Special Real Estate Report Q1 2020 A NEW NORMAL
Metro Seattle Residential Real Estate Market Before we take any time looking at numbers for Seattle real estate, it’s important to STOP, and understand the health crisis impacting us all. The past weeks have challenged us to assess our lives and adjust to what will most certainly be a “new normal,” as this pandemic slowly retreats. Health, safety, and security have taken on new meaning. As we provide real estate data for the first quarter of 2020, we do so with a CLEAR understanding that business as usual no longer exists. As life events provide a needed sense of normalcy to our lives, our highest priority each day must be the health and safety of ourselves and those around us. The word “home” has also taken on new meaning as it relates to security, stability, and even sanctuary. Yes, real estate is selling. However, we are beginning to see what will, undoubtedly, be an adjustment in the second quarter. Safety protocols, the use of technology, and practical experience are critical components required for success in today’s market. That said, there is no “algorithm” to replace the human component needed in today’s business. It is the skill, experience, and integrity behind the advice we provide that allows us to achieve results with safety practices that are nonnegotiable. Real Estate opportunities continue, I welcome any opportunity to discuss how to achieve your objectives with safety leading the conversation.
Total Inventory
Q3 2018 3,369
Q2 2018 1,996
Q1 2018 1,016
Q2 2019 3,875 Q4 2018 3,175
Average Sales Price Q2 2018 $970
Q3 2019 3,822
Q3 2018 $903
Q4 2019 2,558
Q1 2019 2,351
Q2 2019 $903 Q4 2018 $865
Q1 2020 1,587
Q1 2018 $876
Q1 2019 $844
Q3 2019 $892
Q4 2019 $889
Q1 2020 $870
1
Ballard | Green Lake | Fremont
Q1 2020
Q1 2019
Sold Listings
383
343 $860,333
5%
43
34
-20%
Maple Leaf | Ravenna | Wedgwood Q1 2019
Sold Listings
3
-28% -1%
46
43
-5%
Q1 2019
Q1 2020
YoY%
105
142
35%
Available Inventory
278
175
-37%
$1,206,667
$1,165,667
-3%
59
35
-40%
Available Inventory
169
West Seattle
Q1 2020
20%
297
-12%
$1,105,333
-1%
45
31
-30%
Q1 2019
Q1 2020
YoY%
Sold Listings
294
316
7%
Available Inventory
501
286
-43%
$676,333
$746,667
10%
47
42
-11%
Average Sales Price
Beacon Hill | Georgetown | North Beacon Hill Q1 2020
YoY%
Sold Listings
85
113
33%
Available Inventory
170
117
-31%
$640,000
$614,667
-4%
57
48
-16%
Q1 2020
YoY%
Q1 2019
Average Sales Price Days on Market
Columbia City | Mt Baker | Seward Park Q1 2019
Sold Listings Available Inventory Average Sales Price
128
Condominiums
Available Inventory Average Sales Price Days on Market Average PPSF
-9% -26%
231
172 $709,333
4%
51
42
-18%
Q1 2019
Q1 2020
YoY%
91
258
184%
469
355
-24%
$977,333
$714,333
-27%
86
54
-37%
$890
$854
-4%
Downtown Seattle Condos Sold Listings
116
$682,333
Days on Market
-1%
3
4
$1,105,333 -1%
c
$714,333
YoY%
203
339
Days on Market
5%
-3%
$1,114,667
Days on Market
2
$902,667
$1,165,667
Capitol Hill | Central District | Madrona
Average Sales Price
c
13%
197
Q1 2019
7
214
Sold Listings
Sold Listings
6
YoY%
$902,667
Days on Market
5
Q1 2020
274
Magnolia | Queen Anne
Average Sales Price
4
1
$916,333
Days on Market
Q1 2019 vs Q1 2020
$860,333
190
Available Inventory Average Sales Price
-39%
558
Days on Market 2
10%
$818,000
Available Inventory Average Sales Price
YoY%
420
PULL DATE:
Average Sales Price
-27%
6
$614,667
-4%
5
$746,667
10%
7
$709,333
4%
Metro Seattle Residential
$870,333
+3%
Average Sales Price
vs Q1 2019
1,587
-32%
1,524
+13%
Available Inventory
Sold Listings
vs Q1 2019
vs Q1 2019
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First, think. Second, believe. Third, dream. And finally, dare. - Walt Disney
PHOTO LOCATIONS: SEA PLANE ABOVE LAKE UNION SEATTLE SKYLINE via ELLIOTT BAY ELLIOTT BAY via CENTENNIAL PARK
Market Share, Representing Buyers and Sellers Metro Seattle Area
24%
31%
Windermere
Windermere 35%
Other
35%
Other
Buyers
10%
Sellers
Compass
4%
9%
RE/MAX
Redfin
5%
John L Scott
8%
Keller Williams
7%
Coldwell Banker
3%
8%
Redfin
Keller Williams
5%
John L Scott
5%
RE/MAX
7%
Compass
6%
Coldwell Banker
Companies not shown represent less than 4% of buyers and sellers
Leah Pham
Managing Broker 206.992.2019 leahpham.com leah@windermere.com
WALL STREET GROUP
Copyright Š 2020 LIVE LOVE OWN Inc. LIVE LOVE OWN is a trade name of LIVE LOVE OWN Inc. Wall Street Group is a trade name of Windermere Real Estate / Wall Street Inc. All rights reserved. Statistics provided by and derived of Trendgraphix, Inc. and Northwest Multiple Listing Services are deemed accurate, but not guaranteed. This report reflects residential real estate data, unless otherwise noted, prior to 2020/3/31. Components and percentages may not precisely reflect the absolute figures, due to rounding. All information is provided for marketing purposes only and should be independently verified. If you are already working with an agent, this is not intended to solicit that business.