2017 Spring Market Review - Eastside

EASTSIDE MARKET VDBESTATES.COM

SPRING 2016 EASTSIDE MARKET REVIEW

EA STSIDE MARKET REVIEW

A VIEW FROM THE EASTSIDE Real Estate Market Recap - First Quarter 2017

The Eastside housing market continued its winning streak during the first quarter of 2017. Despite a frustrating lack of listings and stormy weather that kept many buyers indoors, property sales totaled more than $1.7 Billion in the year’s first three months, up 14% from Q1 2016. From Bellevue to Woodinville, home prices continued their ascent and proved that the Eastside has the most prized real estate in the Pacific Northwest. The average price for a single family home was up 14% over the first quarter last year, and the average condo price increased by an eye-popping 28%. Given these numbers, it’s no surprise that the average Eastside property sold above its asking price. First quarter demand was heavy and competition fierce.

Every city in this report saw rising home prices in the first quarter. Of the 16 cities covered, 10 experienced price increases of more than 15% compared to Q1 2016. And 11 cities closed the quarter with average sold prices that were higher than average list prices. Impressive first quarter growth in the market for Eastside luxury homes - and luxury waterfront homes - was further proof of the health of the Eastside real estate market. For more information about this market segment, see the last page of this report.

The squeeze is on: Low inventory produces marketplace frenzy The supply of homes listed for sale on the Eastside was at an all-time low at the end of the first quarter, roughly half last year’s level, a third of the previous year and just a quarter of the year before that. This constriction has resulted in a frenzied marketplace. Just as more people than ever are moving to the Eastside for its jobs, schools and lifestyle, there are fewer housing units available for them to purchase. This struggle explains the dramatic prices that new listings generated in the first quarter, and also the speed of the market, with lower average market times for all property types.

As the second quarter gets underway, our Eastside listings are seeing strong buyer traffic and many are receiving multiple offers well above their asking price. What everyone agrees the market needs is more listings to meet this rising buyer demand. Seeing sales results from the first quarter may just convince some fence-sitting sellers that now is the right time to list their homes. If that group includes you, let us help you prepare, price and position your home for maximum return.

EA STSIDE MARKET REVIEW

$706,900

$819,300

$1,051,500

$1,217,700

$374,400

$478,800

$857,200

$980,100

A V E R A G E E A S T SID E HO M E PRICE | 2017 VS . 2 0 1 6

SINGLE FAMILY HOMES

CONDOMINIUMS

NEW CONSTRUCTION HOMES

ALL PROPERTY TYPES

14%

28%

16%

16%

The total volume of Eastside residential real estate sales rose by an impressive 15.9% in the first quarter, compared to the same period a year ago. The average sold price for single family homes increased by 14.3% to $980,100. For condos, the average sold price increased by a remarkable 27.9%, to $478,800. New construction homes were most prized, with an average sold price of $1,217,700, up 15.8%. Due to limited inventory, unit sales of all property types were flat compared to Q1 2016.

2120

2085

294

301

564

549

1431

1422

T O T A L E A STSID E SALES | 2017 VS . 2 0 1 6

SINGLE FAMILY HOMES

CONDOMINIUMS

NEW CONSTRUCTION HOMES

ALL PROPERTY TYPES

-0.6%

-2.7%

2.4%

-1.7%

VDB ESTATES | COLDWELL BANKER BAIN

SINGLE FAMILY HOMES

14%

CONDOMINIUMS

25%

$1.49B

$1.71B

$309M

$366M

$211M

$262M

$1.23B

$1.39.B

T O T A L E A S T S I D E S ALES VO LUM E | 2017 VS . 2 0 1 6

NEW CONSTRUCTION HOMES

ALL PROPERTY TYPES

19%

14%

First quarter home sales soared in various Eastside cities. Medina had the highest average sold price at $2,428,800, up 11% from Q1 2016. Bellevue had the highest closed sales volume at $276.5M; Bothell came in second at $207.6M. Carnation saw the biggest percentage increases in sales volume (120.8%), units sold (72.7%) and average sold price (27.8%). Snoqualmie homes sold the fastest, with an average market time of 13 days. And Redmond led the Eastside with the highest sold-to-list price ratio, at 104.3%.

45 Days

39 Days

73 Days

60 Days

31 Days

24 Days

43 Days

36 Days

A V G . D A Y S ON M ARK ET | 2017 VS . 2 0 1 6

SINGLE FAMILY HOMES

CONDOMINIUMS

NEW CONSTRUCTION HOMES

ALL PROPERTY TYPES

-16%

-23%

-18%

-13%

VDB Estates : Advantage in the Marketplace Mark von der Burg is highly regarded as one of the most qualified experts in residential real estate in the Pacific Northwest. For more than twenty-eight years, Mark has built his reputation representing Luxury Estates, Urban Homes, and Waterfront Properties. With sales over $110,000,000 in 2016, he is once again in the top 0.5% of agents nationwide, the second leading Realtor in the Northwest, and Coldwell Banker Bain’s #1 Realtor.

Mark von der Burg | Coldwell Banker Global Luxury

®

DIRECTOR

Representing the most prominent estates in the Northwest for over twenty-eight years, Mark is recognized by local and national media as an expert in his field. Mark is well known as a tough negotiator who knows the avenues that will guide your home through the complex appraisal, inspection and lending process. You will want Mark on your side of the negotiating table! He will be your strongest advocate as each piece of the transaction is meticulously monitored to meet your goals. His unwavering standards, integrity, and extensive knowledge have earned him an impressive roster of repeat and referral business.

$100,000,000 in SALES year after year

Brandon Hancock | Broker Brandon graduated from the University of Washington in 2008 with a degree in Construction Management. After working as a Project Engineer with Mortenson Construction for two years, he became a Real Estate Broker in 2009 and officially joined the VDB Estates team in 2012. Assisting individuals in purchasing/selling real estate is important to Brandon because he recognizes that it is not only a place to call “home”, but it is more than likely one of the largest investments a person will be involved with. Protecting this asset, in what can often be emotional transactions for the client, is the number one priority for Brandon. Being a former resident of Seattle, Kirkland and now residing in Downtown Bellevue, he possesses market knowledge from first-hand experience in the Greater Seattle area. Outside of real estate, Brandon has been a season ticket holder for UW Football since 2004. He enjoys always physically challenging himself with exercise and being very conscientious about living a healthy lifestyle.

VDB ESTATES | COLDWELL BANKER BAIN

LU XU RY ($2M+ ) YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $255.4M | $193.4M | 32.1% TOTAL HOMES SOLD 81 | 67 | 20.9% AVG. SALES PRICE $3,153,400 | $2,886,700 | 9.2% AVG. DAYS ON MARKET 69 | 75 | -8.0% SOLD/LIST PRICE % 96.5% | 96.1% | 0.4%

LUXURY WATERFRONT ($2M+) YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $96.2M | $65.8M | 46.1% TOTAL HOMES SOLD 23 | 20 | 15.0% AVG. SALES PRICE $4,181,200 | $3,291,200 | 27.0% AVG. DAYS ON MARKET 105 | 108 | -2.8% SOLD/LIST PRICE % 95.2% | 91.6% | 3.9%

Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/17 and 3/31/17.

EA STSIDE MARKET REVIEW

BEL L EVU E YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $276.5M | $265.8 | 4.0% TOTAL HOMES SOLD 221 | 247 | -10.5% AVG. SALES PRICE $1,251,100 | $1,076,000 | 16.3% AVG. DAYS ON MARKET 24 | 30 | -20.0% SOLD/LIST PRICE % 103.3% | 100.7% | 2.6%

B OT H E L L YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $207.6M | $184.0M | 12.8% TOTAL HOMES SOLD 336 | 349 | -3.7% AVG. SALES PRICE $618,000 | $527,300 | 17.2% AVG. DAYS ON MARKET 33 | 39 | -15.4% SOLD/LIST PRICE % 102.2% | 100.8% | 1.4%

Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/17 and 3/31/17.

VDB ESTATES | COLDWELL BANKER BAIN

C A R N AT I O N YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $22.8M | $10.3M | 120.8% TOTAL HOMES SOLD 38 | 22 | 72.7% AVG. SALES PRICE $598,900 | $468,500 | 27.8% AVG. DAYS ON MARKET 61 | 80 | -23.8% SOLD/LIST PRICE % 99.1% | 99.1% | 0.0%

C LYD E H I L L YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $20.4M | $21.1M | -3.4% TOTAL HOMES SOLD 9 | 10 | -10.0% AVG. SALES PRICE $2,265,800 | $2,110,400 | 7.4% AVG. DAYS ON MARKET 21 | 53 | -60.4% SOLD/LIST PRICE % 101.5% | 99.0% | 2.5%

NWMLS sales data compiled by Trendgraphix. All property photos courtesy of Coldwell Banker Bain’s Bellevue and Madison Park offices.

EA STSIDE MARKET REVIEW

D U VAL L YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $20.4M | $23.6M | -13.6% TOTAL HOMES SOLD 35 | 47 | -25.5% AVG. SALES PRICE $582,700 | $502,000 | 16.1% AVG. DAYS ON MARKET 41 | 40 | 2.5% SOLD/LIST PRICE % 99.0% | 99.3% | -0.3%

I SS AQ UA H YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $99.0M | $95.1M | 4.1% TOTAL HOMES SOLD 118 | 133 | -11.3% AVG. SALES PRICE $839,300 | $715,400 | 17.3% AVG. DAYS ON MARKET 30 | 27 | 11.1% SOLD/LIST PRICE % 104.0% | 102.4% | 1.6%

Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/17 and 3/31/17.

VDB ESTATES | COLDWELL BANKER BAIN

K I R K LA N D YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $225.2M | $201.1M | 12.0% TOTAL HOMES SOLD 240 | 226 | 6.2% AVG. SALES PRICE $938,300 | $889,800 | 5.5% AVG. DAYS ON MARKET 24 | 34 | -29.4% SOLD/LIST PRICE % 102.4% | 100.7% | 1.7%

MED I NA YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $31.6M | $17.5M | 80.4% TOTAL HOMES SOLD 13 | 8 | 62.5% AVG. SALES PRICE $2,428,800 | $2,187,600 | 11.0% AVG. DAYS ON MARKET 35 | 21 | 66.7% SOLD/LIST PRICE % 94.7% | 100.6% | -5.9%

NWMLS sales data compiled by Trendgraphix. All property photos courtesy of Coldwell Banker Bain’s Bellevue and Madison Park offices.

EA STSIDE MARKET REVIEW

MERC ER I S L AND YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $118.9M | $70.0M | 70.0% TOTAL HOMES SOLD 55 | 41 | 34.1% AVG. SALES PRICE $2,162,400 | $1,706,800 | 26.7% AVG. DAYS ON MARKET 52 | 48 | 8.3% SOLD/LIST PRICE % 97.9% | 98.7% | -0.8%

NEWCASTLE YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $30.9M | $38.1M | -18.9% TOTAL HOMES SOLD 34 | 44 | -22.7% AVG. SALES PRICE $910,100 | $866,900 | 5.0% AVG. DAYS ON MARKET 32 | 44 | -27.3% SOLD/LIST PRICE % 100.7% | 101.0% | -0.3%

Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/17 and 3/31/17.

VDB ESTATES | COLDWELL BANKER BAIN

N O RT H B E N D YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $19.9M | $22.7M | -12.6% TOTAL HOMES SOLD 30 | 43 | -30.2% AVG. SALES PRICE $662,900 | $528,900 | 25.3% AVG. DAYS ON MARKET 60 | 62 | -3.2% SOLD/LIST PRICE % 98.6% | 100.3% | -1.7%

RED MOND YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $147.2M | $135.1M | 9.0% TOTAL HOMES SOLD 162 | 174 | -6.9% AVG. SALES PRICE $908,800 | $776,100 | 17.1% AVG. DAYS ON MARKET 33 | 31 | 6.5% SOLD/LIST PRICE % 104.3% | 101.2% | 3.1%

NWMLS sales data compiled by Trendgraphix. All property photos courtesy of Coldwell Banker Bain’s Bellevue and Madison Park offices.

EA STSIDE MARKET REVIEW

RENTON YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $189.8M | $152.4M | 24.6% TOTAL HOMES SOLD 376 | 330 | 13.9% AVG. SALES PRICE $504,800 | $461,700 | 9.3% AVG. DAYS ON MARKET 38 | 45 | -15.6% SOLD/LIST PRICE % 100.6% | 100.9% | -0.3%

S A M MA M I SH YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $153.8M | $134.6M | 14.2% TOTAL HOMES SOLD 156 | 154 | 1.3% AVG. SALES PRICE $985,800 | $874,300 | 12.8% AVG. DAYS ON MARKET 39 | 42 | -7.1% SOLD/LIST PRICE % 102.2% | 100.6% | 1.6%

Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/17 and 3/31/17.

VDB ESTATES | COLDWELL BANKER BAIN

S N O Q UA LMI E YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $43.7M | $24.6M | 77.3% TOTAL HOMES SOLD 66 | 40 | 65.0% AVG. SALES PRICE $662,000 | $616,000 | 7.5% AVG. DAYS ON MARKET 13 | 11 | 18.2% SOLD/LIST PRICE % 101.8% | 99.9% | 1.9%

WOOD I NVI L L E YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $94.0M | $67.3M | 39.8% TOTAL HOMES SOLD 107 | 93 | 15.1% AVG. SALES PRICE $878,800 | $723,500 | 21.5% AVG. DAYS ON MARKET 30 | 46 | -34.8% SOLD/LIST PRICE % 101.3% | 99.9% | 1.4%

NWMLS sales data compiled by Trendgraphix. All property photos courtesy of Coldwell Banker Bain’s Bellevue and Madison Park offices.

EASTSIDE MARKET - SPRING 2016 REVIEW *Information and statistics derived by CB Bain from the Northwest Multiple Listing Service (NWMLS). Statistics not compiled or published by the NWMLS.