Waterfront home sales in King County continue to outpace the previous year's sales. Sales in the city of Seattle are up just slightly, with 63 waterfront homes sold as compared to 62 at this point last year. Considering the difficult market conditions for luxury and upscale properties, a flat market is a positive sign for most waterfront homeowners.
King County waterfront home sales showed a more dramatic increase, with closed transactions rising 10.6%. 324King County waterfront homes have been sold this year, up from 293. Waterfront real estate continues to show that its inherent value is still drawing buyers into the market despite slow sales overall.
The segment of waterfront homes under $500,000 is many times composed of a large number of houseboats, which affects sales numbers in Seattle more than King County. Sales of Seattle waterfront homes over $500,000 were actually down slightly for the year, with 46 sales in 2011 and 50 in the previous year. The increase in houseboat sales is probably influenced by the changes in houseboat financing this year, as we had a window of opportunity for lending on leased-slip houseboats that we haven't seen in quite a while. That window was just recently closed, but may open again soon when the city cements its new shoreline regulations.
Sam DeBord is a Realtorr and Managing Broker with SeattleHome.com and Coldwell Banker Danforth. His research and writing focus on Seattle waterfront homes, as well as the Seattle luxury real estate market.