Luxury Market Trends Q1 2017 - Exceptional Homes by John L. Scott

LUXURY MARKET

T R E N D S

Luxury Lifestyle

MEETS

I

n 1931 my grandfather started John L. Scott Real Estate in Downtown Seattle. He had a vision of delivering concierge service by putting clients first. Today we’ve grown to over 110 offices and more than 3,000 broker associates in Washington, Oregon, Idaho, and California and can attribute our success to the fact that, even after 85 years in the business, we still hold tight to my grandfather’s vision through our core value of “Living Life as a Contribution™” in every facet of life: at home, work, and at play.

Our Exceptional Homes brokers are more than luxury experts; they offer the highest level of representation as competent trusted advisors, experts in luxury marketing, and personal advocates in negotiation and networking.

We have a network of luxury partners who help us deliver the kind of target marketing luxury properties require. As a founding member of the Leading Real Estate Companies of the World, our Exceptional Homes get noticed all over the globe, from China, to New York, to San Francisco, and throughout the Pacific Northwest. For example, our listings are featured on websites like Luxury Portfolio International and Juwai.com.

We also leverage our relationships with other brokerages to make sure you have the competitive edge you need to be successful, whether you’re selling or buying a home. Our comprehensive marketing approach focuses on hyper-local broker relationships, national partnerships, and global outreach.

Take a look at the luxury market analysis we’ve provided in this update. There are a few characteristics that stand out. Many of our low to mid-priced luxury markets have low inventory, which is great if you’re a seller. Also, consumer confidence in real estate as an investment is extremely high. Strong job growth, low interest rates, and the wealth effect of both a strong stock market and economy have bolstered the luxury market. Please call your trusted advisor for more information.

At John L. Scott Real Estate we believe our clients live exceptional lives, and they deserve Exceptional Homes.

J. Lennox Scott Chairman and CEO John L. Scott Real Estate

GLOBAL NET W OR K

John L. Scott is a founding member of the international organization Leading Real Estate Companies of the World. Together, we outrank all other companies in home sales by volume and through their luxury division, Luxury Portfolio International, we connect affluent buyers and sellers around the world. This exclusive network provides national and international exposure for your home. Only a few companies can provide this level of global exposure and only the top companies are invited to be part of this network.

LUXURY MARKET T R E N D S

FIRST QUARTER HIGHLIGHTS

49.4%

Average Sales Price for Lake Washington Waterfront

68.4% Snohomish County Sales

On the cover: Sold at $3,850,00 | Eastside

34.5% Average Days on Market in Kitsap County

70

King County Condo Sales

321 191

Eastside Sales

Seattle Sales

2017 Q1 Luxury Market Trends

S e at tl e

Offered at $1,890,000 | johnlscott.com/46988

Q1 2017

Q1 2016

% Change

Number of Sales

191

156

22.4%

Total Dollar Volume

$282,976,329

$225,128,515

25.7%

Average Sales Price

$1,481,551

$1,443,132

2.7%

Median Sales Price

$1,326,800

$1,300,000

2.1%

Average Days on Market

37

34

8.8%

Sold / List Price %

102.3%

101.2%

1.1%

Average Price per SQFT

$470

$435

8.0%

Quarter-end Inventory

135

139

-2.9%

Offered at $1,890,000 | johnlscott.com/46988

The data is for single family residences over $1M 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, each for its applicable geographic market.

Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

2017 Q1 Luxury Market Trends

Wes t Bel l e v ue

Offered at $1,788,000 | johnlscott.com/76550

Q1 2017

Q1 2016

% Change

Number of Sales

61

73

-16.4%

Total Dollar Volume

$145,766,699

$160,921,718

-9.4%

Average Sales Price

$2,389,618

$2,204,407

8.4%

Median Sales Price

$2,198,000

$2,100,000

4.7%

Average Days on Market

46

55

-16.4%

Sold / List Price %

98.1%

97.8%

0.3%

Average Price per SQFT

$608

$590

3.0%

Quarter-end Inventory

69

76

-9.2%

Offered at $1,995,000 | johnlscott.com/84102 (Pending)

The data is for single family residences over $1M 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 Central Oregon MLS, each for its applicable geographic market.

Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

2017 Q1 Luxury Market Trends

Mer ce r I sl a nd

Offered at $2,298,000 | johnlscott.com/32779

Q1 2017

Q1 2016

% Change

Number of Sales

47

32

46.9%

Total Dollar Volume

$107,055,106

$62,138,000

72.3%

Average Sales Price

$2,277,768

$1,941,813

17.3%

Median Sales Price

$1,725,000

$1,711,500

0.8%

Average Days on Market

50

54

-7.4%

Sold / List Price %

97.6%

98.5%

-0.9%

Average Price per SQFT

$587

$499

17.7%

Quarter-end Inventory

59

33

78.8%

Offered at $1,895,000 | johnlscott.com/41155

The data is for single family residences over $1M 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 Central Oregon MLS, each for its applicable geographic market.

Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

2017 Q1 Luxury Market Trends

E a stside

Offered at $5,300,000 | johnlscott.com/83038

Q1 2017

Q1 2016

% Change

Number of Sales

321

189

69.8%

Total Dollar Volume

$440,249,060

$269,972,827

63.1%

Average Sales Price

$1,371,492

$1,428,428

-4.0%

Median Sales Price

$1,240,000

$1,265,000

-2.0%

Average Days on Market

43

48

-10.4%

Sold / List Price %

101.1%

98.8%

2.4%

Average Price per SQFT

$364

$358

1.6%

Quarter-end Inventory

229

254

-9.8%

Offered at $3,900,000 | johnlscott.com/94848

The data is for single family residences over $1M in MLS areas 500, 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 Central Oregon MLS, each for its applicable geographic market.

Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

2017 Q1 Luxury Market Trends

Bainbridg e I sl a nd

Offered at $2,995,000 | johnlscott.com/56456

Q1 2017

Q1 2016

% Change

Number of Sales

14

10

40.0%

Total Dollar Volume

$19,255,658

$16,691,500

15.4%

Average Sales Price

$1,375,404

$1,669,150

-17.6%

Median Sales Price

$1,202,500

$1,115,750

7.8%

Average Days on Market

75

101

-25.7%

Sold / List Price %

96.8%

96.8%

0.0%

Average Price per SQFT

$398

$413

-3.5%

Quarter-end Inventory

31

49

-36.7%

Offered at $1,799,900 | johnlscott.com/91275

The data is for single family residences over $1M 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 Central Oregon MLS, each for its applicable geographic market.

Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

WAT ER FR ONT Lake Washington

Q1 2017

Q1 2016

% Change

Number of Sales

15

15

0.0%

Total Dollar Volume

$69,607,500

$46,602,700

49.4%

Average Sales Price

$4,640,500

$3,106,847

49.4%

Median Sales Price

$3,700,000

$3,025,000

22.3%

Average Days on Market

142

115

23.5%

Sold / List Price %

93.9%

92.2%

1.8%

Average Price per SQFT

$878

$725

21.1%

Quarter-end Inventory

47

38

23.7%

Offered at $2,775,000 | johnlscott.com/49433

Sold at $3,800,000

2017 Q1 Luxury Market Trends

Offered at $1,288,000 | johnlscott.com/89037

Offered at $2,775,000 | johnlscott.com/49433

Lake Sammamish

Q1 2017

Q1 2016

% Change

Number of Sales

4

6

-33.3%

Total Dollar Volume

$11,000,000

$16,687,500

-34.1%

Average Sales Price

$2,750,000

$2,781,250

-1.1%

Median Sales Price

$2,800,000

$2,593,750

8.0%

Average Days on Market

87

43

102.3%

Sold / List Price %

92.1%

96.5%

-4.5%

Average Price per SQFT

$738

$624

18.2%

Quarter-end Inventory

11

9

22.2%

King County

Q1 2017

Q1 2016

% Change

Number of Sales

40

39

2.6%

Total Dollar Volume

$126,622,700

$96,779,360

30.8%

Average Sales Price

$3,165,568

$2,481,522

27.6%

Median Sales Price

$2,550,000

$2,375,000

7.4%

Average Days on Market

118

97

21.6%

Sold / List Price %

94.5%

92.9%

1.7%

Average Price per SQFT

$668

$580

15.2%

Quarter-end Inventory

114

103

10.7%

The data is for waterfront single family residences over $1M. Lake Washington is MLS areas 510, 520, 380, 390, 710. 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 Central Oregon MLS, each for its applicable geographic market.

Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

2017 Q1 Luxury Market Trends

Pier ce Co un t y

Offered at $1,999,900 | johnlscott.com/64743

Q1 2017

Q1 2016

% Change

Number of Sales

12

13

-7.7%

Total Dollar Volume

$14,239,946

$16,174,700

-12.0%

Average Sales Price

$1,186,662

$1,244,208

-4.6%

Median Sales Price

$1,170,000

$1,181,500

-1.0%

Average Days on Market

185

175

5.7%

Sold / List Price %

93.2%

94.2%

-1.1%

Average Price per SQFT

$254

$262

-3.0%

Quarter-end Inventory

100

74

35.1%

Offered at $2,799,000 | johnlscott.com/25218

This 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 Central Oregon MLS, each for its applicable geographic market.

Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

2017 Q1 Luxury Market Trends

S nohomish Count y

Sold at $1,161,000

Q1 2017

Q1 2016

% Change

Number of Sales

32

19

68.4%

Total Dollar Volume

$42,453,430

$24,140,197

75.9%

Average Sales Price

$1,326,670

$1,270,537

4.4%

Median Sales Price

$1,223,000

$1,150,000

6.3%

Average Days on Market

101

121

-16.5%

Sold / List Price %

96.0%

94.9%

1.1%

Average Price per SQFT

$305

$293

4.2%

Quarter-end Inventory

61

63

-3.2%

Sold at $1,201,000

This 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, each for its applicable geographic market.

Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

2017 Q1 Luxury Market Trends

Kitsa p Co unt y

Offered at $2,495,000 | johnlscott.com/41083

Q1 2017

Q1 2016

% Change

Number of Sales

15

11

36.4%

Total Dollar Volume

$20,305,658

$17,791,500

14.1%

Average Sales Price

$1,353,711

$1,617,409

-16.3%

Median Sales Price

$1,200,000

$1,111,500

8.0%

Average Days on Market

74

113

-34.5%

Sold / List Price %

96.8%

96.0%

0.8%

Average Price per SQFT

$387

$389

-0.6%

Quarter-end Inventory

45

47

-4.3%

Offered at $2,950,000 | johnlscott.com/99485

This 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, each for its applicable geographic market.

Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

2017 Q1 Luxury Market Trends

King Cou nt y Condo

Offered at $1,449,000 | johnlscott.com/54208

Q1 2017

Q1 2016

% Change

Number of Sales

70

38

84.2%

Total Dollar Volume

$110,014,200

$54,718,481

101.1%

Average Sales Price

$1,571,631

$1,439,960

9.1%

Median Sales Price

$1,317,500

$1,254,000

5.1%

Average Days on Market

81

70

15.7%

Sold / List Price %

97.4%

98.8%

-1.4%

Average Price per SQFT

$746

$749

-0.4%

Quarter-end Inventory

69

65

6.2%

Offered at $1,998,000 | johnlscott.com/18445

This data is for condos over $1M 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 Central Oregon MLS, each for its applicable geographic market.

Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

2017 Q1 Luxury Market Trends

Portl and

Offered at $23,500,000 | johnlscott.com/74368

Q1 2017

Q1 2016

% Change

Number of Sales

84

43

95.3%

Total Dollar Volume

$124,100,832

$56,604,265

119.3%

Average Sales Price

$1,477,510

$1,316,378

12.2%

Median Sales Price

$1,300,000

$1,210,000

7.4%

Average Days on Market

62

61

1.6%

Sold / List Price %

98.9%

98.8%

0.2%

Average Price per SQFT

$417

$314

32.8%

Quarter-end Inventory

117

132

-11.4%

Offered at $1,280,000 | johnlscott.com/32651

This data is for single family residences over $1M in Portland, OR. 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, each for its applicable geographic market.

Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

2017 Q1 Luxury Market Trends

Bend

Offered at $1,745,000 | johnlscott.com/60805

Q1 2017

Q1 2016

% Change

Number of Sales

22

16

37.5%

Total Dollar Volume

$30, 291,700

$19,816,000

52.9%

Average Sales Price

$1,376,895

$1,238,500

11.2%

Median Sales Price

$1,212,500

$1,215,000

-0.2%

Average Days on Market

201

126

59.5%

Sold / List Price %

94.4%

94.7%

-0.2%

Average Price per SQFT

$303

$298

1.6%

Quarter-end Inventory

79

11

618.2%

Offered at $1,395,000 | johnlscott.com/94632

This data is for single family residences over $1M in Bend, OR. 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, each for its applicable geographic market.

Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

2017 Q1 Luxury Market Trends

S poka ne

Offered at $1,300,000 | johnlscott.com/77749

Q1 2017

Q1 2016

% Change

Number of Sales

1

1

0%

Total Dollar Volume

$1,100,000

$1,800,000

-38.9%

Average Sales Price

$1,100,000

$1,800,000

-38.9%

Median Sales Price

$1,100,000

$1,800,000

-38.9%

Average Days on Market

139

27

414.8%

Sold / List Price %

84.9%

82.2%

3.3%

Average Price per SQFT

$177

$375

-52.8%

Quarter-end Inventory

20

28

-28.6%

Offered at $3,400,000 | johnlscott.com/46114

This data is for single family residences over $1M in Spokane, WA. 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, each for its applicable geographic market.

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 Lifestyle

MEETS

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