While previously “sluggish” compared to Seattle, Eastside luxury homes are starting to move

Coldwell Banker Bain tracked trends in the Puget Sound luxury market and found that the Eastside market is on the rise.

In 2016, the Eastside market of condos that sell for more than $1 million had 81 percent better sales than in 2015, according to the real estate firm. That’s after, the firm said, the market had been “sluggish” compared to Seattle’s “hot” market.

And it’s not just that the homes on the Eastside that are selling, it’s who is buying them. Buyers of top-priced listings on the Eastside have been executives of local companies rather than foreign investors. The Seattle market is also seeing the same trend.

Roughly one-third of luxury home sales — those listed above $1 million — received multiple offers. The firm  said that often buyers have the means to purchase homes above $1 million, but don’t have time to wait for inventory to open, which drives up prices. Buyers tend to be relocating for work, wanting to find a specific school area, or are visiting from overseas as an investment trip.