WELCOME FALL!
The hustle and bustle of the busy summer season is slowly being replaced with a slower pace. After several months where many areas saw higher numbers of new listings coupled with more buyer activity, October brings the greatest selection of properties on the market for buyers to choose from until next spring. In the coming months the number of listings will fade as fewer people choose to list their homes at the end of the year and the “winter cleanup” begins as some sellers take their homes off the market over the holidays before bringing them back on the market after the start of the new year.
The end of the year can be a great time to buy or sell. Although some luxury properties may be taken off the market for the holiday season, your John L. Scott luxury broker associate may be able to arrange a private showing. The best time to buy and sell is the time that works best for you.
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.
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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.
Scott MacRae Mercer Island
Q3 traffic during brokers and public open houses was strong for our new construction listing, with many buyers looking hard at the few offerings available in the area. With the lack of new, or nearly new construction in the area, these types of listings are attracting significant attention. Luxury market offerings that have been updated and maintained to a high level continue to command a premium and sell quickly. This is good for sellers, but harder for buyers looking for something that is move-in ready. I often advise my buyers to consider ‘diamonds in the rough’ that need cosmetic attention as an opportunity to pay less than for a premium listing at the end of the day.
In terms of trends in luxury homes, elevators are becoming more of a frequent question from buyers these days as more folks contemplate what aging in place or multigenerational living is going to look like. Flat lots with lake views are still on everyone’s unicorn wish list, but the premium that comes attached to that unicorn can be a big step up!
Daniel Dailey Spokane
The Spokane luxury housing market experienced a mixed bag of results in the third quarter of 2024. While inventory initially surged by 13% year-over-year, it settled down to a modest 141 active listings above $1 million. This translated to ending the quarter at 10.8-month supply, down nearly 8% from the previous year. Currently it is a solid buyer’s market for luxury homes in the Spokane region with an abundance of homes for buyers to choose from.
Sellers saw a slight uptick in their homes’ time on the market, averaging 43 days – a 20% increase compared to the same period last year. This indicates buyers have more options and sellers may need to be more patient while waiting for an offer.
Despite the increased inventory and longer days on market, the average median sales price for luxury homes did increase slightly from $902,000 to $904,000. This suggests that home values are holding despite less buyer demand and a slower pace than in previous quarters. As we enter the fourth quarter, buyers in the Spokane luxury market find themselves in a more advantageous position. With increased inventory and longer days on market, they may have more leverage to negotiate for favorable terms and prices.
Nancy Backman Bellevue Main
The luxury market is active and strong, with plenty of buyers searching, though they are particular and taking their time. While some listings receive multiple offers, others languish, making it difficult to price in this market. There is still quite a bit of inventory available and the days on the market have picked up a bit.
While we will likely see the typical fall challenges as we head into the colder weather and holiday season, I still feel confident in the market. Many buyers still want turnkey homes and are not up for remodeling projects. Newer properties seem more appealing to many and of course, location is key.
Offered at $2,895,000 |
Doug Morse Medford
The luxury real estate market in Jackson County continues to face challenges as inventory and sales activity show modest declines. By the end of August, a total of 141 luxury homes were for sale, reflecting a slight decrease of 0.7% compared to both last month and the same time last year. This dip in available inventory suggests a competitive market for sellers, but sales have not kept pace.
Only 13 homes were closed in August, representing a significant 13.3% drop from July and a sharper 23.5% decline compared to August 2023. Additionally, while 13 homes were placed under contract, the figure was unchanged from the previous month but down 31.6% from the previous year.
This downward trend in sales activity, coupled with stable inventory levels, highlights the ongoing caution among buyers and sellers alike. While the market remains active, these numbers suggest a more selective and possibly price-sensitive environment for luxury real estate in Jackson County.
PUGET SOUND
Third Quarter Highlights
The Puget Sound luxury markets have seen increased activity during the third 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 third quarter brought higher rates of new listings to the market, as well as more closed transactions than the same period in 2023.
SEATTLE
WEST BELLEVUE
MERCER ISLAND
Mercer Island’s luxury market remains competitive as a majority of new listings go under contract within the first 30 days. The increased activity has also led to higher available inventory on the island and more selection for buyers this fall season.
KING COUNTY CONDO
SOUTH KING COUNTY
PIERCE COUNTY
BAINBRIDGE ISLAND
In the third quarter the number of closed transactions more than doubled compared with the same period in 2023. Available inventory for buyers is also higher than 2023 and offers more selection before the “winter cleanup”.
SNOHOMISH COUNTY
ISLAND COUNTY
LUXURY WATERFRONT
L ake Washington
Lake Sammamish
King County
FEATURED LUXURY LISTINGS
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ChristineBrochier@johnlscott.com
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Magnificent estate for entertaining, equestrian, and everyday living. Quality materials and wood-wrapped finishes add warmth to the open floorplan. Formal living and dining spaces pair with a gourmet kitchen and custom features like butler’s pantry, rock-lined bar, and wine storage. On the upper level, soak in mountain views from the primary suite bay windows with dual-sided fireplace to the lavish bath. Thoughtful details continue throughout suites and bedrooms. The entertainment wing boasts a bonus room, wet bar, and home theatre. Covered patio overlooks tranquil, landscaped grounds. Abundant patios and 2 detached suites are suitable for multi-use. Property is cross fenced with barn, paddocks, chicken coop, oversized garages, and parking.
EASTERN WASHINGTON AND IDAHO
Third Quarter Highlights
During the third quarter, the number of closed transactions in the Inland Northwest held fairly steady compared with the same period in 2023. In Kootenai County, the pace did increase as the average days on market decreased by nearly 57%. Overall, the available inventory this fall is higher than the same period in 2023 which offers more selection for buyers before activity cools off this winter.
COEUR D 'ALENE, ID
SPOKANE COUNTY
OREGON AND SOUTHWEST WASHINGTON
Third Quarter Highlights
The luxury market in the Portland Metro area has seen increased numbers of new listings coming on the market and more homes going under contract compared with the same period in 2023. As we enter the new season, there is more available inventory for buyers to choose from before activity quiets down during the winter months
In Lake Oswego and West Linn, available luxury inventory has continued to increase as we close out the summer months. For buyers, the market is still competitive up to $2M, and in the higher ranges buyers will find more selection. Overall luxury inventory is nearly 15% higher than the same period in 2023.
PORTLAND METRO
LAKE OSWEGO
BEND
In Q3, the average days
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As we move into the fourth quarter, the available inventory is nearly 40% higher than the same period in 2023. Buyers will find that overall, there is more time to allocate to their home search as the pace is less frenzied and the average days on market for listings continues its upward trend, to nearly twice what we saw in 2023. Bend and the surrounding areas consistently attract interest from buyers looking for the lifestyle this unique market affords.
JACKSON COUNTY
CLARK COUNTY
GOOD NIGHT A thoughtfully designed bedroom is key for catching
By Linsey Stonchus
A culture that is always on has proven hard to turn off. This is wildly detrimental to sleep, an important part of our health and well-being. To achieve better sleep and enjoy the many benefits of getting enough of the quality kind, the design of one’s bedroom is a perfect starting point. It is where each day begins and finishes — its bookends. Especially at the end of the day, it is essential to be able to retreat to a sanctuary that clouds the noise of the world.
“Creating a peaceful and calming sleep environment helps to quiet your mind and makes it easier to make the transition from sleep to wakefulness,” says Dr. Angela Holliday-Bell, an Illinois-based physician and sleep specialist. “It also helps you to get that deeper, more quality sleep that we all strive for.”
Sleep deprivation has adverse effects on the body, which can range from weight gain to anxiety to serious conditions such as high blood pressure, cardiovascular disease and Alzheimer’s.
“The bedroom is the most sacred place to address and adjust physical and emotional health issues,” adds Julia Sarasola, an interior decorator and feng shui practitioner in the New York area. “On average, we spend 30 percent of our time in our bedrooms. It is our sanctuary, where we go to rest, recharge and revitalize. Our bedroom is vital to our health.”
Feng shui is one of many global wellness-oriented belief systems that can enhance one’s home. These ancient Chinese principles call for specific spatial arrangement to maximize the flow of energy. Feng shui literally translates to “wind-water,” and seeks to harmonize the five elements: earth, metal, water, wood and fire.
“The fundamentals of feng shui remind us that we are deeply connected to our environment in noticeable as well as invisible ways,” Ms. Sarasola says. “When we are supported and nurtured in our home and workspaces, our mental, emotional and physical bodies function at their best.”
much-needed, much better Z’s
Yin and yang energy are a core part of feng shui design. “Yin is soft, quiet, nurturing, and what you want to align with most in your bedroom — think natural textiles, stable furniture, peaceful artwork and significant items that hold meaning and fill your heart with joy,” Ms. Sarasola explains.
“The whole point of sleep is for your body to rejuvenate and replenish itself for the following day; if we are surrounded by things that stimulate us — yang energy — then we don’t truly allow ourselves to rest,” she adds. “Busy colors, patterns, shapes, items connected to work, television and Wi-Fi, exercise equipment and clutter all represent energy that is counterintuitive in fostering deep sleep and rest.”
She also places importance on the positioning of the bed itself. Beds should face, but not sit in line with, the bedroom door. “Known as the ‘mouth of qi,’ the doorway symbolizes life force, bringing forth all available opportunities and experiences,” she explains. “By aligning your bed to face the door, you position yourself to confront life directly, welcoming in vital energy and abundance.”
Another school of thought, vastu shastra, also takes into consideration the positioning of objects and how they affect the energy of a living space. The architectural and design philosophy originates from ancient India and is based on traditional Hindu practices.
Along the lines of vastu shastra, interior designer Shalini Misra, who has offices in Delhi, Dubai, London and New York, recommends that the head of the bed is positioned toward the south, noting that this is most congruent with the natural flow of Earth’s energy, which moves from northeast to southwest. She also recommends avoiding positioning mirrors directly towards a bed, which disrupts proper energy flow.
Ms. Misra further utilizes wabi sabi principles in her designs. The Japanese belief system is based on Zen Buddhist ideals that embrace simplicity and the imperfections of the natural world. Accordingly, she avoids “true symmetry” to make the space feel more “in step with the world.”
She also suggests avoiding clutter, as that, too, can interrupt energy flow. “Bear in mind that minimum need not mean minimalist,” Ms. Misra says. “To feel connected to a space, we must surround ourselves with objects of meaning.”
Beyond global practices, there are plenty of other rules of thumb to consider in designing the perfect bedroom. It is a mix of art and science, aligning medical study and aesthetically pleasing design. Comfort and regulating circadian rhythm are the first considerations.
“The mattress that you sleep on can play a big role in the quality of your sleep,” Dr. Holliday-Bell says. “When it comes to picking the right mattress, there is no one-size-fits-all. One big factor that should play a role in your mattress purchase is the position that you lie in when you’re asleep.”
A firmer mattress for stomach sleepers, medium firm for back sleepers and medium soft for side sleepers are best for relieving pressure points.
Light exposure needs are twofold: We need it first thing in the morning, but it hinders sleep at night. Dr. Carleara Weiss, a geriatric nurse and sleep specialist in Buffalo, New York, recommends blackout curtains, which can be opened first thing in the morning to wake the body up. Smart homes can even be set to do this automatically. Light therapy devices are another tech-assisted way to regulate the biological clock in the bedroom.
Turning towards artificial light, interior designer Kasia Kronberger, founder of Berlin-based Studio Bosko, recommends to “think of light in a layered way,” incorporating bedside and floor lamps in strategic positions around the room rather than a bright, light-flooding ceiling fixture for a more ambient feel.
Color is another essential sensory consideration. There is no need to limit color selection — it is the tonality that is important. Pastels are great, but so are comforting dark greens or browns. “Lighter tones are calming for walls in the bedroom, but I don’t steer away from color altogether,” Ms. Misra says. “Character, as long as it feels personal, can be grounding.”
Ms. Kronberger suggests that hues should not be too bright or saturated and should be complementary of each other, rather than contrasting and competing; too much contrast is jarring rather than relaxing.
THE IMPACT OF good rest can be life-changing — mentally, physically and spiritually. The bedroom is the most intimate and personal space one inhabits and can do wonders for rejuvenation and recharging when designed thoughtfully.
“Just as a person has the aspects of body, mind and spirit, so, too, does your home,” Ms. Sarasola says. “Its body is its form, its shape. Its intelligence is in the way it functions. Its spirit lies in its vitality, humanity and beauty.
“When these areas are in alignment, a sense of joy can be felt. Our goal is to harmonize the home to nurture and inspire those who dwell inside.”
Text reproduced with permission from Luxury Portfolio International and Luxury Portfolio magazine. © Luxury Portfolio International. All rights reserved. Photo credit istockphoto.com
