March 2019 Monthly Report

03 19

March 2019 Monthly Report Greater Eastside and Seattle Metro

Eastside Residential* March Timeline Comparison Price Range: $1m+ (March 2009 to March 2019)

Active Listings

Avg. Active Prices

Avg. Sold Prices

Median Sold Prices

Home Prices

Active Listings

$2,500,000

600 559

501 $1,877,000

$2,000,000 $1,859,000 $1,500,000 $1,250,000

$1,426,000

$1,000,000 $1,203,000

$1,288,000

500

$1,988,000

400 $1,648,000 $1,342,000

300 200

$500,000

178

100

$0

0 Mar 2009

Mar 2010

Mar 2011

Mar 2012

Mar 2013

Mar 2014

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

March Price Per SQFT (closed) Comparison Price Range: $1m+ (March 2019 vs March 2018)

Price Per Square Foot

2019 Price Per Square Foot

2018 Price Per Square Foot

$900 $800

$771 $711

$700 $600

$503

$500

$544 $413

$452

$400

$371

$404

$383 $362

$363 $375

Woodinville

Sammaish

$300 $200 $100 $0

West Bellevue

Kirkland/ Bridle Trails

Eastside South of 1-90

Redmond

*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 March, dating back to 2009. Information and statistics derived by VDB | Compass from Trendgraphix.

Eastside Condominiums* March Timeline Comparison Price Range: $750k+ (March 2009 to March 2019) Active Listings

Avg. Active Prices

Avg. Sold Prices

Median Sold Prices

Condo Prices

Active Listings 160

$2,500,000 142

140

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

120 $1,446,000

$1,423,000

$1,857,000 100 $1,126,000 80

$1,172,000

$991,000

$835,000

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

$1,000,000

49

37

$500,000

60 40 20 0

$0 Mar 2009

Mar 2010

Mar 2011

Mar 2012

Mar 2013

Mar 2014

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

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

Overall Market Recap Price Per Square Foot $800 $700

$655

Single-Family The Year-over-Year (YoY) increase in the number of homes

$724

$600

for sale is the most dramtic statistic for March 2019.

$650 $542

$500

Inventory is up 92% YoY. The near doubleing of inventory was acompanied by a YoY -15% trend in Avg. Active Prices.

Sellers need to be aware that the market is price sensitive

$400

and it’s crucial to get the pricing right right out of the gate,

$300

or you run the risk of longer market times.

$200

Condominiums

$100 $0

We did see a similar gain in inventory of 96% compared Downtown Bellevue

Kirkland

to last year. This is a significant number, but in terms of volume, March 2019’s numbers are still relatively low.

Pending sales (condos under contract) are up 71%

2019 Price Per SQFT

compared to last month, which tells us the market demand

2018 Price Per SQFT

for condos is farily strong.

*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

March Absorption Rates

West Bellevue

Five out of the seven communities we focused on

Absorption Rate (closed sales)

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

16%

Neutral markets. Redmond & Kirkland are Seller’s

33%

markets but on the edge of becoming a Neutral market. Bridle Trails is a Buyer’s market. Seattle, as you’ll see in the coming pages, three out of the four market areas (Central Seattle, Ballard/Greenlake

0%

& Queen Anne/Magnolia) remain a Seller’s market.

30% È 44% off from 2018 NEUTRAL MARKET

Laurelhurst/Windermere’s market concluded in a Neutral position. *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

26

Homes For Sale

Total Homes Sold

Ç49% vs 2018

È 16% vs 2018

Eastside/South of I-90

Redmond

Absorption Rate (closed sales)

Absorption Rate (closed sales)

16%

33%

0%

16%

100%

26% È 66% off from 2018 NEAUTRAL MARKET

33%

0%

100%

35% È 65% off from 2018 SELLER’S MARKET

87

23

80

28

Homes For Sale

Total Homes Sold

Homes For Sale

Total Homes Sold

Ç97% vs 2018

È 32% vs 2018

Ç300% vs 2018

Ç40% 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%

32% È 50% off from 2018

100%

29% È 64% off from 2018

NEUTRAL MARKET

NEUTRAL MARKET

44

14

129

37

Homes For Sale

Total Homes Sold

Homes For Sale

Total Homes Sold

Ç33% vs 2018

Ç33% vs 2018

Ç82% vs 2018

È 34% vs 2018

Bridle Trails

Kirkland

Absorption Rate (closed sales)

Absorption Rate (closed sales)

16%

16%

33%

0%

100%

15% È 65% off from 2018 BUYER’S MARKET

33%

0%

100%

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

13

2

73

22

Homes For Sale

Total Homes Sold

Homes For Sale

Total Homes Sold

Ç44% vs 2018

È 50% vs 2018

Ç115% vs 2018

È 19% 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+ (March 2019 vs March 2018)

$1m-$1.5m

$1.5m-$2m

$2m-$2.5m

$2.5m-$3m

2019

$3m+

2018 7%

6%

5%

5%

March 2019 and 2018 outcomes were very similar. No real noticable shifts in sales by price point were made.

5%

7%

18%

18% 63%

64%

Condominiums*

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

$750k-$1m

$1m-$1.25m

$1.25m-$1.5m

$1.5m+

2018

2019

13%

21%

42% 50%

21%

14%

March 2019 had a higher percentage of sales in the $1.5m+ price range. On the other hand, 2018 had more sales priced in the $1m-$1.5m price range.

14% 21%

*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 Trendgraphix.

Seattle Metro Residential

*

March Timeline Comparison Price Range: $1m+ (March 2009 to March 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

181

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

$1,978,000

$2,228,000 $1,522,000

$2,000,000

200

150

$1,709,000

$1,456,000 $1,335,000

$1,400,000

$1,375,000

84

100

50

$500,000 $0

0 Mar 2009

Mar 2010

Mar 2011

Mar 2012

Mar 2013

Mar 2014

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

March Price Per SQFT Comparison Price Range: $1m+ (March 2019 vs March 2018)

Price Per Square Foot 2019 Price Per SQFT

2018 Price Per SQFT

$700 $600

$577 $573

$595 $537

$500

$518

$548 $480 $474

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

Queen Anne Magnolia

Ballard Greenlake

North Seattle

*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.

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

Avg. Active Prices

Avg. Sold Prices

Median Sold Prices

Home Prices

Active Listings

$2,500,000

144

100

$1,229,000

$1,526,000 80

$1,163,000

$1,000,000

120

$1,764,000

$1,653,000

$1,500,000 $1,296,000

140

$2,105,000

149

$2,000,000

$935,000

60

$500,000

160

$1,020,000

60 40 20

$0

0 Mar 2009

Mar 2010

Mar 2011

Mar 2012

Mar 2013

Mar 2014

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

March Price Per SQFT Comparison Price Range: $750k+ (March 2019 vs March 2018)

Overall Market Recap Price Per Square Foot

Single-Family

$880

$874

$875

The big shift in inventory happened in 2018 and continued into March this year. The Seattle area added 70 additional

$870 $865

listings, up 65% YoY, in the $1m+ price range last month.

$860

having low volumes of supply. Sold prices exhibited a 13%

$855 $850

gain and at the same time, Active prices fell -22%.

$845

That’s a considerable numebr given Seattle’s history of

$842

$840 $835

Condominiums

$830 $825

Year-over-Year, inventory is up 78%, the highest it’s been Seattle Metro 2019 Price Per SQFT 2018 Price Per SQFT

since 2010. Average active prices are off-28% YoY, but average Sold prices are up 5%. What this says is that Sellers are either reducing their prices or coming on ther market at a price that is closer to fairmarket value to attaract as many offers as possible and to gert it sold.

*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

March 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%

33%

0%

38% È 44% off from 2018

Seller’s Market

100%

27% È 73% off from 2018

SELLER’S MARKET

NEUTRAL MARKET

32

12

12

3

Homes For Sale*

Total Homes Sold

Homes For Sale*

Total Homes Sold

Ç33% vs 2018

È 25% vs 2018

Ç57% vs 2018

È 57% vs 2018

Queen Anne / Magnolia

Ballard / Green Lake

Absorption Rate (closed sales)

Absorption Rate (closed sales)

16%

16%

33%

0%

100%

46% È 47% off from 2018 26 56 SELLER’S MARKET

33%

0%

100%

60% È 32% off from 2018 29 48 SELLER’S MARKET

Homes For Sale*

Total Homes Sold

Homes For Sale*

Total Homes Sold

Ç44% vs 2018

È 23% 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 Trendgraphix.

Seattle Market Share by Price Point Single-Family Residential*

Price Range: $1m+ (March 2019 vs March 2018) $1m-$1.5m

$1.5m-$2m

$2m-$2.5m

$2.5m-$3m

2019

$3m+

2018 6%

1% 4% 0%

3% 2%

18%

31%

57%

Last year, homes in the $1.5m-$2m price range represented a large portion of sales. In March 2019, that percentage dropped 15%. 2019 did have a greater percentage of sales north of $2m.

71%

Condominiums*

Price Range: $750k+ (March 2019 vs March 2018) $750k-$1m

$1m-$1.25m

$1.25m-$1.5m

2019

$1.5m+

2018 17%

21%

11%

7%

47%

52%

21%

For the most part, 2019 and 2018 didn’t have noticable shifts in the distribution of sale prices.s

22%

*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 Trendgraphix.

Waterfront* Waterfront Market Recap For true* water front properties, March 2019 had only 2 closings, both being on the Eastside. One of the sales was a West facing Yarrow Point property with great upgrades and a fabulous back yard for entertaining that sold in five days!

For Sale in March 2019 Community

For Sale

Average List Price

Avg Price / SF

Avg Days on Market

Seattle

2

$8,175,000

$1,634

442 days

Eastside

8

$20,503,250

$2,815

203 days

Mercer Island

13

$7,046,538

$1,150

352 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. Information and statistics derived by VDB | Compass from NWMLS data.

Waterfront* Pending in March 2019 Community

Pending

Avg Price / SF

Avg Days on Market

Seattle

0

n/a

n/a

Eastside

1

$1,442

432 days

Mercer Island

2

$1,049

221 days

Sold in March 2019 Community

Sold

Average Sold Price

Avg Price / SF (Sold)

Avg Days on Market

Seattle

0

n/a

n/a

n/a

Eastside

2

$7,225,000

$1,573

52 days

Mercer Island

0

n/a

n/a

n/a

Your home. Our mission.

No matter the style, size, or address, the properties we represent are a reflection of the vibrant lives led within their walls. That’s why we’ve made it our company mission to help everyone find their place in the world.

If you’d like a custom, complimentary report for your specific neighborhood or home, please contact us.

@vdb_compass @vdbcompass @vdbcompass VDB Compass

www.vdbcompass.com

seattle

206.245.9185

eastside

425.882.8821