EASTSIDE MARKET Q2 2017 MARKET REPORT www.vdbrealty.com
Eastside Market Review
EASTSIDE MARKET REVIEW
A VIEW FROM THE EASTSIDE Real Estate Market Recap - Second Quarter 2017
The Eastside housing market flexed its muscles during the second quarter of 2017, outperforming expectations as well as other markets around the region. Property sales totaled almost $5 billion in the first half of the year, shooting up 17% over the same period last year and effectively doubling this year’s first quarter output. From Bellevue to Woodinville, home prices continued their dizzying climb: the average sold price for Eastside homes topped $1M for the first time. Single family home prices rose by 16% over the first two quarters of 2016, and the average condo price increased by an impressive 22%. The list-to-sold price ratio across all Eastside communities was 103%, meaning the average home sold for 3% above its asking price, further proof that demand from and competition among buyers was exceptionally strong in the first two quarters. The Luxury and Luxury Waterfront segments showed particular strength, with their total sales volume up 44% and 33%, respectively, over the same period last year. Reflective of the exceptional demand for Eastside luxury properties, our area’s high-end home sales accounted for two-thirds of all luxury home sales in the Northwest Multiple Listing Service. 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.
Supply of homes finally grows, only to be absorbed by strong buyer demand With more and more people looking to live on the Eastside, the available supply of housing has never been more important. The region’s jobs, schools and lifestyle amenities continue to attract home buyers from all over the region and the world. At the end of the first quarter, the supply of Eastside homes for sale was at an all-time low, limiting unit sales and pushing up prices. During the second quarter, more listings came on the market but they were quickly absorbed by the lingering crush of buyers. The result? Record sales by dollar volume, record average sold prices, and remarkably short listing periods as measured by average days-on-market. As the third quarter progresses, more and more listings are coming on the market. Theoretically this favors buyers, who have more inventory to choose from and potentially less competition from a diluted late-summer buyer pool. So far, however, we’ve seen that smartly-priced listings in good condition are still generating lots of traffic and multiple offers. If you’re a buyer, now may be the right time to get into – or back into – the market. If you’re a seller, let us help you prepare, price and position your home so that it stands head and shoulders above the competition.
EASTSIDE MARKET REVIEW
$725,000
$850,400
$1,039,900
$1,287,800
$398,000
$484,900
$867,900
$1,010,000
A V E R AG E E A S T SI D E HO ME PRI CE | YTD 2 0 1 7 VS . 2 0 1 6
SINGLE FAMILY HOMES
CONDOMINIUMS
NEW CONSTRUCTION HOMES
ALL PROPERTY TYPES
16%
22%
24%
17%
In the first half of the year the average sold price for Eastside properties was up 17%, well ahead of the 10% price increase reported MLS-wide. New construction homes saw an even higher average price increase, up 24% over last year. Because Eastside single family homes were scarce and selling for an average price of $1M+, condominium prices skyrocketed. The average sold price of an Eastside condo approached $500,000 for the first time. Reflecting the exceedingly tight inventory of available homes in Q1/Q2, unit sales of single family homes were flat compared to the first half of 2016 and the number of condos sold was down.
5734
5702
644
600
1466
1422
3989
4006
T O T AL E A S T SI DE S A LES | YTD 2 0 1 7 VS . 2 0 1 6
SINGLE FAMILY HOMES
CONDOMINIUMS
NEW CONSTRUCTION HOMES
ALL PROPERTY TYPES
0.4%
-3.0%
-6.8%
-0.6%
V D B LU X U RY | C O L DW EL L BA N K ER BA I N B E L L E V U E | MADISON PARK
$4.16B
$4.85B
$670M
$773M
$583M
$690M
$3.46B
$4.05B
T O T AL E A S T SI D E S A LES VO LUME | YTD 2 0 1 7 VS . 2 0 1 6
SINGLE FAMILY HOMES
CONDOMINIUMS
NEW CONSTRUCTION HOMES
ALL PROPERTY TYPES
17%
18%
15%
17%
Year-to-date, every one of the 16 communities covered in this report has seen sold prices increase by at least 10% over last year. Medina had the highest average sold price ( $3,030,100), up 15% from last year, while Clyde Hill had the largest percentage price increase (29%). Bellevue had the highest closed sales volume at $823M; Kirkland came in second at $591M. Mercer Island saw the largest percentage increases in sales volume (63%) and units sold (41%). Snoqualmie homes sold the fastest, with an average market time of 15 days. And Redmond led the Eastside with the highest sold-to-list price ratio, at 105.5%.
33 Days
29 Days
64 Days
54 Days
22 Days
19 Days
30 Days
26 Days
AV G . D AY S O N MA RKET | YTD 2 0 1 7 VS . 2 0 1 6
SINGLE FAMILY HOMES
CONDOMINIUMS
NEW CONSTRUCTION HOMES
ALL PROPERTY TYPES
-13%
-14%
-16%
-12%
VDB Luxury : 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.
As the founder of VDB Luxury, Mark has assembled an extremely capable team of talented professionals who work tirelessly providing exceptional client services. Skilled in their field, they constantly review, adjust, and redevelop various aspects of the business to get the best results. Specialties include Photography, Cinematography, Creative Writing, Staging, Graphic Design, Marketing, Social Media, International Business, Listing/Transaction Management, and Escrow. The team’s success is attributed to expertise, powerful resources and a well-executed, structured plan. Performing from a position of strength, VDB Luxury continues to be Coldwell Banker Bain’s #1 Team year after year.
Mark von der Burg | Luxury Division Director
V D B LU X U RY | C O L DW EL L BA N K ER BA I N B E L L E V U E | MADISON PARK
LU XU RY ( $ 2 M + ) YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $739.1M | $512.1M | 44.3% TOTAL HOMES SOLD 242 | 174 | 39.1% AVG. SALES PRICE $3,054,200 | $2,943,200 | 3.8% AVG. DAYS ON MARKET 50 | 48 | 4.2% SOLD/LIST PRICE % 98.1% | 97.5% | 0.6%
LUXURY WATERFRONT ($2M+) YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $223.8M | $167.7M | 33.4% TOTAL HOMES SOLD 56 | 46 | 21.7% AVG. SALES PRICE $3,995,900 | $3,645,600 | 9.6% AVG. DAYS ON MARKET 77 | 58 | 32.8% SOLD/LIST PRICE % 96.8% | 95.1% | 1.8%
NWMLS sales data compiled by Trendgraphix. All property photos courtesy of Coldwell Banker Bain’s Bellevue and Madison Park offices.
EASTSIDE MARKET REVIEW
BEL L EVU E YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $822.5M | $749.8 | 9.7% TOTAL HOMES SOLD 636 | 690 | -7.8% AVG. SALES PRICE $1,293,300 | $1,086,700 | 19.0% AVG. DAYS ON MARKET 18 | 21 | -14.3% SOLD/LIST PRICE % 104.3% | 102.7% | 1.6%
B OT H E L L YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $534.5M | $449.8M | 18.8% TOTAL HOMES SOLD 843 | 843 | 0.0% AVG. SALES PRICE $634,000 | $533,600 | 18.8% AVG. DAYS ON MARKET 23 | 26 | -11.5% SOLD/LIST PRICE % 103.2% | 101.8% | 1.4%
Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/17 and 6/30/17.
V D B LU X U RY | C O L DW EL L BA N K ER BA I N B E L L E V U E | MADISON PARK
C A R N AT I O N YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $56.7M | $39.4M | 43.8% TOTAL HOMES SOLD 81 | 69 | 17.4% AVG. SALES PRICE $699,400 | $571,000 | 22.5% AVG. DAYS ON MARKET 49 | 55 | -10.9% SOLD/LIST PRICE % 100.2% | 100.1% | 0.1%
C LYD E H I L L YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $78.8M | $78.7M | 0.1% TOTAL HOMES SOLD 28 | 36 | -22.2% AVG. SALES PRICE $2,813,600 | $2,185,300 | 28.8% AVG. DAYS ON MARKET 44 | 31 | 41.9% SOLD/LIST PRICE % 99.7% | 98.4% | 1.3%
NWMLS sales data compiled by Trendgraphix. All property photos courtesy of Coldwell Banker Bain’s Bellevue and Madison Park offices.
EASTSIDE MARKET REVIEW
D U VAL L YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $58.4M | $51.6M | 13.2% TOTAL HOMES SOLD 103 | 104 | -1.0% AVG. SALES PRICE $566,800 | $495,700 | 14.3% AVG. DAYS ON MARKET 21 | 30 | -30.0% SOLD/LIST PRICE % 101.6% | 100.5% | 1.1%
I SS AQ UA H YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $310.5M | $262.7M | 18.2% TOTAL HOMES SOLD 352 | 353 | -0.3% AVG. SALES PRICE $882,100 | $744,300 | 18.5% AVG. DAYS ON MARKET 21 | 20 | 5.0% SOLD/LIST PRICE % 104.6% | 102.4% | 2.1%
Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/17 and 6/30/17.
V D B LU X U RY | C O L DW EL L BA N K ER BA I N B E L L E V U E | MADISON PARK
K I R K LA N D YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $591.3M | $541.9M | 9.1% TOTAL HOMES SOLD 611 | 626 | -2.4% AVG. SALES PRICE $967,800 | $865,600 | 11.8% AVG. DAYS ON MARKET 18 | 24 | -25.0% SOLD/LIST PRICE % 103.5% | 102.0% | 1.5%
MED I NA YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $93.9M | $68.8M | 36.5% TOTAL HOMES SOLD 31 | 26 | 19.2% AVG. SALES PRICE $3,030,100 | $2,645,800 | 14.5% AVG. DAYS ON MARKET 20 | 13 | 53.8% SOLD/LIST PRICE % 99.3% | 99.8% | -0.5%
NWMLS sales data compiled by Trendgraphix. All property photos courtesy of Coldwell Banker Bain’s Bellevue and Madison Park offices.
EASTSIDE MARKET REVIEW
MERC ER I S L AND YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $329.8M | $202.3M | 63.0% TOTAL HOMES SOLD 172 | 122 | 41.0% AVG. SALES PRICE $1,917,200 | $1,658,400 | 15.6% AVG. DAYS ON MARKET 32 | 29 | 10.3% SOLD/LIST PRICE % 100.0% | 99.7% | 0.3%
NEWCASTLE YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $84.8M | $92.2M | -8.1% TOTAL HOMES SOLD 89 | 107 | -16.8% AVG. SALES PRICE $952,600 | $861,900 | 10.5% AVG. DAYS ON MARKET 21 | 35 | -40.0% SOLD/LIST PRICE % 102.5% | 100.6% | 1.9%
Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/17 and 6/30/17.
V D B LU X U RY | C O L DW EL L BA N K ER BA I N B E L L E V U E | MADISON PARK
N O RT H B E N D YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $58.7M | $79.5M | -26.2% TOTAL HOMES SOLD 98 | 149 | -34.2% AVG. SALES PRICE $598,700 | $533,300 | 12.3% AVG. DAYS ON MARKET 37 | 34 | 8.8% SOLD/LIST PRICE % 101.2% | 100.2% | 1.0%
RED MOND YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $461.9M | $376.2M | 22.8% TOTAL HOMES SOLD 492 | 484 | 1.7% AVG. SALES PRICE $938,900 | $777,300 | 20.8% AVG. DAYS ON MARKET 19 | 22 | -13.6% SOLD/LIST PRICE % 105.5% | 102.4% | 3.0%
NWMLS sales data compiled by Trendgraphix. All property photos courtesy of Coldwell Banker Bain’s Bellevue and Madison Park offices.
EASTSIDE MARKET REVIEW
RENTON YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $470.5M | $399.7M | 17.7% TOTAL HOMES SOLD 900 | 854 | 5.4% AVG. SALES PRICE $522,800 | $468,000 | 11.7% AVG. DAYS ON MARKET 25 | 33 | -24.2% SOLD/LIST PRICE % 102.2% | 101.4% | 0.8%
S A M MA M I SH YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $469.0M | $391.5M | 19.8% TOTAL HOMES SOLD 460 | 443 | 3.8% AVG. SALES PRICE $1,019,500 | $883,700 | 15.4% AVG. DAYS ON MARKET 27 | 26 | 3.8% SOLD/LIST PRICE % 102.6% | 101.7% | 0.9%
Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/17 and 6/30/17.
V D B LU X U RY | C O L DW EL L BA N K ER BA I N B E L L E V U E | MADISON PARK
S N O Q UA LMI E YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $118.4M | $85.4M | 38.6% TOTAL HOMES SOLD 170 | 140 | 21.4% AVG. SALES PRICE $696,500 | $610,100 | 14.2% AVG. DAYS ON MARKET 15 | 12 | 25.0% SOLD/LIST PRICE % 102.6% | 101.2% | 1.4%
WOOD I NVI L L E YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $249.8M | $208.9M | 19.6% TOTAL HOMES SOLD 281 | 277 | 1.4% AVG. SALES PRICE $889,100 | $754,300 | 17.9% AVG. DAYS ON MARKET 23 | 31 | -25.8% SOLD/LIST PRICE % 101.9% | 100.9% | 1.0%
NWMLS sales data compiled by Trendgraphix. All property photos courtesy of Coldwell Banker Bain’s Bellevue and Madison Park offices.
EASTSIDE MARKET - SECOND QUARTER REVIEW
*Information and statistics derived by CB Bain from the Northwest Multiple Listing Service (NWMLS). Statistics not compiled or published by the NWMLS.
BELLEVUE 150 BELLEVUE WAY SE, BELLEVUE, WA 98004 MADISON PARK 4227 EAST MADISON STREET, SEATTLE, WA 98122