Page 1

LUXURY MARKET TRENDS


A FRESH START! While no one foresaw the changes we saw in 2020, we’re entering the year 2021 walking in the opportunities a fresh start brings. Buyer activity in the luxury housing market was robust in 2020, with many homeowners taking advantage of historically low interest rates when deciding to move or purchase a second home. Even this winter, the luxury market was more intense than usual due to strong buyer demand. Up next will be the prime luxury market season beginning at the tail end of Q1 in March, running through September. The two fringe months of February and October also are active in the luxury market. We hope you’ll find the market information and luxury insights in this report helpful as you look to buy or sell your next home!

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

EXCEPTIONAL HOMES BY JOHN L. SCOT T Exceptional Homes is John L. Scott’s luxury real estate brand. Together with our luxury broker associates, our global partners at Luxury Portfolio International, and our support staff, we strive to provide concierge-level service by putting clients first. We can ensure you that we are here for you and your family. The real estate market is fast-paced and ever changing, but what hasn’t changed, is our commitment to exceed your expectations when you are ready to buy or sell your home.

ON THE COVER: OFFERED AT $1,750,000 | JOHNLSCOTT.COM/55624 ON THE RIGHT: OFFERED AT $1,950,000 | JOHNLSCOTT.COM/51249


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.

JANA WILKINS Bainbridge Island, WA Bainbridge Island experienced a very fast paced luxury market in Q4 2020 with buyer demand far outpacing available inventory. This created an especially competitive atmosphere with cash buyers winning multiple offer scenarios with an average sales price 3% over list price. The work from home trend has driven buyers to Bainbridge Island for an idyllic lifestyle that feels rural with all of the culture of the world class city of Seattle just a 30-minute ferry ride away. If you can work from anywhere, why not live in Paradise?

M A C K E N Z I E A N D L E S LY E S T E WA R T Gig Harbor, WA Gig Harbor is a charming community in a geographic area that boasts a significant amount of lineal waterfront feet, continuing to make this market a desirable destination for buyers who seek the amenities of the city (one hour by car) with properties that offer impressive outdoor spaces, natural & secluded settings, as well as access to waterfront and incredible views of the Puget Sound. A large majority of Exceptional Homes listings are continuing to go pending in less than 30 days, whereas historically we experienced 3-6 months of inventory. The homes that are Buyer-Ready Day One, with sellers who have made necessary updates, are even more sought-after than those properties which need significant updates. We continue to see multiple offers at list price, or higher, as many city buyers desire to move out of the urban areas for more space, property, and privacy.

LY N D A O ’ N E I L L Lake Oswego, OR I have seen a continued demand for open spaces and home offices, most buyers need at least one area of the house where you can close the door to work. There’s also been an increase in demand for multi-generational homes where families are looking for something that will accommodate their parents and their children all together. And of course, private and fully fenced outdoor space for family activities and a newly adopted dog.

N A R VA WA LTO N , G R A C E H U DT LO F F, A N D I G O R M AY S T E R University Place, WA According to Tacoma University Place office leader Narva Walton lack of inventory in the higher priced market is being felt by her brokers selling in the higher end. “The limited inventory means there’s not as much to select from. So, even in homes priced over $1M, the homes are often moving in 1-2 weeks and many buyers are being outbid. I have more buyers than there are listings for the upper end market of houses a million plus”, said Luxury Broker Grace Hudtloff. Igor Mayster, also of John L. Scott Tacoma-University Place added: “Buyers from King County are buying in Pierce because our luxury price tag is lower, and they get more for their money. It helps now that they can work from home and don’t have to commute. Many of my buyers are employees of Amazon and tech companies and working from home has been great for them.”


2020 Q4 LU X U R Y M A R K E T T R E N D S

DANIELLE SNOW Bend, OR Our market exploded in September with the influx of buyers from outside the state descending on Central Oregon. Since then, there is very little inventory but, in the wings many anxious, willing and able buyers causing the prices to rise. I see this trend to continue in 2021. Personally, I’m calling this market “The Covid Effect”. Many people can work remotely, causing people to reconsider their current environment and seek out a lifestyle filled with outdoor activities. These activities and more are some of the many perks that residents here enjoy. You name it, we’ve got it, all within 30 minutes from home base.

MARTIN WEISS Issaquah, WA The Q4 luxury market remained extremely strong on the Eastside with virtually sold-out conditions in the entry level luxury segment and low inventory conditions up to $5M. The Uber Lux market has more inventory but is still seeing strong sales activity. We continue to see multiple offers in the entry level luxury market on homes prepared and presented exceptionally for the market. The big trend in 2020 for luxury was higher demand for space in suburbs and vacation boom towns. I do see this trend continuing as people try to balance lifestyle and work moving into the future. The virtual work scene has lasted long enough where buyers preferences are changing. I have had a few clients shift from looking in Seattle neighborhoods to the Eastside and further out.

C I N DY V E R S C H U E R E N Mercer Island, WA With low inventory across the board, new on market luxury homes got their price and sold quickly! Luxury trends I’ve seen are wonderful outdoor living areas with a fireplace and small kitchen and private comfortable high- tech home offices.

T I M CO N WAY Mercer Island, WA The Luxury Market consolidated in the 4th Quarter with most existing inventory being absorbed and few new listings. New listings sold quickly and at premium prices as buyers took advantage of low interest rates, record stock prices, expanding tech businesses and favorable tax laws, with many people leaving markets like California and New York.

SANDRA LEVIN Mercer Island, WA In Q4 on Mercer Island we saw continued record low inventory and high demand. We had multiple offers with strong terms and some going 20-30% over asking. Being ready as a buyer and having the house market ready as a seller was still crucial. Our clients are spending more time fixing and remodeling their homes. Buyers are thinking more about the need for offices and space for kids to do school, and others to work. Indoor-outdoor spaces (a trend that was starting pre-pandemic) is becoming more and more important. Home gym areas, office spaces and outdoor areas are three big demands we are seeing.


PUGET SOUND


2020 Q4 LU X U R Y M A R K E T T R E N D S

FOURTH QUARTER

HIGHLIGHTS

O F F E R E D AT $1,899,900 | J O H N L S C OT T. C O M /16571

The fourth quarter in 2020 set the record as the best fourth quarter for luxury sales activity in Seattle! The luxury market is very active in Seattle, with surge sales activity intensity in the $1 million to $2 million range, then strong activity above $2 million. A few sellers took their home off the market to reposition, which put Seattle luxury inventory in Seattle up compared to the fourth quarter in 2019.

S E AT T L E Q4 2020

Q4 2019

% Change

Number of Sales

762

483

57.7%

Total Dollar Volume

$1,228,663,950

$747,595,189

64.3%

Average Sales Price

$1,612,420

$1,547,816

4.2%

Median Sales Price

$1,310,000

$1,300,000

0.8%

Average Days on Market

57

66

-13.6%

Sold / List Price %

99.80%

97.90%

2.0%

Average Price per SQFT

$547

$498

9.9%

Quarter-end inventory

190

184

3.3%

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 $3,500,000 | J O H N L S C OT T. C O M /36549

WEST BELLEVUE Q4 2020

Q4 2019

% Change

Number of Sales

124

102

21.5%

Total Dollar Volume

$496,873,904

$285,721,355

73.9%

Average Sales Price

$4,007,048

$2,801,190

43.0%

Median Sales Price

$2,775,000

$2,465,000

12.5%

Average Days on Market

67

89

-24.7%

Sold / List Price %

98.00%

96.60%

1.5%

Average Price per SQFT

$1,003

$728

37.7%

Quarter-end inventory

25

53

-52.8%

The West Bellevue luxury market is strong, with unsold inventory at a severe shortage from $1 to $3 million. Inventory is low for homes priced above $3 million in West Bellevue. In the fourth quarter of 2020, we saw a mini clean-up in the luxury market, as individuals chose to take their homes off the market to reposition in spring.

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 Q4 LU X U R Y M A R K E T T R E N D S

S O L D | J O H N L S C OT T. C O M /51470

MERCER ISLAND Q4 2020

Q4 2019

% Change

Number of Sales

87

58

50.0%

Total Dollar Volume

$206,356,250

$113,152,215

82.3%

Average Sales Price

$2,371,911

$1,950,900

21.5%

Median Sales Price

$1,860,000

$1,615,000

15.1%

Average Days on Market

64

73

-12.3%

Sold / List Price %

100.80%

97.90%

2.9%

Average Price per SQFT

$688

$561

22.7%

Quarter-end inventory

11

39

-71.8%

On Mercer Island, competition for luxury homes is fierce, as robust winter sales led to nearly every price category being virtually sold out this winter. A larger number of homes came on the market in the fourth quarter of 2020 compared to 2019, but the intense buyer demand picked up any new listings that entered the market. Looking forward, we should see an improvement in new listings in February or March.

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.


P E N D I N G | J O H N L S C OT T. C O M / 4 6 6 7 7

EASTSIDE % Change

Number of Sales

1,296

739

75.3%

Total Dollar Volume

$2,378,916,310

$1,253,272,894

89.8%

Average Sales Price

$1,835,584

$1,695,904

8.2%

Median Sales Price

$1,423,750

$1,380,000

3.2%

Average Days on Market

79

90

-12.2%

Sold / List Price %

101.00%

97.70%

3.3%

Average Price per SQFT

$533

$465

14.7%

Quarter-end inventory

158

349

-54.7%

DAYS ON MARKE T

12.2%

NUMBER OF SALES

†

Q4 2019

†

Q4 2020

75.3%

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 Q4 LU X U R Y M A R K E T T R E N D S

O F F E R E D AT $1,899,000 | J O H N L S C OT T. C O M /3 1161

KING COUNTY CONDO % Change

Number of Sales

217

85

155.2%

Total Dollar Volume

$384,542,245

$130,840,186

193.9%

Average Sales Price

$1,772,084

$1,539,296

15.1%

Median Sales Price

$1,532,594

$1,300,000

17.9%

Average Days on Market

60

84

-28.5%

Sold / List Price %

100.50%

96.80%

3.9%

Average Price per SQFT

$972

$786

23.7%

Quarter-end inventory

152

78

94.9%

DAYS ON MARKE T

PRICE PER SQUARE FOOT

†

Q4 2019

†

Q4 2020

28.5%

23.7%

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 $2,550,000 | J O H N L S C OT T. C O M / 42724

S O U T H K I N G CO U N T Y Q4 2020

Q4 2019

% Change

Number of Sales

278

130

113.8%

Total Dollar Volume

$264,010,555

$124,432,150

112.2%

Average Sales Price

$949,678

$957,170

-0.8%

Median Sales Price

$850,000

$864,481

-1.7%

Average Days on Market

40

63

-36.5%

Sold / List Price %

99.80%

97.30%

2.5%

Average Price per SQFT

$287

$260

10.5%

Quarter-end inventory

66

127

-48.0%

IN Q4 WE SAW A 113.8% INCREASE 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 Q4 LU X U R Y M A R K E T T R E N D S

O F F E R E D AT $899,950 | J O H N L S C OT T. C O M /40753

PIERCE COUNTY Q4 2020

Q4 2019

% Change

Number of Sales

354

164

115.9%

Total Dollar Volume

$359,186,356

$166,087,881

116.3%

Average Sales Price

$1,014,651

$1,012,731

0.2%

Median Sales Price

$875,000

$852,500

2.6%

Average Days on Market

48

83

-42.2%

Sold / List Price %

99.50%

97.50%

2.1%

Average Price per SQFT

$288

$268

7.7%

Quarter-end inventory

122

172

-29.1%

THE AVERAGE DAYS ON MARKET DECREASED BY 42.2% IN Q4 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.


A C T I V E | J O H N L S C OT T. C O M / 1 3 7 1 6

KITSAP COUNTY Q4 2020

Q4 2019

% Change

Number of Sales

193

97

99.0%

Total Dollar Volume

$248,936,364

$123,552,847

101.5%

Average Sales Price

$1,289,826

$1,273,741

1.3%

Median Sales Price

$1,045,000

$1,097,166

-4.8%

Average Days on Market

33

74

-55.4%

Sold / List Price %

100.90%

97.10%

4.0%

Average Price per SQFT

$422

$356

18.6%

Quarter-end inventory

46

59

-22.0%

OVERALL, THE AVERAGE PRICE PER SQUARE FOOT INCREASED 18.6% 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 Q4 LU X U R Y M A R K E T T R E N D S

S O L D | J O H N L S C OT T. C O M / 42539

BAINBRIDGE ISLAND Q4 2020

Q4 2019

% Change

Number of Sales

78

44

77.2%

Total Dollar Volume

$136,166,112

$71,974,025

89.2%

Average Sales Price

$1,745,719

$1,635,773

6.7%

Median Sales Price

$1,502,500

$1,365,650

10.0%

Average Days on Market

60

108

-44.4%

Sold / List Price %

101.30%

96.50%

5.0%

Average Price per SQFT

$532

$428

24.2%

Quarter-end inventory

13

25

-48.0%

The luxury lifestyle on Bainbridge Island drew in buyers this winter, as sales activity intensity was truly “off the charts� over the last three months. In December and January, we see the lowest available inventory for the year, and we were virtually sold out on Bainbridge Island where most luxury sales activity took place. Looking forward, we anticipate more new listings hitting the luxury Bainbridge Island market in February or March.

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.


S O L D | J O H N L S C OT T. C O M / 92 4 7 2

SNOHOMISH COUNTY Q4 2020

Q4 2019

% Change

Number of Sales

801

357

124.4%

Total Dollar Volume

$776,325,634

$350,234,275

121.7%

Average Sales Price

$969,196

$981,048

-1.2%

Median Sales Price

$877,565

$860,000

2.0%

Average Days on Market

27

57

-52.6%

Sold / List Price %

101.30%

97.90%

3.5%

Average Price per SQFT

$315

$293

7.2%

Quarter-end inventory

113

198

-42.9%

Q4 SAW A 52.6% 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 Q4 LU X U R Y M A R K E T T R E N D S

S O L D | J O H N L S C OT T. C O M / 46013

ISLAND COUNTY Q4 2020

Q4 2019

% Change

Number of Sales

82

35

134.3%

Total Dollar Volume

$97,720,277

$35,498,583

175.3%

Average Sales Price

$1,191,711

$1,014,245

17.5%

Median Sales Price

$1,003,510

$890,000

12.8%

Average Days on Market

59

94

-37.2%

Sold / List Price %

99.30%

94.60%

5.0%

Average Price per SQFT

$388

$323

19.9%

Quarter-end inventory

29

57

-49.1%

OVERALL, THE NUMBER OF SALES INCREASED BY 134.3% 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 Q4 2020

Q4 2019

% Change

Number of Sales

75

46

63.0%

Total Dollar Volume

$355,073,049

$142,253,055

149.6%

Average Sales Price

$4,734,307

$3,092,458

53.1%

Median Sales Price

$2,582,299

$2,257,500

14.4%

Average Days on Market

39

50

-22.0%

Sold / List Price %

97.50%

96.30%

1.3%

Average Price per SQFT

$1,228

$855

43.6%

Quarter-end inventory

22

44

-50.0%

Q4 2020

Q4 2019

% Change

Number of Sales

36

20

80.0%

Total Dollar Volume

$76,886,637

$52,347,595

46.9%

Average Sales Price

$2,135,740

$2,617,380

-18.4%

Median Sales Price

$1,550,000

$1,950,000

-20.5%

Average Days on Market

76

69

10.1%

Sold / List Price %

98.60%

96.20%

2.5%

Average Price per SQFT

$609

$642

-5.1%

Quarter-end inventory

13

14

-7.1%

LAKE SAMMAMISH

KING COUNTY Q4 2020

Q4 2019

% Change

Number of Sales

198

123

61.0%

Total Dollar Volume

$603,898,824

$296,285,050

103.8%

Average Sales Price

$3,049,994

$2,408,822

26.6%

Median Sales Price

$1,815,000

$1,800,000

0.8%

Average Days on Market

45

57

-21.1%

Sold / List Price %

97.80%

96.10%

1.8%

Average Price per SQFT

$840

$636

32.1%

Quarter-end inventory

68

116

-41.4%

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 Q4 LU X U R Y M A R K E T T R E N D S

P E N D I N G | J O H N L S C OT T. C O M /54687


FEATURED LUXURY LISTINGS

KIRKLAND, WA | PENDING 9116 NE 117TH PLACE KIRKLAND, WA 98034 Contemporary custom home located in the desirable Goat Hill neighborhood is magnificent in every way. Watch the sunset over Lake Washington every evening on one of three balconies. This home is luxury designed with high-end finishes and appliances. The chef’s kitchen includes a Wolf six-burner gas range and custom cabinets. The lower MIL unit includes its own address and entrance for endless opportunities. The fabulous rooftop deck is set up with a gas fireplace, gas line for BBQ, and spectacular views of the lake, perfect for entertaining!

JANIE LEE 206-478-8188 Janiel@johnlscott.com


2020 Q4 LU X U R Y M A R K E T T R E N D S

MERCER ISLAND, WA | $2,195,000 8541 SE 80TH ST MERCER ISLAND, WA 98040 Stunning level entry in sought after Island Point delights and surprises from the moment you enter. This four bedroom, 3-1/2 bath home has been totally reimagined with a studs out remodel, resulting in a floor plan that puts a premium on livability. The central entry opens to a conversation living room, adjoining study, and a gracious dining room - open yet intimately separate. The main floor features a master suite with a walk-in closet and 5-piece bath, and opposite, the hub of the home is where it all happens! The Chef’s kitchen includes a sub-zero refrigerator/freezer, six burner gas cooktop, wall oven and wall microwave, generous ‘gather round the table’ eating space, and a walk-in-pantry. Integral to daily connections is the inviting family room with built-in bookcases and a corner fireplace. A wide staircase leads to the daylight lower level that is fully finished with 3 bedrooms, two full baths, rec room, laundry center, finished storage, separate wine storage area, and a shop befitting any seasoned or aspiring artisan. Outdoors, you’ll find a fully fenced professionally landscaped yard with sprinkler system, irrigation, low voltage lighting, extensive use of bluestone, custom raised planters, a pond, and a hot tub for a little relaxation!

JOANNA DOOLEY 206-618-2205 JoannaDooley@johnlscott.com


EASTERN WA S H I N G TO N & IDAHO


2020 Q4 LU X U R Y M A R K E T T R E N D S


O F F E R E D AT $750,000 | J O H N L S C OT T. C O M / 52432

KOOTENAI COUNTY Q4 2020

Q4 2019

% Change

Number of Sales

179

67

167.2%

Total Dollar Volume

$261,259,944

$96,046,800

172.0%

Average Sales Price

$1,459,553

$1,433,534

1.8%

Median Sales Price

$1,030,000

$1,025,000

0.5%

Average Days on Market

62

133

-53.4%

Sold / List Price %

97.40%

91.30%

6.7%

Average Price per SQFT

$394

$347

13.5%

Quarter-end inventory

76

118

-35.6%

THE AVERAGE PRICE PER SQUARE FOOT INCREASED 13.5% IN Q4 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 Q4 LU X U R Y M A R K E T T R E N D S

O F F E R E D AT $1,747,000 | J O H N L S C OT T. C O M /46324

SPOKANE COUNTY Q4 2020

Q4 2019

% Change

Number of Sales

92

40

130.0%

Total Dollar Volume

$88,291,045

$37,110,641

137.9%

Average Sales Price

$959,685

$927,766

3.4%

Median Sales Price

$829,500

$831,500

-0.2%

Average Days on Market

42

68

-38.2%

Sold / List Price %

98.30%

94.20%

4.4%

Average Price per SQFT

$211

$181

16.5%

Quarter-end inventory

52

71

-26.8%

THE NUMBER OF SALES IN SPOKANE COUNT Y INCREASED 130.0%

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 Q4 LU X U R Y M A R K E T T R E N D S

FOURTH QUARTER

HIGHLIGHTS

OFFERED AT $2,850,000 | JOHNLSCOTT.COM/54215

The Portland Metro market boasts the best opportunities in the luxury space on the West Coast. Portland has a healthy supply of unsold inventory priced above $1 million, and a lack of extreme price pressure, which translates to great opportunities for luxury buyers.

PORTLAND METRO Q4 2020

Q4 2019

% Change

Number of Sales

130

65

100.0%

Total Dollar Volume

$208,386,247

$91,277,986

128.3%

Average Sales Price

$1,602,971

$1,404,277

14.1%

Median Sales Price

$1,232,500

$1,242,000

-0.8%

Average Days on Market

87

96

-9.3%

Sold / List Price %

98.50%

95.30%

3.4%

Average Price per SQFT

$372

$317

17.3%

Quarter-end inventory

103

130

-23.6%

SOLD | JOHNLSCOTT.COM/12899

Unsold luxury inventory is down substantially in Lake Oswego and West Linn, while the sales activity intensity of the luxury market is up substantially! Luxury homes priced up to $3 million are seeing great sales activity, with selective buyer activity above $3 million.

LAKE OSWEGO Q4 2020

Q4 2019

% Change

Number of Sales

106

63

68.2%

Total Dollar Volume

$167,164,358

$104,472,398

60.0%

Average Sales Price

$1,577,022

$1,658,292

-4.9%

Median Sales Price

$1,431,500

$1,350,000

6.0%

Average Days on Market

109

119

-8.4%

Sold / List Price %

96.80%

95.90%

0.9%

Average Price per SQFT

$375

$400

-6.0%

Quarter-end inventory

60

92

-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 Q4 2020

Q4 2019

% Change

Number of Sales

288

118

144.1%

Total Dollar Volume

$357,955,724

$123,611,800

189.6%

Average Sales Price

$1,238,601

$1,047,558

18.2%

Median Sales Price

$975,000

$898,500

8.5%

Average Days on Market

53

119

-55.5%

Sold / List Price %

98.30%

93.60%

5.0%

Average Price per SQFT

$395

$327

20.8%

Quarter-end inventory

95

89

6.7%

IN Q4, THE NUMBER OF SALES INCREASED BY 144.1% IN BEND

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 Q4 LU X U R Y M A R K E T T R E N D S P E N D I N G | J O H N L S C OT T. C O M / 3 2 0 4 6

Sales activity intensity in Bend’s luxury market was truly “off the charts� the past three months. For homes priced $900,000 and up, the sales activity more than doubled in the fourth quarter of 2020, compared to the same time period in 2019. The $900,000 to $1.5 million range is particularly hot, with frenzy-level sales activity intensity. Destination areas like Bend will continue to hold strong in the luxury market, as high-net-worth individuals may choose to relocate, retire or purchase a second home in these areas with an appealing lifestyle / destination draw.


O F F E R E D AT $1,300,000 | J O H N L S C OT T. C O M /17605

JACKSON COUNTY Q4 2020

Q4 2019

% Change

Number of Sales

71

39

82.1%

Total Dollar Volume

$79,374,388

$38,418,263

106.6%

Average Sales Price

$1,117,949

$985,084

13.5%

Median Sales Price

$909,000

$860,000

5.7%

Average Days on Market

112

163

-31.3%

Sold / List Price %

96.90%

95.40%

1.6%

Average Price per SQFT

$288

$272

5.6%

Quarter-end inventory

85

27

214.8%

THE AVERAGE DAYS ON MARKET DECREASED BY 31.3% IN Q4 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 Q4 LU X U R Y M A R K E T T R E N D S

O F F E R E D AT $750,000 | J O H N L S C OT T. C O M /79913

C L A R K CO U N T Y Q4 2020

Q4 2019

% Change

Number of Sales

199

90

121.1%

Total Dollar Volume

$202,527,883

$85,662,843

136.4%

Average Sales Price

$1,012,639

$951,809

6.4%

Median Sales Price

$886,889

$825,000

7.5%

Average Days on Market

59

108

-45.4%

Sold / List Price %

98.00%

96.50%

1.5%

Average Price per SQFT

$249

$230

8.1%

Quarter-end inventory

110

186

-40.9%

IN Q4 SALES INCREASED 121.1% 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.


2021 LUXURY INTERIOR DESIGN TRENDS Interior design trends for luxury homes continue to evolve as the needs of homeowners change. Throughout 2020, people spent more time at home. This year luxury homeowners tried new recipes, spent time with family, worked from a home office, and found time to unwind. With lifestyle changes in 2020, we expect there to be a shift in design trends for 2021. Here are the interior design trends expected for 2021:

G O U R M E T K I TC H E N S A gourmet kitchen is a space we’ve seen for several years now and one we expect to grow and evolve as new technology is introduced. Gourmet kitchens not only look beautiful but also offer high-functionality to the homeowner. In a luxury gourmet kitchen, expect to see high-end gas ranges, warming drawers, hidden pantries, and a wet bar (or two). As far as defining features, gourmet kitchens offer homeowners gorgeous granite or quartz countertops, waterfall islands, unique pendant lights, high-end cabinets and hardware, and large under-mount sinks with showstopping faucets.

O U T D O O R S PA C E S F O R E N T E R TA I N I N G Luxury homes often have stunning outdoor spaces. In 2021, we envision a greater desire to create entertaining outdoor spaces for gathering with family and friends. Homeowners can create an outdoor space for entertaining with lounge-worthy patio furniture, an outdoor kitchen/bar, a fire pit, a pool and hot tub, and plenty of string lights.


2020 Q4 LU X U R Y M A R K E T T R E N D S

HOME OFFICES In 2020, we saw a huge shift toward employees working remotely. Home offices became more than a spare room as a majority of the workday is now spent in them. Luxury home offices typically feature built-in bookshelves, a large desk, a lounge area, and the latest smart home technology. We predict a greater emphasis on home offices for luxury real estate in 2021.

B AT H R O O M S D E S I G N E D L I K E S PA S This is a design trend that we expect to see year after year. A luxury bathroom should always feel like a spa, which can include a deep soak tub, a large walk-in shower, heated floors, a double vanity, and his and her walk-in closets. There is more prominence and focus on self-care now, and a spa-like bathroom can help anyone unwind and relax after a long day.

2021 Luxury Interior Design Trends provided by Virtuance, our John L. Scott photography and marketing partner.


O F F E R E D AT $1,747,000 | JOHNLSCOTT.COM/46324

Connect with us:

@JLSexceptionalhomes

@exceptional_homesjls