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A Luxury Home in King County (valued at 1 million and up)

*Source: NWMLS

Year........................Number of Sales*..............Average Sales Price*

2001.................................291..................................$1,557,002

2002................................453..................................$1,508,945

2003...............................598....................................$1,511,012

2004...............................933...................................$1,642,545

2005............................1,601....................................$1,619,431

2006...........................2,093...................................$1,585,985

2007...........................2,290....................................$1,616,722

Top 10 Luxury Real Estate Markets in the US

According to the U.S. Census, the number of homes in the U.S. valued at 1 million or more have increased 470% between 2000 to 2005.

State...........................# of Luxury Homes.....................% of Total Homes

California............................619,170......................................8.76%

New York............................165,641......................................4.21%

Florida................................102,010.....................................2.08%

New Jersey...........................61,523......................................2.91%

Massachusetts.....................54,156.......................................3.45%

Illinois..................................43,523.......................................1.33%

Connecticut.........................40,578.......................................4.41%

Virginia................................38,725.......................................1.92%

Maryland.............................35,835.......................................2.49%

Washington........................28,704.......................................1.81%

Between 2000 and 2007 housing prices in the greater Seattle area increased by close to 100% in some areas, while some waterfront and high-end trophy homes increased by even more, 200% to 300% in some cases.  In some areas in the U.S. like the wealthiest parts of Manhattan, along with parts of Boston, San Francisco, and parts of Florida for example, some properties have increased by as much as about 500% over that 7-year period.  And still, in 2008, the condo and co-op prices in Manhattan have continue to appreciate by about 5%.

In the Seattle/Eastside markets the high end market has been affected much less than the rest of the market.  Prices have not really fallen and the number of sales actually went up a little over 9% from 2006 or an additional 197 homes were sold in the over 1 million price range in 2007.

The Seattle area has the same characteristics as other strong high end markets.  We have a scarcity of land close to the city.  We have a robust population growth, a strong and diverse economy, and good income growth by the highest earners.

Almost 80% of the high end homes in Washington that have sold over the past few years have been in King County, with about 60% of those sales being on the Eastside, Bellevue, Kirkland, and Mercer Island.  We think there could be a shift in demand over the next couple of years however, to more close-in Seattle city properties.  Raising fuel prices and of course traffic congestion will continue to temp homebuyers to live closer in to the city placing higher demand for those properties as well.  While many areas of this country are really hard hit with Foreclosures and falling prices, Seattle is one of the few that is holding it’s own.  This is one of the best times we have had in Seattle for Byers in many years and there are some great deals to be had on many high-end homes right now.