Year over Year Market Performance of Select Cities in King & Snohomish Counties

THE MARKETPLACE

Released Q1 2017 Year over Year Report

MARKET REPORT

Performance of Single Family Homes in Select Cities Across Washington State

THE MARKETPLACE Thank you for taking the time to read our Year-overYear market report produced by Marketplace Sotheby’s International Realty. Inventory was recorded at a record low for most of the year which challenged both brokers and buyers – just one more reason you need a strategic negotiator such as our MSIR brokers on your side. Year-overyear prices for single family homes were 8.7% up on average, rising from $320,000 in 2015 to last year’s median price of $347,950.

Closed sales figures for 2016 point to an over 8.1 percent increase. In the past year, sales of single family homes were up over 18%, valuing over 40 billion. The area-wide median price for last year’s sales of single family homes and condominiums was $337,500, a gain of 8.9 percent from the year-ago figure of $310,000.

There was also dramatic increase in luxury sales in 2016.

According to the Northwest MLS, there were 3,251 reported sales of single family homes priced at $1 million or more.

This is an increase of over 21 percent over the previous year.

The highest-priced single family home that sold during 2016 by a member of Northwest MLS was a property on Mercer Island at over $9.75 million.

Yearly Highlights • About 45 percent of last year’s single family home sales had three bedrooms, while the vast majority of condos (nearly 76 percent) had two bedrooms or fewer.

• The median price for a 3-bedroom home that sold in 2016 was $311,000, about 9.8 percent higher than the previous year’s figure of $283,250. A comparison by county shows the median price for a 3-bedroom home ranges from $120,000 in Ferry County to $485,000 in King County.

• Of the condo sales, about six of every 10 (61.7 percent) were located in King County, primarily in Seattle or on the Eastside. That ratio matched the figure for 2015.

• For the new construction component involving Northwest MLS brokers, newly built condos fetched higher prices than single family homes, just like 2015. Last year’s sales included 9,416 newly built single family homes that sold for a median price of $455,000 (up 11.8 percent from 2015), and 1,375 condos that sold for a median price of $552,900 (up 22.9 percent from 2015).

• A comparison of 2016 and 2015 median prices of single family homes shows all but one county reported yearover-year gains. Going back to 2007, most counties have rebounded.

• Prices vary widely among school districts. Homes that sold last year in 13 districts reported median prices of more than a half-million dollars, topped by Mercer Island at more than $1.3 million (Information courtesy of NWMLS). [ 2]

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CONTENTS

YOY MARKE T REPORT/JAN 2017

4 Woodinville Report 5 Redmond Report 6 Sammamish Report 7 Bellevue Report 8 Bothell Report 9 Kirkland Report 10 Duvall Report 11 Carnation Report 12 Snoqualmie Report 13 North Bend Report 14 Issaquah Report 15 Fall City Report 16 Kenmore Report 17 Lake Forest Park 18 Mercer Island Report 19 Seattle Report 20 Maple Valley Report 21 Kent Report 22 Renton Report 23 Snohomish Report

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[ 3]

SINGLE FAMILY HOMES

LISTING COURTESY OF NWMLS $900,000

2015

2016

Number of Sales

582

585

.50%

Total Dollar Volume (000’s)

$384,122

$445,381

15.90%

Average Sale Price

$660,000

$761,300

15.30%

Average Days on Market

39

28

-28.20%

Sold / List Price %

99.50%

%CHANGE

100.20%

0.70%

Average Price Per Square Foot 240.4

265.8

10.60%

Months of Inventory

1.5

1.4

-6.70%

Current Inventory in Units

48

48

2.10%

MARKETPLACESOTHEBYSREALTY.COM 425.243.9000

[ 4]

LISTING COURTESY OF NWMLS $2,368,000

CHART

10 YEAR PERFORMANCE OF WOODINVILLE HOMES

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Number of Sales

WOODINVILLE

Total Dollar Volume Sold

LISTING COURTESY OF NWMLS $849,000

SINGLE FAMILY HOMES

CHART

LISTING COURTESY OF NWMLS $1,370,000

Number of Sales

Total Dollar Volume Sold

LISTING COURTESY OF NWMLS $5,300,000

LISTING COURTESY OF NWMLS $1,495,000

REDMOND

2015

2016

%CHANGE

Number of Sales

1,183

1,108

6.30%

Total Dollar Volume (000’s)

833,866

$900,808

8.00%

Average Sale Price

$704,900

$813,000

15.30%

Average Days on Market

33

22

-33.30%

Sold / List Price %

100.50%

101.80%

1.30%

Average Price Per Square Foot $272.8

$315.5

15.70%

Months of Inventory

1.3

0.9

-30.80%

Current Inventory in Units

60

38

-36.70%

MARKETPLACESOTHEBYSREALTY.COM 425.243.9000

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[ 5]

SAMMAMISH REPORT SINGLE FAMILY HOMES

LISTING COURTESY OF NWMLS $3,300,000

2015

2016

1,018

1,035

1.70%

Total Dollar Volume (000’s)

$ 823,650

$ 968,648

17.60%

Average Sale Price

$809,100

$935,900

15.70%

Average Days on Market

33

25

-24.20%

Sold / List Price %

99.90%

101.00%

1.10%

Average Price Per Square Foot $264.3

$301.8

14.20%

Months of Inventory

1.3

1.2

-7.70%

Current Inventory in Units

48

65

35.40%

MARKETPLACESOTHEBYSREALTY.COM

%CHANGE

Number of Sales

SAMMAMISH Number of Sales

LISTING COURTESY OF NWMLS $1,448,990

Total Dollar Volume Sold

LISTING COURTESY OF NWMLS $3,475,000

10 YEAR PERFORMANCE OF SAMMAMISH HOMES

425.243.9000

[ 6]

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BELLEVUE REPORT SINGLE FAMILY HOMES

LISTING COURTESY OF NWMLS $2,600,000

Number of Sales

Total Dollar Volume Sold

LISTING COURTESY OF NWMLS $4,988,000

10 YEAR PERFORMANCE OF BELLEVUE HOMES

LISTING COURTESY OF NWMLS $2,688,000

BELLEVUE

2015

2016

%CHANGE

Number of Sales

1,456

1,501

3.10%

Total Dollar Volume (000’s)

$1,443,897

$1,646,710

14%

Average Sale Price

$991,700

1,097,100

10.60%

Average Days on Market

26

21

-19.20%

Sold / List Price %

100.10%

101.70%

1.6%

Average Price Per Square Foot $355.3

$392.6

10.50%

Months of Inventory

1.2

1.1

-8.30%

Current Inventory in Units

93

63

-32.30%

MARKETPLACESOTHEBYSREALTY.COM 425.243.9000

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[ 7]

BOTHELL REPORT SINGLE FAMILY HOMES

LISTING COURTESY OF NWMLS $995,000

2015

2016

1,736

1,870

%CHANGE 7.70%

Total Dollar Volume (000’s)

$845,764

$1,022,931

20.90%

Average Sale Price

$487,200

$547,000

12.30%

Average Days on Market

45

23

-48.90%

Sold / List Price %

100.30%

101.60%

1.30%

Average Price Per Square Foot $208.3

230.9

10.80%

Months of Inventory

1.6.

.9

-43.80%

Current Inventory in Units

137

90

-34.30%

MARKETPLACESOTHEBYSREALTY.COM 425.243.9000

[ 8]

Number of Sales

BOTHELL Number of Sales

LISTING COURTESY OF NWMLS $2,795,000

Total Dollar Volume Sold

LISTING COURTESY OF NWMLS $1,625,000

10 YEAR PERFORMANCE OF BOTHELL HOMES

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KIRKLAND REPORT SINGLE FAMILY HOMES

LISTING COURTESY OF NWMLS $1,750,000

Number of Sales

Total Dollar Volume Sold

LISTING COURTESY OF NWMLS $3,495,000

10 YEAR PERFORMANCE OF KIRKLAND HOMES

LISTING COURTESY OF NWMLS $749,000

KIRKLAND

2015

2016

%CHANGE

Number of Sales

1,176

1,296

10.20%

Total Dollar Volume (000’s)

$888,215

$1,121,945

26.30%

Average Sale Price

$755,300

$865,700

14.60%

Average Days on Market

30

25

-16.70%

Sold / List Price %

99.90%

101.40%

1%

Average Price Per Square Foot 319.3

$352.8

10.50%

Months of Inventory

1.5

1

-33.30%

Current Inventory in Units

87

48

-44.80%

MARKETPLACESOTHEBYSREALTY.COM

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425.243.9000

[ 9]

DUVALL REPORT SINGLE FAMILY HOMES

LISTING COURTESY OF NWMLS $664,950

2015

2016

%CHANGE

238

235

-1.3%

Total Dollar Volume (000’s)

$111,445

$119,783

7.5%

Average Sale Price

$468,300

$509,700

8.8%

Average Days on Market

37

27

-27%

Sold / List Price %

99.50%

100.60%

1.1%

Average Price Per Square Foot $202.9

$225.1

10.9%

Months of Inventory

1.6

1.2

-25.00%

Current Inventory in Units

26

13

-50%

MARKETPLACESOTHEBYSREALTY.COM

Number of Sales

DUVALL Number of Sales

LISTING COURTESY OF NWMLS $460,000

Total Dollar Volume Sold

LISTING COURTESY OF NWMLS $950,000

10 YEAR PERFORMANCE OF DUVALL HOMES

425.243.9000

[ 10 ]

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CARNATION REPORT SINGLE FAMILY HOMES

LISTING COURTESY OF NWMLS $950,000

Number of Sales

Total Dollar Volume Sold

LISTING COURTESY OF NWMLS $1,750,000

10 YEAR PERFORMANCE OF CARNATION HOMES

LISTING COURTESY OF NWMLS $1,095,000

CARNATION

2015

2016

%CHANGE

Number of Sales

121

164

35.5%

Total Dollar Volume (000’s)

$62,870

$93,466

48.7%

Average Sale Price

$519,600

$569,900

9.7%

Average Days on Market

66

43

-34.8%

Sold / List Price %

98.1%

99.7%

1.6%

Average Price Per Square Foot $211.7

$231.8

9.50%

Months of Inventory

2.6

2.2

-15.4%

Current Inventory in Units

22

24

9.1%

MARKETPLACESOTHEBYSREALTY.COM

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425.243.9000

[ 11 ]

SNOQUALMIE REPORT SINGLE FAMILY HOMES

SNOQUALMIE

2015

2016

%CHANGE

Number of Sales

432

333

-22.9%

Total Dollar Volume (000’s)

$237,052

$206,492

-12.9%

Average Sale Price

$548,700

$620,100

13%

Average Days on Market

36

15

-58.30%

Sold / List Price %

100.4%

100.8%

.40%

Average Price Per Square Foot $212.4

$238.9

12.5%

Months of Inventory

0.7

0.8

14.3%

Current Inventory in Units

4

6

50%

MARKETPLACESOTHEBYSREALTY.COM 425.243.9000

[ 12 ]

LISTING COURTESY OF NWMLS $869,762

Number of Sales

LISTING COURTESY OF NWMLS $1,499,500

Total Dollar Volume Sold

LISTING COURTESY OF NWMLS $2,00,000

10 YEAR PERFORMANCE OF SNOQUALMIE HOMES

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NORTH BEND REPORT SINGLE FAMILY HOMES

LISTING COURTESY OF NWMLS $769,950

Number of Sales

Total Dollar Volume Sold

LISTING COURTESY OF NWMLS $9,900,000

10 YEAR PERFORMANCE OF NORTH BEND HOMES

LISTING COURTESY OF NWMLS $1,474,000

NORTH BEND

2015

2016

%CHANGE

Number of Sales

292

303

3.80%

Total Dollar Volume (000’s)

$141,937

$162,281

14.30%

Average Sale Price

$486,100

$535,600

10.20%

Average Days on Market

50

31

-38%

Sold / List Price %

99.50%

100.10%

-0.6%

Average Price Per Square Foot $219.3

$246.4

12.40%

Months of Inventory

2

1.2

-40%

Current Inventory in Units

40

15

-62.50%

MARKETPLACESOTHEBYSREALTY.COM

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425.243.9000

[ 13 ]

ISSAQUAH REPORT SINGLE FAMILY HOMES

LISTING COURTESY OF NWMLS $1,050,000

2015

2016

773

775

.30%

Total Dollar Volume (000’s)

$523,179

$594,631

13.70%

Average Sale Price

$676,800

$767,300

13.40%

Average Days on Market

31

23

-25.80%

Sold / List Price %

100.3%

101.7%

1.4%

Average Price Per Square Foot $267.3

$292.6

Months of Inventory

1.2

1.5

-7.7%

Current Inventory in Units

49

39

-20.40%

MARKETPLACESOTHEBYSREALTY.COM

%CHANGE

9.5%

10 YEAR PERFORMANCE OF ISSAQUAH HOMES

425.243.9000

[ 14 ]

Number of Sales

ISSAQUAH Number of Sales

LISTING COURTESY OF NWMLS $825,000

Total Dollar Volume Sold

LISTING COURTESY OF NWMLS $1,825,000

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FALL CITY REPORT SINGLE FAMILY HOMES

LISTING COURTESY OF NWMLS $1,749,999

Number of Sales

Total Dollar Volume Sold

LISTING COURTESY OF NWMLS $1,848,000

10 YEAR PERFORMANCE OF FALL CITY HOMES

LISTING COURTESY OF NWMLS $2,888,888

FALL CITY

2015

2016

%CHANGE

Number of Sales

73

81

11.00%

Total Dollar Volume (000’s)

$46,017

$53,937

17.2%

Average Sale Price

$630,400

$665,900

-8.4%

Average Days on Market

55

36

5.6%

Sold / List Price %

96.2%

99.1%

3%

Average Price Per Square Foot $240.8

$253.7

5.4%

Months of Inventory

2.9

2.2

-24.1%

Current Inventory in Units

10

7

-30%

MARKETPLACESOTHEBYSREALTY.COM 425.243.9000

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[ 15 ]

KENMORE REPORT SINGLE FAMILY HOMES

LISTING COURTESY OF NWMLS $849,990

2015

2016

%CHANGE

Number of Sales

403

406

.70%

Total Dollar Volume (000’s)

$222,272

$248,320

11.7%

Average Sale Price

$551,500

$611,600

Average Days on Market

38

31

Sold / List Price %

99.90%

10.90% -18.40%

101.40%

1.50%

Average Price Per Square Foot $224.9

$250.2

11.2%

Months of Inventory

1.8

1

-44.40%

Current Inventory in Units

32

14

-56.30%

MARKETPLACESOTHEBYSREALTY.COM

10 YEAR PERFORMANCE OF KENMORE HOMES

425.243.9000

[ 16 ]

Number of Sales

KENMORE

LISTING COURTESY OF NWMLS $915,000

Total Dollar Volume Sold

LISTING COURTESY OF NWMLS $839,000

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LAKE FOREST PARK REPORT SINGLE FAMILY HOMES

LISTING COURTESY OF NWMLS $799,950

Number of Sales

Total Dollar Volume Sold

LISTING COURTESY OF NWMLS $2,998,000

10 YEAR PERFORMANCE OF LAKE FOREST PARK HOMES

LISTING COURTESY OF NWMLS $949,950

LAKE FOREST PARK

2015

2016

%CHANGE

Number of Sales

212

234

10.40%

Total Dollar Volume (000’s)

$131,587

$140,907

7.1%

Average Sale Price

$620,700

$602,200

-3%

Average Days on Market

29

16

-44.8%

Sold / List Price %

99.10%

101.6%

2.5%

Average Price Per Square Foot $247.1

$255.8

3.50%

Months of Inventory

1.2

1.2

0%

Current Inventory in Units

12

10

-16.7%

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[ 17 ]

MERCER ISLAND REPORT SINGLE FAMILY HOMES

LISTING COURTESY OF NWMLS $6,988,000

2015

2016

%CHANGE

Number of Sales

330

303

-8.2%

Total Dollar Volume (000’s)

$500,955

$497,567

-0.70%

Average Sale Price

$1,518,000

$1,642,100

8.2%

Average Days on Market

41

29

-29.3%

Sold / List Price %

98%

98.8%

.8%

Average Price Per Square Foot $447.2

$496.5

11%

Months of Inventory

1.8

2.3

27.8%

Current Inventory in Units

26

43

65.40%

MARKETPLACESOTHEBYSREALTY.COM

Number of Sales

MERCER ISLAND

LISTING COURTESY OF NWMLS $2,198,500

Total Dollar Volume Sold

LISTING COURTESY OF NWMLS $6,588,000

10 YEAR PERFORMANCE OF MERCER ISLAND HOMES

425.243.9000

[ 18 ]

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SEATTLE REPORT SINGLE FAMILY HOMES

LISTING COURTESY OF NWMLS $2,495,000

Number of Sales

Total Dollar Volume Sold

LISTING COURTESY OF NWMLS $4,995,000

10 YEAR PERFORMANCE OF SEATTLE HOMES

LISTING COURTESY OF NWMLS $999,995

SEATTLE

2015

2016

Number of Sales

8,219

8,556

%CHANGE 4.1%

Total Dollar Volume (000’s)

$ 5,144,462

$6,017,960

17%

Average Sale Price

$625,900

$703,400

12.40%

Average Days on Market

23

19

-17.4%

Sold / List Price %

102.6%

102.9%

.3%

Average Price Per Square Foot $310.3

$353.4

13.9%

Months of Inventory

.9

0.9

0%

Current Inventory in Units

361

392

8.6%

MARKETPLACESOTHEBYSREALTY.COM

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425.243.9000

[ 19 ]

MAPLE VALLEY REPORT SINGLE FAMILY HOMES

LISTING COURTESY OF NWMLS $545,000

2015

2016

725

769

6.1%

Total Dollar Volume (000’s)

$281,578

$335,707

19.2%

Average Sale Price

$388,400

$436,600

12.4%

Average Days on Market

33

26

-21.20%

Sold / List Price %

99.5%

100.2%

.70%

Average Price Per Square Foot $177

$195.4

10.4%

Months of Inventory

1.3

1.1

99.4%

Current Inventory in Units

48

44

-8.3%

MARKETPLACESOTHEBYSREALTY.COM

%CHANGE

10 YEAR PERFORMANCE OF MAPLE VALLEY HOMES

425.243.9000

[ 20 ]

Number of Sales

MAPLE VALLEY Number of Sales

LISTING COURTESY OF NWMLS $829,950

Total Dollar Volume Sold

LISTING COURTESY OF NWMLS $690,000

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KENT REPORT SINGLE FAMILY HOMES

LISTING COURTESY OF NWMLS $1,025,000

Number of Sales

Total Dollar Volume Sold

LISTING COURTESY OF NWMLS $849,000

10 YEAR PERFORMANCE OF KENT HOMES

LISTING COURTESY OF NWMLS $1,195,000

KENT

2015

2016

Number of Sales

1,408

1,461

%CHANGE 3.8%

Total Dollar Volume (000’s)

$462,023

$535,600

15.9%

Average Sale Price

$328,100

$366,600

11.7%

Average Days on Market

48

33

-31.30%

Sold / List Price %

100%

100.4%

.40%

Average Price Per Square Foot $156

$175.4

12.4%

Months of Inventory

1.6

1.4

-12.50%

Current Inventory in Units

115

138

20%

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[ 21 ]

RENTON REPORT SINGLE FAMILY HOMES

LISTING COURTESY OF NWMLS $899,950

2015

2016

1,907

1,889

-.9%

Total Dollar Volume (000’s)

$787,833

$892,681

13.30%

Average Sale Price

$413,100

$472,600

14.40%

Average Days on Market

40

30

-25%

Sold / List Price %

99.9%

100.90%

1%

Average Price Per Square Foot $188.9

$213.1

12.80%

Months of Inventory

1.5

1.3

-13.3%

Current Inventory in Units

155

131

-15.50%

MARKETPLACESOTHEBYSREALTY.COM

%CHANGE

Number of Sales

RENTON Number of Sales

LISTING COURTESY OF NWMLS $1,990,000

Total Dollar Volume Sold

LISTING COURTESY OF NWMLS $918,000

10 YEAR PERFORMANCE OF RENTON HOMES

425.243.9000

[ 22 ]

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SNOHOMISH REPORT SINGLE FAMILY HOMES

LISTING COURTESY OF NWMLS $1,349,000

Number of Sales

Total Dollar Volume Sold

LISTING COURTESY OF NWMLS $875,000

10 YEAR PERFORMANCE OF SNOHOMISH HOMES

LISTING COURTESY OF NWMLS $2,500,000

SNOHOMISH

2015

2016

%CHANGE

Number of Sales

1,168

1,326

13.5%

Total Dollar Volume (000’s)

$486,507

$628,743

29.20%

Average Sale Price

$416,500

$474,200

13.90%

Average Days on Market

51

42

-17.60%

Sold / List Price %

98.9%

99.5%

.60%

Average Price Per Square Foot $184.3

$204.6

11%

Months of Inventory

3.1

2.2

-29.00%

Current Inventory in Units

250

167

-33.2%

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[ 23 ]

Luxury

Is a service level.

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