Heed The Call Of The Water | 2022 Waterfront Report From Realogics Sotheby’s International Realty

By Alyssa Morrison |
Leading brokerage releases data and insights on the most coveted property lifestyle in the Pacific Northwest

Realogics Sotheby’s International Realty proudly presents the 2022 Waterfront Report. The fourth annual report features 12 counties and 18 communities, exploring market trends over the past five years and a deep dive into the swings of the last 27 months. This comprehensive report is designed to help sellers and buyers interested in waterfront properties, as well as provide waterfront homeowners with a snapshot of their niche market, whether they are preparing to list soon, or are keeping an eye on the market for years to come.

The report’s release on the first day of summer was no coincidence. The markets in many of the smaller communities examined in the report are starting to, or already have, hit their peak for new listings, with closed sales expected to peak this month or next month, as well. As buyers and sellers reexamine their portfolios following last week’s bear market, real estate continues to be a steady long-term investment. Pivoting from more volatile stocks or crypto into real estate provides short- and long-term possibilities that could hard armor finances, while also providing a lifestyle at the shore’s edge.

With a changing economic outlook, inflation concerns, and rising interest rates, the local and waterfront experts at Realogics Sotheby’s International Realty are guiding their clients through an evolving marketplace. While we often use where the market has been to predict where we’re going, the additional support of a real estate thought leader with waterfront expertise, matched with the global network of Sotheby’s International Realty, is imperative to position you in today’s marketplace.

Year-to-date 2022 inventory levels for waterfront properties in King County are actually 43% higher than they were a year ago, but that’s still less than half of the supply from 2019. “Rising prices, spiking interest rates, and stock market volatility have quelled some buyers, with pending sales trending about 22% below the same YTD in 2021,” says Realogics Sotheby’s International Realty President and CEO Dean Jones. “But the summer season has just begun, and all indications suggest the tide is still rising.”

This swing into summer is exemplified by the micro-market of the Four Point’s Gold Coast. Seven listings have been available in 2022 with no closed sales movement in the first half of the year. But over the weekend, three of these eight-figure listings went pending. While the luxury market has historically moved at a slower pace than communities closer to the median sales price, this movement follows the trends of previous years with more closed sales in early summer than winter and spring.

For his part, Jones will be hosting the annual Realogics Sotheby’s International Realty “Floatpen House,” where brokers and members of the media get to experience a waterfront open house from an entirely different vantage: a yacht. The tour will include homes on Lake Washington. “A waterfront home isn’t just a house, it’s a lifestyle. By making sure that brokers are in touch with the unique listings RSIR has to offer, sellers can be assured that their home is reaching a targeted audience. Together with the Sotheby’s International Realty network, these listings will find a buyer, whether that buyer is around the corner or across the globe,” says Jones.

The report is an essential document and a compelling read for anyone interested in a waterfront lifestyle. The dynamic market and escalating sales prices of mid-2020 through early 2022 put the ball firmly in the seller’s court, and although we may be drifting towards neutral or buyer favorability, the new listings and closing trends are still expected to follow a similar rhythm. Additional articles on the benefits of condominium living on the waterfront, an overview of the floating home market, and stewardship as a waterfront homeowner are also available in the report.