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Luxury Market Trends
WELCOME SUMMER!
The luxury real estate market throughout the Pacific Northwest, has experienced increased activity despite interest rates. While the market has not returned to the intensity of recent years past, most locations have normalized as inventory has increased. In many of the sought-after luxury destinations of Washington, Oregon, and Idaho, the second quarter of the year brought an increase in sales activity to go along with the increased inventory levels, with select locations also experiencing a reduced number of days on market for well-positioned properties, highlighting where buyer demand tends to behave independent of rates or other market conditions.
The summer months can be a wonderful time to find your next home, as there is a great selection of inventory in many markets this time of year. Whether you’re looking to sell your family home or purchase a vacation property in a destination location, our John L. Scott luxury broker associates are here to help.
We hope you enjoy the latest edition of our Luxury Market Trends magazine!
J. Lennox Scott Chairman and CEO
John L. Scott Real Estate
EXCEPTIONAL HOMES
BY JOHN L.
SCOTT
Exceptional Homes is John L. Scott’s luxury real estate brand. Together with our luxury broker associates, our global partners at Luxury Portfolio International, and our support staff, we strive to provide concierge-level service by putting clients first.
We can ensure you that we are here for you and your family. The real estate market is fast-paced and ever changing, but what hasn’t changed, is our commitment to exceed your expectations when you are ready to buy or sell your home.
On The Cover: Offered at $6,450,000 | johnlscott.com/68204
John L. Scott is a founding member of the international organization Leading Real Estate Companies of the World®, as well as their luxury division, Luxury Portfolio International.
Founded in 1931, John L. Scott operates over 100 offices with over 3,000 agents throughout WA, OR, ID & CA
A global community of over 565 real estate companies awarded membership based on rigorous standards for service and performance
Member Firms BY THE NUMBERS
80% of applicants to this network are turned down
John L. Scott’s luxury brand, providing our agents with tools and data to help each and every client live their luxury
The luxury division of LeadingRE & the largest global network of the most powerful, independent luxury firms
4,800 Offices Worldwide
Total Inventory
$58 Billion
SCHOLARS OF THE MARKET
Curious about luxury trends in your neighborhood? See what some of our John L. Scott luxury experts had to say about the market in their area.
DeAnna Sickler and Dyan Lane
Ashland
The luxury real estate market in Jackson County saw a variety of trends in this past month. The number of luxury homes for sale reached 107 units, marking a slight decrease of only 4.5% from the previous month and a more significant drop of 17.1% compared to the same period last year. Despite this decline in inventory, the market still has over 7 months of available inventory, indicating a healthy balance between supply and demand.
Luxury home sales remain strong, with 14 units closed in June, mirroring May’s closed sales. This is impressive when considering the 75% increase in closed units from June 2023, highlighting a strong year-over-year growth. Additionally, 12 homes went under contract in June, reflecting a decrease of 14.3% from the previous month but an increase of 9.1% as compared to last year.
The luxury market, often driven by emotion rather than logic, maintained a sold price to original list price ratio of 85-90%. This suggests that while buyers are willing to invest in high-end properties, there is still room for negotiation, which we venture to say is because of the inventory they have to choose from.
Daniel Dailey
Spokane
The Spokane region’s luxury market experienced a significant rise in homes priced at $1 million and above during Q2 2024. Active listings in April doubled year-over-year, reaching a staggering 122 and translating to 9.4 months of inventory. This trend continued in May with a further increase in new listings alongside a rise in pending contracts. However, June witnessed a stabilization in both new listings and pending contracts, mirroring trends from June 2023. The quarter closed with 9.7 months of inventory, indicating a strong shift into a solid buyer’s market.
This new market dynamic presents opportunities for both sellers and buyers. Sellers who leverage strategic pricing from the outset can significantly impact listing activity. Many sellers have successfully adjusted prices to align with current market conditions. For buyers, the increased inventory levels are likely to continue throughout the year, providing a wider range of options for those looking to relocate to the beautiful Spokane area.
Paul Balzotti Bellingham
In the second quarter of 2024, sales and inventory increased. In the most coveted locations in Bellingham with views or waterfront properties, it is still a seller’s market. But, further out in the county, inventory has increased and supply is over 5 months in the county over $1 million. As a result, pricing in the county has softened in the 2nd quarter as the selection has increased.
Offered at $2,999,500 | johnlscott.com/35706
Amy Kane
Lake Oswego
The second quarter of 2024 saw a significant increase in inventory levels over Q2 2023 in Lake Oswego and the Portland Metro areas. For buyers who have been reluctant to buy, the increased inventory provides them with the unique ability to choose their perfect home. The luxury of selection is greater than it has been in many years.
PUGET SOUND
Second Quarter Highlights
The Puget Sound luxury markets have seen increased activity during the second quarter as more transactions closed and an even greater selection of inventory is available in most locations.
In the coveted communities within Seattle, West Bellevue, and the Eastside, the environment is still competitive for buyers as properties are on the market for fewer days compared with the second quarter of 2023.
SEATTLE
WEST BELLEVUE
MERCER ISLAND
at $4,880,000 | johnlscott.com/14074
Mercer Island’s luxury market remains competitive as we began the second half of the year with a shortage of inventory on the island. In the sought-after community, a majority of the listings go under contract within the first 30 days.
KING COUNTY CONDO
SOUTH KING COUNTY
PIERCE COUNTY
KITSAP COUNTY
BAINBRIDGE ISLAND
The overall luxury market on Bainbridge Island is as unique as the community. Compared with the previous year, there were fewer closed transactions during the second quarter, which translates to a greater selection of inventory for buyers this summer.
SNOHOMISH COUNTY
| johnlscott.com/54960
ISLAND COUNTY
LUXURY WATERFRONT
L ake Washington
Lake Sammamish
King County
FEATURED LUXURY LISTINGS
Bellevue, WA | $4,875,000 | johnlscott.com/14494 33 Tatoosh Key, Bellevue, WA 98006
Blending quintessential Northwest charm with modern elegance, this impressive Newport Shores home has been thoughtfully redesigned. Grand double doors open to a sweeping staircase and espresso hardwood floors leading to the great room with dual-sided fireplace to covered patio and gourmet kitchen. Considerate finishes showcase elegant workmanship, including built-in cabinetry and concealed appliances. The butler’s pantry connects the kitchen to the dining room and wine cellar. The main floor is complete with a guest suite, oversized den, and custom media room. Situated in a private wing on the upper level, the vaulted primary suite features a covered deck, spa-inspired bath, and expansive walk-in closet. Two additional suites and bonus room complete the home. Outdoors, the patio extends to a fully fenced yard with lush landscaping.
Bonney Lake, WA | $2,600,000 | johnlscott.com/14204 16524 116th Street E, Bonney Lake, WA 98391
Nestled on 6+ acres sits this one-of-a-kind NW contemporary estate. 5,000+ square feet of meticulously designed single-story living at its finest. The great room flows from the kitchen with floor-to-ceiling, south-facing windows allowing natural light to pour in. Beautiful covered, heated patio off the great room is an entertainer’s dream, with both an 8’ gas fire pit and fireplace that create a stunning ambiance. Take a dip in the indoor pool and hot tub opening to your private, 300’ backyard. Athletes will enjoy the massive garage with pro-grade court flooring, basketball hoop and batting cage. This home is “one-of-one”- designed for anyone seeking the absolute best in play, privacy and relaxation!
EASTERN WASHINGTON AND IDAHO
Second Quarter
Highlights
In the second quarter of 2024, available luxury inventory has increased throughout the Inland Northwest. In both Spokane and Kootenai counties, the number of days each listing remained on the market before going under contract, was lower than the same period in 2023 however, the number of closed transactions was also slightly lower.
COEUR D 'ALENE, ID
SPOKANE COUNTY
OREGON AND SOUTHWEST WASHINGTON
Second Quarter
Highlights
The luxury market in the Portland Metro area has normalized and offers buyers a great selection and the opportunity to take their time during their home search.
In Lake Oswego and West Linn, luxury inventory has also increased, as has the number of days that each new listing is available on the market before going under contract. In the more competitive price ranges, up to about $3M, buyers may benefit from the greater selection of inventory compared with the same period last year.
PORTLAND METRO
BEND
In Q2, the average days on
Offered at $2,450,000 | johnlscott.com/74487
In the second quarter of 2024, active luxury listings in Bend have significantly increased compared with the same period in 2023, despite the increase in closed transactions. While the pace is far less frenzied than we saw in recent years, the demand remains. Bend and the surrounding areas consistently attract interest from buyers looking for the lifestyle this unique market affords.
JACKSON COUNTY
CLARK COUNTY
THE ART OF STORYTELLING Using Quality Visuals to Tell the
CRAFTING AN UNPARALLELED SHOWCASE FOR YOUR HIGH-END PROPERTY
By: Virtuance
In today’s competitive luxury real estate market, quality marketing visuals are essential for establishing an emotional connection with potential buyers, conveying the opulence and elegance of properties like nothing else can.
Recent advancements in visual technologies have transformed luxury home marketing, providing detailed representations through 3D tours, professional photos, cinematic videos, aerial photography, and more. These visuals enhance a property’s appeal and value to buyers, accelerating sales in the process.
Provides an immersive experience: Current trends underscore the shift towards immersive experiences in luxury home marketing. Virtual tours and cinematic property videos create an emotional connection and offer potential buyers an interactive exploration of the property’s unique features—all from the comfort of their homes.
Communicates your property’s uniqueness: Quality visuals can highlight the best aspects of your home including lush landscapes, picturesque views, tasteful décor, and one-of-a-kind architectural elements, ensuring the property is accurately represented to prospective buyers.
Promotes a lifestyle of luxury: The right visuals can add a level of sophistication and elegance to your advertising. When viewing pictures of a property, luxury homebuyers expect the same quality as other high-end brands. Moreover, quality visuals create an emotional connection with buyers and a realistic picture of their lives on the property.
Expands your buyer pool: Effective marketing includes quality photos and visual solutions that can reach potential buyers worldwide, even those unable to visit in person. International buyers increasingly rely on sophisticated visuals to make informed decisions from afar.
Story of Your Luxury Home
Provides dynamic views: Utilizing 3D tours, drone shots, and aerial photography showcases a luxury property’s grandeur and unique features from multiple angles. These tools offer comprehensive overviews, highlighting the estate’s scale, architectural details, and stunning surroundings with clarity and depth.
For luxury homeowners, selecting an agent who values quality visual solutions is crucial to getting your property sold. As a premier partner of John L. Scott Real Estate, Virtuance offers unmatched visual marketing tailored to elevate the appeal and visibility of high-end properties. Their blend of technological innovation and artistic finesse ensures each property is showcased to perfection, captivating buyers globally.
Elevate your luxury real estate marketing with Virtuance – where cutting-edge technology meets the art of storytelling.
virtuance.com 1-844-443-7325 info@virtuance.com
