Metropolist Magazine: Year of the P#v%t

MAGAZINE

2020 | VOLUME 1V | ISSUE II

YEAROF THEP#V%T

LETTER FROM THE FOUNDERS

2020: COVID, CONNECTION & COMMUNITY COVID The big news for 2020 was COVID-19 and the ensuing social and economic issues left in its wake. We most likely will not begin to see the full ramifications of this until late 2021 or 2022. We won’t know which businesses have closed up shop for good, which have expanded, what the permanent changes to the workforce will be and how these things will impact commercial real estate and the economy at large.

Despite the economic woes of COVID, the housing market had a robust year. High buyer demand, low inventory, and historically low interest rates all factor. The perfect storm had prices rising steadily. 2021-2022 is sure to be revealing as we move toward recovery and the revitalization of our economy.

CONNECTION The steadfast resolve to maintain our company culture shined bright in 2020 through creative problem solving, tons of zoom meetings and classes, lots of laughter and a few tears too. Our connection with our clients and broker community strengthened through new and innovative ways of serving, upping the social media and content marketing game, providing increased value and some entertainment too. And lastly we became laser focused on further deepening our connection and impact to the greater community, which includes diving into content and education around race and social justice, best Left to right: Domenica Lovaglia, Chad Zinda, Jennifer Nelson practices in shifting the real estate and cultural landscape, and more : DIWAS Photography work with organizations serving our most vulnerable neighbors.

COMMUNITY Lack of affordable housing is a crisis in King County. The wealth gap is ever growing and the result is thousands of neighbors experiencing homelessness. This disproportionately effects People of Color, specifically women and children. At last count over 39% of these neighbors were black and indigenous while only comprising about 6% of the overall population.

We have decided as owners of Metropolist to pledge 25% of our annual profits to support these neighbors by choosing an annual Community Partner. Our hope is that we can make an impact not only on that organization and the people they serve but also by helping to educate and further the understanding of our brokers and clients along the way.

CHAD ZINDA

DOMENICA LOVAGLIA

JENNIFER NELSON

DESIGNATED BROKER

DIRECTOR OF MARKETING

DIRECTOR OF EDUCATION

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COMMUNITY MATTERS

2021 COMMUNITY PARTNER We are proud to announce our 2021 Community Partner

EVERGREEN TREATMENT SERVICES

+ The Reach program of Evergreen Treatment Services improves the lives of more than 3,500 King County residents each year.

Whether it’s a visit to a doctor, a warm meal, or getting into substance use treatment, their work changes lives.

We look forward to continuing to work closely with Evergreen Treatment Services and their REACH team in 2021 by donating 25% of our 2021 profit, elevating their voice on our channels, and taking part in activities and events that support their work. ‘s : DIWAS Photography metropolistgroup.com | METROPOLIST | 2

INSIGHTS

INSIDER INSIGHTS

SARAH GEORGER-CLARK Broker

GRETCHEN SCHMIDT Managing Broker

AUSTIN & MARTIN Broker Team

MITZI VERLINDE Sr. Loan Advisor

SUPPORTING CLIENTS THROUGH STRANGE TIMES

FINDING ADVANTAGES IN THE MARKET

S.G.C. I work hard to put myself in my client’s shoes and understanding their long term goals by envisioning and embodying their dreams. When I outline a custom plan for their situation, it helps them feel at ease and trust in the process.

S.M. Even though it was really a seller’s market last year, there were homes that did not sell in the first 1-2 weeks, and those homes present opportunities other buyers are not seeing to make an offer without competing. This year seems to be starting off even crazier than last year with low inventory and multiple offers, but if you can find a house that not everyone is drawn to, you can still find opportunity. Perhaps there is an unusual layout or it is in need of some updating, so if you are willing to live with those things or open to fixing them, that could be a really great way to avoid the craziness of this market.

Specifically, communicating frequently with clients has been key. They want to be sure they are taken care of and that you are ahead of the potential challenges. When we are all so isolated, the relationship we develop during the process is strong and rare, and all forms of connecting are welcome.

G.S. I call my clients to check in and see how they are doing, have video happy hours, and I stop by for very welcome porch visits.

A&M The most important thing we can do is help them interpret the torrent of news and data that is coming from multiple sources. For both buyers and sellers, it is easy to misinterpret this information. Good decisions are based on good information and we always want to help our clients find and understand good information.

M.V. I always attended my signings pre-COVID. Now I respect the clients’ wishes to stay away physically, but I am there with them on the phone. I pick up more documents from the clients’ houses. I am taking more calls to just calm borrowers and be a friend at all hours to make them feel secure, especially at this strange time.

Often it is after 9 pm after they put their kids to bed, but I want to be a source of calm for them.

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A&M The condo market has really taken a hit during the pandemic. The downtown Seattle condo market in particular, is the only “buyer’s market” in the region as people can now work from anywhere. Many buyers are interested in moving out of the city, and gaining more space. Having just sold a condo on Alki, and studying the condo data for the last 6 months in preparation, we have seen noticeably slower condo sales in West Seattle. We assume this is in part to the closure of the West Seattle bridge, but also the buyer pool looking for more space while having to work from home.

K.P. I have had luck with making offers on holiday weekends. Agents and buyers often take a break thinking that the market will slow down. It doesn’t always work but it’s worth a try to make a great offer when there may be fewer offers.

INSIGHTS

SARAH MOSLEY Broker

KATE PEDERSEN Broker

KELLY BARRETT Broker

SARA STARR POULSEN Broker

HOME PREPARATION TO MAXIMIZE PROFIT K.B. First impression is everything. The first time a buyer will see a home is online so the photos really need to showcase the house in “supermodel” status. My job is to coach and provide the best solutions for home prep that will make a home feel like new without breaking the bank, and the client always makes the final decision on how they would like to proceed. These improvements can include fresh paint, new carpet, deep cleaning and always staging! The feeling and emotion a buyer will have walking into a staged home is dramatically different. A home that is staged feels welcoming and the picture is painted for the buyers. An unstaged home often feels cold, uninspiring and for those who lack the vision, it’s often hard to imagine how they will best utilize each space.

S.P. A fresh coat of exterior and interior paint can do wonders! For most homes we need a photo of the front of the house. If you get a fresh coat of paint in an on-trend color, you can really grab a buyer’s attention and get them to look through the rest of the photos which gives you better odds of them coming to see the home in person.

A kitchen refresh can also really boost a listing. Even changing out those outdated appliances for a matching stainless steel set will get buyers interested.

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

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BY THE NUMBERS // SEATTLE METRO SINGLE FAMILY HOMES

SINGLE FAMILY HOMES The first half of 2020 saw a slight increase in inventory as more homes were brought on the market through May, peaking at about one and a half months of inventory available. A pandemic, social unrest and a federal election did little to impact the strength of the Seattle market. The median sold price continued to climb, leveling off in Fall, only slightly slowing when compared to previous year’s Fall season. 2020 ended with more homes for sale at a higher price than the year before, but January 2021 has found buyers grabbing up all that inventory at a fast pace.

1345 1243

1189 1013 790

724

709 732

703 628 525496

10/19

11/19

958

945

12/19

1/20

586

2/20

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.

MEDIAN HOME PRICES 2019 ended with the median home price dipping to $717k, but has since popped back up, hovering around $800k. Even in the midst of a pandemic home values continue to rise in the Seattle market.

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3/20

1094

1080

938

881

898

863

782

4/20

655

621

587

537

1038

1018 1001

1243

5/20

6/20

7/20

8/20

9/20 10/20 11/20 12/20

MONTHS OF INVENTORY

1.7

1.5 1.3

1.4 1.1

1.1

0.9

1.1

1.0

1.0

1.1

1.2 1.1

1.0 0.8

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

814 800

786

775

745 725

717

795

800 800 800 785

747

725 725

10/19 11/19 12/19 1/20 2/20 3/20 4/20 5/20 6/20 7/20 8/20 9/20 10/20 11/20 12/20 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 The condo market can be more vulnerable to market shifts and COVID-19 has taken it’s 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. Despite the increased inventory condo prices still increased around 5% by November of 2020. It’s difficult to tell yet if the decrease in December was the beginning of a trend, which is why it’s very important to have the aid of a licensed broker as you navigate the ins-and-outs of ownership.

1042

1013

932 869 770 689

646

646 549

534

324

303 207

10/19

188

176

11/19

438

396

380

12/19

293

338 274 184

147

1/20

2/20

3/20

4/20

167

196

5/20 6/20

7/20

MONTHS OF INVENTORY

3.3

3.1

2.4 2.0

3.7 3.5

3.2 3.3

3.8 3.8

3.0

2.8

2.1 1.1 1.2

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

503 498 480

465 450 450

493 489

480

488 475

450 440

475 443

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

250

297

267

226

214

8/20 9/20 10/20 11/20 12/20

WHAT ABOUT THE MARKET? Prices 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 and another in December, but overall steady.

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.

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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

1.9 | 2.4 2.2 | 2.8 1.8 | 3.1

AVG DAYS ON MARKET 2018 31 | 23 2019 44 | 54 2020 25 | 39

JAN 2019 - DEC 2020

900k 600k 300k

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

1.6 | 1.8 1.7 | 3.4 1.1 | 2.3

AVG DAYS ON MARKET 2018 32 | 17 2019 38 | 82 2020 25 | 43

JAN 2019 - DEC 2020

1.2M 900k 600k 300k 2019

2020 single family homes | condos

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NEIGHBORHOOD // YEAR OVER YEAR COMPARISON

BALLARD (NWMLS 705) MONTHS OF INVENTORY 2018 2019

AVG DAYS ON MARKET 2018 14 | 22 2019 28 | 54 2020 17 | 35

2018 2019 2020

JAN 2019 - DEC 2020 800k 600k 400k 2018

MONTHS OF INVENTORY

MEDIAN SOLD PRICE

MEDIAN SOLD PRICE

2020

1.0 | 1.4 1.2 | 3.4 0.7 | 2.1

RAVENNA (NWMLS 710)

1.2M

1.6 | 0.9 1.3 | 1.7 1.2 | 2.7

AVG DAYS ON MARKET 2018 17 | 8 2019 27 | 39 2020 19 | 17

JAN 2019 - DEC 2020

1.0M 800k 600k 400k 2019

2019

2020

single family homes | condos

single family homes | condos

GREENLAKE (NWMLS 705) MONTHS OF INVENTORY 2019

MEDIAN SOLD PRICE

2020

900k

1.2 | 2.3 1.5 | 2.7 0.9 | 1.8

AVG DAYS ON MARKET 2018 13 | 15 2019 29 | 36 2020 22 | 38

2.0M

JAN 2019 - DEC 2020

500k 2019

2019 2020

700k

300k

MONTHS OF INVENTORY 2018

MEDIAN SOLD PRICE

2018

U DISTRICT (NWMLS 710)

2.9 | 1.5 3.5 | 4.5 3.6 | 4.4 JAN 2019 - DEC 2020

1.4M 800k 200k 2019

2020 single family homes | condos

2019

MEDIAN SOLD PRICE

2020

1.2M

1.3 | 1.5 1.8 | 5.0 1.2 | 3.3

MONTHS OF INVENTORY 2018 2019 2020

JAN 2019 - DEC 2020

900k 600k 300k

LAURELHURST (NWMLS 710)

MEDIAN SOLD PRICE

2018

AVG DAYS ON MARKET 2018 14 | 53 2019 31 | 54 2020 24 | 33

2019

2020 single family homes | condos

2020 single family homes | condos

WALLINGFORD (NWMLS 705) MONTHS OF INVENTORY

AVG DAYS ON MARKET 2018 22 | 14 2019 39 | 35 2020 61 | 50

1.6 | 1.3 2.2 | 2.3 1.5 | 2.2

AVG DAYS ON MARKET 2018 24 | 2 2019 45 | 52 2020 26 | 31

JAN 2019 - DEC 2020 2.0M 1.5M 1.0M 500k 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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NEIGHBORHOOD // YEAR OVER YEAR COMPARISON

BEACON HILL (NWMLS 385) MONTHS OF INVENTORY 2018 2019 2020

0.7 | 1.8 2.3 | 4.5 1.5 | 3.0

AVG DAYS ON MARKET 2018 25 | 38 2019 41 | 28 2020 33 | 29

DOWNTOWN/BELLTOWN (NWMLS 701) MONTHS OF INVENTORY 2018 2019 2020

JAN 2019 - DEC 2020 MEDIAN SOLD PRICE

MEDIAN SOLD PRICE

JAN 2019 - DEC 2020 700k 500k 300k 2019

3.1 4.1 6.3

AVG DAYS ON MARKET 2018 42 2019 71 2020 46

900k 700k 500k 2019

2020

2020

single family homes | condos

single family homes | condos

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

0.4 2.0 1.3

AVG DAYS ON MARKET 2017 10 2018 2 2019 14

WEST SEATTLE (NWMLS 140) MONTHS OF INVENTORY 2018 2019 2020

JAN 2019 - DEC 2020 MEDIAN SOLD PRICE

MEDIAN SOLD PRICE

JAN 2019 - DEC 2020 700k 500k 300k 2019

1.7 | 1.8 1.7 | 2.8 1.3 | 3.4

AVG DAYS ON MARKET 2018 25 | 17 2019 38 | 54 2020 29 | 45

2020

700k 500k 300k 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!

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2020 single family homes | condos

NEIGHBORHOOD // YEAR OVER YEAR COMPARISON

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

1.9 1.9 1.5

CAPITOL HILL (NWMLS 390)

AVG DAYS ON MARKET 2018 34 2019 41 2020 41

MONTHS OF INVENTORY 2018 2019 2020

1.4M

MEDIAN SOLD PRICE

MEDIAN SOLD PRICE

JAN 2019 - DEC 2020 1.2M 1.0M 800k 600k 2019

2020

2.0 | 1.1 1.9 | 2.2 2.0 | 2.7 JAN 2019 - DEC 2020

1.2M 1.0M 800k 600k 400k

2019

single family homes | condos

MONTHS OF INVENTORY

MEDIAN SOLD PRICE

2020

4.5M

CENTRAL DISTRICT (NWMLS 390)

AVG DAYS ON MARKET 2018 12 2019 17 2020 15

MONTHS OF INVENTORY 2018 2019 2020

JAN 2019 - DEC 2020

3.5M 2.5M 1.5M 500k 2019

1.2 | 2.3 1.6 | 3.3 2.1 | 2.9

2020

1.0M 800k 600k 400k 200k

2019

single family homes | condos

MONTHS OF INVENTORY 2019 2020

1.5 2.8 1.2

MADISON PARK (NWMLS 390)

AVG DAYS ON MARKET 2018 16 2019 34 2020 26

MONTHS OF INVENTORY 2018 2019 2020

MEDIAN SOLD PRICE

MEDIAN SOLD PRICE

JAN 2019 - DEC 2020 1.6M 1.4M 1.2M 1.0M 600k

2019

2020 single family homes | condos

MADRONA (NWMLS 380) 2018

AVG DAYS ON MARKET 2018 17 | 23 2019 30 | 27 2020 22 | 30

JAN 2019 - DEC 2020 MEDIAN SOLD PRICE

2019

2.0 2.7 0.5

2020 single family homes | condos

LESCHI (NWMLS 380) 2018

AVG DAYS ON MARKET 2018 25 | 17 2019 37 | 37 2020 27 | 43

2020 single family homes | condos

3.0M

2.1 | 2.5 4.5 | 1.9 1.8 | 2.1

AVG DAYS ON MARKET 2018 24 | 18 2019 32 | 101 2020 34 | 32

JAN 2019 - DEC 2020

2.4M 1.8M 1.2M 600k 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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