Luxury Market Trends Q2 2017 - Exceptional Homes by John L. Scott

LUXURY MARKET T R E N D S

Luxury Lifestyle

MEETS

w

elcome to summer! On a monthly basis, this is the time of year when we see more luxury

listings coming on the market. If the timing is right, one of our Brokers can help you find the

luxury property of your dreams while selection is best. Our Brokers offer the highest level of personal representation as competent, trusted advisors and advocates for our clients. 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.

In 1931 my grandfather started John L. Scott Real Estate in Downtown Seattle. He had a vision of delivering concierge-level service by putting clients first. Today we’ve grown to over 110 offices and more than 3,100 broker associates in Washington, Oregon, Idaho, and California and can attribute our success to the fact that, even after 86 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.

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

GLOBAL NET W OR K

Source: LeadingRE

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 can earn membership in this network.

LUXURY MARKET T R E N D S

SECOND QUARTER HIGHLIGHTS

663 Number of Sales Eastside

-38.8% Average Days on Market West Portland

Average Days on Market Bainbridge Island

-20.5%

101 235 +125.0% Number of Sales Mercer Island

On the cover: Offered at $1,299,999 | Spokane, WA

Number of Sales Snohomish County

Number of Sales Kootenai County

2017 Q2 Luxury Market Trends

S e at tl e

Offered at $2,999,000 | johnlscott.com/63689

Q2 2017

Q2 2016

% Change

Number of Sales

426

337

26.4%

Total Dollar Volume

$623,802,861

$499,119,136

25.0%

Average Sales Price

$1,464,326

$1,481,066

-1.1%

Median Sales Price

$1,308,350

$1,310,737

-0.2%

Average Days on Market

19

27

-29.6%

Sold / List Price %

106.4%

102.1%

4.2%

Average Price per SQFT

$477

$441

8.2%

Quarter-end inventory

210

193

8.8%

Offered at $1,299,000 | johnlscott.com/39595

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.

2017 Q2 Luxury Market Trends

Wes t Bel l e v ue

Offered at $3,390,000 | johnlscott.com/55656

Q2 2017

Q2 2016

% Change

Number of Sales

109

105

3.8%

Total Dollar Volume

$296,466,216

$244,636,990

21.2%

Average Sales Price

$2,719,874

$2,329,876

16.7%

Median Sales Price

$2,200,000

$2,100,000

4.8%

Average Days on Market

28

23

21.7%

Sold / List Price %

109.3%

99.5%

9.8%

Average Price per SQFT

$713

$607

17.6%

Quarter-end inventory

86

110

-21.8%

Pending at $2,599,995 | johnlscott.com/71331

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.

2017 Q2 Luxury Market Trends

Mer ce r I sl a nd

Pending at $1,348,000 | johnlscott.com/64545

Q2 2017

Number of Sales

Q2 2016

% Change

101

63

60.3%

Total Dollar Volume

$191,295,573

$113,786,280

68.1%

Average Sales Price

$1,894,016

$1,806,131

4.9%

Median Sales Price

$1,673,000

$1,565,000

6.9%

26

18

44.4%

101.1%

99.7%

1.4%

Average Price per SQFT

$540

$483

11.7%

Quarter-end inventory

61

74

-17.6%

Average Days on Market Sold / List Price %

Sold at $2,998,000

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.

2017 Q2 Luxury Market Trends

E a stside

Pending at $2,988,000 | johnlscott.com/59152

Q2 2017

Q2 2016

% Change

Number of Sales

663

408

62.5%

Total Dollar Volume

$927,879,648

$557,612,351

66.4%

Average Sales Price

$1,399,517

$1,366,697

2.4%

Median Sales Price

$1,250,000

$1,207,150

3.5%

Average Days on Market

23

30

-23.3%

Sold / List Price %

103.3%

101.2%

2.1%

Average Price per SQFT

$381

$348

9.6%

Quarter-end inventory

360

403

-10.7%

Pending at $1,625,000 | johnlscott.com/82562

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.

2017 Q2 Luxury Market Trends

King Count y Cond o

Offered at $1,750,000 | johnlscott.com/54012

Q2 2017

Q2 2016

% Change

Number of Sales

70

70

0.0%

Total Dollar Volume

$114,350,438

$96,168,800

18.9%

Average Sales Price

$1,633,578

$1,373,840

18.9%

Median Sales Price

$1,386,944

$1,250,000

11.0%

Average Days on Market

49

75

-34.7%

Sold / List Price %

99.0%

97.9%

1.1%

Average Price per SQFT

$760

$707

7.6%

Quarter-end inventory

76

90

-15.6%

Sold at $1,270,000

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 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.

2017 Q2 Luxury Market Trends

Bainbridg e I sl a nd

Sold at $1,799,000

Q2 2017

Q2 2016

% Change

Number of Sales

41

31

32.3%

Total Dollar Volume

$63,796,868

$52,507,555

21.5%

Average Sales Price

$1,556,021

$1,693,792

-8.1%

Median Sales Price

$1,305,000

$1,295,000

0.8%

Average Days on Market

49

80

-38.8%

Sold / List Price %

98.3%

97.3%

1.0%

Average Price per SQFT

$400

$430

-7.1%

Quarter-end inventory

34

55

-38.2%

Offered at $1,950,000 | johnlscott.com/58808

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.

2017 Q2 Luxury Market Trends

K itsa p Co unt y

Offered at $999,999 | johnlscott.com/46307

Q2 2017

Q2 2016

% Change

Number of Sales

99

70

41.4%

Total Dollar Volume

$116,211,664

$87,626,655

32.6%

Average Sales Price

$1,173,855

$1,251,809

-6.2%

Median Sales Price

$962,551

$999,000

-3.6%

Average Days on Market

56

71

-21.1%

Sold / List Price %

101.1%

98.2%

3.0%

Average Price per SQFT

$351

$354

-0.9%

Quarter-end inventory

136

132

3.0%

Offered at $1,399,999 | johnlscott.com/49339

This 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 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.

2017 Q2 Luxury Market Trends

Pier ce Co un t y

Pending at $1,600,000 | johnlscott.com/81816

Q2 2017

Q2 2016

% Change

Number of Sales

101

71

42.3%

Total Dollar Volume

$106,242,394

$69,375,459

53.1%

Average Sales Price

$1,051,905

$977,119

7.7%

Median Sales Price

$939,900

$876,423

7.2%

Average Days on Market

84

92

-8.7%

Sold / List Price %

96.2%

96.5%

-0.2%

Average Price per SQFT

$255

$217

17.5%

Quarter-end inventory

286

253

13.0%

Offered at $1,495,000 | johnlscott.com/48131

This 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.

2017 Q2 Luxury Market Trends

South King Co un t y

Offered at $1,325,000 | johnlscott.com/30570

Q2 2017

Q2 2016

% Change

Number of Sales

77

44

75.0%

Total Dollar Volume

$76,044,892

$42,177,630

80.3%

Average Sales Price

$987,596

$958,583

3.0%

Median Sales Price

$885,000

$880,000

0.6%

Average Days on Market

76

60

26.7%

Sold / List Price %

98.3%

97.9%

0.4%

Average Price per SQFT

$255

$230

11.0%

Quarter-end inventory

144

180

-20.0%

Offered at $1,080,000 | johnlscott.com/84123

This data is for single family residences over $750K in MLS Areas 100, 110, 120, 130, 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 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.

WAT ER FR ONT Lake Washington

Q2 2017

Q2 2016

% Change

Number of Sales

19

24

-20.8%

Total Dollar Volume

$70,215,900

$82,775,950

-15.2%

Average Sales Price

$3,695,574

$3,448,998

7.1%

Median Sales Price

$3,050,000

$2,922,000

4.4%

Average Days on Market

60

61

-1.6%

Sold / List Price %

98.5%

96.7%

1.8%

Average Price per SQFT

$931

$842

10.6%

Quarter-end inventory

56

68

-17.6%

Sold at $2,336,800

Offered at $3,995,000 | johnlscott.com/29510

Sold on Lake W

Washington

2017 Q2 Luxury Market Trends

Lake Sammamish

Sold at $1,970,000

Q2 2016

% Change

Number of Sales

14

6

133.3%

Total Dollar Volume

$31,491,800

$12,702,722

147.9%

Average Sales Price

$2,249,414

$2,117,120

6.2%

Median Sales Price

$2,169,000

$1,890,000

14.8%

Average Days on Market

29

49

-40.8%

Sold / List Price %

99.7%

98.1%

1.7%

Average Price per SQFT

$555

$485

14.4%

Quarter-end inventory

17

19

-10.5%

King County

Offered at $3,950,000 | johnlscott.com/27580

Q2 2017

Q2 2017

Q2 2016

% Change

Number of Sales

73

57

28.1%

Total Dollar Volume

$193,013,300

$152,090,746

26.9%

Average Sales Price

$2,644,018

$2,668,259

-0.9%

Median Sales Price

$2,336,800

$2,000,000

16.8%

Average Days on Market

66

44

50.0%

Sold / List Price %

97.4%

97.3%

0.1%

Average Price per SQFT

$678

$667

1.7%

Quarter-end inventory

160

183

-12.6%

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.

2017 Q2 Luxury Market Trends

Snohom ish Count y

Sold at $1,225,000

Q2 2017

Q2 2016

% Change

Number of Sales

235

143

64.3%

Total Dollar Volume

$223,876,489

$150,461,467

48.8%

Average Sales Price

$952,666

$1,052,178

-9.5%

Median Sales Price

$880,500

$850,000

3.6%

Average Days on Market

38

56

-32.1%

Sold / List Price %

100.4%

98.0%

2.5%

Average Price per SQFT

$275

$275

0.0%

Quarter-end inventory

242

218

11.0%

Offered at $900,000 | johnlscott.com/94241

This 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 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.

2017 Q2 Luxury Market Trends

Spoka ne Co unt y

Offered at $1,299,000 | johnlscott.com/39657

Q2 2017

Q2 2016

% Change

Number of Sales

20

17

17.6%

Total Dollar Volume

$17,690,000

$15,455,444

14.5%

Average Sales Price

$884,500

$909,144

-2.7%

Median Sales Price

$827,500

$860,000

-3.8%

Average Days on Market

77

108

-28.7%

Sold / List Price %

94.6%

93.0%

1.7%

Average Price per SQFT

$174

$178

-2.1%

Quarter-end inventory

99

94

5.3%

Offered at $1,399,000 | johnlscott.com/28506

This 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 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.

2017 Q2 Luxury Market Trends

K ootenai Co unt y

Offered at $1,600,000 | johnlscott.com/78243

Q2 2017

Q2 2016

% Change

Number of Sales

36

16

125.0%

Total Dollar Volume

$39,918,719

$17,715,500

125.3%

Average Sales Price

$1,108,853

$1,107,219

0.1%

Median Sales Price

$884,500

$925,000

-4.4%

Average Days on Market

97

122

-20.5%

Sold / List Price %

94.4%

92.5%

2.0%

Average Price per SQFT

$276

$266

3.8%

Quarter-end inventory

321

257

+25.0%

Offered at $1,295,000 | johnlscott.com/62930

This 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 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.

2017 Q2 Luxury Market Trends

Cl a r k Co unt y

Offered at $23,500,000 | johnlscott.com/40402

Q2 2017

Q2 2016

% Change

Number of Sales

37

40

-7.5%

Total Dollar Volume

$37,839,842

$37,231,805

1.6%

Average Sales Price

$1,022,698

$930,795

9.9%

Median Sales Price

$895,000

$829,500

7.9%

Average Days on Market

112

101

10.9%

Sold / List Price %

97.5%

96.1%

1.50%

Average Price per SQFT

$226

$193

17.1%

Quarter-end inventory

180

173

4.0%

Offered at $925,000 | johnlscott.com/93508

This 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.

2017 Q2 Luxury Market Trends

Ea s t Portl a nd

Sold at $2,225,000

Q2 2017

Q2 2016

% Change

Number of Sales

175

185

-5.4%

Total Dollar Volume

$253,199,647

$268,754,361

-5.8%

Average Sales Price

$1,446,855

$1,452,726

-0.4%

Median Sales Price

$1,250,000

$1,250,000

0.0%

Average Days on Market

74

63

17.5%

Sold / List Price %

98.6%

97.1%

1.5%

Average Price per SQFT

$336

$330

2.0%

Quarter-end inventory

402

366

9.8%

Sold at $2,225,000

This data is for single family residences over $1M in Clackamas and Multnomah 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 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.

2017 Q2 Luxury Market Trends

W est Portl a nd

Offered at $1,579,000 | johnlscott.com/79389

Q2 2017

Q2 2016

% Change

Number of Sales

17

26

-34.6%

Total Dollar Volume

$24,838,000

$33,031,500

-24.8%

Average Sales Price

$1,461,059

$1,270,442

15.0%

Median Sales Price

$1,179,000

$1,145,000

3.0%

Average Days on Market

89

112

-20.5%

Sold / List Price %

93.6%

92.0%

1.8%

Average Price per SQFT

$301

$260

15.6%

Quarter-end inventory

86

61

41.0%

Pending at $1,085,000 | johnlscott.com/71139

This data is for single family residences over $1M in Columbia and Washington 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 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.

2017 Q2 Luxury Market Trends

Be nd

Offered at $1,079,000 | johnlscott.com/39503

Q2 2017

Q2 2016

% Change

Number of Sales

46

43

7.0%

Total Dollar Volume

$60,155,660

$50,637,366

18.8%

Average Sales Price

$1,307,732

$1,177,613

11.0%

Median Sales Price

$1,182,500

$1,105,000

7.0%

Average Days on Market

129

112

15.2%

Sold / List Price %

96.7%

95.5%

1.3%

Average Price per SQFT

$330

$319

3.3%

Quarter-end inventory

143

22

550.0%

Offered at $1,290,000 | johnlscott.com/72204

This data is for single family residences over $900K 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 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.

2017 Q2 Luxury Market Trends

Ja ck son Co unt y

Offered at $2,395,000 | johnlscott.com/79587

Q2 2017

Q2 2016

% Change

Number of Sales

13

17

-23.5%

Total Dollar Volume

$17,922,540

$20,230,210

-11.4%

Average Sales Price

$1,378,657

$1,190,012

15.9%

Median Sales Price

$1,350,000

$1,100,000

22.7%

Average Days on Market

136

102

33.3%

Sold / List Price %

94.6%

95.4%

-0.8%

Average Price per SQFT

$345

$286

21.0 %

Quarter-end inventory

98

12

716.7%

Offered at $1,450,000 | johnlscott.com/68144

This 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 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.

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