Q2 Luxury Market Trends

LUXURY MARKET TRENDS

READY FOR SUMMER! It’s summertime, and the luxury real estate market is back in motion!

This summer’s luxury market is a bit different than usual, with fewer luxury listings on the market compared to last year. In some areas, unsold luxury inventory is substantially lower than it was in 2019. Though overall unsold inventory is constrained, we saw more new luxury listings come on the market in June, compared to June 2019.

The number of luxury homes going under contract have made a huge comeback since the COVID-19 crisis started. In most areas, the number of homes going under contract in June were substantially higher than June 2019.

Wherever you are at in your journey, our broker associates are prepared to meet you with expert knowledge and thoughtful advice with your goals in mind.

We hope you enjoy our Luxury Market Trends report covering the second quarter of 2020!

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.

As we kickoff what is typically the busy spring and summer season, 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.

O N T H E CO V E R : O F F E R E D AT $2,750,000 | JOHNLSCOT T.COM/28866 R I G H T: O F F E R E D AT $2,650,000 | J O H N L S C OT T. C O M /665 77

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 WorldÂŽ.

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

4,300

Member Firms

565

Total Inventory

$58

BILLION

80%

of applicants to this network are turned down

Offices Worldwide

Leading Real Estate Companies of the World® Keller Williams Coldwell Banker Berkshire Hathaway Home Services Compass RE/MAX Sotheby’s International Realty eXp Realty Redfin Douglas Elliman Real Estate Century 21 HomeSmart Corcoran Better Homes & Gardens ERA

MORE U.S. HOME SALES VOLUME

$257 $219 $187 $91 $91 $85 $78 $36 $31 $29 $29 $17 $16 $13 $10

THAN ANY OTHER REAL ESTATE NETWORK, FRANCHISE OR BROKERAGE BRAND* Volume shown in billions of dollars $0

Average Property

Associates Worldwide

6

130,000

Continents with Member Companies

$50

$2.6

MILLION

$100

$150

$200

$250

This bar chart is sourced from REAL Trends 500 for 2019, realtrends.com.

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.

D A N H E AT E R

JULIA NORDBY

Principal Broker, Bend

Office Leader, Bellevue Main

Luxury homes sales have warmed up quite a bit despite the fluctuations in the market due to the virus. Many pending and unsold homes are beginning to sell, and with inventory shrinking faster than sales, sellers have a unique opportunity to maximize purchase prices.

Many buyers and sellers in our local luxury market appreciate the security and privacy that are a result of our current showing restrictions.

Across the board, we have seen an increase in clients who want to have more space, security and privacy –even if that means purchasing a second home in a vacation destination.

LY N D A O ’ N E I L L

MARTIN WEISS

Luxury Broker, Lake Oswego

Luxury Broker, Mercer Island

COVID slowed our agent’s ability to show homes for a couple of months due to restrictions with direct contact. Nevertheless, many buyers continued their home search online—leveraging virtual tours, coordinating the walkthrough online and adapting however they could. Many buyers also used this downtime to research the area—including local schools and parks and shopping centers.

New resale listings on Mercer Island were significantly lower in April in comparison to the same time last year, but they slowly began to recover through May and now activity for pending sales and new listings is back to normal.

With low inventory and historically low interest rates this is a great time for sellers in the intro luxury market segment (homes in $1M-$1.5 price range)!

2020 Q2 LU X U R Y M A R K E T T R E N D S

I N T H E CO M M U N I T Y “Most of our brokers pride themselves in finding ways to give back to the community. Often, they donate their money or time to local organizations that they personally relate to but in addition to those efforts, our office as a whole has continued to support the work being done at the Ronald McDonald house right here in Bend. With little or no fundraising events currently happening, they have had trouble securing everyday items—which is why support from offices like ours is so important.”

- Dan Heater

PUGET SOUND

2020 Q2 LU X U R Y M A R K E T T R E N D S

SECOND QUARTER

HIGHLIGHTS

O F F E R E D AT $1,198,000

| J O H N L S C OT T. C O M /97851

Depending on price range and location, we saw strong luxury market activity in Seattle, West Bellevue and Mercer Island over the second quarter of 2020. Though inventory is tight in many luxury price ranges, both Seattle and Mercer Island still saw incredible comebacks in the number of homes going under contract in June 2020.

In Seattle, the $1 to $1.5 million price range is particularly hot, with June 2020 bringing a severe shortage of inventory and surge sales activity intensity. In the second quarter, available inventory for Seattle homes priced $1 million and above ranged from 32 to 40 percent lower than the same time period in 2019. However, the number of homes going under contract slowly ticked up, ending with a 30 percent increase in June 2020 compared to June 2019.

S E AT T L E Q2 2020

Q2 2019

% Change

Number of Sales

517

613

-15.6%

Total Dollar Volume

$802,793,042

$915,900,214

-12.3%

Average Sales Price

$1,552,791

$1,494,128

3.9%

Median Sales Price

$1,310,000

$1,325,000

-1.1%

Average Days on Market

52

50

4.0%

Sold / List Price %

99.70%

100.20%

-0.4%

Average Price per SQFT

$526

$503

4.7%

Quarter-end inventory

325

499

-34.9%

The data is for single family residences over $1M in MLS areas 140, 380, 390, 700, 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.

O F F E R E D AT $1,998,000 | J O H N L S C OT T. C O M /19438

WEST BELLEVUE Q2 2020

Q2 2019

% Change

Number of Sales

62

114

-45.6%

Total Dollar Volume

$192,229,875

$381,280,755

-49.5%

Average Sales Price

$3,100,482

$3,344,568

-7.3%

Median Sales Price

$2,640,000

$2,395,500

10.2%

Average Days on Market

57

72

-20.8%

Sold / List Price %

96.10%

93.10%

3.2%

Average Price per SQFT

$809

$899

-9.9%

Quarter-end inventory

87

135

-35.6%

Over the second quarter of 2020, luxury inventory in West Bellevue was lower across the board compared to last year. In June 2020, unsold inventory of luxury homes priced $2 million and above was particularly tight, with active listings down between 35 and 51 percent compared to June 2019.

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 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.

2020 Q2 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 $2,338,000 | J O H N L S C OT T. C O M / 16267

MERCER ISLAND Q2 2020

Q2 2019

% Change

Number of Sales

69

98

-29.5%

Total Dollar Volume

$128,476,375

$215,269,579

-40.3%

Average Sales Price

$1,861,976

$2,196,628

-15.2%

Median Sales Price

$1,599,000

$1,810,000

-11.6%

Average Days on Market

55

82

-32.9%

Sold / List Price %

99.50%

98.70%

0.8%

Average Price per SQFT

$564

$626

-9.9%

Quarter-end inventory

60

88

-31.8%

Despite low levels of unsold inventory priced $1 million and above on Mercer Island in the second quarter, the number of homes going under contract made a huge recovery in June 2020. While 14 homes priced $1 million and above went pending in June 2019, a whopping 36 homes in this range went pending in June 2020. This amounts to a 157 percent increase compared to last year and shows strong buyer activity on Mercer Island.

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 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 2,375,000 | J O H N L S C OT T. C O M / 59066

EASTSIDE % Change

Number of Sales

764

1,069

-28.5%

Total Dollar Volume

$1,235,638,585

$1,839,415,194

-32.8%

Average Sales Price

$1,617,328

$1,720,688

-6.0%

Median Sales Price

$1,334,606

$1,338,000

-0.3%

Average Days on Market

69

83

-16.8%

Sold / List Price %

99.3%

97.7%

1.7%

Average Price per SQFT

$475

$485

-2.3%

Quarter-end inventory

607

927

-34.5%

DAYS ON MARKE T

16.9%

NUMBER OF SALES

†

Q2 2019

†

Q2 2020

28.5%

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 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.

2020 Q2 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 /2 4253

KING COUNTY CONDO % Change

Number of Sales

92

115

-20.0%

Total Dollar Volume

$132,133,017

$164,388,405

-19.6%

Average Sales Price

$1,436,228

$1,429,464

0.5%

Median Sales Price

$1,300,000

$1,295,000

0.4%

Average Days on Market

48

84

-42.8%

Sold / List Price %

99.1%

98.4%

0.8%

Average Price per SQFT

$814

$741

9.8%

Quarter-end inventory

151

125

-21.6%

DAYS ON MARKE T

PRICE PER SQUARE FOOT

†

Q2 2019

†

Q2 2020

42.9%

9.8%

The data is for condominiums 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 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 $949,950 | J O H N L S C OT T. C O M / 62615

S O U T H K I N G CO U N T Y Q2 2020

Q2 2019

% Change

Number of Sales

161

171

-5.8%

Total Dollar Volume

$150,897,953

$165,102,554

-8.6%

Average Sales Price

$937,254

$965,512

-2.9%

Median Sales Price

$839,950

$872,500

-3.7%

Average Days on Market

43

56

-23.2%

Sold / List Price %

99.1%

98.0%

1.0%

Average Price per SQFT

$285

$257

10.7%

Quarter-end inventory

163

214

-23.8%

IN Q2 WE SAW A 5.8% DECREASE IN SALES FOR SOUTH KING COUNT Y

The data is for single family residences over $750k in MLS areas 100, 110, 120, 130, 140, 300, 310, 320, 330, 340, 350, 360, 380, 390, 700, 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.

2020 Q2 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 $1,250,000 | J O H N L S C OT T. C O M / 61410

PIERCE COUNTY Q2 2020

Q2 2019

% Change

Number of Sales

177

186

-4.8%

Total Dollar Volume

$172,650,761

$180,231,650

-4.2%

Average Sales Price

$975,428

$968,987

0.7%

Median Sales Price

$869,543

$886,000

-1.9%

Average Days on Market

62

68

-8.8%

Sold / List Price %

98.0%

96.8%

1.2%

Average Price per SQFT

$265

$248

6.6%

Quarter-end inventory

249

280

-11.1%

THE AVERAGE DAYS ON MARKET DECREASED BY 8.8% IN Q2 IN PIERCE COUNT Y

The data is for single family residences over $750k 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.

O F F E R E D AT $1,549,000 | J O H N L S C OT T. C O M /88964

KITSAP COUNTY Q2 2020

Q2 2019

% Change

Number of Sales

110

145

-24.1%

Total Dollar Volume

$131,692,715

$169,831,091

-22.5%

Average Sales Price

$1,197,207

$1,171,249

2.2%

Median Sales Price

$982,250

$1,044,000

-5.9%

Average Days on Market

44

36

22.2%

Sold / List Price %

98.9%

99.2%

-0.3%

Average Price per SQFT

$388

$346

12.0%

Quarter-end inventory

95

181

-48.0%

OVERALL, THE AVERAGE PRICE PER SQUARE FOOT INCREASED 12% IN KITSAP COUNT Y

The data is for single family residences over $750k 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.

2020 Q2 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 /12621

BAINBRIDGE ISLAND Q2 2020

Q2 2019

% Change

Number of Sales

46

62

-25.8%

Total Dollar Volume

$74,805,500

$91,516,320

-18.3%

Average Sales Price

$1,626,207

$1,476,070

10.2%

Median Sales Price

$1,425,000

$1,265,000

12.6%

Average Days on Market

83

69

20.2%

Sold / List Price %

98.5%

99.2%

-0.7%

Average Price per SQFT

$486

$395

23.0%

Quarter-end inventory

30

67

-55.2%

Though unsold inventory was down up to 53 percent in the Bainbridge Island luxury market ($1 million and above) in the second quarter of 2020, homes going under contract are making a comeback.

In June 2020, there was a 47 percent increase in homes priced $1 million and above going under contract, compared to June 2019.

While supply has been lower than normal in the luxury market on Bainbridge Island, those seeking island living can find the most opportunities in the $1 million to $1.5 million price range.

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 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.

P E N D I N G | J O H N L S C OT T. C O M / 65 2 3 3

SNOHOMISH COUNTY Q2 2020

Q2 2019

% Change

Number of Sales

404

415

-2.7%

Total Dollar Volume

$383,466,843

$401,790,953

-4.6%

Average Sales Price

$949,175

$968,171

-2.0%

Median Sales Price

$869,500

$850,000

2.3%

Average Days on Market

34

40

-15.0%

Sold / List Price %

99.8%

99.2%

0.7%

Average Price per SQFT

$294

$291

1.1%

Quarter-end inventory

266

459

-42.0%

Q2 SAW A 15% DECREASE IN DAYS ON MARKET IN SNOHOMISH COUNT Y

The data is for single family residences over $750k 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.

2020 Q2 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 /37064

ISLAND COUNTY Q2 2020

Q2 2019

% Change

Number of Sales

52

46

13.0%

Total Dollar Volume

$54,514,850

$50,839,000

7.2%

Average Sales Price

$1,048,363

$1,105,196

-5.1%

Median Sales Price

$958,125

$910,000

5.3%

Average Days on Market

76

48

58.3%

Sold / List Price %

96.5%

97.9%

-1.3%

Average Price per SQFT

$361

$390

-7.4%

Quarter-end inventory

58

88

-34.1%

OVERALL, THE NUMBER OF SALES INCREASED BY 13% IN ISLAND COUNT Y

The data is for single family residences over $750k 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 Q2 2020

Q2 2019

% Change

Number of Sales

46

54

-14.8%

Total Dollar Volume

$159,077,675

$257,673,588

-38.3%

Average Sales Price

$3,458,210

$4,771,733

-27.5%

Median Sales Price

$2,725,000

$2,382,500

14.4%

Average Days on Market

49

52

-5.8%

Sold / List Price %

97.5%

90.9%

7.2%

Average Price per SQFT

$922

$1,150

-19.8%

Quarter-end inventory

55

77

-28.6%

Q2 2020

Q2 2019

% Change

Number of Sales

23

35

-34.3%

Total Dollar Volume

$43,825,000

$71,867,225

-39.0%

Average Sales Price

$1,905,435

$2,053,349

-7.2%

Median Sales Price

$1,470,000

$1,726,500

-14.9%

Average Days on Market

57

23

147.8%

Sold / List Price %

99.4%

99.9%

-0.5%

Average Price per SQFT

$580

$577

0.4%

Quarter-end inventory

24

33

-27.3%

LAKE SAMMAMISH

KING COUNTY Q2 2020

Q2 2019

% Change

Number of Sales

142

175

-18.9%

Total Dollar Volume

$323,347,675

$490,367,463

-34.1%

Average Sales Price

$2,277,096

$2,802,100

-18.7%

Median Sales Price

$1,650,500

$1,870,000

-11.7%

Average Days on Market

42

39

7.7%

Sold / List Price %

98.4%

94.3%

4.4%

Average Price per SQFT

$660

$733

-9.9%

Quarter-end inventory

169

225

-24.9%

The data is for waterfront single family residences and condos 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 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.

2020 Q2 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 $2,400,000 | J O H N L S C OT T. C O M /66157

FEATURED LUXURY LISTINGS

KIRKLAND, WA | $3,098,000 1025 4TH ST, KIRKLAND, WA 98033

KRIS CONOVER (206) 227-7564 Krisc@johnlscott.com

Murray Franklyn presents this fresh new contemporary look a few blocks from downtown Kirkland, Marina & Park. Modern Open concept floor plan features huge lower level recreation room with cafĂŠ bar, main floor guest suite and Great room with steel-accent fireplace.

Gourmet Chefs Kitchen with Wolf/Sub-Zero appliances and walk-in pantry, waterfall slab island & opens to signature outdoor living room with gas fireplace, 4 skylights and heaters. Luxurious Master with spa-inspired bath. 3-car garage! Completion on 7/15/20.

2020 Q2 LU X U R Y M A R K E T T R E N D S

SAM MANSOUR MANAGING BROKER (206) 779-7713 Samm@johnlscott.com

SAMANTHA RATLIFF BROKER (425) 275-2493 Samantharatliff@johnlscott.com

DARYL MOTES BROKER (425) 239-6662 Darylm@johnlscott.com

SEATTLE, WA | $2,499,950 7307 51ST AVE NE, SEAT TLE, WA 98115 Modern View Ridge multi-level gem designed by Dave Biddle. 10’ ceilings & clearstory windows for breathtaking lake & mountain views throughout.

Great room, open concept floor plan. Chef’s kitchen w/Wolf gas range & Sub-Zero fridge. Entertainment deck w/hot tub. Light-filled CA King-sized master w/ private covered view deck. Quality craftsmanship: gleaming hardwoods, handsome wood cladding, custom blinds. Hydronic heating + Central A/C. Smart home wired & wired for electric car charger.

EASTERN WA S H I N G TO N & IDAHO

2020 Q2 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 $2,650,000 | J O H N L S C OT T. C O M /55007

KOOTENAI COUNTY Q2 2020

Q2 2019

% Change

Number of Sales

61

66

-7.6%

Total Dollar Volume

$76,448,020

$67,667,991

13.0%

Average Sales Price

$1,253,246

$1,025,273

22.2%

Median Sales Price

$950,000

$925,000

2.7%

Average Days on Market

97

94

3.2%

Sold / List Price %

94.8%

96.3%

-1.5%

Average Price per SQFT

$317

$243

30.4%

Quarter-end inventory

183

259

-29.3%

THE AVERAGE PRICE PER SQUARE FOOT INCREASED 30.4% IN Q2 IN KOOTENAI COUNT Y

The data is for single family residences over $750k 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.

2020 Q2 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 $994,990 | J O H N L S C OT T. C O M /99876

SPOKANE COUNTY Q2 2020

Q2 2019

% Change

Number of Sales

47

43

9.3%

Total Dollar Volume

$44,525,664

$41,167,518

8.2%

Average Sales Price

$947,355

$957,384

-1.0%

Median Sales Price

$850,000

$882,400

-3.7%

Average Days on Market

47

55

-14.5%

Sold / List Price %

96.2%

94.3%

2.0%

Average Price per SQFT

$192

$179

7.4%

Quarter-end inventory

93

116

-19.8%

THE NUMBER OF SALES IN SPOKANE COUNT Y INCREASED 9.3%

The data is for single family residences over $750k 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

2020 Q2 LU X U R Y M A R K E T T R E N D S

SECOND QUARTER

HIGHLIGHTS

OFFERED AT $1,190,000 | JOHNLSCOT T.COM/33148

Those purchasing luxury homes for $1 million and above in the Portland Metro market were faced with fewer available listings than last year in the second quarter of 2020. However, the number of homes going under contract each month during the second quarter has been ticking up, with one more pending home in June 2020 than June 2019.

PORTLAND METRO Q2 2020

Q2 2019

% Change

Number of Sales

72

102

-29.4%

Total Dollar Volume

$95,427,133

$131,747,979

-27.6%

Average Sales Price

$1,325,377

$1,291,647

2.6%

Median Sales Price

$1,196,570

$1,219,764

-1.9%

Average Days on Market

92

84

9.5%

Sold / List Price %

98.2%

96.9%

1.3%

Average Price per SQFT

$317

$296

6.9%

Quarter-end inventory

146

191

-23.6%

The luxury market in Lake Oswego and West Linn, which starts at $750,000, has strong buyer demand. Though unsold inventory was down up to 22 percent locally in the second quarter of 2020, homes going under contract are making a comeback. Luxury homes going under contract in June 2020 increased by 66 percent compared to June 2019.

LAKE OSWEGO Q2 2020

Q2 2019

% Change

Number of Sales

49

73

-32.8%

Total Dollar Volume

$79,884,646

$106,752,538

-25.1%

Average Sales Price

$1,630,299

$1,462,364

11.4%

Median Sales Price

$1,420,000

$1,300,000

9.2%

Average Days on Market

107

117

-8.5%

Sold / List Price %

94.90%

96.10%

-1.2%

Average Price per SQFT

$361

$357

1.1%

Quarter-end inventory

142

200

-29.0%

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 Q2 2020

Q2 2019

% Change

Number of Sales

167

148

12.8%

Total Dollar Volume

$203,873,400

$158,434,859

28.7%

Average Sales Price

$1,220,799

$1,070,506

14.0%

Median Sales Price

$956,900

$948,000

0.9%

Average Days on Market

119

110

8.2%

Sold / List Price %

96.5%

97.5%

-1.0%

Average Price per SQFT

$365

$326

11.9%

Quarter-end inventory

218

369

-40.9%

IN Q2, THE NUMBER OF SALES INCREASED BY 12.8% IN BEND

O F F E R E D AT $99 9,000 | J O H N L S C OT T. C O M /16299

The data is for single family residences over $900k 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.

2020 Q2 LU X U R Y M A R K E T T R E N D S

Those purchasing luxury homes for $900,000 and above in the Bend market were faced with fewer available listings than last year in the second quarter of 2020. Though inventory was constrained in all luxury price ranges, the number of luxury homes going under contract has made a big comeback in the local market.

Luxury homes going under contract in June 2020 increased by 36 percent compared to June 2019; buyer demand remains strong locally.

High-net-worth buyers can take advantage of low interest rates, which provide “price jumping� opportunities when looking for a new primary residence, vacation home or home to retire in.

O F F E R E D AT $975,000 | J O H N L S C OT T. C O M /95089

JACKSON COUNTY Q2 2020

Q2 2019

% Change

Number of Sales

36

30

20.0%

Total Dollar Volume

$32,743,805

$27,579,135

18.7%

Average Sales Price

$909,550

$919,305

-1.1%

Median Sales Price

$875,000

$860,000

1.7%

Average Days on Market

169

116

45.7%

Sold / List Price %

94.2%

92.7%

1.7%

Average Price per SQFT

$266

$231

15.0%

Quarter-end inventory

164

242

-32.2%

THE AVERAGE DAYS OF MARKET INCREASED BY 45.7% IN Q2 IN JACKSON COUNT Y

The data is for single family residences over $900k 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.

2020 Q2 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 $2,100,000 | J O H N L S C OT T. C O M /33342

C L A R K CO U N T Y Q2 2020

Q2 2019

% Change

Number of Sales

76

87

-12.6%

Total Dollar Volume

$72,727,358

$81,202,686

-10.4%

Average Sales Price

$956,939

$933,364

2.5%

Median Sales Price

$867,500

$839,900

3.3%

Average Days on Market

60

68

-11.8%

Sold / List Price %

97.6%

96.5%

1.2%

Average Price per SQFT

$230

$224

2.7%

Quarter-end inventory

196

229

-14.4%

IN Q2 SALES DECREASED 12.6% IN CLARK COUNT Y COMPARED WITH THE SAME PERIOD LAST YEAR

The data is for single family residences over $750k 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.

LUXURY TRENDS Summer is well underway! Seasonal celebrations and outdoor activities may look a little different this year as many of us forego travel and spend more time at home. This could be the perfect time to update the design of your spaces and celebrate with a well-deserved cocktail when you’re done.

D E S I G N YO U R S A N C T UA R Y

We talked with Julie Bowers, Senior Design Consultant at BoConcept, to learn about the latest trends in design, and how to make our living spaces work for us.

Take a look!

What trends seem to be emerging as we are all are spending more time together at home?

Biophilic design is popping up left and right on the interior design scene and it is changing how we view the impact a home’s design has on well-being. This branch of design uses natural elements such as wood, plants, and natural fibers to create an aesthetic that more closely resembles nature.

Why? Studies show that we have a primal urge to connect to nature and those who are more connected, even in an artificial environment, are happier, healthier, and less stressed—and let’s be honest, who couldn’t use that trio! Embrace biophilic design by adding plants to your space, embracing natural light whenever possible, and swapping out plastic for more sustainable materials.

What trends are becoming less popular?

Pale monochromatics and grey on grey color trends have been replaced. Bright, honest colors and materials levitate the designs in a quiet yet animate setting using the ‘Simple Essentials’ theme as a styling guide. This theme offers a light and calming aesthetic that is undeniably Scandinavian. Design your room around a palette of neutrals, blues and grays. Work in naturally tactile surfaces. Then bring the outside in with nature-inspired prints and other accessories.

2020 Q2 LU X U R Y M A R K E T T R E N D S

Why is having a well-designed space important?

A well-designed and organized space promotes productivity and a healthy state of mind. Consider incorporating a plant, artwork and those special items that inspire you, the space is yours and yours only!

How can these trends be incorporated into a home that is going to be listed for sale in the coming months?

Incorporate timeless multi-functional furniture designs in your home. Too often the constraints of the space limit us. The solution: furniture that adapts to the situation. That allows you to entertain guests, invite people to stay the night, transform from living to dining space, or add a workstation to the room. It’s about ensuring accessibility, comfort, and purpose.

T H E F R E N C H CO N N E C T I O N A third of the world’s best-selling cocktails are gin based and there’s nothing better than a crisp cocktail on a sunny day. This tasty cocktail from Elite Traveler’s Cocktail of the Week series is a perfect way to kick off your summer!

1.5 oz

Juniper Grove Atrium Gin

.75 oz

Grand Marnier

.5 oz .75 oz 1

Aperol lemon juice sprig tarragon

Add all ingredients with ice into a shaker and shake vigorously. Double strain into a small coupe or Nick & Nora glass. Garnish with fresh tarragon.

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