For 99% of us, 2014 home sales are lower so far than they were in 2013. For the other 1%, however, things are looking up. Via Redfin, sales of the priciest 1% of homes are up 21.1% so far this year, following a gain of 35.7% in 2013. Here in Seattle the difference is even more stark. Sales of local luxury properties are up 67.7% while sales are down 4.2% for the rest of us so far this year.
So what kind of houses are we talking about? We're talking about Seattle-area homes that cost $1.65M or higher. According to Redfin, the three neighborhoods where these kind of homes are selling the most are Harrison/Denny Blaine, Downtown Bellevue and Laurelhurst. If you want to be able to afford a "one-percenter" house, such as this Laurelhurst 4-BR asking $1.75M, you better ask for a raise. It'll require a salary of roughly $282K/year.
· Sales of Priciest 1% of Homes Climb While Rest of Home Sales Still Down [Redfin]