Page 1

SEATTLE MARKET

REVIEW

COLDWELL BANKER BAIN | QUARTER ONE 2017


SEATTLE MARKET REVIEW

SEATTLE SNAPSHOT Real Estate Market Recap - First Quarter 2017 In the first three months of 2017, Seattle’s residential real estate market was one of the nation’s strongest. The year started with soaring local consumer confidence; highly motivated home buyers were out in force. First quarter sales statistics confirm this. Unit sales of single family homes were up 17% over last year’s first quarter, average Sold prices across all property types increased by 11%, and the total dollar volume of Seattle home sales grew by 26%. These double-digit increases were proof of the intensity of the first quarter market, in which multiple offers were common and the average listing sold for 3.3% above its asking price. The counterweight to this first quarter activity was insufficient growth in the inventory of homes for sale. The market for condominiums, a hot housing option for first-time buyers and downsizing boomers alike, was restrained by a substantial drop in inventory. With no large projects coming online in either Q4 2016 or Q1 2017, the number of condos sold in the first quarter dropped by 16.2% compared to the same period last year. Despite insufficient inventory - and the further impediments of rising interest rates and exceptionally soggy weather - Seattle’s real estate market started off 2017 with a bang, not a whimper.


Motivated buyers contend with low inventory and fierce competition Multiple forces have collided to create a housing shortage in Seattle. These include massive population growth due to our strong jobs sector, the reluctance by builders to undertake new condominium projects, and serious bottlenecks in the move-up buyer segment. First quarter residential sales statistics confirmed that the imbalance between demand and supply is pushing Seattle home prices higher. This means that in order to compete, buyers either need to be more aggressive or expand their search parameters. Some have switched their attention from single family homes to condos, a market segment that saw its average Sold price increase by 17.5% in the first quarter. Other buyers, still committed to owning a single family home in Seattle, have need to adjust their searches to include areas beyond the most coveted central neighborhoods. With the second quarter underway, many of our Seattle listings are seeing heavy buyer traffic, receiving multiple offers and selling well above their asking prices. What our market needs is more listings to meet the rising buyer demand. Seeing sales results from the first quarter may just convince some homeowners that now is the right time to list their properties. If that group includes you, let us help you prepare, price and position your home for maximum return.


SEATTLE MARKET REVIEW

$620,800

$690,400

$699,800

$822,100

$450,500

$529,400

$677,300

$730,600

AV E R A G E H O M E PR ICE | Q 1 2 0 1 7 VS. Q 1 2 0 1 6

SINGLE FAMILY HOMES

CONDOMINIUMS

NEW CONSTRUCTION HOMES

ALL PROPERTY TYPES

8%

18%

18%

11%

In Q1 2017 the total volume of Seattle residential real estate sales reached $1.6 billion, up 17% over the same quarter last year. The average sold price for a single family home rose by 8% to $730,600. Average sold prices for both condos and new construction homes were up 18%. Despite tight inventory citywide, unit sales of single family homes rose 17% overall. The neighborhood cluster of Cedar Park/Inverness/Lake City/Matthews Beach saw unit sales grow the most, up 59%.

2,175

2,296

421

445

673

564

1,402

1,635

TOTA L U N I T SA L E S | Q 1 2017 VS. Q 1 2016

SINGLE FAMILY HOMES

CONDOMINIUMS

NEW CONSTRUCTION HOMES

ALL PROPERTY TYPES

17%

-16%

6%

6%


C O L DW EL L BA N K ER BA I N B E L L E V U E | MADISON PARK

$1.35B

$1.59B

$295M

$366M

$303M

$299M

$950M

$1.20B

TOTA L S A L E S V O L U M E | Q 1 2017 VS. Q 1 2016

SINGLE FAMILY HOMES

CONDOMINIUMS

NEW CONSTRUCTION HOMES

ALL PROPERTY TYPES

26%

-2%

24%

17%

In the first quarter, nine of the 16 neighborhood clusters analyzed in this report saw average Sold prices increase by at least 10% over Q1 2016. Laurelhurst/Windermere led the way with a 40% increase, rising to an average Sold price of $2 million. Downtown condos had a 12% increase in average Sold price. Twelve of our 16 neighborhood clusters saw Sold prices exceed List prices; Phinney Ridge/Green Lake led the way with an impressive list-to-sold price ratio of 107.7%.

25 Days

27 Days

28 Days

31 Days

24 Days

25 Days

23 Days

26 Days

AV G. D AY S O N MA R KE T | Q 1 2017 VS. Q 1 2016

SINGLE FAMILY HOMES

CONDOMINIUMS

NEW CONSTRUCTION HOMES

ALL PROPERTY TYPES

13%

4%

11%

8%


SEATTLE MARKET REVIEW

CAPITOL HILL NORTH CAPITOL HILL YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $49.7M | $42.5M | 16.9% TOTAL HOMES SOLD 45 | 46 | -2.2% AVG. SALES PRICE $1,104,819 | $924,850 | 19.5% AVG. DAYS ON MARKET 42 | 39 | 7.7% SOLD/LIST PRICE % 102.2% | 103.7% | -1.4%

EASTLAKE | MONTLAKE PORTAGE BAY YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $16.3M | $18.4M | -11.5% TOTAL HOMES SOLD 18 | 18 | 0.0% AVG. SALES PRICE $904,077 | $1,021,679 | -11.5% AVG. DAYS ON MARKET 40 | 34 | 17.6% SOLD/LIST PRICE % 98.9% | 102.8% | -3.8%

Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/17 and 3/31/17.


C O L DW EL L BA N K ER BA I N B E L L E V U E | MADISON PARK

MADISON PARK | BROADMOOR DENNY BLAINE | WASHINGTON PARK YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $23.7M | $33.7M | -29.6% TOTAL HOMES SOLD 12 | 19 | -36.8% AVG. SALES PRICE $1,973,708 | $1,771,199 | 11.4% AVG. DAYS ON MARKET 36 | 37 | -2.7% SOLD/LIST PRICE % 99.7% | 100.1% | -0.4%

CENTRAL AREA | LESCHI MADISON VALLEY | MADRONA YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $70.4M | $52.2M | 34.8% TOTAL HOMES SOLD 90 | 73 | 23.3% AVG. SALES PRICE $781,832 | $715,262 | 9.3% AVG. DAYS ON MARKET 28 | 23 | 21.7% SOLD/LIST PRICE % 103.1% | 101.9% | 1.2%

NWMLS sales data compiled by Trendgraphix. All property photos courtesy of Coldwell Banker Bain’s Bellevue and Madison Park brokers.


SEATTLE MARKET REVIEW

BRYANT | HAWTHORNE HILLS SAND POINT | VIEW RIDGE YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $44.5M | $40.2M | 10.7% TOTAL HOMES SOLD 47 | 41 | 14.6% AVG. SALES PRICE $946,622 | $980,053 | -3.4% AVG. DAYS ON MARKET 30 | 21 | 42.9% SOLD/LIST PRICE % 104.9% | 104.0% | 0.9%

LAURELHURST | WINDERMERE YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $28.5M | $20.4M | 39.5% TOTAL HOMES SOLD 14 | 14 | 0.0% AVG. SALES PRICE $2,032,271 | $1,457,161 | 39.5% AVG. DAYS ON MARKET 64 | 46 | 39.1% SOLD/LIST PRICE % 97.2% | 101.8% | -4.5%

Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/17 and 3/31/17.


C O L DW EL L BA N K ER BA I N B E L L E V U E | MADISON PARK

MAPLE LEAF | RAVENNA ROOSEVELT | WEDGWOOD YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $53.8M | $46.2M | 16.4% TOTAL HOMES SOLD 69 | 68 | 1.5% AVG. SALES PRICE $779,286 | $679,616 | 14.7% AVG. DAYS ON MARKET 14 | 14 | 0.0% SOLD/LIST PRICE % 107.5% | 106.0% | 1.4%

CEDAR PARK | INVERNESS LAKE CITY | MATTHEWS BEACH YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $17.4M | $10.8M | 61.4% TOTAL HOMES SOLD 27 | 17 | 58.8% AVG. SALES PRICE $644,283 | $633,971 | 1.6% AVG. DAYS ON MARKET 19 | 33 | -42.4% SOLD/LIST PRICE % 103.7% | 101.7% | 2.0%

NWMLS sales data compiled by Trendgraphix. All property photos courtesy of Coldwell Banker Bain’s Bellevue and Madison Park brokers.


SEATTLE MARKET REVIEW

QUEEN ANNE | MAGNOLIA YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $136.9M | $110.3M | 24.1% TOTAL HOMES SOLD 126 | 115 | 9.6% AVG. SALES PRICE $1,086,364 | $958,908 | 13.3% AVG. DAYS ON MARKET 28 | 33 | -15.2% SOLD/LIST PRICE % 101.6% |102.1% | -0.5%

BALLARD | BLUE RIDGE CROWN HILL | NORTH BEACH YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $98.7M | $67.1M | 47.1% TOTAL HOMES SOLD 130 | 99 | 31.3% AVG. SALES PRICE $759,242 | $677,571 | 12.1% AVG. DAYS ON MARKET 19 | 20 | -5.0% SOLD/LIST PRICE % 104.5% | 104.2% | 0.3%

Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/17 and 3/31/17.


C O L DW EL L BA N K ER BA I N B E L L E V U E | MADISON PARK

PHINNEY RIDGE | GREENLAKE YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $64.5M | $54.4M | 18.7% TOTAL HOMES SOLD 76 |71 | 7.0% AVG. SALES PRICE $849,242 | $765,962 | 10.9% AVG. DAYS ON MARKET 12 | 17 | -29.4% SOLD/LIST PRICE % 107.7% | 107.1% | 0.6%

FREMONT | WALLINGFORD YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $44.0M | $29.6M | 48.7% TOTAL HOMES SOLD 54 | 40 | 35.0% AVG. SALES PRICE $814,561 | $739,348 | 10.2% AVG. DAYS ON MARKET 22 | 9 | 144.4% SOLD/LIST PRICE % 105.7% | 106.8% | -1.0%

NWMLS sales data compiled by Trendgraphix. All property photos courtesy of Coldwell Banker Bain’s Bellevue and Madison Park brokers.


SEATTLE MARKET REVIEW

BELLTOWN | DOWNTOWN PIONEER SQUARE (CONDOS) YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $97.0M | $79.9M | 21.4% TOTAL HOMES SOLD 120 | 111 | 8.1% AVG. SALES PRICE $808,637 | $719,905 | 12.3% AVG. DAYS ON MARKET 35 | 52 | -32.7% SOLD/LIST PRICE % 99.4% | 99.6% | -0.2%

COLUMBIA CITY | MT. BAKER RAINIER VALLEY | SEWARD PARK YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $59.8M | $37.9M | 57.8% TOTAL HOMES SOLD 82 | 55 | 49.1% AVG. SALES PRICE $729,550 | $689,290 | 5.8% AVG. DAYS ON MARKET 26 | 21 | 23.8% SOLD/LIST PRICE % 104.2% | 103.1% | 1.1%

Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/17 and 3/31/17.


C O L DW EL L BA N K ER BA I N B E L L E V U E | MADISON PARK

BEACON HILL NORTH BEACON HILL YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $33.1M | $28.0M | 18.1% TOTAL HOMES SOLD 62 | 54 | 14.8% AVG. SALES PRICE $533,378 | $518,702 | 2.8% AVG. DAYS ON MARKET 28 | 23 | 21.7% SOLD/LIST PRICE % 103.7% | 105.2% | -1.4%

WEST SEATTLE YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $180.4M | $170.8M | 5.6% TOTAL HOMES SOLD 311 | 313 | -0.6% AVG. SALES PRICE $579,925 | $545,636 | 6.3% AVG. DAYS ON MARKET 26 | 22 | 18.2% SOLD/LIST PRICE % 103.0% | 102.5% | 0.5%

NWMLS sales data compiled by Trendgraphix. All property photos courtesy of Coldwell Banker Bain’s Bellevue and Madison Park brokers.


SEATTLE MARKET REVIEW

LUXURY ($2M+) YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $67.2M | $54.7M | 22.8% TOTAL HOMES SOLD 24 | 23 | 4.3% AVG. SALES PRICE $2,799,500 | $2,377,900 | 17.7% AVG. DAYS ON MARKET 58 | 41 | 41.5% SOLD/LIST PRICE % 98.3% | 100.5% | -2.2%

LUXURY WATERFRONT ($2M+) YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $8.9M | $0 | NA TOTAL HOMES SOLD 1 | 0 | NA AVG. SALES PRICE $8,850,000 | NA | NA AVG. DAYS ON MARKET 483 | NA | NA SOLD/LIST PRICE % 88.5% | NA | NA

Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/17 and 3/31/17.


BELLEVUE

MADISON PARK

150 BELLEVUE WAY SE, BELLEVUE, WA 98004 425.454.0470 | CBBAIN.COM/BELLEVUE

4227 EAST MADISON STREET, SEATTLE, WA 98122 206.328.1011 | CBBAIN.COM/MADISONPARK

Seattle Market Review (Quarter One 2017)  
Seattle Market Review (Quarter One 2017)