LUXURY MARKET TRENDS
HAPPY SPRING! The weather has already begun to turn in many markets we serve, and we’re now in the prime-time season for the luxury market, which runs from March through October. As spring progresses, we’ll see additional inventory enter the market, as this is truly the best time of year to showcase your home. Though some markets saw hesitancy in late March due to COVID-19, the real estate market remains in motion. With social distancing guidelines in place, high-net-worth individuals can take advantage of historically low interest rates in the mid-threes. Whether you’re looking to buy or sell this spring, our John L. Scott luxury broker associates are here to help. For buyers, our broker associates can ensure you’ll be positioned well to secure your home of choice. For those looking to list, we’ve enhanced our strategies for sellers at this time to get your home sold. We hope you enjoy this edition of our Luxury Market Trends report!
J. Lennox Scott Chairman and CEO John L. Scott Real Estate
EXCEPTIONAL HOMES BY JOHN L. SCOT T 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. As we kickoff what is typically the busy spring and summer season, 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.
O N T H E CO V E R : P E N D I N G | J O H N L S C OT T. C O M /60352 R I G H T: O F F E R E D AT $2,500,000 | J O H N L S C OT T. C O M /520 43
Luxury
LI V E Y O U R
WE ARE GLOBAL John L. Scott is a founding member of the international organization Leading Real Estate Companies of the WorldÂŽ.
Founded in 1931, JLS operates over 100 offices with over 3,000 agents throughout WA, OR, ID & CA
John L. Scott’s luxury brand, providing our agents with tools and data to help each and every client live their luxury
A global community of over 565 real estate companies awarded membership based on rigorous standards for service and performance
The luxury division of LeadingRE & the largest global network of the most powerful, independent luxury firms
BY T H E N U M B E R S
4,300
Member Firms
565
Total Inventory
$58
BILLION
80%
of applicants to this network are turned down
Offices Worldwide
JOHN L. SCOTT + LEADINGRE HAD $32 BILLION MORE U.S. HOME SALES VOLUME THAN OUR CLOSEST COMPETITOR Source: RealTrends.com
AMONG THE TOP 500 FIRMS
Volume shown in billions of dollars 250
Continents with Member Companies
200
6
130,000
MILLION
150
Associates Worldwide
$2.6
100
Average Property
50
0
This bar chart is sourced from REAL Trends Top 500 for 2018, realtrends.com. Companies shown represent networks and national brands.
Leading Real Estate Companies of the World® $254 Keller Williams $222 Coldwell Banker $192 Non-LeadingRE Independents $91 Berkshire Hathaway Home Services $89 RE/MAX $83 Sotheby’s International Realty $72 Compass $45 Century 21 $30 Douglas Elliman Real Estate $28 eXp Realty $19 HomeSmart $14 ERA $14 Better Homes & Gardens $12 Realty Executives $7 Exit Realty $.5
JOHN L. SCOT T LUXURY SPECIALISTS
SCHOLARS OF THE MARKET
Curious about luxury trends in your neighborhood? See what some of our real estate specialists had to say about the luxury market in their area.
RANDI BROWN
D A N H E AT E R
Manager, Bainbridge Island
Office Leader, Bend
The Bainbridge Island Luxury market is steady. While homes are on the market slightly longer than 4th quarter 2019, we are seeing less inventory causing the average price per square foot continue to rise. While COVID-19 has delayed our spring market I believe the market will bounce back once COVID-19 is under control. This is a great opportunity for buyers who have been hesitant or previously found themselves in multiple offers.
New listings went down in January but made a strong recovery in February and March so far. Sales have gone up considerably in the first quarter. People are still moving to our area and if they are looking, they are truly serious buyers. Buyers should have a good supply of inventory to choose from and sellers must be realistic on their pricing. Design trends continue to move toward mid-century modern with white interior finishes. Smart homes and Smart features are the norm.
PAT T I C H A L K E R
LO R I H O L D E N S COT T
Luxury Broker, Redmond
Luxury Broker, Mercer Island
January and February saw fewer luxury homes coming to market than 2019 but the ones that did come to market sold either with multiple offers over list in the $1M-$1.8 range; the over $2M also sold for list price or just off list price within 30 days. Early March we saw homes in all price points hit the market and sold quickly until the Stay Home, Stay Safe ordinance went into effect March 26th.
Trends in design continue to be main floor living space with private baths for long-term guests. We are seeing unique and textured finishes in tile, appliances beyond the traditional colors, natural wood is also making a comeback to cabinetry, trim, and doors. Great rooms are getting “greater” with built in bars, multi-screen TV’s, and wireless sound systems. Outdoor spaces continue to be popular with covered and heated areas that provide built in BBQ’s, pizza ovens, music, fireplaces and TV.
2020 Q1 LU X U R Y M A R K E T T R E N D S
PUGET SOUND
2020 Q1 LU X U R Y M A R K E T T R E N D S
FIRST QUARTER
HIGHLIGHTS
O F F E R E D AT $1,575,000 | J O H N L S C OT T. C O M /30820
Luxury market activity in Seattle, West Bellevue and Mercer Island during the first quarter of 2020 was very positive. Though the local market in Seattle, West Bellevue and Mercer Island saw some hesitancy in March due to COVID-19, we’re seeing buyer activity back in motion, particularly for homes priced from $1 million to $2 million. With social distancing practices in play to ensure safety for all parties involved, we’re seeing sales activity pick back up locally. We’ve adjusted our approach to serving luxury homeowners during this time, offering maximum market exposure for your luxury listing, yet ensuring safety for all parties involved through registration forms and enhanced private showing protocols with an emphasis on serious buyers. In Seattle, the sales activity intensity in the $1 to $1.5 million price range was higher in the first quarter of 2020 versus the same period a year ago. In this range, we saw nearly recordsetting sales taking place in Q1, showing great momentum as the spring began. Inventory levels are lower than they were last year in the $1 to $3 million range.
S E AT T L E Q1 2020
Q1 2019
% Change
Number of Sales
390
300
30.0%
Total Dollar Volume
$568,632,267
$439,629,923
29.3%
Average Sales Price
$1,458,031
$1,465,433
-0.5%
Median Sales Price
$1,290,475
$1,267,500
1.8%
Average Days on Market
64
68
-5.9%
Sold / List Price %
101.1%
98.4%
2.8%
Average Price per SQFT
$497
$486
2.3%
Quarter-end inventory
240
311
-22.8%
The data is for single family residences over $1M in MLS areas 140, 380, 390, 700, 710. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
O F F E R E D AT $2,080,000 | J O H N L S C OT T. C O M /44668
WEST BELLEVUE Q1 2020
Q1 2019
% Change
Number of Sales
64
62
3.2%
Total Dollar Volume
$185,495,445
$183,512,029
1.1%
Average Sales Price
$2,898,366
$2,959,871
-2.1%
Median Sales Price
$2,576,000
$2,463,000
4.6%
Average Days on Market
90
67
34.3%
Sold / List Price %
96.4%
97.7%
-1.4%
Average Price per SQFT
$712
$767
-7.2%
Quarter-end inventory
60
94
-36.2%
Over the first quarter of 2020, luxury inventory in West Bellevue was lower overall versus last year, especially in the $1 to $2 million range. The West Bellevue luxury real estate market is in good shape from $1 to $3 million given a shortage of inventory, and above $3 million is at selective buyer activity.
The data is for single family residences over $1M in MLS area 520. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and the Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
2020 Q1 LU X U R Y M A R K E T T R E N D S
O F F E R E D AT $2,475,000 | J O H N L S C OT T. C O M /13877
MERCER ISLAND Q1 2020
Q1 2019
% Change
Number of Sales
50
57
-12.3%
Total Dollar Volume
$103,939,730
$106,875,549
-2.8%
Average Sales Price
$2,078,795
$1,875,010
10.9%
Median Sales Price
$1,748,000
$1,650,000
5.9%
Average Days on Market
107
82
30.5%
Sold / List Price %
99.3%
97.7%
1.7%
Average Price per SQFT
$567
$570
-0.6%
Quarter-end inventory
44
82
-46.3%
Unsold inventory over Q1 on Mercer Island was significantly down compared to last year. January 2020 started with limited inventory from $1 to $2 million, and these conditions continued throughout the last quarter. For homes $3 million and above on Mercer Island, buyer activity is selective.
The data is for single family residences over $1M in MLS area 510. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and the Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
P E N D I N G | J O H N L S C OT T. C O M / 16 7 4 5
EASTSIDE Q1 2020
Q1 2019
% Change
Number of Sales
597
539
10.8%
Total Dollar Volume
$1,006,333,905
$878,733,101
14.5%
Average Sales Price
$1,685,651
$1,630,303
3.4%
Median Sales Price
$1,400,000
$1,340,000
4.5%
Average Days on Market
91
99
-8.1%
Sold / List Price %
99.5%
98.0%
1.6%
Average Price per SQFT
$477
$458
4.2%
Quarter-end inventory
477
771
-38.1%
Q1 SAW A 10.8% INCREASE IN SALES ON THE EASTSIDE
The data is for single family residences over $1M in MLS areas 500, 530, 540, 550, 560, 600. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and the Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
2020 Q1 LU X U R Y M A R K E T T R E N D S
P E N D I N G | J O H N L S C OT T. C O M /4 0903
KING COUNTY CONDO Q1 2020
Q1 2019
% Change
Number of Sales
91
69
31.9%
Total Dollar Volume
$132,071,040
$105,318,067
25.4%
Average Sales Price
$1,451,330
$1,526,349
-4.9%
Median Sales Price
$1,249,950
$1,250,000
0.0%
Average Days on Market
117
114
2.6%
Sold / List Price %
98.2%
97%
1.2%
Average Price per SQFT
$736
$738
-0.2%
Quarter-end inventory
98
125
-21.6%
IN Q1 WE SAW A SUBSTANTIAL 31.9% INCREASE IN SALES OF CONDOS IN KING COUNT Y
The data is for condominiums over $1M in King County. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and the Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
O F F E R E D AT $995,950 | J O H N L S C OT T. C O M /39719
S O U T H K I N G CO U N T Y Q1 2020
Q1 2019
% Change
Number of Sales
118
69
71.0%
Total Dollar Volume
$106,787,200
$64,132,411
66.5%
Average Sales Price
$904,976
$929,455
-2.6%
Median Sales Price
$835,500
$838,000
-0.3%
Average Days on Market
103
96
7.3%
Sold / List Price %
98.2%
97.7%
0.5%
Average Price per SQFT
$264
$245
7.9%
Quarter-end inventory
152
185
-17.8%
IN Q1 WE SAW A 71% SALES INCREASE IN SOUTH KING COUNT Y
The data is for single family residences over $750k in MLS areas 100, 110, 120, 130, 140, 300, 310, 320, 330, 340, 350, 360, 380, 390, 700, 710. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
2020 Q1 LU X U R Y M A R K E T T R E N D S
O F F E R E D AT $1,675,000 | J O H N L S C OT T. C O M /39343
PIERCE COUNTY Q1 2020
Q1 2019
% Change
Number of Sales
112
129
-13.2%
Total Dollar Volume
$107,569,555
$129,361,622
-16.8%
Average Sales Price
$960,442
$1,002,803
-4.2%
Median Sales Price
$825,000
$850,000
-2.9%
Average Days on Market
91
101
-9.9%
Sold / List Price %
98.1%
96.9%
1.2%
Average Price per SQFT
$251
$253
-0.9%
Quarter-end inventory
208
207
0.5%
THE AVERAGE DAYS ON MARKET DECREASED BY 9.9% IN Q1 IN PIERCE COUNT Y
The data is for single family residences over $750k in Pierce County. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and the Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
O F F E R E D AT $1,100,000 | J O H N L S C OT T. C O M /96219
KITSAP COUNTY Q1 2020
Q1 2019
% Change
Number of Sales
64
46
39.1%
Total Dollar Volume
$78,130,220
$49,586,651
57.6%
Average Sales Price
$1,220,785
$1,077,971
13.2%
Median Sales Price
$1,102,500
$957,500
15.1%
Average Days on Market
85
93
-8.6%
Sold / List Price %
98%
97.2%
0.8%
Average Price per SQFT
$366
$324
13.1%
Quarter-end inventory
83
94
-12.0%
OVERALL, THE NUMBER OF SALES INCREASED BY 39.1% IN KITSAP COUNT Y
The data is for single family residences over $750k in Kitsap County. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
2020 Q1 LU X U R Y M A R K E T T R E N D S
P E N D I N G | J O H N L S C OT T. C O M / 60352
BAINBRIDGE ISLAND Q1 2020
Q1 2019
% Change
Number of Sales
28
14
100.0%
Total Dollar Volume
$43,137,340
$19,992,498
115.8%
Average Sales Price
$1,540,619
$1,428,036
7.9%
Median Sales Price
$1,247,500
$1,195,000
4.4%
Average Days on Market
147
90
63.3%
Sold / List Price %
98%
97.4%
0.6%
Average Price per SQFT
$435
$390
11.5%
Quarter-end inventory
31
26
19.2%
Bainbridge Island is home to many opportunities for high-net-worth buyers looking to enjoy all that island life has to offer. Many seek out buying a primary residence or vacation home on Bainbridge Island due to the island’s relaxing pace, yet proximity to the hustle and bustle of Seattle – just a ferry ride away. Most luxury market activity on Bainbridge Island occurs in the $1 to $1.5 million price range, and buyer activity is selective above $1.5 million.
The data is for single family residences over $1M in MLS area 170. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and the Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
O F F E R E D AT $1,075,000 | J O H N L S C OT T. C O M /83889
SNOHOMISH COUNTY Q1 2020
Q1 2019
% Change
Number of Sales
294
245
20.0%
Total Dollar Volume
$277,275,480
$225,476,836
23.0%
Average Sales Price
$943,114
$920,314
2.5%
Median Sales Price
$858,250
$829,990
3.4%
Average Days on Market
50
64
-21.9%
Sold / List Price %
99.2%
98.2%
1.0%
Average Price per SQFT
$295
$283
4.0%
Quarter-end inventory
247
322
-23.3%
Q1 SAW A 21.9% DECREASE IN DAYS ON MARKET IN SNOHOMISH COUNT Y.
The data is for single family residences over $750k in Snohomish County. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
2020 Q1 LU X U R Y M A R K E T T R E N D S
P E N D I N G | J O H N L S C OT T. C O M /41596
ISLAND COUNTY Q1 2020
Q1 2019
% Change
Number of Sales
25
14
78.6%
Total Dollar Volume
$25,727,475
$17,866,500
44.0%
Average Sales Price
$1,029,099
$1,276,179
-19.4%
Median Sales Price
$879,960
$866,000
1.6%
Average Days on Market
73
110
-33.6%
Sold / List Price %
98%
98.3%
-0.4%
Average Price per SQFT
$260
$364
-28.6%
Quarter-end inventory
58
66
12.1%
OVERALL, THE NUMBER OF SALES INCREASED BY 78.6% IN ISLAND COUNT Y.
The data is for single family residences over $750k in Island County. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and the Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
LUXURY WATERFRONT LAKE WASHINGTON Q1 2020
Q1 2019
% Change
Number of Sales
17
17
0.0%
Total Dollar Volume
$54,691,000
$59,850,500
-8.6%
Average Sales Price
$3,217,118
$3,520,618
-8.6%
Median Sales Price
$2,193,500
$2,200,000
-0.3%
Average Days on Market
37
37
0.0%
Sold / List Price %
96.1%
98.6%
-2.6%
Average Price per SQFT
$849
$933
-8.9%
Quarter-end inventory
42
21
100.0%
Q1 2020
Q1 2019
% Change
Number of Sales
6
17
-64.7%
Total Dollar Volume
$8,337,500
$30,721,000
-72.9%
Average Sales Price
$1,389,583
$1,807,118
-23.1%
Median Sales Price
$1,225,000
$1,233,000
-0.6%
Average Days on Market
12
89
-86.5%
Sold / List Price %
99.6%
95.3%
4.5%
Average Price per SQFT
$426
$481
-11.5%
Quarter-end inventory
15
21
-28.6%
LAKE SAMMAMISH
KING COUNTY Q1 2020
Q1 2019
% Change
Number of Sales
68
65
4.6%
Total Dollar Volume
$145,804,499
$146,596,118
-0.5%
Average Sales Price
$2,144,184
$2,255,325
-4.9%
Median Sales Price
$1,469,000
$1,625,000
-9.6%
Average Days on Market
63
65
-3.1%
Sold / List Price %
96.6%
96.6%
0.1%
Average Price per SQFT
$675
$638
5.8%
Quarter-end inventory
128
155
-17.4%
The data is for waterfront single family residences and condos over $1M. Lake Washington is MLS areas 510, 520, 380, 390, 710. Lake Sammamish is MLS areas 530, 540. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and the Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
2020 Q1 LU X U R Y M A R K E T T R E N D S
O F F E R E D AT $2,500,000 | J O H N L S C OT T. C O M /27580
FEATURED LUXURY LISTINGS
SNOHOMISH, WA | $1,078,000 14120 235TH ST SE, SNOHOMISH, WA 98296
DAVE ANDERSON (206) 605-4267 DaveAnderson@johnlscott.com
Thoughtful design & breathtaking finishes are the soul of this, custom built MODERN FARMHOUSE on shy 2 acre lot. This elegant home sits atop a gently sloped drive w/ ample parking. The stunning kitchen & open floor plan are covered in wide-plank hardwoods & drenched in natural light w/high-end appliances & solid quartz countertops that “waterfall” off the island. Features include; walk-in pantry w/2nd fridge, full laundry room on each level, oversized bonus room w/wet-bar & heated/covered patio.
2020 Q1 LU X U R Y M A R K E T T R E N D S
BELLINGHAM, WA | $1,000,000 845 CHUCKANUT DR, BELLINGHAM, WA 98229
NICOLE TINGVALL (360) 728-6536 NicoleTingvall@johnlscott.com
PAUL BALZOTTI (360) 920-5901 PaulBalzotti@johnlscott.com
Exceptional custom bay view home on 1.53 park-like acres. Huge heated garage/shop with 1/2 bath and 16’ drive-thru doors, perfect for RV /boat. Master retreat with timber-trussed vaulted ceiling, private deck, office/exercise room, 5-piece marble bath w/ jetted tub. Potential for second Master on main with addition of a hall door. Ensuite guest quarters accessed from deck - Airbnb potential? New oak flooring & 1300 sq ft of composite decking. Additional storage or shop space in partially finished basement as well. 5-minute walk to community beach. 1 yr Home Warranty included.
EASTERN WA S H I N G TO N & IDAHO
2020 Q1 LU X U R Y M A R K E T T R E N D S
O F F E R E D AT $749,000 | J O H N L S C OT T. C O M /28207
KOOTENAI COUNTY Q1 2020
Q1 2019
% Change
Number of Sales
39
34
14.7%
Total Dollar Volume
$44,557,341
$37,593,544
18.5%
Average Sales Price
$1,142,496
$1,105,692
3.3%
Median Sales Price
$895,000
$856,200
4.5%
Average Days on Market
98
130
-24.6%
Sold / List Price %
94.4%
89.5%
5.4%
Average Price per SQFT
$298
$233
27.8%
Quarter-end inventory
130
172
-24.4%
THE AVERAGE PRICE PER SQUARE FOOT INCREASED 27.8% IN KOOTENAI COUNT Y
The data is for single family residences over $750k in Kootenai County. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
2020 Q1 LU X U R Y M A R K E T T R E N D S
O F F E R E D AT $995,000 | J O H N L S C OT T. C O M /32251
SPOKANE COUNTY Q1 2020
Q1 2019
% Change
Number of Sales
23
15
53.3%
Total Dollar Volume
$19,481,262
$16,031,745
21.5%
Average Sales Price
$847,011
$1,068,783
-20.7%
Median Sales Price
$785,000
$835,000
-6.0%
Average Days on Market
79
84
-6.0%
Sold / List Price %
96%
92.5%
3.8%
Average Price per SQFT
$194
$192
1.2%
Quarter-end inventory
100
93
7.5%
OVERALL, AVERAGE DAYS ON MARKET DECREASED 6% IN SPOKANE COUNT Y
The data is for single family residences over $750k in Spokane County. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
OREGON & SOUTHWEST WA S H I N G TO N
2020 Q1 LU X U R Y M A R K E T T R E N D S
FIRST QUARTER
HIGHLIGHTS
OFFERED AT $3,250,000 | JOHNLSCOT T.COM/54215
In Portland, those looking for luxury homes benefit from excellent selection in many price ranges, especially those above $1.5 million. Most luxury market activity in Portland occurs in the $1 to $1.5 million price range, and buyer activity locally is selective above $1.5 million. Historically low interest rates provide “price jumping� opportunities for those looking at homes in a higher price range in Q2.
PORTLAND WESTSIDE Q1 2020
Q1 2019
% Change
Number of Sales
25
26
-3.9%
Total Dollar Volume
$33,432,166
$32,404,804
3.2%
Average Sales Price
$1,337,287
$1,246,339
7.3%
Median Sales Price
$1,250,000
$1,250,000
0.0%
Average Days on Market
199
98
103.1%
Sold / List Price %
94.2%
96.7%
-2.6%
Average Price per SQFT
$270
$297
-9.3%
Quarter-end inventory
78
90
-13.3%
Q1 2020
Q1 2019
% Change
Number of Sales
136
95
43.2%
Total Dollar Volume
$182,946,814
$142,255,037
28.6%
Average Sales Price
$1,345,197
$1,497,421
-10.2%
Median Sales Price
$1,250,000
$1,322,500
-5.5%
Average Days on Market
130
125
4.0%
Sold / List Price %
96%
95.2%
0.8%
Average Price per SQFT
$301
$327
-7.9%
Quarter-end inventory
329
369
-10.8%
PORTLAND EASTSIDE
The data is for single family residences over $1M in Clackamas, Multnomah, Washington and Columbia Counties. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
BEND Q1 2020
Q1 2019
% Change
Number of Sales
128
70
82.9%
Total Dollar Volume
$139,074,602
$74,582,140
86.5%
Average Sales Price
$1,086,520
$1,065,459
2.0%
Median Sales Price
$939,500
$998,500
-5.9%
Average Days on Market
131
117
12.0%
Sold / List Price %
97.4%
97.5%
0.0%
Average Price per SQFT
$335
$312
7.3%
Quarter-end inventory
224
217
3.2%
IN Q1, THE AVERAGE PRICE PER SQUARE FOOT INCREASED 7.3% IN BEND.
O F F E R E D AT $1,375,000 | J O H N L S C OT T. C O M /51111
The data is for single family residences over $900k in Bend Oregon. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and the Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
2020 Q1 LU X U R Y M A R K E T T R E N D S
The first quarter of 2020 was positive for the luxury market in Bend. Both listings and sales were up versus last year, especially in the months of January and February. In Bend, luxury sales begin in the $800,000 to $1.5 million range, and this range is the sweet spot where much activity occurs. Buyers in Bend have excellent selection to choose from when looking for a luxury home that will be a perfect fit for their family. Historically low interest rates also provide “price jumping� opportunities for those looking at homes in a higher price range in Q2.
O F F E R E D AT $1,000,000 | J O H N L S C OT T. C O M /50328
JACKSON COUNTY Q1 2020
Q1 2019
% Change
Number of Sales
25
16
56.3%
Total Dollar Volume
$23,238,500
$17,872,290
30.0%
Average Sales Price
$929,540
$1,117,018
-16.8%
Median Sales Price
$835,000
$870,000
-4%
Average Days on Market
136
135
0.7%
Sold / List Price %
96.8%
96.5%
0.3%
Average Price per SQFT
$268
$284
-5.5%
Quarter-end inventory
153
177
-13.6%
IN Q1 WE SAW A 56.3% INCREASE OF SALES IN JACKSON COUNT Y
The data is for single family residences over $900k in Jackson County. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
2020 Q1 LU X U R Y M A R K E T T R E N D S
O F F E R E D AT $18,500,000 | J O H N L S C OT T. C O M /38795
C L A R K CO U N T Y Q1 2020
Q1 2019
% Change
Number of Sales
67
64
4.7%
Total Dollar Volume
$62,414,849
$63,422,295
-1.6%
Average Sales Price
$931,565
$990,973
-6.0%
Median Sales Price
$848,500
$845,744
0.3%
Average Days on Market
116
101
14.9%
Sold / List Price %
96.2%
95.8%
0.4%
Average Price per SQFT
$224
$248
-9.6%
Quarter-end inventory
175
190
-7.9%
AT T H E E N D O F Q 1, I N V E N TO R Y I S 7. 9% LO W E R T H A N THE SAME TIME LAST YEAR
The data is for single family residences over $750k in Clark County. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and the Central Oregon MLS. Neither the Associations nor the MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
LUXURY TRENDS As we kickoff the spring in the comfort of our own homes, it’s the perfect time to upgrade our wellness and self-care. Take advantage of this time to add some luxe to your life. Will any of these trends enhance your lifestyle?
PA N O R A M A B A R R E L S AU N A It’s well known that regular use of saunas provides numerous health benefits, from improved cardiovascular performance to post-workout recovery. If you want the ultimate refuge to enjoy those therapeutic effects, the Panorama Barrel Sauna is an eco-friendly solution that you can position anywhere on your property to take advantage of breathtaking natural scenery. Constructed from a choice of Nordic white pine or clear red cedar, its sleek design is complete with a bubble window that immerses you in nature while improving your mental and physical wellbeing. It’s the next best thing to having your own private wellness retreat in the backyard. redwoodoutdoors.com
P E LOTO N B I K E If your busy schedule keeps you from getting to the gym but you still want to live a healthy lifestyle and experience the support of a community when working out from home, then the Peloton Bike is the answer. Equipped with a 22" HD touchscreen, this state-of-the-art stationary bike gives you access to 90+ live-streamed classes each week with professional instructors giving real-time feedback. The immersive workout experience enables you to develop your own personal training regimen or go on rides with other members and give each other support while pushing your limits. peloton.com Some Luxury Trends are provided by Luxury Portfolio International®
2020 Q1 LU X U R Y M A R K E T T R E N D S
SAKARA LIFE We all want to eat food that’s both delicious and nutritious, but simply finding the time to shop for and prepare such meals can be difficult. That’s why we’re all in on Sakara Life’s Signature Program that delivers organic, plantrich super meals right to your door and ready to eat. You can expect a burst of creative flavors, like kimchi and buckwheat soba bowls with an avocado-cacao probiotic pudding for dessert, and rest assured that your diet will be the cornerstone of a healthy lifestyle. If you feel like a cleansing is in order, Sakara Life also offers an intensive detox program to reset your system, improve digestion, and increase energy levels. | sakara.com
WA S H I N G TO N I A N This authentic treat is an ode to the Pacific Northwest. Enjoy this cocktail at home, or at Ascend Prime in downtown Bellevue. Visit ascendprime.com to learn more. 2 oz
Westland Whiskey
.50 oz
Bourbon Cherry Syrup
.25 oz
Antica Vermouth
2 Dashes
Old Fashioned Bitter
Add the ingredients to a cocktail glass with ice and stir with a long cocktail spoon. Garnish with candied orange and a cherry and enjoy!
O F F E R E D AT $2,475,000 | J O H N L S C OT T. C O M /13877
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