Metropolist Magazine: By the Numbers

MAGAZINE

2020 | VOLUME 1V | ISSUE I

by thenumbers

LETTER FROM THE FOUNDERS

2020: THE YEAR OF THE PIVOT There is no doubt that 2020 will go down in history as the year that Covid-19 challenged everyone to adapt to new conditions and unfamiliar circumstances in virtually every aspect of life. That is certainly true in the real estate industry as a whole and for Metropolist specifically. We have thrived in our strong company culture despite, and in some ways maybe because of, a total shift to having a virtual office.

Our broker care team has risen to the occasion to provide top notch service to our brokers which translates to fantastic support for our clients. Our events manager has tirelessly worked to serve the many brides, grooms, meeting organizers and other party goers to rearrange and re-envision their special events.

We are especially proud of how much our company has embraced the work of education and increasing awareness around issues of unconscious and implicit bias and racial equity. We have spent a great deal of this strange pandemic time reading books together and talking regularly about our impact on the lives of the people we serve and generations of their families. We have trainings planned and scheduled for industry wide discussions about the history of inequities in the Seattle real estate industry and are looking forward to making increasingly positive changes.

It is not surprising that real estate professionals have adapted so quickly. New innovations such as virtual consults, open houses, showings and an increased use of high quality video were quickly added to our toolboxes. The demand for real estate has continued to be extraordinarily strong and real estate brokers have continued to thrive despite the unusual market conditions.

: Diwas Photography

Left to right: Domenica Lovaglia, Chad Zinda, Jennifer Nelson

The one thing that Covid-19 has done for real estate professionals has shown them that they are strong, resilient, creative and most of all able to endure in all market conditions. People need to buy and sell real estate in all market conditions and real estate brokers have done an incredible job of finding new ways to serve their clients during this pandemic.

Only time will tell what the long term effect Covid-19 will have on the real estate industry but one thing is for sure, Metropolist brokers have done an incredible job of serving our clients during this very unusual time.

Now more than ever before, buyers and sellers need the expertise and guidance from long trusted real estate CHAD ZINDA

DOMENICA LOVAGLIA

JENNIFER NELSON

DESIGNATED BROKER

DIRECTOR OF MARKETING

DIRECTOR OF EDUCATION

1 | METROPOLIST | metropolistgroup.com

2 1907

58 couples got married at Metropolist in 2019 Pike Place Market opened in August 1907, making it the oldest continually operating farmer’s market in America

66

At last count Seattle has 66 coffee shops per capita

Metropolist donated $55,000 to local and national nonprofit organizations in 2019

58

nd

Seattle is second only to Murano Italy in most glass blowing studios of any city in the world Seattle’s population has increased faster than any other big city in the country, growing by 18.7 percent since 2010

18.7

31

$55K

Metropolist donated space to 31 nonprofit organizations in 2019 Seattle has nearly 500 houseboats, more than anywhere else in the U.S.

409 $89.5K 955

Metropolist brokers volunteered 955 hours to local and national nonprofit organizations in 2019

Seattle has 409 parks

500

Metropolist brokers donated $89,500 to local and national nonprofit organizations in 2019

$728K

135

Elliott Bay is the deepest bay in America.

If you sank Queen Anne hill in it, you would still have 135 feet from the tip of the hill to the surface of the water In 2019 Seattle had 33.88 inches of rainfall; not even in the top 50 rainiest cities in the US

80 33.88 37

2020 ended its first quarter with a median price of Single Family Homes at $728,000,.

At last count 80% of Seattle adults hold a library card, highest per capita in the country Millennials make up 37% of all home purchases

metropolistgroup.com | METROPOLIST | 2

INSIGHTS

INSIDER INSIGHTS

KELLY BARRETT Broker

SARAH MOSLEY Broker

AUSTIN & MARTIN Broker Team

MITZI VERLINDE Sr. Loan Advisor

SARA STARR POULSEN Broker

COVID CHANGES THE WAY WE WORK

COVID EFFECTS THE REAL ESTATE MARKET

K.B. I find myself “checking in” on my clients much more frequently now. I know what the Covid situation has done to me and my family. Feeling a little more anxious, isolated and such for the unknown. I want my clients to know if they are going through the same, I am too. I’m here not only as their realtor but their friend as well.

M.V. From my mortgage business perspective, due to many things, low interest rates, people wanting to move out of the city, downsizing, right sizing, I have had a large increase in my business. I am trying to service my purchase clients first and then my refinance clients as well. It has been a juggling act, but I really enjoy it! The Feds are predicting at least another 12 to 18 months of low interest rates. So my business will continue to increase, and I will try to help as many people as I can.

S.M. I think it’s been challenging to connect with new clients as I’m not sure they can tell when you are smiling at them when you are wearing a mask. So I’m trying to keep in mind that there isn’t as much of an opportunity to connect through facial expressions right now, but it’s hard to always remember that.

A&M We are way more cognizant of health and safety procedures. We go in first and open all the doors, even closets, so our clients don’t have to touch any surfaces.

We always drive separately now as well. Everyone wears a mask, or else we don’t show the house. No exceptions.

When prepping a home for listing, masks are required for staging, photography, videography etc.

3 | METROPOLIST | metropolistgroup.com

S.P. In March we saw a big slow down as the state started the Stay Home, Stay Healthy order and everyone was unsure. It didn’t take long for the market to adjust and for sellers to decide that they still wanted to sell and that buyers still wanted to buy. We are seeing a very busy summer because of pent up demand after a couple slow months in the spring. My predication is that we see our normal slowdown come fall, as people prepare to homeschool for the new school year.

C&B In the current climate there is more planning than before. Planning virtual tours, planning videos and virtual open houses. Posting more videos on social media so that buyers can view the property.

INSIGHTS

CORNELIA & BEAVERS Broker Team

DAVID WARREN Managing Broker

GRETCHEN SCHMIDT Managing Broker

SARAH GEORGER-CLARK Broker

THE BENEFITS OF WORKING FROM HOME D.W. There appears to be a push to return to the suburbs.

Larger homes and personal outdoor space are driving factors. The ability to telecommute is making home location less of a factor. I’ve also had a number of friends return to small town, rural America where they were originally from.

G.S. Several clients have expanded their search area to include further out locations because they have the freedom to not commute every day. However, many have ultimately decided to stay closer in because of the amenities of the city.

S.G.C. This year, more than ever, I have connected sellers with brokers outside of the Seattle area. 3 times on the Peninsula, then a couple to Boise, Bend, and more to Olympia. I am witnessing sellers see that they have plenty of equity in their homes to afford a purchase that is a better fit for their new lifestyle, closer to parents and extended family, new jobs, and flexibility in their commute demands.

Those that decide to stay in the Seattle area are looking outside of their current neighborhoods and exploring the East Side, Gig Harbor, Maple Valley, etc. Others are interested in vacation properties so wanting to write offers on land or beachside cabins. Overall I’m seeing a big shakeup. People are attempting to control their future and look forward to something new. A place where they have space and beauty while being close to loved ones.

ATTENTION SELLERS:

Fix up your home and sell it for more money, and as part of the qualification process, you will also be qualified for a loan on the purchase of your next home.

Home loan solutions to make a significant difference in your financial future.

Mitzi Verlinde - Sr. Loan Advisor P: 425.449.5328 E: mverlinde@rpm-mtg.com W: rpm-mtg.com/mverlinde NMLS 85333

metropolistgroup.com | METROPOLIST | 4

BY THE NUMBERS // SEATTLE METRO SINGLE FAMILY HOMES

SINGLE FAMILY HOMES The end of 2019 signaled a furious Spring seller’s market to come. And then there was COVID-19, and a moment of uncertainty while everyone paused to get their bearings. As it turns out the Seattle market was well positioned to face a challenging time with little impact. There are still many more buyers than there are available homes so prices are holding firmly.

Simultaneously, buyers have slowed down and are being more prudent about their decisions which means less frenzy and less competition. It is important to note that this market is VERY unpredictable. A good broker is key to being successful.

1602

1679 1519

1514 1418

1345

1247 1013 830

922

895

900

860

790

724

665

628

709 732

703 525 496

4/19

5/19

6/19

7/19

8/19

9/19

MEDIAN HOME PRICES 2019 ended with the median home price dipping to $717k, but has since popped back up to the high $700’s touching $800k in April.

Even in the midst of a pandemic home values continue to rise in the Seattle market.

5 | METROPOLIST 6 METROPOLIST | metropolistgroup.com | metropolistgroup.com

11/19

12/19

1/20

586

587

537

2/20

3/20

881

782

4/20

621

5/20

6/20

1.0

1.3

MONTHS OF INVENTORY

MONTHS OF INVENTORY A healthy balanced market is between 4 and 6 months of inventory available. In a brisk market maybe a little less.

HIGHER = BUYER’S MARKET LOWER = SELLER’S MARKET While the Seattle market still benefits the seller, buyers are holding their own in negotiations.

10/19

958

945

2.3 1.9 1.7

1.7

1.7 1.6

1.5

1.4

1.1 0.9

1.1

1.5 1.1

4/19 5/19 6/19 7/19 8/19 9/19 10/19 11/19 12/19 1/20 2/20 3/20 4/20 5/20 6/20 MEDIAN SOLD PRICE

800 786

775 765 750

755

750

750 734

747

745 725

725 725 717 4/19 5/19 6/19 7/19 8/19 9/19 10/19 11/19 12/19 1/20 2/20 3/20 4/20 5/20 6/20 All figures are based on single family home sales, which include townhomes and exclude condos. Graphs were created by METROPOLIST using NWMLS data and Trendgraphix, but information was not verified or published by NWMLS. Data reflects all new and resale single-family residences sold.

BY THE NUMBERS // SEATTLE METRO CONDOS

CONDOS 2019 saw a peak of available condos for sale at numbers we haven’t seen since the end of the recession, the result was a softening of the market for sellers. Sales slowed in the latter part of the year but the number of listings also fell significantly during the fall months. The condo market can be more vulnerable to market shifts and COVID-19 has taken its toll here. While we saw condo sales keeping pace with the number of available units during the first three months of the year, April and June slowed significantly, improving opportunities for buyers.

756

727

743

714

708

689 646

640 549

534 438 396

380 297 228

4/19

261

269

259 196

5/19

6/19

7/19

324

303

8/19

9/19

207

176

10/19

11/19

188

12/19

2.8

2.4

2.9

2.8

3.3

1/20

3.2 3.3

3.1

2.7

2.4 2.0 2.1 1.1

1.2

4/19 5/19 6/19 7/19 8/19 9/19 10/19 11/19 12/19 1/20 2/20 3/20 4/20 5/20 6/20 MEDIAN SOLD PRICE

473

503

498

495

480

475 453 450

438

465 450

450

184

147

MONTHS OF INVENTORY

3.6

338 293

480 440

420

4/19 5/19 6/19 7/19 8/19 9/19 10/19 11/19 12/19 1/20 2/20 3/20 4/20 5/20 6/20

2/20

3/20

4/20

167

196

5/20 6/20

WHAT ABOUT THE MARKET? Prices had generally remained steady during a 15 month period that at times seemed erratic for sellers. Builders have been unable to keep up with demand and the region continues to be predicted to have chronically low inventory of available homes. We do see a notable dip in the condo median prices in June 2020, we will keep an eye to see if this is a new trend, or just a blip.

BOTTOM LINE Denise Lones, a well respected real estate industry expert is quoted as saying this, “There is no such thing as a crash in a market where there is a deficiency in inventory.” So far the Seattle real estate market remains very stable.

All figures are based on condo sales. Graphs were created by METROPOLIST using NWMLS data and Trendgraphix, but information was not verified or published by NWMLS. Data reflects all new and resale condos sold.

metropolistgroup.com | METROPOLIST | 6

NEIGHBORHOOD // YEAR OVER YEAR COMPARISON

LEGEND | SEATTLE METRO AREA AS DEFINED BY THE NWMLS Ballard | Greenlake | Wallingford (NWMLS 705) Ravenna | U District | Laurelhurst (NWMLS 710) Queen Anne | Magnolia (NWMLS 700) Capitol Hill | Central District | Madison Park (NWMLS 390) Downtown/Belltown(NWMLS 701)

BUT LET’S TALK ABOUT YOU! Not everyone wants to look at the big picture. Maybe you already own your home and want to get a pulse on your value and how it has changed. Or maybe you are curious what it would look like if you wanted to sell.

These areas are still pretty wide.

If you really want to get down to the detail of your home or your target area this is a great time to reach out to your broker.

They can pull data for your exact location or desired neighborhood, focused on the micro locale, to help you learn exactly what your home is worth and what your competition might look like.

Mt. Baker | Leschi | Madrona (NWMLS 380)

QUEEN ANNE (NWMLS 700) MONTHS OF INVENTORY 2018 2019 2020

MEDIAN SOLD PRICE

Within these pages you will find all the same information provided in the Seattle Metro section.

But here you will see it broken out into color coded Seattle neighborhood areas.

West Seattle (NWMLS 140)

1.2M

1.2 | 1.0 2.5 | 3.3 1.9 | 2.9

AVG DAYS ON MARKET 2018 29 | 16 2019 43 | 56 2020 24 | 50

JUL 2018 - JUN 2020

900k 600k 300k

2018

2019

2020 single family homes | condos

MAGNOLIA (NWMLS 700) MONTHS OF INVENTORY 2018 2019 2020

MEDIAN SOLD PRICE

It’s also possible you are a buyer looking to focus in on a particular neighborhood and can use this information to help choose your target area, or strategize within an already identified perfect fit.

Beacon Hill | Rainier Valley (NWMLS 385)

1.5M

1.1 | 0.8 2.0 | 4.0 1.1 | 2.6

AVG DAYS ON MARKET 2018 31 | 11 2019 40 | 94 2020 30 | 62

JUL 2018 - JUN 2020

1.2M 900k 600k 300k 2018

2019

2020 single family homes | condos

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NEIGHBORHOOD // YEAR OVER YEAR COMPARISON

BALLARD (NWMLS 705) MONTHS OF INVENTORY 2018 2019 2020

0.5 | 0.7 1.3 | 3.1 0.7 | 1.5

RAVENNA (NWMLS 710)

AVG DAYS ON MARKET 2018 8 | 11 2019 28 | 44 2020 19 | 32

MONTHS OF INVENTORY 2018 2019 2020

MEDIAN SOLD PRICE

MEDIAN SOLD PRICE

JUL 2018 - JUN 2020 800k 550k 300k 2018

1.25M

JUL 2018 - JUN 2020

1.0M 750k 500k 250k

2020

2019

0.9 | 1.1 1.5 | 1.3 1.6 | 2.3

AVG DAYS ON MARKET 2018 10 | 7 2019 31 | 33 2020 17 | 29

2018

single family homes | condos

GREENLAKE (NWMLS 705) MONTHS OF INVENTORY 2018 2019 2020

0.6 | 1.0 1.4 | 2.3 1.0 | 1.7

U DISTRICT (NWMLS 710)

AVG DAYS ON MARKET 2018 9 | 13 2019 35 | 25 2020 24 | 50

MONTHS OF INVENTORY 2018 2019 2020

MEDIAN SOLD PRICE

MEDIAN SOLD PRICE

2.9 | 0.5 2.9 | 2.6 5.0 | 1.8

AVG DAYS ON MARKET 2018 23 | 13 2019 27 | 37 2020 102 | 75

JUL 2018 - JUN 2020

JUL 2018 - JUN 2020 800k 600k 400k 2018

1.5M 1.1M 700k 300k 2018

2020

2019

single family homes | condos

WALLINGFORD (NWMLS 705)

2019

MEDIAN SOLD PRICE

2020

1.1M

0.7 | 0.8 1.8 | 2.9 1.2 | 1.5

LAURELHURST (NWMLS 710)

AVG DAYS ON MARKET 2018 12 | 89 2019 24 | 44 2020 34 | 44

MONTHS OF INVENTORY 2018 2019 2020

JUL 2018 - JUN 2020

900k 700k 500k 300k 2018

1.5 | 0.3 2.7 | 1.8 1.9 | 1.8

AVG DAYS ON MARKET 2018 27 | 3 2019 27 | 66 2020 30 | 7

JUL 2018 - JUN 2020 MEDIAN SOLD PRICE

2018

2020

2019

single family homes | condos

MONTHS OF INVENTORY

2020

2019

single family homes | condos

2019

2020 single family homes | condos

2.0M 1.5M 1.0M 500k 2018

2019

2020 single family homes | condos

All figures are based on single family home sales (including townhomes) and condo sales. Graphs were created by METROPOLIST using NWMLS data and Trendgraphix, but information was not verified or published by NWMLS. Data reflects all new and resale single-family residences sold. Missing dots and lines on graphs indicate no sales occurred in that month.

metropolistgroup.com | METROPOLIST | 8

NEIGHBORHOOD // YEAR OVER YEAR COMPARISON

BEACON HILL (NWMLS 385) MONTHS OF INVENTORY 2019

MEDIAN SOLD PRICE

2020

700k

1.1 | 1.5 1.9 | 5.5 1.4 | 0.9

MONTHS OF INVENTORY 2018 2019 2020

JUL 2018 - JUN 2020

600k 500k 400k 300k 2018

1.4 4.1 4.8

AVG DAYS ON MARKET 2018 36 2019 73 2020 46

JUL 2018 - JUN 2020 MEDIAN SOLD PRICE

2018

DOWNTOWN/BELLTOWN (NWMLS 701)

AVG DAYS ON MARKET 2018 22 | 50 2019 39 | 15 2020 44 | 45

800k 700k 600k

2020

2019

2018

single family homes | condos

RAINIER VALLEY (NWMLS 385) MONTHS OF INVENTORY 2018 2019 2020

0.3 1.2 1.2

WEST SEATTLE (NWMLS 140)

AVG DAYS ON MARKET 2018 13 2019 3 2020 16

MONTHS OF INVENTORY 2018 2019 2020

MEDIAN SOLD PRICE

MEDIAN SOLD PRICE

0.7 | 1.2 1.9 | 2.3 1.2 | 2.8

AVG DAYS ON MARKET 2018 18 | 8 2019 40 | 74 2020 35 | 48

JUL 2018 - JUN 2020

JUL 2018 - JUN 2020 700k 500k 300k 2018

2019

2020

700k 500k 300k 2018

2019

single family homes | condos

VISIT US AT

.com p u o r g t s i l o p o r t e m TO DOWNLOAD NEIGHBORHOOD PAGES AND MORE!

9 | METROPOLIST | metropolistgroup.com

2020

2019

single family homes | condos

2020 single family homes | condos

NEIGHBORHOOD // YEAR OVER YEAR COMPARISON

MT. BAKER (NWMLS 380) MONTHS OF INVENTORY 2018 2019 2020

1.2 2.2 1.8

CAPITOL HILL (NWMLS 390)

AVG DAYS ON MARKET 2018 34 2019 37 2020 61

MONTHS OF INVENTORY 2018 2019 2020

JUL 2018 - JUN 2020 MEDIAN SOLD PRICE

MEDIAN SOLD PRICE

JUL 2018 - JUN 2020 1.2M 1.0M 800k 600k 2018

1.1 | 0.5 2.3 | 2.3 1.7 | 1.9

AVG DAYS ON MARKET 2018 34 | 16 2019 22 | 10 2020 41 | 32

2019

2020

1.5M 1.2M 900k 600k 300k

2018

single family homes | condos

LESCHI (NWMLS 380) MONTHS OF INVENTORY 2019

MEDIAN SOLD PRICE

2020

4.0M

0.7 2.1 0.3

CENTRAL DISTRICT (NWMLS 390)

AVG DAYS ON MARKET 2018 12 2019 10 2020 0

MONTHS OF INVENTORY 2018 2019 2020

JUL 2018 - JUN 2020

3.2M 2.4M 1.6M 800k 2018

0.8 | 0.3 1.6 | 2.9 2.2 | 1.2

AVG DAYS ON MARKET 2018 9 | 4 2019 22 | 38 2020 23 | 43

JUL 2018 - JUN 2020 MEDIAN SOLD PRICE

2018

2019

2020

1.0M 800k 600k 400k 200k

2018

single family homes | condos

MADRONA (NWMLS 380) MONTHS OF INVENTORY 2019 2020

1.0 3.4 1.5

MADISON PARK (NWMLS 390)

AVG DAYS ON MARKET 2018 11 2019 30 2020 30

MONTHS OF INVENTORY 2018 2019 2020

MEDIAN SOLD PRICE

MEDIAN SOLD PRICE

JUL 2018 - JUN 2020 1.5M 1.0M 500k 2018

2019

2020

2019

single family homes | condos

2018

2020

2019

single family homes | condos

2020 single family homes | condos

2.5M

1.8 | 2.9 4.7 | 1.7 1.8 | 2.2

AVG DAYS ON MARKET 2018 21 | 22 2019 37 | 39 2020 45 | 22

JUL 2018 - JUN 2020

2.0M 1.5M 1.0M 500k 2018

2019

2020 single family homes | condos

All figures are based on single family home sales (including townhomes) and condo sales. Graphs were created by METROPOLIST using NWMLS data and Trendgraphix, but information was not verified or published by NWMLS. Data reflects all new and resale single-family residences sold. Missing dots and lines on graphs indicate no sales occurred in that month.

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A NEW ERA IN REAL ESTATE