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Q1 19

Q1 2019 Report Greater Eastside and Seattle Metro


Eastside Residential* Q1 Timeline Comparison (Q1 2009 to Q1 2019)

Homes For Sale

Avg. Active Prices

Avg. Sold Prices

Median Sold Prices

Home Prices

Active Listings 600

$3,000,000 559

$2,405,000

$2,500,000 $2,000,000

501

$1,859,000

500

$2,012,000 $1,609,000

$1,500,000 $1,618,000

$1,350,000

$1,000,000 $1,222,000

261

400

$1,596,000 300 $1,332,000

200 100

$500,000

0

$0 2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Q1 Price Per SQFT (closed) Comparison (Q1 2019 vs Q1 2018)

Price Per Square Foot $800 $700

2019 Price Per Square Foot

2018 Price Per Square Foot

$682 $695

$600

$496

$500

$552 $408 $417

$400

$411 $391

$354 $366

$332 $325

$300 $200 $100 $0 West Bellevue

Kirkland/ Bridle Trails

Eastside South of 1-90

Remond

Sammamish

Woodinville

*Data shown is for homes priced $1M+, excluding waterfront. Zip codes: 98004, 98006, 98027, 98029, 98033, 98039, 98053, 98053, 98072, 98077. Sold data was collected only from Q1(Jan.-Mar), dating back to 2009. Information and statistics derived by VDB | Compass from Trendgraphix.


Eastside Condominiums* Q1 Timeline Comparison (Q1 2009 to Q1 2019)

Condos for Sale

Avg. Active Prices

Avg. Sold Prices

Median Sold Prices

Condo Prices

Active Listings

$2,500,000

160 142

$2,000,000

$1,500,000

$1,000,000

$2,004,000 140

$2,026,000

120

$1,497,000

$1,423,000

$1,247,000

$1,200,000

100 80

$1,019,000 $1,000,000

$1,150,000 60 49 40

$500,000

25

20 0

$0 2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Q1 Price Per SQFT Comparison (Q1 2019 vs Q1 2018)

Q1 Overall Market Recap Price Per Square Foot

Single-Family The number of homes for sale is the most dramatic statistic for Q1

$1,000 $800

$762

$794

2019. Inventory is up +92%. The near doubling of inventory was $738

accompanied by a -17% drop in average active prices and a slight $627

$600

dip, -0.1%, in closed prices. The average list price to sold price ratio was 97% for Q1 2019, down -5% compared to last year’s average ratio of 102%. The amount of time it took to sell a home,

$400

on average, was 67 days up +29 days compared to a year ago.

$200

Condominiums Bellevue and Kirkland had a gain in inventory of +96%

$0 Downtown Bellevue

Downtown Kirkland

2019 Price Per SQFT 2018 Price Per SQFT

compared to last year. In terms of prices, Bellevue and Kirkland went the opposite direction. Average sold prices in Bellevue dropped -4%, while Kirkland showed a positive gain of +17%. The average time it took to sell a condo in Bellevue was 38 days, up +24 days compared to last year. In Kirkland, condos took 27 days to sell, up just one day compared to last year.

*Data shown is for condos priced $750k+. Zip codes: 98004 & 98033. Statistics do not include presales or townhomes. Sold data was collected only from Q1(Jan.-Mar), dating back to 2009. Information and statistics derived by VDB | Compass from NWMLS & Trendgraphix.


Eastside Community Insights

Q1 Absorption Rates*

West Bellevue

All seven targeted areas on the Eastside have

Absorption Rate (closed sales)

transitioned into Neutral or Buyer’s markets. Seattle, as you’ll see in the coming pages, is still hanging

16%

on to their Seller’s market, minus a couple of

33%

sub-markets. Ballard/Greenlake & Queen Anne/ Magnolia remain a Seller’s market, while Central Seattle and Laurelhurst/Windermere’s markets concluded in the neutral position.

0%

24% È 48% off from 2018 NEUTRAL MARKET

Absorption Rate: Number of properties sold in a given month divided by number of homes for sale.

Buyer’s Market

Neutral Market

100%

Seller’s Market

88

57

Homes For Sale

Total Homes Sold

Ç49% vs 2018

È 23% vs 2018

Eastside/South of I-90

Redmond

Absorption Rate (closed sales)

Absorption Rate (closed sales)

16%

33%

0%

16%

100%

20% È 73% off from 2018 NEAUTRAL MARKET

33%

0%

100%

28% È 70% off from 2018 NEAUTRAL MARKET

87

45

80

60

Homes For Sale

Total Homes Sold

Homes For Sale

Total Homes Sold

Ç98% vs 2018

È 41% vs 2018

Ç300% vs 2018

Ç7% vs 2018

*Data shown is for homes priced $1M+, excluding waterfront. Zip codes: 98004, 98006, 98027, 98029, 98033, 98039, 98053, 98053, 98072, 98077. Information and statistics derived by VDB | Compass from NWMLS & Trendgraphix..


Eastside Community Insights

Woodinville

Sammamish

Absorption Rate (closed sales)

Absorption Rate (closed sales)

16%

33%

0%

16%

100%

33%

0%

32% È 32% off from 2018

100%

30% È 54% off from 2018

NEUTRAL MARKET

NEUTRAL MARKET

44

37

129

105

Homes For Sale

Total Homes Sold

Homes For Sale

Total Homes Sold

Ç33% vs 2018

È 12% vs 2018

Ç82% vs 2018

È 6% vs 2018

Bridle Trails

Kirkland

Absorption Rate (closed sales)

Absorption Rate (closed sales)

16%

16%

33%

0%

100%

11% È 78% off from 2018 BUYER’S MARKET

33%

0%

100%

28% È 62% off from 2018 NEUTRAL MARKET

13

5

73

58

Homes For Sale

Total Homes Sold

Homes For Sale

Total Homes Sold

Ç44% vs 2018

È 44% vs 2018

Ç115% vs 2018

È 11% vs 2018

*Data shown is for homes priced $1M+, excluding waterfront. Zip codes: 98004, 98006, 98027, 98029, 98033, 98039, 98053, 98053, 98072, 98077. Information and statistics derived by VDB | Compass from NWMLS & Trendgraphix.


Eastside Market Share by Price Point Single-Family Residential* $1m-$1.5m

$1.5m-$2m

$2m-$2.5m

$2.5m-$3m

Q1 2019

$3m+

Q1 2018 3%

5%

5%

6%

5%

6%

19%

19%

65%

66%

Condominiums* $750k-$1m

$1m-$1.25m

$1.25m-$1.5m

$1.5m+

Q1 2019

Q1 2018

23% 28% 33% 39%

13%

19% 26%

18%

*Data shown is for homes priced $1M+, excluding waterfront. Zip codes: 98004, 98006, 98027, 98029, 98033, 98039, 98053, 98053, 98072, 98077. Data shown is for condos priced $750k+. Zip codes: 98004 & 98033. Statistics do not include presales or townhomes. Information and statistics derived by VDB | Compass from NWMLS & Trendgraphix.


Seattle Metro Residential* Q1 Timeline Comparison (Q1 2009 to Q1 2019)

Homes For Sale

Avg. Active Prices

Avg. Sold Prices

Median Sold Prices

Home Prices

Active Listings 250

$3,000,000 234 $2,500,000 $2,000,000

$2,000,000 $1,550,000

$2,228,000

200

$1,615,000

181 $1,978,000 $1,545,000150

$1,500,000 $1,000,000

$1,300,000

$1,300,000

$1,295,000

84

100

50

$500,000 $0

0 2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Q1 Price Per SQFT Comparison (Q1 2019 to Q1 2018)

Price Per Square Foot

2019 Price Per SQFT

2018 Price Per SQFT

$700 $600

$575

$552

$548$562

$553

$529

$500

$470$485

$400 $300 $200 $100 $0 Central Seattle

North Seattle

Queen Anne Magnolia

Ballard Greenlake

*Data shown is for homes priced >$1M+ excluding waterfront. Zip codes include: 98102, 98103, 98105, 98107, 98109, 98112, 98119, 98122, 98199. Sold data was collected only from Q1(Jan.-Mar), dating back to 2009. Information and statistics derived by VDB | Compass from NWMLS & Trendgraphix.


Seattle Metro Condominiums* Q1 Timeline Comparison (Q1 2009 to Q1 2019)

Condos For Sale

Avg. Active Prices

Avg. Sold Prices

Median Sold Prices

Home Prices

Active Listings

$2,500,000 $2,000,000

160

149

$2,105,000

144 140

$1,884,000

120

$1,500,000 $1,653,000

$1,601,000

$1,266,000

100 $1,454,000 80

$1,000,000

$1,100,000

$1,124,000

60

$1,020,000

60 40

$500,000

20 0

$0 2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Q1 Price Per SQFT Comparison (Q1 2019 to Q1 2018)

Q1 Overall Market Recap Price Per Square Foot

Single-Family Inventory was up +65% in Seattle in Q1 2019 compared to

$940 $916

$920

Q1 2018. Active prices are down -17% and average sold prices are up +5%. The average time it took for a home to sell was 50 days, up +19 days compared to a year ago.

$900

Although there were homes that still attracted multiple offer situations, overall, the list price and sold price ratio was

$880

97%, which means homes sold for -4% below the original $860

$844

$840

list price.

Condominiums Inventory is up +78%, the highest it’s been since 2009-2010.

$820

The average price per SQFT value for Q1 2019 was $844, $800 Seattle Metro 2019 Price Per SQFT

down -8% compared to Q1 2018. Average active prices are down -25%. The average time it took for a condo to sell was 100 days, up +49 days compared to a year ago.

2018 Price Per SQFT

*Data shown is for condos priced $750k+. Zip codes: 98101, 98102, 98104, 98109, 98112, 98119, 98121, 98122. Statistics do not include presales or townhomes. Sold data was collected only from Q1(Jan.-Mar), dating back to 2009. Information and statistics derived by VDB | Compass from NWMLS & Trendgraphix.


Seattle Community Insights

Q1 Absorption Rates* Absorption Rate Defined: Number of properties

Buyer’s Market

sold divided by number of homes for sale.

Neutral Market

Central Seattle*

Laurelhurst / Windermere

Absorption Rate (closed sales)

Absorption Rate (closed sales)

16%

33%

0%

16%

100%

31%

Seller’s Market

33%

0%

100%

27% È 73% off from 2018

NEUTRAL MARKET

NEUTRAL MARKET

È 63% off from 2018

72

68

11

10

Homes For Sale*

Total Homes Sold

Homes For Sale*

Total Homes Sold

Ç57% vs 2018

È 6% vs 2018

Ç57% vs 2018

È 42% vs 2018

Queen Anne / Magnolia

Ballard / Green Lake

Absorption Rate (closed sales)

Absorption Rate (closed sales)

16%

16%

33%

0%

100%

33% È 53% off from 2018 49 56 SELLER’S MARKET

33%

0%

100%

50% È 46% off from 2018 66 48 SELLER’S MARKET

Homes For Sale*

Total Homes Sold

Homes For Sale*

Total Homes Sold

Ç44% vs 2018

È 22% vs 2018

Ç71% vs 2018

Ç16% vs 2018

*Data shown is for homes priced >$1M+ excluding waterfront. Included neighborhoods for Central Seattle: Capitol Hill, Denny Blaine, Madison Park & Washington Park. Information and statistics derived by VDB | Compass from NWMLS & Trendgraphix.


Seattle Market Share by Price Point Single-Family Residential* $1m-$1.5m

$1.5m-$2m

$2m-$2.5m

$2.5m-$3m

Q1 2019 6%

$3m+

Q1 2018 2%

4%

7%

4%

6% 0%

22%

66%

83%

Condominiums* $750k-$1m

$1m-$1.25m

$1.25m-$1.5m

$1.5m+

Q1 2019

Q1 2018

21% 28%

7%

49%

49%

10%

23% 14%

*Data shown is for single-family homes priced $1M+, excluding waterfront. Zip codes: 98102, 98103, 98105, 98107, 98109, 98112, 98119, 98122 98199. Data shown is for condos priced $750k+. Zip codes: 98101, 98102, 98104, 98109, 98112, 98119, 98121, 98122. Statistics do not include presales or townhomes. Information and statistics derived by VDB | Compass from NWMLS & Trendgraphix.


Waterfront* Waterfront Market Recap For waterfront properties*, Q1 2019 had six closings, the same as last year’s Q1. Four out of the six sales were on the Eastside, while the other two were on Mercer Island. Yarrow Point had two sales that sold in five days or less, cumulatively 10% over the asking price.

Currently For Sale (as of 5/13/2019) Community

For Sale

Average List Price

Avg Price / SF

Avg Days on Market

Seattle

5

$7,370,000

$1,460

228 days

Eastside

8

$16,537,500

$2,246

102 days

Mercer Island

12

$7,152,000

$1,144

376 days

*Data shown is for single-family homes from I-90 to West of Market in Kirkland, Mercer Island and I-90 to Windermere, including neighborhoods: Leschi, Madrona, Madison Park, Denny Blaine, Washington Park & Laurelhurst. True waterfront properties are homes that have their own private waterfront footage, not shared. Sold data was collected only from Q1(Jan.-Mar), dating back to 2009. Information and statistics derived by VDB | Compass from NWMLS & Trendgraphix.


Waterfront* Currentlty Pending (as of 5/13/2019) Community

Pending

Avg Days on Market

Seattle

0

n/a

Eastside

5

320 days

Mercer Island

3

212 days

Sold in Q1 2019 Community

Sold

Average Sold Price

Avg Price / SF (Sold)

Avg Days on Market

Seattle

0

n/a

n/a

n/a

Eastside

4

$7,000,000

$1,895

45 days

Mercer Island

2

$5,950,000

$900

301 days


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