Luxury Market Trends Q3 2017 - Exceptional Homes by John L. Scott

LUXURY MARKET T R E N D S

Luxury Lifestyle

MEETS

T

he seasons are changing! With the arrival of fall, we tend to see new listings start to decrease

in many of our luxury markets, but after a competitive summer season, there are still many

motivated buyers which can make this a great time to list your home. 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 of service by putting clients first. Today we’ve grown to over 110 offices and more than 3,200 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.

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 NE T W OR K John L. Scott & Leading RE Sold $62 Billion More Homes I N 2 0 1 6 T H A N O U R C LO S E S T C O M P E T I TO R 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

THIRD QUARTER HIGHLIGHTS

713 Number of Sales Eastside

+110.5% Number of Sales Spokane County

Number of Sales Clark County

+50.0%

On the cover: Pending at $1,850,000 | Lakewood, WA | johnlscott.com/45767

-43.9% Average Days on Market West Portland

Average Days on Market Pierce County

-68.8%

124 304 Number of Sales King County Waterfront

Number of Sales Snohomish County

2017 Q3 Luxury Market Trends

S e at tl e

Offered at $1,295,000 | johnlscott.com/69986

Q3 2017

Q3 2016

% Change

Number of Sales

444

310

43.20%

Total Dollar Volume

$653,070,711

$487,587,841

33.90%

Average Sales Price

$1,470,880

$1,572,864

-6.50%

Median Sales Price

$1,279,500

$1,300,000

-1.60%

Average Days on Market

22

28

-21.40%

Sold / List Price %

102.80%

100.30%

2.40%

Average Price per SQFT

$480

$472

1.70%

Quarter-end inventory

245

186

31.7%

Offered at $1,195,000 | johnlscott.com/50215

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 Q3 Luxury Market Trends

Wes t Bel l e v ue

Sold at $6,300,000

Q3 2017

Q3 2016

% Change

Number of Sales

115

107

7.50%

Total Dollar Volume

$352,691,027

$255,081,376

38.30%

Average Sales Price

$3,066,878

$2,383,938

28.60%

Median Sales Price

$2,499,990

$2,125,000

17.60%

Average Days on Market

47

37

27.00%

Sold / List Price %

95.80%

97.30%

-1.60%

Average Price per SQFT

$776

$601

29.20%

Quarter-end inventory

93

81

14.8%

Pending at $3,250,000 | johnlscott.com/57988

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 Q3 Luxury Market Trends

Mer ce r I sl a nd

Pending at $2,398,000 | johnlscott.com/68790

Q3 2017

Number of Sales 80

Q3 2016

% Change

82

-2.40%

Total Dollar Volume $146,142,150

$150,356,756

-2.80%

Average Sales Price $1,826,777

$1,833,619

-0.40%

Median Sales Price $1,537,500

$1,462,500

5.10%

31

35.50%

97.70%

2.30%

Average Price per SQFT $529

$528

0.20%

Quarter-end inventory 67

73

-8.2%

Average Days on Market 42 Sold / List Price % 100.00%

Offered at $2,800,000 | johnlscott.com/66262

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 Q3 Luxury Market Trends

E a stside

Pending at $2,450,000 | johnlscott.com/36207

Q3 2017

Q3 2016

% Change

Number of Sales

713

442

61.30%

Total Dollar Volume

$990,509,693

$613,537,945

61.40%

Average Sales Price

$1,389,214

$1,388,095

0.10%

Median Sales Price

$1,250,000

$1,230,000

1.60%

Average Days on Market

22

32

-31.30%

Sold / List Price %

101.30%

99.90%

1.40%

Average Price per SQFT

$380

$359

5.70%

Quarter-end inventory

426

523

-18.5%

Offered at $2,095,000 | johnlscott.com/62188

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 Q3 Luxury Market Trends

King Count y Cond o

Sold for $1,257,000

Q3 2017

Q3 2016

% Change

Number of Sales

72

151

-52.30%

Total Dollar Volume

$108,280,755

$224,181,283

-51.70%

Average Sales Price

$1,503,899

$1,484,644

1.30%

Median Sales Price

$1,384,500

$1,297,400

6.70%

Average Days on Market

40

40

0.00%

Sold / List Price %

98.40%

99.20%

-0.80%

Average Price per SQFT

$758

$869

-12.80%

Quarter-end inventory

99

79

25.3%

Pending at $1,600,000 | johnlscott.com/31359

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 Q3 Luxury Market Trends

Bainbridg e I sl a nd

Offered at $1,175,000 | johnlscott.com/76717

Q3 2017

Q3 2016

% Change

Number of Sales

48

30

60.00%

Total Dollar Volume

$76,927,890

$42,310,500

81.80%

Average Sales Price

$1,602,664

$1,410,350

13.60%

Median Sales Price

$1,325,000

$1,232,500

7.50%

Average Days on Market

48

52

-7.70%

Sold / List Price %

98.40%

97.60%

0.80%

Average Price per SQFT

$432

$389

11.00%

Quarter-end inventory

41

40

2.5%

Sold at $1,575,000

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 Q3 Luxury Market Trends

K itsa p Co unt y

Offered at $865,000 | johnlscott.com/65741

Q3 2017

Q3 2016

% Change

Number of Sales

133

76

75.00%

Total Dollar Volume

$155,052,445

$87,688,250

76.80%

Average Sales Price

$1,165,808

$1,153,793

1.00%

Median Sales Price

$975,000

$1,032,500

-5.60%

Average Days on Market

56

48

16.70%

Sold / List Price %

98.70%

97.80%

0.90%

Average Price per SQFT

$351

$327

7.10%

Quarter-end inventory

121

101

19.8%

Offered at $1,598,000 | johnlscott.com/82167

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 Q3 Luxury Market Trends

Pier ce Co un t y

Pending at $1,850,000 | johnlscott.com/45767

Q3 2017

Q3 2016

% Change

Number of Sales

123

78

57.70%

Total Dollar Volume

$129,309,754

$75,634,604

71.00%

Average Sales Price

$1,051,299

$969,674

8.40%

Median Sales Price

$875,000

$880,000

-0.60%

Average Days on Market

55

98

-43.90%

Sold / List Price %

101.30%

95.90%

5.60%

Average Price per SQFT

$249

$222

12.10%

Quarter-end inventory

277

233

18.9%

Offered at $999,950 | johnlscott.com/85073

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 Q3 Luxury Market Trends

South King Co un t y

Offered at $1,450,000 | johnlscott.com/43911

Q3 2017

Q3 2016

% Change

Number of Sales

102

57

78.90%

Total Dollar Volume

$98,766,298

$54,124,552

82.50%

Average Sales Price

$968,297

$949,554

2.00%

Median Sales Price

$876,950

$881,500

-0.50%

Average Days on Market

57

60

-5.00%

Sold / List Price %

97.80%

97.20%

0.60%

Average Price per SQFT

$256

$241

6.30%

Quarter-end inventory

178

171

4.1%

Offered at $1,095,000 | johnlscott.com/41945

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

Q3 2017

Q3 2016

% Change

Number of Sales

40

35

14.30%

Total Dollar Volume

$179,276,100

$138,386,380

29.50%

Average Sales Price

$4,481,903

$3,953,897

13.40%

Median Sales Price

$3,165,000

$3,500,000

-9.60%

Average Days on Market

77

83

-7.20%

Sold / List Price %

92.10%

95.90%

-4.00%

Average Price per SQFT

$968

$934

3.60%

Quarter-end inventory

46

64

-28.1%

Offered at $3,495,000 | johnlscott.com/17187

Offered at $1,445,000 | johnlscott.com/52315

Sold on Lake W

Washington

2017 Q3 Luxury Market Trends

Lake Sammamish

Offered at $2,995,000 | johnlscott.com/73512

Q3 2016

% Change

Number of Sales

22

17

29.40%

Total Dollar Volume

$47,692,708

$39,782,000

19.90%

Average Sales Price

$2,167,850

$2,340,118

-7.40%

Median Sales Price

$2,000,000

$2,200,000

-9.10%

Average Days on Market

37

34

8.80%

Sold / List Price %

99.00%

98.00%

1.00%

Average Price per SQFT

$623

$666

-6.50%

Quarter-end inventory

18

25

-28.0%

King County

Pending at $3,488,000 | johnlscott.com/71293

Q3 2017

Q3 2017

Q3 2016

% Change

Number of Sales

124

87

42.50%

Total Dollar Volume

$328,037,702

$244,707,830

34.10%

Average Sales Price

$2,645,465

$2,812,734

-5.90%

Median Sales Price

$1,800,000

$2,250,000

-20.00%

Average Days on Market

57

62

-8.10%

Sold / List Price %

94.90%

96.60%

-1.70%

Average Price per SQFT

$664

$729

-8.90%

Quarter-end inventory

152

162

-6.2%

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 Q3 Luxury Market Trends

Snohom ish Count y

Pending at $900,000 | johnlscott.com/70038

Q3 2017

Q3 2016

% Change

Number of Sales

304

144

111.10%

Total Dollar Volume

$284,063,197

$141,597,210

100.60%

Average Sales Price

$934,418

$983,314

-5.00%

Median Sales Price

$840,000

$860,124

-2.30%

Average Days on Market

36

47

-23.40%

Sold / List Price %

99.70%

98.20%

1.50%

Average Price per SQFT

$273

$257

6.30%

Quarter-end inventory

327

207

58.0%

Pending at $1,099,950 | johnlscott.com/55914

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 Q3 Luxury Market Trends

Spoka ne Co unt y

Offered at $1,689,000 | johnlscott.com/22316

Q3 2017

Q3 2016

% Change

Number of Sales

24

16

50.00%

Total Dollar Volume

$21,804,478

$15,364,017

41.90%

Average Sales Price

$908,520

$960,251

-5.40%

Median Sales Price

$843,500

$912,500

-7.60%

Average Days on Market

98

124

-21.00%

Sold / List Price %

96.20%

91.70%

4.90%

Average Price per SQFT

$164

$176

-6.70%

Quarter-end inventory

107

85

25.9%

Offered at $1,275,000 | johnlscott.com/99557

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 Q3 Luxury Market Trends

K ootenai Co unt y

Offered at $1,939,000 | johnlscott.com/86971

Q3 2017

Q3 2016

% Change

Number of Sales

40

31

29.00%

Total Dollar Volume

$45,149,350

$38,310,000

17.90%

Average Sales Price

$1,128,734

$1,235,806

-8.70%

Median Sales Price

$857,600

$930,000

-7.80%

Average Days on Market

105

78

34.60%

Sold / List Price %

92.20%

93.60%

-1.50%

Average Price per SQFT

$289

$312

-7.30%

Quarter-end inventory

379

213

77.99%

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 Q3 Luxury Market Trends

Cl a r k Co unt y

Offered at $799,500 | johnlscott.com/71998

Q3 2017

Q3 2016

% Change

Number of Sales

80

38

110.50%

Total Dollar Volume

$80,733,759

$37,596,483

114.70%

Average Sales Price

$1,009,172

$989,381

2.00%

Median Sales Price

$870,000

$845,000

3.00%

Average Days on Market

76

83

-8.40%

Sold / List Price %

97.10%

95.90%

1.20%

Average Price per SQFT

$233

$221

5.40%

Quarter-end inventory

203

166

22.3%

Offered at $849,000 | johnlscott.com/79723

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 Q3 Luxury Market Trends

Ea s t Portl a nd

Offered at $1,049,900 | johnlscott.com/15746

Q3 2017

Q3 2016

% Change

Number of Sales

180

181

-0.60%

Total Dollar Volume

$265,035,944

$257,992,461

2.70%

Average Sales Price

$1,472,422

$1,425,373

3.30%

Median Sales Price

$1,295,000

$1,295,000

0.00%

Average Days on Market

49

36

36.10%

Sold / List Price %

96.70%

99.20%

-2.50%

Average Price per SQFT

$344

$376

-8.60%

Quarter-end inventory

442

349

26.6%

Offered at $1,090,000 | johnlscott.com/54195

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 Q3 Luxury Market Trends

W est Portl a nd

Offered at $1,190,000 | johnlscott.com/32089

Q3 2017

Q3 2016

% Change

Number of Sales

19

18

5.60%

Total Dollar Volume

$23,998,470

$22,120,500

8.50%

Average Sales Price

$1,263,077

$1,228,917

2.80%

Median Sales Price

$1,149,900

$1,155,000

-0.40%

Average Days on Market

29

93

-68.80%

Sold / List Price %

96.10%

95.90%

0.30%

Average Price per SQFT

$268

$272

-1.20%

Quarter-end inventory

79

66

19.7%

Offered at $1,190,000 | johnlscott.com/32089

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 Q3 Luxury Market Trends

Be nd

Offered at $1,200,000 | johnlscott.com/66674

Q3 2017

Q3 2016

% Change

Number of Sales

74

42

76.20%

Total Dollar Volume

$87,083,146

$52,715,130

65.20%

Average Sales Price

$1,176,799

$1,255,122

-6.20%

Median Sales Price

$1,100,000

$1,095,000

0.50%

Average Days on Market

106

139

-23.70%

Sold / List Price %

97.90%

97.20%

0.70%

Average Price per SQFT

$346

$329

5.20%

Quarter-end inventory

311

216

44.0%

Sold at $979,000

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 Q3 Luxury Market Trends

Ja ck son Co unt y

Pending at $1,095,000 | johnlscott.com/11565

Q3 2017

Q3 2016

% Change

Number of Sales

14

20

-30.00%

Total Dollar Volume

$15,424,000

$30,934,425

-50.10%

Average Sales Price

$1,101,714

$1,546,721

-28.80%

Median Sales Price

$1,004,500

$1,125,000

-10.70%

Average Days on Market

113

206

-45.10%

Sold / List Price %

95.90%

88.70%

8.00%

Average Price per SQFT

$292

$417

-30.00%

Quarter-end inventory

188

56

235.7%

Offered at $749,900 | johnlscott.com/51893

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.

Luxury Lifestyle

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