Redfin recently published their Q4 luxury report examining where high-end home prices rose the most and the least. Two Eastside cities represent the top and bottom of the luxury market, defined as the priciest 5% of homes sold. Growth in Kirkland's luxury home prices outpaced prices in the rest of the city during the last quarter of 2014, up 39% from the previous year. That's second nationally only to Miami. Meanwhile, Kirkland prices in the other 95% of homes grew 11%. Bellevue's Q4 luxury market tells a different story, however. Prices for luxury homes were down 2% year over year while prices in the other 95% of Bellevue's market surged 19%. What's the lesson? While Bellevue appears to be rounding itself into a broader city, Kirkland appears to be reaching for the mantle of Puget Sound's most exclusive homeowners club.
· Luxury Home Prices Grow Just 3% in 4th Quarter [Redfin]