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$1M Seattle Home Sales Surging, Bellevue Rising Even Faster

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It's no San Francisco but the Seattle-area has seen it's fair share of $1M+ home sales in 2014, according to real estate website Redfin's latest luxury housing report. Seattle has had 205 sales break the seven-figure mark so far this year, a number that is 22% above the figure from the same time last year and a whopping 118% more than 2011, when only 96 Seattle houses topped $1M.

Million-dollar houses are slowly normalizing all over the city. The average sale price of a seven-figure home is actually $1.542M (up 3.5% from last year), though the city does not have any $5M home sales on the books for 2013 or 2014. There are currently 161 $1M+ properties on the market in Seattle, eleven of which are asking over $5M.

Nearby, Bellevue has seen even more growth in the $1M home market. There have been 116 home sales this year, up 30% from last year and 213.5% from 2011. The average price of these seven-figure properties is $1,570,000 and they've had one $5M+ home sale so far in 2014, this condo atop downtown Bellevue's 1 Main building that sold for $6M.

Interestingly enough, Mercer Island finds itself in a bit a million-dollar rut, with sales of seven-figure homes down 22% so far this year from 2013.
· Sales of Million-Dollar-Plus Homes Growing, But Who's Buying Is Shifting [Redfin]
· SF Is Tops for $1M Home Sales, but Oakland Is Rising Faster [CSF]
· How's the View From This $6M Bellevue Penthouse Condo? [CS]