Unprecedented is certainly the term that best describes 2020. In so many ways, this past year has given the country the opportunity to show how resilient and inventive it can be.
This was especially true for the luxury real estate market. In January, the real estate market in Washington, and particularly in the Seattle metro area, was strong with high demand, high volume of sales and high prices. In March when COVID-19 hit and brokers were urged to restrict in-person home tours, the Washington real estate market remained strong as new Northwest MLS listings for the month outpaced February. By April, the market had slowed down with fewer year-over-year listings, but, surprisingly, prices were up nearly 6.4 percent.
Photo Credit: Christie’s International Real Estate - Seattle
“Many industry veterans predicted severe declines,” says Kendra Ratcliff, co-founder and COO of Christie’s International Real Estate Seattle. “But what we experienced was quite the opposite in the high-end luxury market. The Seattle market took a brief break, but we bounced back much quicker than expected.”
It was imperative for brokers to adjust to the new selling environment. Christie’s Seattle brokers took the challenge in stride, using technology to create new ways for buyers to safely view homes using live virtual tours and videos, connecting with clients using Zoom meetings, and replacing in-person networking with social media. “Coupled with Christie’s already outstanding marketing programs, these new marketing tools worked well to reach buyers,” explains Ratcliff. “We quickly reinvented how we conducted business, and it was a success.”
Photo Credit: Christie’s International Real Estate - Seattle
By May, Christie’s Seattle sales of high-end properties in Washington were returning. “Many buyers began looking for property outside the downtown Seattle area - properties where their families could spread out,” Ratcliff says. “However, we also saw many clients interested in downtown high-rise living where services and amenities were at their fingertips.”
Photo Credit: Christie’s International Real Estate - Seattle
Late summer and fall saw a resurgence of activity. Three residences within Seattle’s Four Seasons Private Residences, all of which Christie’s Seattle’s Executive Vice President and Co-Founder Scott Wasner represented and Christie’s International Real Estate Seattle served as the dual agency, captured the highest sales prices - a combined $24.7 million - achieved in Downtown Seattle in 2020. Remarkably, Wasner represented and sold one of these residences in July 2019 at the exact sales price as this most recent sale, $9.2 million. This stability in the market is excellent news for the region’s high-end market.
Photo Credit: Christie’s International Real Estate - Seattle
“The technology, digital media and e-commerce companies based in the region remained stable, and even flourished,” Ratcliff says. “This was a tremendous benefit for the area’s economy. We also benefitted from an influx of out-of-state, high-net-worth buyers coming to Washington looking to take advantage of the state’s favorable tax structure and business-friendly environment.”
Photo Credit: Christie’s International Real Estate - Seattle
At the beginning of December, a stunning 21 percent of the homes listed in the Northwest MLS were priced at $1 million or higher. “We’ve definitely beat the odds in 2020,” concludes Ratcliff. “While it is impossible to predict what 2021 will bring, our confidence is high that Washington’s high-end real estate market will continue to remain strong.”
For more information about luxury and high-end properties throughout Washington, please contact Kendra Ratcliff at 206-428-1977 or KendraRatcliff@christiesrealestateseattle.com.
Christie’s International Real Estate Seattle is the exclusive brokerage representing the Seattle, WA real estate market as a member of the Haute Residence Real Estate Network. View all of their listings here.
