3220 78TH PLACE NE, MEDINA, WA 98039
9516 SE 15TH ST, BELLEVUE, WA 98004
Million Dollar Queen Anne Homes Catching Their Second Wind
Luxury real estate in Queen Anne has not been immune to the depressed housing conditions. However, home values in Queen Anne for homes over $1 million appear to be trending upward and could be a positive sign for the Seattle real estate market as a whole.
The number of luxury homes sold in April rose 250% when compared to one year ago. This came on a month when the number of homes was 14% less than the same month in 2011. Hence, we’re seeing less inventory but a dramatic increase in the number of million dollar Queen Anne homes being sold.
When are Sellers in Queen Anne Listing Their Queen Anne Homes?
As can be expected, we’re seeing Queen Anne sellers list their high-end homes during the spring and summer months. Conversely, we’re seeing less sellers list their home in the late fall and winter as these are less peak months.
Of note, we’re also seeing an upward trend of luxury homes for sale in Queen Anne through spring of 2012. This is probably under the guidance of their informed Seattle real estate agent. Referencing the numbers stated above, the demand for million dollar homes in Queen Anne is clearly increasing while the inventory has stayed somewhat static. Several sellers are likely seeing this recent trend as opportunity to place their home on the market.
| Curnt vs. Prev Month | Curnt vs. Same Month 1 Yr Ago | Curnt vs. Same Qtr 1 Yr Ago | |||||||
| Apr. 12 | Mar. 12 | % Change | Apr. 12 | Apr. 11 | % Change | Feb. 12 to Apr. 12 | Feb. 11 to Apr. 11 | % Change | |
| For Sale | 25 | 22 | 13.6%  |
25 | 29 | -13.8%  |
23 | 28 | -17.9% |
| Sold | 5 | 3 | 66.7% |
5 | 2 | 150% |
3 | 2 | 50% |
| Pended | 7 | 4 | 75% |
7 | 2 | 250% |
5 | 2 | 150% |
Seasonal Influences of Average Price Per Square Foot in Queen Anne Luxury
The average price per square foot has shown some variance over 2011 and leading into 2012. When looking at just the month of April compared to a year ago, the average price per square foot has increased 5.7%. However, when looking at the entire first quarter, the price per square foot has increased by 50% from the previous year.
One outlier we should address here is the $180 per square foot that occurred in February of 2011. This is an unusually low number and could be misconstruing our data. Regardless of this outlier, there is an evident upward trend moving into 2012. Coupled with the increase in demand we recognized above, this could be a recipe for luxury homes in Queen Anne to increase in value through the second quarter of 2012.
| Curnt vs. Prev Month | Curnt vs. Same Month 1 Yr Ago | Curnt vs. Same Qtr 1 Yr Ago | |||||||
| Apr. 12 | Mar. 12 | % Change | Apr. 12 | Apr. 11 | % Change | Feb. 12 to Apr. 12 | Feb. 11 to Apr. 11 | % Change | |
| Avg. Sq. Ft. Price | 367 | 348 | 5.7%  |
367 | 245 | 49.8% |
360 | 268 | 34.6% |
CDOM Is Fickle for Queen Anne
I wanted to show you the cumulative days on market for high-end Queen Anne real estate to demonstrate the difficulty in extrapolating analysis from it. The CDOM varies from month to month and, at first glance, doesn’t show any real trends for Queen Anne. Taken in large chunks, though, may allow us some insight into how sellers are performing. Compared to the first quarter of last year, the CDOM for million dollar Queen Anne homes has decreased 44.3%. Now, that may seem like an arbitrary but it begins to hold water when we put it beside the sales price over list price.
The sales price over list price has decreased by 11% from the the first quarter of the previous year. Thus, we’re seeing Queen Anne homes stay on the market for less time but, also, sellers are agreeing to sell for lower price points.
| Curnt vs. Prev Month | Curnt vs. Same Month 1 Yr Ago | Curnt vs. Same Qtr 1 Yr Ago | |||||||
| Apr. 12 | Mar. 12 | % Change | Apr. 12 | Apr. 11 | % Change | Feb. 12 to Apr. 12 | Feb. 11 to Apr. 11 | % Change | |
| Avg CDOM | 110 | 92 | 19.6% |
110 | 310 | -64.5% |
103 | 185 | -44.3% |
| Sold/Orig LP Diff. % | 88 | 67 | 31.3% |
88 | 81 | 8.6% |
80 | 90 | -11.1% |
Price Point Madness
Above we saw how, overall, sellers were agree to lower price points. While this is true, we’ll also notice from the graph below that certain properties are demanding prices above the initial list price.
This could be a result of two factors. First, the sellers is intentionally listing the luxury property in Queen Anne below market value in order to generate a buzz about the home among brokers and buyers. The seller is then able to pit buyers against one another in order to achieve a higher selling price.
Two, the properties themselves are unique to where several buyers are interested. These appear to mainly apply to Queen Anne homes which list in the $2 million dollar range and can sell as high as $2.75 million.
| Curnt vs. Prev Month | Curnt vs. Same Month 1 Yr Ago | Curnt vs. Same Qtr 1 Yr Ago | |||||||
| Apr. 12 | Mar. 12 | % Change | Apr. 12 | Apr. 11 | % Change | Feb. 12 to Apr. 12 | Feb. 11 to Apr. 11 | % Change | |
| Avg. Active Price | 2124 | 1911 | 11.1% |
2124 | 2080 | 2.1% |
2044 | 1998 | 2.3% |
| Avg. Sold Price | 1460 | 1960 | -25.5% |
1460 | 1090 | 33.9% |
1648 | 1137 | 44.9% |
Seller’s Market in Queen Anne
The months of luxury inventory has varied in Queen Anne with a tendency towards a sellers market for late summer and early spring. Compared to the first quarter of last year, the amount of inventory has declined by 46%.
Moving into the second and third quarters for 2012, we could see more luxury sellers emerge with the intent of capitalizing on the sudden upward trend. If this does occur, supply will likely meet demand and prices will become stagnant.
| Curnt vs. Prev Month | Curnt vs. Same Month 1 Yr Ago | Curnt vs. Same Qtr 1 Yr Ago | |||||||
| Apr. 12 | Mar. 12 | % Change | Apr. 12 | Apr. 11 | % Change | Feb. 12 to Apr. 12 | Feb. 11 to Apr. 11 | % Change | |
| Months of Inventory (Closed Sales) | 4.8 | 6.3 | -24.2% |
4.8 | 14 | -65.7% |
7 | 13 | -46.2% |
7814 NE 14TH ST, MEDINA, WA 98039
Review of 1210 3rd Ave. N Seattle, WA 98109
The luxury home for sale at 1210 3rd Ave. N Seattle, WA 98109 is priced according to market conditions, maintains an excellent location, and boasts elegant, custom features.
Historic Pricing
The pricing of the home at 1210 3rd Ave. N changed in parallel to the flow of the Queen Anne housing market. Starting at just under $1.7 million in February 2011, the home has declined in price to its current listed price. Similarly, the luxury real estate market in Queen Anne saw a decline with a bottoming out near the fourth quarter of 2011.
Interestingly, the home at 1210 3rd Ave. did not change in price through the first quarter of 2012 and has remained strong at its current pricing. That could tell us a couple of things. For one, the seller may be unwilling to part with the home for anything less than $1.5 million. This could be an issue if the market continues moving downward into the third quarter of 2012. Secondly, several interested buyers could have arrived but without a final offer. As a result, the owner and real estate agent may feel they have hit the sweet spot but just haven’t found the right buyer. I tend to agree that this luxury home at 1210 3rd Ave. N is priced correctly.
Other Comparable Luxury Homes For Sale
I’d like to compare this home with two other high-end homes currently for sale in Queen Anne.
1. The high-end home at 162 Highland Dr. Seattle, WA 98109 for sale at $1,999,000. You can also click here to see our review of 162 Highland Dr. Seattle, WA.
The home for sale at 162 Highland Dr. has some superior features to the home at 1210 3rd Ave. N with an amazing view over Queen Anne. However, this home is only priced higher by $500,000. In essence, the view and some special features are accurately assessed at $500,000 and make the difference between 162 Highland Dr. and 1210 3rd Ave. N.
2. The posh home at 16 Comstock St. Seattle, WA 98109 for sale at $2,868,000. You can also click here to see our review of 16 Comstock St. Seattle, WA.
The home at 16 Comstock is one of nicer luxury homes in the area with an amazing view. The home was originally listed for sale in 2010 for just under $3.7 million but has steadily decreased in price to under $2.69 million. The drastic reduction in price could, arguably, undermine the current value of the home at 1201 3rd Ave. While the home at 16 Comstock has declined by almost 20% over two years, the home at 1210 3rd Ave. N has only declined by approximately by 10%.
Final Analysis
The million dollar Queen Anne home at 1210 3rd Ave. has all the bells and whistles of other luxury homes in the area. The one thing it would lack is new construction, as the home was built in 1991, and an amazing view.
99 UNION ST SEATTLE, WA 98101 – Gym
99 UNION ST SEATTLE, WA 98101 – Pool Shot
99 UNION ST SEATTLE, WA 98101 - Pool Shot
