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February 2019 Monthly Report Greater Eastside and Seattle Metro


Eastside Residential* February Timeline Comparison Price Range: $1m+ (February 2009 to February 2019) Homes For Sale

Avg. Active Prices

Avg. Sold Prices

Median Sold Prices

Home Prices

Homes for Sale

$3,000,0 00

600

496 Homes $2,500,0 00

500

$1.92m

$1.09m

$1.09m

$2,000,0 00

$1.09m

496 Homes

$1.92m

$1,500,0 00

300

$1.08m

$1.08m

$1.08m

$1,000,0 00

400

$1.92m

200

496 Homes

$500,000

100

$0

0 Feb 2009

Feb 2010

Feb 2011

Feb 2012

Feb 2013

Feb 2014

Feb 2015

Feb 2016

Feb 2017

Feb 2018

Feb 2019

February Price Per SQFT (closed) Comparison Price Range: $1m+ (February 2019 to February 2018)

January 2019 Price Per Square Foot

January 2018 Price Per Square Foot

Price Per Square Foot $700

$652 $652

$600

$492

$500

$409 $395

$400

$415 $346 $360

$528 $460 $383

$378

$336

$308

$300

$200

$100

$0 West Bellevue

Eastside/South of I-90

Sammamish

Redmond

Kirkland

Bridle Trails

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 in the month of February, dating back to 2009. Information and statistics derived by VDB | Compass from Trendgraphix.


Eastside Condominiums* February Timeline Comparison Price Range: $750k+ (February 2009 to February 2019) Homes For Sale

Avg. Active Prices

Avg. Sold Prices

Median Sold Prices

Condo Prices $2,500,000

Condos For Sale 140

130 Condos $2.02m

120

$2,000,000 100 $1,500,000

$1.42m

$1.36m

58 Condos

$1.26m $1,000,000

$799k

$1.07m

$0

34 Condos

Feb 2009

Feb 2010

Feb 2011

Feb 2012

Feb 2013

Feb 2014

60

$888k $866k 40

$799k $500,000

80

20

Feb 2015

Feb 2016

Feb 2017

Feb 2018

Feb 2019

0

February Price Per SQFT Comparison Price Range: $750k+ (February 2019 to February 2018)

Overall Market Recap Price Per Square Foot

$720

Single-Family

$708

From 2015 to 2019, we saw a steady increase in inventory

$700 $680

of about 34% Year-over-Year (YoY), but 2018 to 2019 was

$677

$669

a different story. YoY inventory soared 102% resulting in 412

$660

homes for sale in February 2019. Average Active Prices are

$640

down 15% YoY and Price Per SQFT values based on closed

$620

sales, are up 4% compared to last year. $598

$600 $580

Condominiums

$560

Despite the YoY increase in inventory, historically speaking,

$540

we’ve rebounded to our approximate 11-year average Bellevue

January 2019 Price Per Square Foot January 2018 Price Per Square Foot

Kirkland

supply. Avg. Active Prices, unlike Single-Family homes, continued to show positive upward trends, ending February 2019 up 12%. Price Per SQFT values in West Bellevue are up 5% and off -10% in Kirkland.

*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 Trendgraphix.


Eastside Community Insights

February Absorption Rates

West Bellevue

Three out of the seven communities we focused

Absorption Rate (closed sales)

on (West Bellevue, Eastside/South of I-90 and Sammamish) that make up the Eastside are

16%

officially a Neutral market. Redmond, Woodinville

33%

and Kirkland, on the other hand, made a comeback into the Seller’s market range, but nothing too drastic. Seattle, as you’ll see in the coming pages, three out of the four market areas

0%

(Central Seattle, Ballard/Greenlake & Laurelhurst/

100%

29% È 23% off from 2018 NEUTRAL MARKET

Windermere) remain a Seller’s market. Queen Anne/Magnolia’s market concluded in a Neutral position. *Absorption Rate: Number of properties sold in a

73

21

given month divided by number of homes for sale.

Homes For Sale

Total Homes Sold

Ç43% vs 2018

Ç10% vs 2018

Buyer’s Market

Neutral Market

Seller’s Market

Eastside/South of I-90

Redmond

Absorption Rate (closed sales)

Absorption Rate (closed sales)

16%

33%

0%

16%

100%

19% È 77% off from 2018 NEAUTRAL MARKET

33%

0%

100%

34% È 64% off from 2018 SELLER’S MARKET

65

12

64

22

Homes For Sale

Total Homes Sold

Homes For Sale

Total Homes Sold

Ç132% vs 2018

È 48% vs 2018

Ç204% vs 2018

Ç10% 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 Trendgraphix.


Eastside Community Insights

Woodinville

Sammamish

Absorption Rate (closed sales)

Absorption Rate (closed sales)

16%

33%

0%

16%

100%

33%

0%

39% È 1% off from 2018

100%

24% È 58% off from 2018

SELLER’S MARKET

NEUTRAL MARKET

36

14

105

25

Homes For Sale

Total Homes Sold

Homes For Sale

Total Homes Sold

Ç29% vs 2018

Ç27% vs 2018

Ç110% vs 2018

È 11% vs 2018

Bridle Trails

Kirkland

Absorption Rate (closed sales)

Absorption Rate (closed sales)

16%

16%

33%

0%

100%

11% È 63% off from 2018 BUYER’S MARKET

33%

0%

100%

33% È 55% off from 2018 SELLER’S MARKET

19

2

69

23

Homes For Sale

Total Homes Sold

Homes For Sale

Total Homes Sold

Ç171% vs 2018

0% vs 2018

Ç165% vs 2018

Ç21% 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 Trendgraphix.


Eastside Market Share by Price Point Single-Family Residential*

Price Range: $1m+ (February 2019 to February 2018)

2018

2019 $1m-$1.5m

56%

$1m-$1.5m

60%

$1.5m-$2m

20%

$1.5m-$2m

22%

$2m-$2.5m

8%

$2m-$2.5m

4%

$2.5m-$3m

5%

$2.5m-$3m

6%

$3m+

12%

$3m+

8%

The difference between February 2019 and 2018 was minimal.

Condominiums*

Price Range: $750k+ (February 2019 to February 2018)

2018

2019 $750k-$1m

75%

$750k-$1m

25%

$1m-$1.25m

25%

$1m-$1.25m

13%

$1.25m-1.5m

0%

$1.25m-1.5m

25%

$1.5m+

0%

$1.5m+

38%

The noticeable differences between 2019 and 2018 is due to a lack of sales in 2019 vs 2018. 2019 recorded 5 closings compared to 2018’s 22 closings, which is why the numbers are drastically different.

*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 Trendgraphix.


Seattle Metro Residential

*

February Timeline Comparison Price Range: $1m+ (February 2009 to February 2019) Homes For Sale

Avg. Active Prices

Avg. Sold Prices

Median Sold Prices

Home Prices

Homes For Sale 250

$3,000,000

219 Homes $2,500,000

$2,000,000

$1,500,000

$1,000,000

$1.98m

$2.01m

$1.63m

$1.8m

131 Homes 150 $1.45m

$1.45m

$1.25m

$1.25m

64 Homes

$500,000

$0

200

$2.10m

Feb 2009

Feb 2010

Feb 2011

Feb 2012

Feb 2013

Feb 2014

50

Feb 2015

Feb 2016

Feb 2017

Feb 2018

Feb 2019

February Price Per SQFT Comparison Price Range: $1m+ (February 2019 to February 2018)

2019 Price Per Square Foot

2018 Price Per Square Foot

Price Per Square Foot $700

$600

$532

$521

$559

$573

$552

$500

$531 $431

$460

$400

$300

$200

$100

$0

Central Seattle

Queen Anne Magnolia

Ballard Greenlake

100

Laurelhurst Windermere

*Data shown is for homes priced >$1M+ excluding waterfront. Zip codes include: 98102, 98103, 98105, 98107, 98109, 98112, 98119, 98122, 98199. Information and statistics derived by VDB | Compass from Trendgraphix.

0


Seattle Metro Condominiums* February Timeline Comparison Price Range: $750k+ (February 2009 to February 2019) Homes For Sale

Avg. Active Prices

Avg. Sold Prices

Median Sold Prices

Home Prices $2,500,000

Homes For Sale 160

189 Condos $1.40m 189 Condos

$2,000,000

120

$1.40m $1,500,000

$1,000,000

140

$1.40m

$2.13m

$2.13m

$2.13m

$1.1m

$1.1m

$1.1m

189 Condos

100 80 60 40

$500,000

20 0

$0 Feb 2009

Feb 2010

Feb 2011

Feb 2012

Feb 2013

Feb 2014

Feb 2015

Feb 2016

Feb 2017

Feb 2018

Feb 2019

February Price Per SQFT Comparison Price Range: $750k+ (February 2019 to February 2018)

Overall Market Recap Price Per Square Foot

Single-Family $970

$980

Year-over-Year, inventory is up 75%, closed sales are only off by one deal and pending transactions are up 11%. The

$960

number of new listings, compared to last month, are up

$940

15%. Average active prices are down 19%, but sold prices

$920

have started to recover (.1%) going into March, but is still off by 8% compared to the same time last year. Price per SQFT

$900 $880 $860

values are down 2% YoY. $860

Condominiums

$840

Year-over-Year, inventory is up 45%, closed sales are off

$820

-42% and pending transactions are up 11%. Average

$800

active prices are off-23% YoY, but average sold prices are Seattle Metro

2019 Price Per Square Foot

up 31% compared to last month, as the market starts to get into the busy season. Price Per SQFT values, are down -11% YoY.

2018 Price Per Square Foot

*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 Trendgraphix.


Seattle Community Insights

February 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%

Seller’s Market

33%

0%

100%

35% È 41% off from 2018

43% È 36% off from 2018

SELLER’S MARKET

SELLER’S MARKET

23

8

7

3

Homes For Sale*

Total Homes Sold

Homes For Sale*

Total Homes Sold

Ç35% vs 2018

È 20% vs 2018

Ç17% vs 2018

È 25% vs 2018

Queen Anne / Magnolia

Ballard / Green Lake

Absorption Rate (closed sales)

Absorption Rate (closed sales)

16%

16%

33%

0%

100%

33%

0%

100%

15

48% È 33% off from 2018 20 41

Homes For Sale*

Total Homes Sold

Homes For Sale*

Total Homes Sold

Ç82% vs 2018

È 6% vs 2018

Ç86% vs 2018

Ç25% vs 2018

31% 49

NEUTRAL MARKET

È 48% off from 2018

SELLER’S MARKET

*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 Trendgraphix.


Seattle Market Share by Price Point Single-Family Residential*

Price Range: $1m+ (February 2019 vs February 2018)

2018

2019

$1m-$1.5m

75%

$1m-$1.5m

65%

$1.5m-$2m

16%

$1.5m-$2m

21%

$2m-$2.5m

7%

$2m-$2.5m

9%

$2.5m-$3m

0%

$2.5m-$3m

4%

$3m+

2%

$3m+

1%

The noticeable difference between 2019 and 2018 is the 5% decrease in market share in the $1.5m-$2m price range and the 0% market share in the $2.5m-$3m price range in 2019.

Condominiums*

Price Range: $750k+ (February 2019 vs February 2018)

2019

2018

$750k-$1m

37%

$750k-$1m

47%

$1m-$1.25m

26%

$1m-$1.25m

9%

$1.25m-1.5m

5%

$1.25m-1.5m

19%

$1.5m+

32%

$1.5m+

25%

The noticeable difference between 2019 and 2018 is the 17% gain in the $1m-$1.25m price range and -14% drop in market share in the $1m-$1.25m+ price range.

*Data shown is for single-family homes priced $1M+, excluding waterfront & condominiums priced $750k+. Zip codes: 98102, 98103, 98105, 98107, 98109, 98112, 98119, 98122 98199. Information and statistics derived by VDB | Compass from Trendgraphix.


Waterfront* Waterfront Market Recap For true* water front properties, February 2019 had only 2 closings, one in Mercer Island and Yarrow Point. The Mercer Island home was built in 2008 and has 60 feet of no-bank, North facing waterfront. The Yarrow Point sale was essentially land value. The lot was just under nine-tenths of an acre and West facing.

For Sale in February 2019 Price Range: $2m+ Community

For Sale

Average List Price

Avg Price / SF

Avg Days on Market

Seattle

0

n/a

n/a

n/a

Eastside

5

$8,488,000

$2,218

259 days

Mercer Island

13

$8,393,077

$1,214

422 days

*Data shown is for single-family homes priced $2M+ 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. Information and statistics derived by VDB | Compass from NWMLS data.


Waterfront* Pending in February 2019 Price Range: $2m+ Community

Pending

Avg Price / SF (Sold)

Avg Days on Market

Seattle

0

n/a

n/a

Eastside

0

n/a

n/a

Mercer Island

0

n/a

n/a

Sold in February 2019 Price Range: $2m+ Community

Sold

Average Sold Price

Avg Price / SF (Sold)

Avg Days on Market

Seattle

0

n/a

n/a

n/a

Eastside

1

$7,050,000

$2,820

2 days

Mercer Island

1

$7,200,000

$910

305 days


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February 2019 Monthly Report  

Year-over-Year, between Seattle and the Eastside, inventory is up 90%, closed sales are off -5% and pending transactions are up 11%. Price p...

February 2019 Monthly Report  

Year-over-Year, between Seattle and the Eastside, inventory is up 90%, closed sales are off -5% and pending transactions are up 11%. Price p...