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ANNUAL REPORT 2017

LIVE LO V E OWN


S E AT T L E R E A L E S TAT E M A R K E T 2017 was another record breaking year for Seattle real estate. In addition to Washington’s economy growing 3.7% in the last year1, Seattle has seen median home prices increase to +$900,000 in some areas and inventory levels remaining at record lows. While our growth has positioned us at the forefront of the nation, we continue to struggle with low inventory. Why so low? The largest component is employment, with Amazon in the lead. Additionally, Seattle is attractive to startups with 1,200 new businesses establishing annually2. Combine the success of several other Fortune 500 companies bringing +47,700 new jobs3 and the population averaging +500 new residents per week4, the demand for homes has far exceeded our current supply. So, what can we expect for 2018? Continued low interest rates, increase in demand, and low inventory levels will make for aggressive competition on available homes. Ultimately, we anticipate prices to continue upward. How can you position yourself successfully in this market? Skilled negotiation and broker relationships are key factors in successfully closing transactions. Leading our area with nearly 30% of Seattle’s market share, Windermere brokers work tirelessly to establish strong relationships that ultimately identify and match the needs of buyers and sellers, resulting in more successful real estate transactions than any other firm in Seattle.

13 %

MEDIAN SALES PRICE

$720,083

9,114 NEW LISTINGS

CHANGE IN MEDIAN SALES PRICE

$

408 AVERAGE PSF

8,387 SOLD LISTINGS

M A RKE T S H A RE O F COMPA N Y By Vo lu m e REPRESENTING SELLERS

REPRESENTING BUYERS

30%

28%

WINDERMERE

7%

10%

JOHN L. SCOTT

8%

9%

KELLER WILLIAMS

7%

RE/MAX

5% 6%

6% 7%

COLDWELL BANKER

REDFIN

5%

Companies not shown represent less than 4% of Buyers and Sellers


S E AT T L E N E I G H B O R H O O D S Downtown | Belltown Downtown

CONDOMINIUM 2015

2016

2017

2016 vs 2017

Average Sale Price

$650,750

$773,417

$816,333

6%

Median Sale Price

$532,917

$ 618,833

$634,417

3%

Average PSF

$628

$739

$797

8%

Number of Sales

789

950

549

-42%

Days on Market

52

39

31

-19%

Queen Anne | Magnolia

RESIDENTIAL 2015

2016

2017

Average Sale Price

$897,583

$1,015,667

$1,089,333

Median Sale Price

$763,917

$873,833

$935,833

7%

$374

$424

$480

13%

686

698

817

17%

32

30

23

-23%

2015

2016

2017

Average Sale Price

$627,417

$702,750

$801,583

14%

Median Sale Price

$588,583

$660,833

$750,750

14%

Average PSF

$327

$367

$425

16%

Number of Sales

1,973

2,136

2,236

5%

19

16

14

-16%

2015

2016

2017

Average Sale Price

$680,667

$785,250

$875,250

11%

Median Sale Price

$572,417

$669,833

$761,917

14% 13%

Uptown

Average PSF Number of Sales Days on Market

Ballard | Green Lake | Fremont | Wallingford Northwest

Days on Market

Ravenna | Northgate | Laurelhurst Northeast

2016 vs 2017

YoY%

YoY%

2016 vs 2017

$361

$410

1,284

1,225

-5%

20

19

16

-11%

Mt Baker | Leschi | Columbia City | Seward Park

RESIDENTIAL

2015

2016

2017

Average Sale Price

$532,917

$582,167

$676,000

16%

Median Sale Price

$440,250

$499,833

$607,917

22%

2016 vs 2017

YoY%

$254

$295

$338

15%

Number of Sales

703

768

845

10%

Days on Market

33

24

24

1%

2015

2016

2017

Average Sale Price

$440,333

$503,833

$593,833

Median Sale Price

$422,667

$505,500

$586,250

16%

$238

$285

$327

15%

Number of Sales

369

384

450

17%

Days on Market

29

23

25

11%

Beacon Hill | SODO | Georgetown

Average PSF

2016 vs 2017

18%

RESIDENTIAL

2015

2016

2017

$868,750

$966,750

$1,067,583

10%

Median Sale Price

$682,833

$784,917

$878,833

12%

$395

$443

$495

12%

Number of Sales

936

981

1,005

2%

Days on Market

30

33

23

-31%

2015

2016

2017

Average Sale Price

$505,583

$559,750

$636,833

Median Sale Price

$452,083

$511,250

$590,833

16%

Average PSF

$269

$313

$344

10%

Number of Sales

1,727

1,776

1,809

2%

30

20

20

-1%

West Seattle West Seattle

Days on Market

NEW HOUSING UNITS3

YoY%

Average Sale Price Average PSF

10,161

RESIDENTIAL

Capitol Hill | Central District | Madison Park Central

PEOPLE MOVED

TO SEATTLE WEEKLY2

YoY%

$324

Southwest

+ 500

RESIDENTIAL

1,254

Average PSF

23%EMPLOYEES HIRED THIS YEAR1

RESIDENTIAL 2016 vs 2017

Number of Sales

Southeast

+ 47,700

7%

Average PSF Days on Market

MARKET DRIVERS

YoY%

2016 vs 2017

YoY%

RESIDENTIAL

MARKET ANALYSIS 1 CNBC - America’s Top States for Business 2017 study 2 Seattle.gov - Office of Economic Development 3 Bureau of Labor Statistics - U.S. Department of Labor 4 Seattle.gov - Office of Planning & Community Development

2016 vs 2017

YoY% 14%

MARKET DRIVERS 1 Bureau of Labor Statistics - U.S. Department of Labor Seattle.gov - Office of Planning & Community Development 3 Seattle.gov - Department of Construction & Inspections GIS 2


FOURTH QUARTER REPORT

COVER PHOTO

King Street Station

Downtown Seattle | Belltown

CONDOMINIUM

Q4 2016

Q4 2017

Average Sale Price

$765,667

$835,333

9%

Median Sale Price

$555,667

$676,000

22%

Downtown

Average PSF

YoY%

$750

$818

9%

Number of Sales

161

120

-25%

Days on Market

32

23

-28%

Q4 2016

Q4 2017

YoY%

$1,003,333

$1,141,667

14%

$859,667

$997,333

16%

Queen Anne | Magnolia Uptown Average Sale Price Median Sale Price Average PSF

$428

$488

14%

189

168

-11%

Days on Market

28

22

-19%

Ballard | Green Lake | Fremont | Wallingford Q4 2016

Q4 2017

YoY%

Average Sale Price

$702,333

$831,667

18%

Median Sale Price

$658,333

$768,333

17%

$367

$442

20%

529

527

0%

18

15

-19%

Days on Market

Ravenna | Northgate | Laurelhurst

Northwest

$768,333

12%

Northeast

85% $746,667

17%

12%

RESIDENTIAL

Northwest

Number of Sales

23%

RESIDENTIAL

Number of Sales

Average PSF

MEDIAN SALES PRICE | YOY %

RESIDENTIAL

Uptown

$997,333 16%

Central

$926,000

Downtown

22%

Northeast

Q4 2016

Q4 2017

YoY%

Average Sale Price

$786,000

$836,667

6%

Median Sale Price

$666,000

$746,667

12%

$369

$405

10%

364

285

-22%

Southeast

21

17

-16%

$630,000

Average PSF Number of Sales Days on Market

Mt Baker | Leschi | Columbia City | Seward Park Southeast

Q4 2016

Q4 2017

$562,000

$678,667

21%

$495,000

$630,000

27%

$303

$336

11%

Number of Sales

217

194

-11%

Days on Market

26

25

-5%

Q4 2016

Q4 2017

YoY%

Average Sale Price

$509,333

$628,000

23%

Median Sale Price

$509,000

$592,000

16%

$311

$362

16%

104

138

33%

18

22

Number of Sales Days on Market

Capitol Hill | Central District | Madison Park Q4 2016

Q4 2017

YoY%

$922,000

$1,151,333

25%

Median Sale Price

$756,667

$926,000

22%

$443

$519

17%

230

258

12%

37

24

-36%

Days on Market

West Seattle

RESIDENTIAL

West Seattle

Q4 2016

Q4 2017

YoY%

Average Sale Price

$562,000

$651,333

16%

Median Sale Price

$516,000

$605,333

17%

$312

$351

13%

Number of Sales

483

437

-10%

Days on Market

20

20

3%

Average PSF

LiveLoveOwnSeattle.com 206.448.6400 wallst@windermere.com

16%

West Seattle

$605,333 17%

24%

Average Sale Price

Number of Sales

$592,000

RESIDENTIAL

Central

Average PSF

27%

RESIDENTIAL

Southwest

Average PSF

Southwest

YoY%

Median Sale Price

Beacon Hill | SODO | Georgetown

22%

RESIDENTIAL

Average Sale Price Average PSF

$676,000

Windermere Real Estate Wall Street Inc OFFICE LOCATIONS

Downtown Seattle

Magnolia

2420 2nd Ave Seattle, WA 98121

3214 W McGraw St #102 Seattle, WA 98199

Queen Anne

West Seattle

214 W McGraw St Seattle, WA 98119

4526 California Ave SW Seattle, WA 98116

LIVE LO V E OWN

WALL STREET GROUP

Copyright © 2018 Windermere Real Estate / Wall Street Inc. All rights reserved. LIVE | LOVE | OWN ® is a registered trademark of Windermere Real Estate / Wall Street Inc. Wall Street Group is a trademark of Windermere Real Estate / Wall Street Inc. Statistics provided by the Northwest Multiple Listing Services are deemed accurate, but not guaranteed. Components and percentages may not precisely reflect the absolute figures, due to rounding. All information is provided for marketing purposes only and should be independently verified. If you are already working with an agent, this is not intended to solicit that business.

Annual Report 2017  
Annual Report 2017