic Center (VMAC), the headquarters and practice facility of the NFL’s Seattle Seahawks. Yet aside from those acres of football fields and its 200,000 square foot training facility, are distinctive Northwest homes gracing the lake’s shores. With exception of September, less than 10 waterfront properties were on the market at any one time in 2019. Of the 533 waterfront homes in Renton, just 29 residential waterfront sales closed in 2020—that’s up from 24 sales in 2019. And the median sales price point remained somewhat steady year-over-year from $806K in 2019 to $775K in 2020. Part of the appeal of the Renton waterfront market is the value—looking at a monthly average, the price per square foot for these lakeside abodes stood between $280 and $380. Comparing that number to other Lake Washington communities like those of the Four Points, Mercer Island, or Seattle neighborhoods like Leschi, and coupled with home value escalation across the Puget Sound area, a Renton waterfront home could be considered a wise investment.

Sammamish and Issaquah

As we turn our attention to the foothills of the Cascade Mountains, the peaceful shorelines of Sammamish and Issaquah delight in those looking for exquisite properties, just outside the bustle of in-city living. Those seeking a freshwater refuge offering recreation and tranquility may seek the shores of Lake Sammamish, the eighth largest lake in the state, or one of the smaller lakes that dot the Eastside landscape. These retreats are sought after, with a median sales price in 2019 of $1.638 million and 2020 $1.185 million. Despite the market conditions that varied between 2019 and 2020, much of the data is similar from year to year—78 residential waterfront properties were sold in both years, the average number of days a home spent on the market was 44 in 2019, and 46 in 2020. The selling season peaked in July in 2019, with the highest numbers of sales closings; while fewer homes closed in July 2020, the waterfront selling season appears to have lasted longer, from May through August of that year. Still, it’s promising that even with a lack of inventory on the banks of Lake Sammamish, new listings and closings sales have remained steady in the area.

Redmond

With a thriving economy, an incredible mix of urban and suburban amenities, and a convenient, central location, Redmond reflects the best that the Northwest has to offer. Those ready to dip their toes in the waterfront market here may find themselves exploring the northern banks of Lake Sammamish, ideally set between two of King County’s finest parks—Idylwood Park to the south, and destination location Marymoor to the North. Additional waterfront opportunities are found throughout the city surrounding small lakes. But for those seeking paradise within reach of the Microsoft campus, opportunities in Redmond are slim, with only 208 of the over 19,000 single-family homes in the area along the water. In 2019, listings peaked in June with 11 homes on the market, bookended by 10 homes for sale in both May in July. While fewer homes were offered for sale in 2020, the listing peek also hit in June, though more buyers were matched with their ideal waterfront home in August. In all, Redmond saw 26 waterfront transactions in 2020, and just 20 the year before, while the median sales price held steady year-over-year—$1.448 million and $1.425 million respectively.

Kirkland

People flock from all over the Seattle metro to enjoy Kirkland’s downtown and easily accessible lakeside parks. But to live in Kirkland is a whole other experience because the best of Eastside and lakeside living is not a drive or headache away; it is a short walk from their front door. Of the 20,000-plus single-family residences available in Kirkland, just over 300 are set on the city’s shoreline, adding exclusivity to the tide rights that come with having a private beach all your own. In 2020, an RSIR global real estate advisor represented the buyer of the city’s highest waterfront transaction that year, a slice of paradise coming in at $9 million. And while that represents the high-end, the median sales price of a Kirkland waterfront retreat varies from $800K one month to $5 million in another month, with the price per square foot running a similar gamut of disparities between each home. Year-over-year, the average length of time a home spent on the market decreased from 49 days to 24. Because of its ideal location and coveted shores, the opportunity to buy one of these homes is rare—and it’s difficult to say which month exactly is prime to list your home or enter the market to find your next, but anywhere from late spring through August could be the right time to position your home for sale, contact a RSIR broker.