ANNUAL REPORT 2017
LIVE LO V E OWN
S E AT T L E R E A L E S TAT E M A R K E T 2017 was another record breaking year for Seattle real estate. In addition to Washington’s economy growing 3.7% in the last year1, Seattle has seen median home prices increase to +$900,000 in some areas and inventory levels remaining at record lows. While our growth has positioned us at the forefront of the nation, we continue to struggle with low inventory. Why so low? The largest component is employment, with Amazon in the lead. Additionally, Seattle is attractive to startups with 1,200 new businesses establishing annually2. Combine the success of several other Fortune 500 companies bringing +47,700 new jobs3 and the population averaging +500 new residents per week4, the demand for homes has far exceeded our current supply. So, what can we expect for 2018? Continued low interest rates, increase in demand, and low inventory levels will make for aggressive competition on available homes. Ultimately, we anticipate prices to continue upward. How can you position yourself successfully in this market? Skilled negotiation and broker relationships are key factors in successfully closing transactions. Leading our area with nearly 30% of Seattle’s market share, Windermere brokers work tirelessly to establish strong relationships that ultimately identify and match the needs of buyers and sellers, resulting in more successful real estate transactions than any other firm in Seattle.
13 %
MEDIAN SALES PRICE
$720,083
9,114 NEW LISTINGS
CHANGE IN MEDIAN SALES PRICE
$
408 AVERAGE PSF
8,387 SOLD LISTINGS
M A RKE T S H A RE O F COMPA N Y By Vo lu m e REPRESENTING SELLERS
REPRESENTING BUYERS
30%
28%
WINDERMERE
7%
10%
JOHN L. SCOTT
8%
9%
KELLER WILLIAMS
7%
RE/MAX
5% 6%
6% 7%
COLDWELL BANKER
REDFIN
5%
Companies not shown represent less than 4% of Buyers and Sellers
S E AT T L E N E I G H B O R H O O D S Downtown | Belltown Downtown
CONDOMINIUM 2015
2016
2017
2016 vs 2017
Average Sale Price
$650,750
$773,417
$816,333
6%
Median Sale Price
$532,917
$ 618,833
$634,417
3%
Average PSF
$628
$739
$797
8%
Number of Sales
789
950
549
-42%
Days on Market
52
39
31
-19%
Queen Anne | Magnolia
RESIDENTIAL 2015
2016
2017
Average Sale Price
$897,583
$1,015,667
$1,089,333
Median Sale Price
$763,917
$873,833
$935,833
7%
$374
$424
$480
13%
686
698
817
17%
32
30
23
-23%
2015
2016
2017
Average Sale Price
$627,417
$702,750
$801,583
14%
Median Sale Price
$588,583
$660,833
$750,750
14%
Average PSF
$327
$367
$425
16%
Number of Sales
1,973
2,136
2,236
5%
19
16
14
-16%
2015
2016
2017
Average Sale Price
$680,667
$785,250
$875,250
11%
Median Sale Price
$572,417
$669,833
$761,917
14% 13%
Uptown
Average PSF Number of Sales Days on Market
Ballard | Green Lake | Fremont | Wallingford Northwest
Days on Market
Ravenna | Northgate | Laurelhurst Northeast
2016 vs 2017
YoY%
YoY%
2016 vs 2017
$361
$410
1,284
1,225
-5%
20
19
16
-11%
Mt Baker | Leschi | Columbia City | Seward Park
RESIDENTIAL
2015
2016
2017
Average Sale Price
$532,917
$582,167
$676,000
16%
Median Sale Price
$440,250
$499,833
$607,917
22%
2016 vs 2017
YoY%
$254
$295
$338
15%
Number of Sales
703
768
845
10%
Days on Market
33
24
24
1%
2015
2016
2017
Average Sale Price
$440,333
$503,833
$593,833
Median Sale Price
$422,667
$505,500
$586,250
16%
$238
$285
$327
15%
Number of Sales
369
384
450
17%
Days on Market
29
23
25
11%
Beacon Hill | SODO | Georgetown
Average PSF
2016 vs 2017
18%
RESIDENTIAL
2015
2016
2017
$868,750
$966,750
$1,067,583
10%
Median Sale Price
$682,833
$784,917
$878,833
12%
$395
$443
$495
12%
Number of Sales
936
981
1,005
2%
Days on Market
30
33
23
-31%
2015
2016
2017
Average Sale Price
$505,583
$559,750
$636,833
Median Sale Price
$452,083
$511,250
$590,833
16%
Average PSF
$269
$313
$344
10%
Number of Sales
1,727
1,776
1,809
2%
30
20
20
-1%
West Seattle West Seattle
Days on Market
NEW HOUSING UNITS3
YoY%
Average Sale Price Average PSF
10,161
RESIDENTIAL
Capitol Hill | Central District | Madison Park Central
PEOPLE MOVED
TO SEATTLE WEEKLY2
YoY%
$324
Southwest
+ 500
RESIDENTIAL
1,254
Average PSF
23%EMPLOYEES HIRED THIS YEAR1
RESIDENTIAL 2016 vs 2017
Number of Sales
Southeast
+ 47,700
7%
Average PSF Days on Market
MARKET DRIVERS
YoY%
2016 vs 2017
YoY%
RESIDENTIAL
MARKET ANALYSIS 1 CNBC - America’s Top States for Business 2017 study 2 Seattle.gov - Office of Economic Development 3 Bureau of Labor Statistics - U.S. Department of Labor 4 Seattle.gov - Office of Planning & Community Development
2016 vs 2017
YoY% 14%
MARKET DRIVERS 1 Bureau of Labor Statistics - U.S. Department of Labor Seattle.gov - Office of Planning & Community Development 3 Seattle.gov - Department of Construction & Inspections GIS 2
FOURTH QUARTER REPORT
COVER PHOTO
King Street Station
Downtown Seattle | Belltown
CONDOMINIUM
Q4 2016
Q4 2017
Average Sale Price
$765,667
$835,333
9%
Median Sale Price
$555,667
$676,000
22%
Downtown
Average PSF
YoY%
$750
$818
9%
Number of Sales
161
120
-25%
Days on Market
32
23
-28%
Q4 2016
Q4 2017
YoY%
$1,003,333
$1,141,667
14%
$859,667
$997,333
16%
Queen Anne | Magnolia Uptown Average Sale Price Median Sale Price Average PSF
$428
$488
14%
189
168
-11%
Days on Market
28
22
-19%
Ballard | Green Lake | Fremont | Wallingford Q4 2016
Q4 2017
YoY%
Average Sale Price
$702,333
$831,667
18%
Median Sale Price
$658,333
$768,333
17%
$367
$442
20%
529
527
0%
18
15
-19%
Days on Market
Ravenna | Northgate | Laurelhurst
Northwest
$768,333
12%
Northeast
85% $746,667
17%
12%
RESIDENTIAL
Northwest
Number of Sales
23%
RESIDENTIAL
Number of Sales
Average PSF
MEDIAN SALES PRICE | YOY %
RESIDENTIAL
Uptown
$997,333 16%
Central
$926,000
Downtown
22%
Northeast
Q4 2016
Q4 2017
YoY%
Average Sale Price
$786,000
$836,667
6%
Median Sale Price
$666,000
$746,667
12%
$369
$405
10%
364
285
-22%
Southeast
21
17
-16%
$630,000
Average PSF Number of Sales Days on Market
Mt Baker | Leschi | Columbia City | Seward Park Southeast
Q4 2016
Q4 2017
$562,000
$678,667
21%
$495,000
$630,000
27%
$303
$336
11%
Number of Sales
217
194
-11%
Days on Market
26
25
-5%
Q4 2016
Q4 2017
YoY%
Average Sale Price
$509,333
$628,000
23%
Median Sale Price
$509,000
$592,000
16%
$311
$362
16%
104
138
33%
18
22
Number of Sales Days on Market
Capitol Hill | Central District | Madison Park Q4 2016
Q4 2017
YoY%
$922,000
$1,151,333
25%
Median Sale Price
$756,667
$926,000
22%
$443
$519
17%
230
258
12%
37
24
-36%
Days on Market
West Seattle
RESIDENTIAL
West Seattle
Q4 2016
Q4 2017
YoY%
Average Sale Price
$562,000
$651,333
16%
Median Sale Price
$516,000
$605,333
17%
$312
$351
13%
Number of Sales
483
437
-10%
Days on Market
20
20
3%
Average PSF
LiveLoveOwnSeattle.com 206.448.6400 wallst@windermere.com
16%
West Seattle
$605,333 17%
24%
Average Sale Price
Number of Sales
$592,000
RESIDENTIAL
Central
Average PSF
27%
RESIDENTIAL
Southwest
Average PSF
Southwest
YoY%
Median Sale Price
Beacon Hill | SODO | Georgetown
22%
RESIDENTIAL
Average Sale Price Average PSF
$676,000
Windermere Real Estate Wall Street Inc OFFICE LOCATIONS
Downtown Seattle
Magnolia
2420 2nd Ave Seattle, WA 98121
3214 W McGraw St #102 Seattle, WA 98199
Queen Anne
West Seattle
214 W McGraw St Seattle, WA 98119
4526 California Ave SW Seattle, WA 98116
LIVE LO V E OWN
WALL STREET GROUP
Copyright © 2018 Windermere Real Estate / Wall Street Inc. All rights reserved. LIVE | LOVE | OWN ® is a registered trademark of Windermere Real Estate / Wall Street Inc. Wall Street Group is a trademark of Windermere Real Estate / Wall Street Inc. Statistics provided by the Northwest Multiple Listing Services are deemed accurate, but not guaranteed. 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.