LUXURY MARKET TRENDS
THE NEW YEAR IS HERE! We’ve wrapped up another busy year for the luxury housing markets of the Pacific Northwest. As we move forward and begin a new year, many eyes will be on the market to see what happens next! We begin 2024 with low inventory in many markets, combined with stable buyer demand to set the stage for the upcoming seasonal increase of activity. The beginning of the year can be a positive opportunity for those looking to sell or buy, as there is often less competition before we enter the spring. At the tail end of the first quarter in March, the prime luxury market season will begin and run through September as inventory will increase, along with the influx of interested buyers. We hope you’ll find the market information and luxury insights in this report helpful as you look to buy or sell your next home!
J. Lennox Scott Chairman and CEO John L. Scott Real Estate
EXCEPTIONAL HOMES BY JOHN L. SCOT T Exceptional Homes is John L. Scott’s luxury real estate brand. Together with our luxury broker associates, our global partners at Luxury Portfolio International, and our support staff, we strive to provide concierge-level service by putting clients first. We can ensure you that we are here for you and your family. The real estate market is fast-paced and ever changing, but what hasn’t changed, is our commitment to exceed your expectations when you are ready to buy or sell your home.
ON THE COVER: OFFERED AT $2,675,000 | JOHNLSCOTT.COM/11094 ON THE RIGHT: OFFERED AT$1,250,000 | JOHNLSCOTT.COM/18756
Luxury
LI V E Y O U R
WE ARE GLOBAL John L. Scott is a founding member of the international organization Leading Real Estate Companies of the World®.
Founded in 1931, JLS operates over 100 offices with over 3,000 agents throughout WA, OR, ID & CA
John L. Scott’s luxury brand, providing our agents with tools and data to help each and every client live their luxury
A global community of over 565 real estate companies awarded membership based on rigorous standards for service and performance
The luxury division of LeadingRE & the largest global network of the most powerful, independent luxury firms
BY T H E N U M B E R S
4,600
Member Firms
550
Total Inventory
$58
BILLION
80%
of applicants to this network are turned down
Offices Worldwide
INDUSTRY-LEADING SALES. Our invitation-only network was responsible for $353 billion in annual home sales volume among the top 500 U.S. real estate firms in 2022.
2022 U.S. HOME SALES VOLUME AMONG THE TOP 500 U.S. REAL ESTATE FIRMS. LEADING
$353
RE
$312
KELLER WILLIAMS
$233
COLDWELL BANKER
NETWORKS, FRANCHISES AND COMPANIES
SOTHEBY’S INTERNATIONAL REALTY
$124
BERKSHIRE HATHAWAY HOMESERVICES
$120 $97
RE/MAX
$32
CENTURY 21
$30
HOMESMART INTERNATIONAL CORCORAN
$24
UNITED REAL ESTATE
$21
REALTY ONE GROUP
$18
ERA
$12
BETTER HOMES AND GARDENS
$12
Volume shown in billions of dollars.
Average Property
Associates Worldwide
6
130,000
Continents with Member Companies
$2.6
MILLION
For informational purposes only. In compiling this report, LeadingRE relies on third party sources. The information set forth in the chart above is sourced from the 2023 RealTrends 500, showcasing production for calendar year 2022, accessible via realtrends.com. Neither LeadingRE nor its member companies are responsible for the accuracy of third-party data presented herein.
JOHN L. SCOT T LUXURY SPECIALISTS
SCHOLARS OF THE MARKET
Curious about luxury trends in your neighborhood? See what some of our real estate specialists had to say about the luxury market in their area.
LORI HOLDEN SCOTT
Mercer Island
In my local market during the 4th quarter, the luxury housing sector saw a notable quietness, with decreased interest and sales stemming from concerns about rising interest rates and their potential repercussions on the stock market. I feel (in my business, anyway) that the luxury housing market was active in the first three quarters of 2023, characterized by robust buyer activity (open house and broker showings) and sales. However, the momentum took a downturn in the 4th quarter, as we experienced a decline in both buyer engagement and sales. I am anticipating a highly active year in 2024. The luxury housing market is poised for growth as the bullish stock market, reaching all time highs, presents significant opportunities for luxury buyers to leverage their investments. Additionally, with the Federal Reserve expected to lower interest rates multiple times throughout the year, prospects are optimistic for renewed purchasing in the luxury real estate sector. Buckle up for an awesome year ahead
MARTIN WEISS Sammamish
In the Sammamish area we saw the typical winter market conditions come into play. New listing inventory falls off through November and December while sales activity remains strong on a seasonal basis. This leads to falling inventory and price appreciation to begin the new year. Inventory above $2M went from 2.9 months in Oct down to 1.9 months in December. Over the same time period, the average sold price above $2M went from $2.520M in October to $2.727M in December. Despite high interest rates the luxury market remains resilient East of Lake Sammamish. On a year-over-year basis as of 1/1/24, active listings are down 33.3% while pending transactions are up 35.7% and closed transactions are up 12.5%. With a lack of inventory to start the year the big question is when does inventory come on and how much? Typically, luxury inventory hits the market in the more traditional spring market months of April and May. With lack of inventory and falling interest rates we will see good sales activity intensity Q1.
2023 Q4 LU X U R Y M A R K E T T R E N D S
DIXIE HACKSTEDDE Medford
In the last quarter for Jackson County, the luxury real estate market experienced a shift towards a buyers’ market. Inventory of homes priced at $1 million and above surged by 157.3% compared to the previous month and 38% compared to the same period last year. This increase in supply provides buyers with a broader selection and room for negotiations, including seller concessions. Luxury listings reached 87 units marking a 10.1% rise from the previous year. The average days on the market increased during the last quarter, but it remained 64.7% lower than the previous year.
Despite a 20% decrease in home sales compared to the same quarter last year, there was a positive development as homes placed under contract rose by 66.7%. John L. Scott Southern Oregon had a stellar year in luxury real estate, closing 65 units and securing an impressive 34% market share. Looking to 2024 in the Southern Oregon luxury market, with lower interest rates, increased inventory and an increase in buyer activity, John L. Scott should experience increased closings and secure an increased market share.
PUGET SOUND
2023 Q4 LU X U R Y M A R K E T T R E N D S
FOURTH QUARTER
HIGHLIGHTS
O F F E R E D AT $3,399,000 | J O H N L S C OT T. C O M /46513
The luxury real estate market in Seattle, West Bellevue and on the Eastside performed comparably with the same period in 2022. As is typical at the end of each year when we enter the winter cleanup, fewer listings have come on the market with many buyers waiting in the wings.
S E AT T L E Q4 2023
Q4 2022
% Change
Number of Sales
68
81
-16.0%
Total Dollar Volume
$177,851,576
$214,589,000
-17.1%
Average Sales Price
$2,615,464
$2,649,247
-1.2%
Average Days On Market
52
31
69.9%
Sold / List Price %
97.0%
96.2%
0.8%
Average Price per SQFT
$679
$697
-2.6%
Quarter-end inventory
63
70
-10.0%
The data is for single family residences over $2M in MLS areas 140, 380, 385 390, 700, 701, 705, 710. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
S O L D | J O H N L S C OT T. C O M / 16 7 8 3
WEST BELLEVUE % Change
Number of Sales
44
38
15.7%
Total Dollar Volume
$213,844,950
$160,026,990
33.6%
Average Sales Price
$4,860,113
$4,211,237
15.4%
Average Days On Market
25
33
-23.1%
Sold / List Price %
94.7%
94.9%
-0.1%
Average Price per SQFT
$1,144
$1,000
14.3%
Quarter-end inventory
32
38
-15.7%
NUMBER OF SALES
Q4 2022
15.7%
AVERAGE DAYS ON MARKE T
Q4 2023
-23.7%
The data is for single family residences over $2M in MLS area 520. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and the Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
2023 Q4 LU X U R Y M A R K E T T R E N D S
P E N D I N G | J O H N L S C OT T. C O M /68203
MERCER ISLAND Q4 2023
Q4 2022
% Change
Number of Sales
20
23
-13.0%
Total Dollar Volume
$65,813,400
$89,062,300
-26.1%
Average Sales Price
$3,290,670
$3,872,274
-15.0%
Average Days On Market
14
43
-67.7%
Sold / List Price %
99.3%
96.5%
2.8%
Average Price per SQFT
$834
$954
-12.5%
Quarter-end inventory
12
22
-45.45%
Mercer Island remains in high demand as new listings have been consistent, yet the number of days those homes have been on the market before going under contract has decreased considerably compared with the final quarter of 2022. As we near the upcoming spring season and the kickoff of the luxury season, inventory is expected to increase, as are the number of interested buyers.
The data is for single family residences over $2M in MLS area 510. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and the Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
O F F E R E D AT $2,429,000 | J O H N L S C OT T. C O M /11938
EASTSIDE % Change
Number of Sales
252
254
-0.7%
Total Dollar Volume
$826,926,412
$778,651,624
6.2%
Average Sales Price
$3,281,454
$3,065,558
7.0%
Average Days On Market
36
35
3.1%
Sold / List Price %
96.6%
95.8%
0.9%
Average Price per SQFT
$787
$749
5.1%
Quarter-end inventory
155
193
-19.6%
DAYS ON MARKE T
Q4 2022
3.1%
NUMBER OF SALES
Q4 2023
-0.7%
The data is for single family residences over $2M in MLS areas 500, 510, 520, 530, 540, 550, 560, 600. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and the Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
2023 Q4 LU X U R Y M A R K E T T R E N D S
KING COUNTY CONDO % Change
Number of Sales
14
15
-6.6%
Total Dollar Volume
$36,808,999
$38,809,000
-5.1%
Average Sales Price
$2,629,214
$2,587,267
1.6%
Average Days On Market
31
15
105.2%
Sold / List Price %
97.4%
96.8%
0.6%
Average Price per SQFT
$1,130
$1,003
12.7%
Quarter-end inventory
50
27
85.1%
AVERAGE SALES PRICE
NUMBER OF SALES
Q4 2022
Q4 2023
1.6%
-6.6%
The data is for condominiums over $2M in King County. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and the Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
O F F E R E D AT $1,395,000 | J O H N L S C OT T. C O M / 42858
S O U T H K I N G CO U N T Y Q4 2023
Q4 2022
% Change
Number of Sales
112
156
-28.2%
Total Dollar Volume
$147,548,737
$209,967,150
-29.7%
Average Sales Price
$1,317,399
$1,345,943
-2.1%
Average Days On Market
55
35
58.9%
Sold / List Price %
97.3%
96.2%
1.1%
Average Price per SQFT
$381
$398
-4.1%
Quarter-end inventory
105
119
-11.7%
IN Q4, WE SAW A 2.1% DECREASE IN THE AVERAGE SALES PRICE FOR SOUTH KING COUNT Y
The data is for single family residences over $1M in MLS areas 100, 110, 120, 130, 140, 300, 310, 320, 330, 340, 350, 360. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
2023 Q4 LU X U R Y M A R K E T T R E N D S
P E N D I N G | J O H N L S C OT T. C O M / 33209
PIERCE COUNTY Q4 2023
Q4 2022
% Change
Number of Sales
115
139
-17.2%
Total Dollar Volume
$175,938,244
$197,410,333
-10.8%
Average Sales Price
$1,529,898
$1,420,218
7.7%
Average Days On Market
61
48
26.6%
Sold / List Price %
96.6%
96.3%
0.2%
Average Price per SQFT
$402
$376
7.0%
Quarter-end inventory
175
166
5.4%
THE AVERAGE DAYS ON MARKET INCREASED BY 26.6% IN Q4 IN PIERCE COUNT Y
The data is for single family residences over $1M in Pierce County. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and the Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
S O L D | J O H N L S C OT T. C O M / 68 1 6 1
KITSAP COUNTY Q4 2023
Q4 2022
% Change
Number of Sales
80
63
26.9%
Total Dollar Volume
$130,610,602
$90,882,651
43.7%
Average Sales Price
$1,632,633
$1,442,582
13.1%
Average Days On Market
46
45
1.2%
Sold / List Price %
96.3%
97.4%
-1.0%
Average Price per SQFT
$512
$477
7.3%
Quarter-end inventory
64
44
45.4%
OVERALL, THE AVERAGE PRICE PER SQUARE FOOT INCREASED 7.3% IN KITSAP COUNT Y
The data is for single family residences over $1M in Kitsap County. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
2023 Q4 LU X U R Y M A R K E T T R E N D S
S O L D | J O H N L S C OT T. C O M / 24344
BAINBRIDGE ISLAND
Bainbridge Island remains a top luxury destination in the Pacific Northwest due to its enchanting island lifestyle and proximity to Seattle. Residents also enjoy the scenery and opportunity to build community locally.
Q4 2023
Q4 2022
% Change
Number of Sales
15
4
275.0%
Total Dollar Volume
$45,838,757
$9,815,000
367.0%
Average Sales Price
$3,055,917
$2,453,750
24.5%
Average Days On Market
73
31
136.1%
Sold / List Price %
95.3%
94.1%
1.2%
Average Price per SQFT
$828
$779
6.3%
Quarter-end inventory
10
3
233.3%
During the fourth quarter of 2023 we saw considerably more new luxury listings come on the market than in the previous year, however inventory to start the year still remains extremely low. Buyers locally will likely face scarce luxury inventory until the luxury season really kicks off in 2024, during the months of March, April and May.
The data is for single family residences over $2M in MLS area 170. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and the Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
O F F E R E D AT $1,999,299 | J O H N L S C OT T. C O M /15753
SNOHOMISH COUNTY Q4 2023
Q4 2022
% Change
Number of Sales
276
389
-29.0%
Total Dollar Volume
$364,933,480
$502,738,237
-27.4%
Average Sales Price
$1,322,223
$1,292,386
2.3%
Average Days On Market
31
36
-13.3%
Sold / List Price %
98.3%
95.9%
2.5%
Average Price per SQFT
$436
$406
7.2%
Quarter-end inventory
122
227
-46.2%
Q4 SAW A 13.3% DECREASE IN DAYS ON MARKET IN SNOHOMISH COUNT Y
The data is for single family residences over $1M in Snohomish County. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
2023 Q4 LU X U R Y M A R K E T T R E N D S
O F F E R E D AT $1,584,000 | J O H N L S C OT T. C O M / 25660
ISLAND COUNTY Q4 2023
Q4 2022
% Change
Number of Sales
35
29
20.6%
Total Dollar Volume
$45,960,010
$40,439,000
13.6%
Average Sales Price
$1,313,143
$1,394,448
-5.8%
Average Days On Market
214
52
309.4%
Sold / List Price %
96.7%
93.0%
4.0%
Average Price per SQFT
$426
$456
-6.4%
Quarter-end inventory
40
39
2.5%
OVERALL, THE AVERAGE SALES PRICE DECREASED BY 5.8% IN ISLAND COUNT Y
The data is for single family residences over $1M in Island County. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and the Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
LUXURY WATERFRONT LAKE WASHINGTON Q4 2023
Q4 2022
% Change
Number of Sales
13
18
-27.7%
Total Dollar Volume
$86,530,000
$97,876,800
-11.5%
Average Sales Price
$6,656,154
$5,437,600
22.4%
Average Days On Market
20
44
-55.8%
Sold / List Price %
92.7%
93.5%
-0.9%
Average Price per SQFT
$1,533
$1,350
13.5%
Quarter-end inventory
24
22
9.0%
Q4 2023
Q4 2022
% Change
Number of Sales
12
3
300.0%
Total Dollar Volume
$52,350,000
$8,298,000
530.8%
Average Sales Price
$4,362,500
$2,766,000
57.7%
Average Days On Market
135
55
143.9%
Sold / List Price %
91.4%
97.8%
-6.4%
Average Price per SQFT
$968
$1,009
-4.1%
Quarter-end inventory
7
9
-22.2%
Q4 2023
Q4 2022
% Change
Number of Sales
31
28
10.7%
Total Dollar Volume
$154,598,666
$124,175,800
24.5%
Average Sales Price
$4,987,054
$4,434,850
12.4%
Average Days On Market
70
53
31.3%
Sold / List Price %
92.8%
94.1%
-1.3%
Average Price per SQFT
$1,178
$1,224
-3.7%
Quarter-end inventory
44
41
7.3%
LAKE SAMMAMISH
KING COUNTY
The data is for waterfront single family residences and condos over $2M. Lake Washington is MLS areas 500, 510, 520, 560, 600, 350, 380, 390, 710, 720. Lake Sammamish is MLS areas 530, 540. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and the Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
2023 Q4 LU X U R Y M A R K E T T R E N D S
S O L D | J O H N L S C OT T. C O M /20308
FEATURED LUXURY LISTINGS
LAKE STEVENS, WA | $2,250,000 | JOHNLSCOTT.COM/64401 1726 VERNON RD, LAKE STEVENS, WA 98258 Nestled on over 1/2 acre of park-like property with incredible sunrise lake views in the front and 5-acre NGPA protected greenbelt in the back. Up a quiet drive, welcoming all who long for tranquility & quality of life moments. Greeted by breathtaking views and heated hardwood floors, the stunning living room with a 2-sided fireplace opens to dream view kitchen with quartzite counters, top quality cabinetry & appliances. Spectacular lodge style 1,500sf great room with soaring ceilings & massive stone fireplace with unmatched woodwork & views. The property boasts a gorgeous level entry 900sf ADU, solar hot water, RV parking/ hookups, entertainment deck with heated pool & therapy spa, & more.
SHAUN BURKE 425.418.5294 shaunb@johnlscott.com
2023 Q4 LU X U R Y M A R K E T T R E N D S
MEDFORD, OR | $1,600,000 | JOHNLSCOTT.COM/13163 1225 GARDNER WAY, MEDFORD, OR 97504 Gorgeous, architecturally designed contemporary home on 5 breathtaking acres in the hills of E. Medford. Enjoy spectacular views of the valley & surrounding mountains from this modern 4 bed, 3 bath home. Beautifully appointed with luxury details & upgrades throughout including soaring ceilings, whitewash oak hardwood floors, custom designer lighting & spectacular window systems. Multiple living & dining areas create the perfect layout for daily living & sophisticated entertaining. Main level primary suite with a freestanding tub, private patio access, spacious walk-in closet & spa-like ensuite featuring heated tile floors, roll in shower & striking glass block accent wall. Spacious kitchen with a large center island, quartz countertops & custom Parapan cabinets. Jack & Jill bath with individual vanities & adjoining bedrooms boasting sleek & functional built-in desks & shelving. Huge rooftop deck, covered & uncovered patios, 2 stall barn, mini sport court, entry fountain & oversized 2-car garage.
DIXIE HACKSTEDDE 541.944.3338 dixieh@johnlscott.com
EASTERN WA S H I N G TO N & IDAHO
2023 Q4 Q3 LU X U R Y M A R K E T T R E N D S
O F F E R E D AT $1,849,000 | J O H N L S C OT T. C O M /27786
COEUR D’ALENE, IDAHO Q4 2023
Q4 2022
% Change
Number of Sales
101
89
13.4%
Total Dollar Volume
$159,902,305
$150,008,812
6.6%
Average Sales Price
$1,583,191
$1,685,492
-6.0%
Average Days On Market
269
46
479.3%
Sold / List Price %
82.4%
92.6%
-11.0%
Average Price per SQFT
$460
$504
-8.6%
Quarter-end inventory
186
146
27.4%
THE NUMBER OF SALES IN COEUR D’ALENE INCREASED 13.4%
The data is for single family residences over $1M in Kootenai County. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
2023 Q4 LU X U R Y M A R K E T T R E N D S
O F F E R E D AT $1,200,000 | J O H N L S C OT T. C O M /59110
SPOKANE COUNTY Q4 2023
Q4 2022
% Change
Number of Sales
30
49
-38.7%
Total Dollar Volume
$34,923,399
$72,735,142
-51.9%
Average Sales Price
$1,164,113
$1,484,391
-21.5%
Average Days On Market
52
48
8.5%
Sold / List Price %
92.7%
94.5%
-1.9%
Average Price per SQFT
$270
$423
-36.0%
Quarter-end inventory
91
42
116.6%
THE AVERAGE SALES PRICE IN SPOKANE COUNT Y DECREASED 21.5%
The data is for single family residences over $1M in Spokane County. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
OREGON & SOUTHWEST WA S H I N G TO N
2023 Q4 LU X U R Y M A R K E T T R E N D S
FOURTH QUARTER
HIGHLIGHTS
OFFERED AT $1,275,000 | JOHNLSCOTT.COM/24199
In the fourth quarter of 2023, luxury sales activity in the Portland Metro area has remained steady compared with the same period in 2022. While the Portland Metro area saw slightly less sales, the activity in the desirable community of Lake Oswego resulted in a higher number of closed sales to end the year.
PORTLAND METRO Q4 2023
Q4 2022
% Change
Number of Sales
100
127
-21.2%
Total Dollar Volume
$128,789,126
$176,148,637
-26.8%
Average Sales Price
$1,287,891
$1,386,997
-7.1%
Average Days On Market
36
44
-16.9%
Sold / List Price %
96.5%
95.9%
0.5%
Average Price per SQFT
$469
$524
-10.3%
Quarter-end inventory
167
133
25.5%
OFFERED AT $1,200,000 | JOHNLSCOTT.COM/31321
Luxury inventory continues to build slowly during this annual period known as the winter cleanup. Buyers in Portland, Lake Oswego and West Linn will be waiting patiently for each listing until the luxury market kicks into gear beginning in March 2024.
LAKE OSWEGO Q4 2023
Q4 2022
% Change
Number of Sales
78
69
13.0%
Total Dollar Volume
$139,781,671
$113,119,562
23.5%
Average Sales Price
$1,792,073
$1,639,414
9.3%
Average Days On Market
50
42
18.0%
Sold / List Price %
95.4%
97.7%
-2.4%
Average Price per SQFT
$646
$633
2.1%
Quarter-end inventory
86
88
-2.2%
The data is for single family residences over $1M in Clackamas, Multnomah, Washington and Columbia Counties. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
BEND Q4 2023
Q4 2022
% Change
Number of Sales
135
170
-20.5%
Total Dollar Volume
$198,493,000
$259,278,167
-23.4%
Average Sales Price
$1,470,319
$1,525,166
-3.6%
Average Days On Market
68
60
13.6%
Sold / List Price %
96.3%
96.7%
-0.4%
Average Price per SQFT
$501
$494
1.4%
Quarter-end inventory
221
170
30.0%
IN Q4, THE AVERAGE SALES PRICE DECREASED BY 3.6% IN BEND
The data is for single family residences over $1M in Bend Oregon. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and the Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
2023 Q4 LU X U R Y M A R K E T T R E N D S O F F E R E D AT $1,769,500 | J O H N L S C OT T. C O M /25183
In the fourth quarter of 2023, we once again experienced the seasonal occurrence during which some sellers in Bend opted to take their homes off the market to reposition them in spring. This annual event is known as the winter clean-up. Similar to what we saw as we kicked off 2023 the available inventory as we start 2024 is healthy and offers options for buyers. Once the luxury market kicks off in March, April and May of this year, it will be really be “go time” for buyers looking to buy a slice of Central Oregon living.
O F F E R E D AT $2,500,000 | J O H N L S C OT T. C O M /50212
JACKSON COUNTY Q4 2023
Q4 2022
% Change
Number of Sales
24
19
26.3%
Total Dollar Volume
$30,829,625
$23,253,628
32.5%
Average Sales Price
$1,284,568
$1,223,875
4.9%
Average Days On Market
62
96
-35.1%
Sold / List Price %
96.3%
94.6%
1.7%
Average Price per SQFT
$340
$303
12.1%
Quarter-end inventory
87
78
11.5%
THE AVERAGE DAYS ON MARKET DECREASED BY 35.1% IN Q4 IN JACKSON COUNT Y
The data is for single family residences over $1M in Jackson County. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
2023 Q4 LU X U R Y M A R K E T T R E N D S
O F F E R E D AT $1,499,900 | J O H N L S C OT T. C O M /11686
C L A R K CO U N T Y Q4 2023
Q4 2022
% Change
Number of Sales
75
87
-13.7%
Total Dollar Volume
$114,420,774
$124,029,672
-7.7%
Average Sales Price
$1,525,610
$1,425,628
7.0%
Average Days On Market
58
42
38.9%
Sold / List Price %
96.9%
97.2%
-0.2%
Average Price per SQFT
$548
$493
11.2%
Quarter-end inventory
191
148
29.0%
IN Q4, THE AVERAGE SALES PRICE INCREASED 7.0% IN CLARK COUNT Y
The data is for single family residences over $1M in Clark County. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and the Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
CAPITALS OF CULTURE
URBAN CENTERS HAVE A BRIGHT FUTURE AS UNIQUE PLACES WHERE PEOPLE FROM AROUND THE WORLD COME TOGETHER By Lisa Klein Would Picasso’s paintbrush or Hugo’s pen have been as poignant if not in Paris? Are the beats of jazz and hip hop as strong heard outside the streets of New York? Where would the world’s tallest building be but Dubai? Could the film masterpieces of director Wong Kar-wai take place anywhere except Hong Kong? Cities such as these have been at the axis of culture throughout human history — places where people flock from all over the world to both experience and contribute to the dizzying mix of influences in their buzzing atmospheres. “Cities are vital to culture because they are centers of innovation, creativity and diversity,” says Rex Lau, group marketing director for real estate firm One Global Property Services in Hong Kong. “They bring people from different backgrounds and cultures together, creating a melting pot of ideas and experiences.” While some see cities as places of commerce where they must live to work, their unique cultures, each one a combination of others yet all its own, are what have long attracted countless people — and the key to their future. Hong Kong, New York, Paris, Dubai, London, Mexico City, Rio de Janeiro, Shanghai, Rome, Berlin, Buenos Aires, Tokyo, Cape Town, Sydney, Singapore — sure, enterprising workers have always come to test their mettle and make their fortunes, but the character of their chosen city is why they stay. Each urban citizen leaves their mark, creating dynamic, energetic places where guaranteed variety is the spice of their life.
Metropolitan muses Most cities have deep historical and cultural roots that continue to grow alongside the customs of those who come to take part in their uniqueness. It is hard not to be stirred by these vibrant backdrops for daily life, and each city offers its own panoply ways to soak it all up. Aptly dubbed the City That Never Sleeps, the nightlife is renowned in New York’s many neighborhoods. Whether catching a musical on Broadway or hitting up one of the many exclusive clubs in the Meatpacking District, there is never a shortage of entertainment to be had after a day outdoors in the massive Central Park or a meal from Michelin-starred to piled-high deli and global takeout. “I love the young, eclectic energy of the Lower East Side, with all its lively bars and nice, yet gritty, streets,” says Michael Kelley-Bradford, a real estate agent in Manhattan with Brown Harris Stevens Residential Sales. “If you go to the Upper East Side, you get more of a refined vibe with its museums, fine dining and luxury shopping.” Hong Kong is another city filled with eclectic options, from the new and luxurious to the charmingly timeworn. Browsing traditional shops and markets among the historic buildings in neighborhoods such as Kowloon and Tsim Sha Tsui brings a big dose of Hong Kong heritage, and entertainment districts such as Lan Kwai Fong host young bar-hoppers late into the night. Cantonese cookery is on order across the city, famous for its dim sum, late-night noodle and dumpling joints with lines out the door and char siu (roast pork). “Hong Kong is especially known for its food, shopping and our amazing skyline,” Mr. Lau says. Dubai’s skyline is another that packs an iconic punch, with innovative buildings that are futuristic, yet distinctly Arabian: the Burj Khalifa, the tallest in the world; the sail-shaped Burj Al Arab; the Jumeirah Beach Hotel that resembles one of the sand dunes in the desert beyond the city; and the Palm Jumeirah, the famous manmade archipelago that is an astonishing feat of engineering. “The influence of Islamic and Arab culture on its architecture, music, attire, cuisine and lifestyle are very prominent,” says Vessela Nedialkova, managing partner of the Dubai-based Savoir Properties. “The city is full of contrasts — the
2023 Q4 LU X U R Y M A R K E T T R E N D S
glittering skyline made up of skyscrapers so tall they defy imagination to souks with their labyrinth of stalls, bins overflowing with a rainbow of spices, the scent filling the air.” Dubai, like many global destinations, has attracted new residents with a booming economy while staying true to its heritage. “What was once a small fishing village has become a sprawling metropolis full of vibrant neighborhoods, record-setting buildings, luxury resorts, thrilling desert adventures and delicious dining,” Ms. Nedialkova says. People have been drawn to Paris for centuries, not for business, but to be inspired. From the 17th-century philosophers and plays of Molière to the impressionists and dance halls of the Belle Époque, the ever-evolving literary scene to the high fashion maisons of the Golden Triangle, the City of Light has never dimmed. “Paris has a special vibe,” says Marie- Hélène Lundgreen, manager of Belles Demeures de France real estate. “It offers everything: history, culture, art, architecture, gastronomy, fashion.” In the arts-obsessed French capital, it is no surprise that attending fashion shows and art vernissages, visiting museums and galleries and, of course, designer shopping are favorite pastimes. Later at night there are theater, opera and cabaret performances to be seen. Plus, the people-watching is always on point, with the city’s sidewalks lined with café chairs facing the streets for maximum views, diners enjoying classic brasserie fare to haute cuisine. “It’s the capital of the art of living,” Ms. Lundgreen says. “Its historical landmarks, its remarkable residential architecture and its unique atmosphere are magic.” Naturally, millions want to live where the magic is made. People continue to make their way to cultural centers in droves looking for their own inspiration. Newcomers to a city are folded into the mix, adding their own flavors. Hong Kong has a long history as a meeting point and major site for trade between East and West, with a “rich blend of Chinese and British influences,” Mr. Lau says.New York was, and still is, the gateway to the United States and a city where people from all over the world come to join the alluring symphony. “The diversity of New York is what makes it special,” Mr. Kelley-Bradford says. “You can hop on the subway or walk down a block and see all types of ethnicities and backgrounds, and it’s almost a given that you will hear two or three different languages being spoken.” URBAN REAL ESTATE options are diverse too, although not quite as spacious as those in the countryside. Luxury options include high-rises with amenities galore, penthouse pads with plenty of square footage, converted lofts, historic row houses and mansions, and even a modern, single-family here and there. Whether sleeping in the glittering glass towers of Dubai or New York, waking up to sweeping views from Victoria Peak in Hong Kong or enjoying a café au lait from a balcony amid the Haussmannien rooftops of Paris, city living offers more than just a home, but a place in the concentrated cultural milieu — a benefit that will keep cities churning for centuries to come. “Culture is so vital to the future of cities,” Ms. Nedialkova says. “This diversity of thoughts and opinions promotes creativity and innovation.” Plus, as Ms. Lundgreen puts it, “It’s all about lifestyle. Owning a place in Paris is the realization of a dream.”
Text reproduced with permission from Luxury Portfolio International and Luxury Portfolio magazine. © Luxury Portfolio International. All rights reserved. Photo credit: istock.com
O F F E R E D AT $9,900,000 | JOHNLSCOTT.COM/10903
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