Leading brokerage releases data and insights on the most coveted
property lifestyle in the Pacific Northwest
SEATTLE, June 28, 2022
/PRNewswire-PRWeb/ -- Realogics Sotheby's International Realty
proudly presents the 2022 Waterfront Report. The fourth annual
report features 12 counties and 18 communities, exploring market
trends over the past five years and a deep dive into the swings of
the last 27 months. This comprehensive report is designed to help
sellers and buyers interested in waterfront properties, as well as
provide waterfront homeowners with a snapshot of their niche
market, whether they are preparing to list soon, or are keeping an
eye on the market for years to come.
The report's release on the first day of summer was no
coincidence. The markets in many of the smaller communities
examined in the report are starting to, or already have, hit their
peak for new listings, with closed sales expected to peak this
month or next month, as well. As buyers and sellers reexamine their
portfolios following last week's bear market, real estate continues
to be a steady long-term investment. Pivoting from more volatile
stocks or crypto into real estate provides short- and long-term
possibilities that could hard armor finances, while also providing
a lifestyle at the shore's edge.
With a changing economic outlook, inflation concerns, and rising
interest rates, the local and waterfront experts at Realogics
Sotheby's International Realty are guiding their clients through an
evolving marketplace. While we often use where the market has been
to predict where we're going, the additional support of a real
estate thought leader with waterfront expertise, matched with the
global network of Sotheby's International Realty, is imperative to
position you in today's marketplace.
Year-to-date 2022 inventory levels for waterfront properties in
King County are actually 43%
higher than they were a year ago, but that's still less than half
of the supply from 2019. "Rising prices, spiking interest rates,
and stock market volatility have quelled some buyers, with pending
sales trending about 22% below the same YTD in 2021," says
Realogics Sotheby's International Realty President and CEO
Dean Jones. "But the summer season
has just begun, and all indications suggest the tide is still
rising."
This swing into summer is exemplified by the micro-market of the
Four Point's Gold Coast. Seven
listings have been available in 2022 with no closed sales movement
in the first half of the year. But over the weekend, three of these
eight-figure listings went pending. While the luxury market has
historically moved at a slower pace than communities closer to the
median sales price, this movement follows the trends of previous
years with more closed sales in early summer than winter and
spring.
For his part, Jones will be hosting the annual Realogics Sotheby's
International Realty "Floatpen House," where brokers and members of
the media get to experience a waterfront open house from an
entirely different vantage: a yacht. The tour will include homes on
Lake Washington. "A waterfront home isn't just a house, it's a
lifestyle. By making sure that brokers are in touch with the unique
listings RSIR has to offer, sellers can be assured that their home
is reaching a targeted audience. Together with the Sotheby's
International Realty network, these listings will find a buyer,
whether that buyer is around the corner or across the globe," says
Jones.
The report is an essential document and a compelling read for
anyone interested in a waterfront lifestyle. The dynamic market and
escalating sales prices of mid-2020 through early 2022 put the ball
firmly in the seller's court, and although we may be drifting
towards neutral or buyer favorability, the new listings and closing
trends are still expected to follow a similar rhythm. Additional
articles on the benefits of condominium living on the waterfront,
an overview of the floating home market, and stewardship as a
waterfront homeowner are also available in the report.
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Editor's note: A copy of the report, hi-res images, and
information about attending the Floatpen House event, are available
upon request.
About Realogics Sotheby's International Realty (RSIR)
(https://www.rsir.com)
A leading global sales and marketing brokerage firm in the Pacific
Northwest, RSIR is a boutique real estate firm of 300+ brokers,
with service branches in downtown Seattle, Bainbridge
Island, Bellevue,
Kirkland, Mercer Island, and Madison Park. RSIR is a leading project
marketing specialist currently representing more than $1 billion in new construction and condominium
developments recently sold, active, and planned throughout the
Puget Sound region.
Media Contact
Alyssa Morrison, Realogics
Sotheby's International Realty, 206.441.4039,
alyssa.morrison@rsir.com
SOURCE Realogics Sotheby's International Realty