LUXURY MARKET
T R E N D S
Luxury Lifestyle
MEETS
I
n 1931 my grandfather started John L. Scott Real Estate in Downtown Seattle. He had a vision of delivering concierge service by putting clients first. Today we’ve grown to over 110 offices and more than 3,000 broker associates in Washington, Oregon, Idaho, and California and can attribute our success to the fact that, even after 85 years in the business, we still hold tight to my grandfather’s vision through our core value of “Living Life as a Contribution™” in every facet of life: at home, work, and at play. Our Exceptional Homes brokers are more than luxury experts; they offer the highest level of representation as competent trusted advisors, experts in luxury marketing, and personal advocates in negotiation and networking. We have a network of luxury partners who help us deliver the kind of target marketing luxury properties require. As a founding member of the Leading Real Estate Companies of the World, our Exceptional Homes get noticed all over the globe, from China, to New York, to San Francisco, and throughout the Pacific Northwest. For example, our listings are featured on websites like Luxury Portfolio International and Juwai.com. We also leverage our relationships with other brokerages to make sure you have the competitive edge you need to be successful, whether you’re selling or buying a home. Our comprehensive marketing approach focuses on hyper-local broker relationships, national partnerships, and global outreach. Take a look at the luxury market analysis we’ve provided in this update. There are a few characteristics that stand out. Many of our low to mid-priced luxury markets have low inventory, which is great if you’re a seller. Also, consumer confidence in real estate as an investment is extremely high. Strong job growth, low interest rates, and the wealth effect of both a strong stock market and economy have bolstered the luxury market. Please call your trusted advisor for more information.
At John L. Scott Real Estate we believe our clients live exceptional lives, and they deserve Exceptional Homes.
J. Lennox Scott Chairman and CEO John L. Scott Real Estate
GLOBAL NET W OR K
John L. Scott is a founding member of the international organization Leading Real Estate Companies of the World. Together, we outrank all other companies in home sales by volume and through their luxury division, Luxury Portfolio International, we connect affluent buyers and sellers around the world. This exclusive network provides national and international exposure for your home. Only a few companies can provide this level of global exposure and only the top companies are invited to be part of this network.
LUXURY MARKET T R E N D S
FIRST QUARTER HIGHLIGHTS
49.4%
Average Sales Price for Lake Washington Waterfront
68.4% Snohomish County Sales
On the cover: Sold at $3,850,00 | Eastside
34.5% Average Days on Market in Kitsap County
70
King County Condo Sales
321 191
Eastside Sales
Seattle Sales
2017 Q1 Luxury Market Trends
S e at tl e
Offered at $1,890,000 | johnlscott.com/46988
Q1 2017
Q1 2016
% Change
Number of Sales
191
156
22.4%
Total Dollar Volume
$282,976,329
$225,128,515
25.7%
Average Sales Price
$1,481,551
$1,443,132
2.7%
Median Sales Price
$1,326,800
$1,300,000
2.1%
Average Days on Market
37
34
8.8%
Sold / List Price %
102.3%
101.2%
1.1%
Average Price per SQFT
$470
$435
8.0%
Quarter-end Inventory
135
139
-2.9%
Offered at $1,890,000 | johnlscott.com/46988
The data is for single family residences over $1M in MLS areas 140, 380, 385, 390, 700, 701, 705, 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, each for its applicable geographic market. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
2017 Q1 Luxury Market Trends
Wes t Bel l e v ue
Offered at $1,788,000 | johnlscott.com/76550
Q1 2017
Q1 2016
% Change
Number of Sales
61
73
-16.4%
Total Dollar Volume
$145,766,699
$160,921,718
-9.4%
Average Sales Price
$2,389,618
$2,204,407
8.4%
Median Sales Price
$2,198,000
$2,100,000
4.7%
Average Days on Market
46
55
-16.4%
Sold / List Price %
98.1%
97.8%
0.3%
Average Price per SQFT
$608
$590
3.0%
Quarter-end Inventory
69
76
-9.2%
Offered at $1,995,000 | johnlscott.com/84102 (Pending)
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 Central Oregon MLS, each for its applicable geographic market. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
2017 Q1 Luxury Market Trends
Mer ce r I sl a nd
Offered at $2,298,000 | johnlscott.com/32779
Q1 2017
Q1 2016
% Change
Number of Sales
47
32
46.9%
Total Dollar Volume
$107,055,106
$62,138,000
72.3%
Average Sales Price
$2,277,768
$1,941,813
17.3%
Median Sales Price
$1,725,000
$1,711,500
0.8%
Average Days on Market
50
54
-7.4%
Sold / List Price %
97.6%
98.5%
-0.9%
Average Price per SQFT
$587
$499
17.7%
Quarter-end Inventory
59
33
78.8%
Offered at $1,895,000 | johnlscott.com/41155
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 Central Oregon MLS, each for its applicable geographic market. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
2017 Q1 Luxury Market Trends
E a stside
Offered at $5,300,000 | johnlscott.com/83038
Q1 2017
Q1 2016
% Change
Number of Sales
321
189
69.8%
Total Dollar Volume
$440,249,060
$269,972,827
63.1%
Average Sales Price
$1,371,492
$1,428,428
-4.0%
Median Sales Price
$1,240,000
$1,265,000
-2.0%
Average Days on Market
43
48
-10.4%
Sold / List Price %
101.1%
98.8%
2.4%
Average Price per SQFT
$364
$358
1.6%
Quarter-end Inventory
229
254
-9.8%
Offered at $3,900,000 | johnlscott.com/94848
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 Central Oregon MLS, each for its applicable geographic market. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
2017 Q1 Luxury Market Trends
Bainbridg e I sl a nd
Offered at $2,995,000 | johnlscott.com/56456
Q1 2017
Q1 2016
% Change
Number of Sales
14
10
40.0%
Total Dollar Volume
$19,255,658
$16,691,500
15.4%
Average Sales Price
$1,375,404
$1,669,150
-17.6%
Median Sales Price
$1,202,500
$1,115,750
7.8%
Average Days on Market
75
101
-25.7%
Sold / List Price %
96.8%
96.8%
0.0%
Average Price per SQFT
$398
$413
-3.5%
Quarter-end Inventory
31
49
-36.7%
Offered at $1,799,900 | johnlscott.com/91275
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 Central Oregon MLS, each for its applicable geographic market. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
WAT ER FR ONT Lake Washington
Q1 2017
Q1 2016
% Change
Number of Sales
15
15
0.0%
Total Dollar Volume
$69,607,500
$46,602,700
49.4%
Average Sales Price
$4,640,500
$3,106,847
49.4%
Median Sales Price
$3,700,000
$3,025,000
22.3%
Average Days on Market
142
115
23.5%
Sold / List Price %
93.9%
92.2%
1.8%
Average Price per SQFT
$878
$725
21.1%
Quarter-end Inventory
47
38
23.7%
Offered at $2,775,000 | johnlscott.com/49433
Sold at $3,800,000
2017 Q1 Luxury Market Trends
Offered at $1,288,000 | johnlscott.com/89037
Offered at $2,775,000 | johnlscott.com/49433
Lake Sammamish
Q1 2017
Q1 2016
% Change
Number of Sales
4
6
-33.3%
Total Dollar Volume
$11,000,000
$16,687,500
-34.1%
Average Sales Price
$2,750,000
$2,781,250
-1.1%
Median Sales Price
$2,800,000
$2,593,750
8.0%
Average Days on Market
87
43
102.3%
Sold / List Price %
92.1%
96.5%
-4.5%
Average Price per SQFT
$738
$624
18.2%
Quarter-end Inventory
11
9
22.2%
King County
Q1 2017
Q1 2016
% Change
Number of Sales
40
39
2.6%
Total Dollar Volume
$126,622,700
$96,779,360
30.8%
Average Sales Price
$3,165,568
$2,481,522
27.6%
Median Sales Price
$2,550,000
$2,375,000
7.4%
Average Days on Market
118
97
21.6%
Sold / List Price %
94.5%
92.9%
1.7%
Average Price per SQFT
$668
$580
15.2%
Quarter-end Inventory
114
103
10.7%
The data is for waterfront single family residences 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 Central Oregon MLS, each for its applicable geographic market. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
2017 Q1 Luxury Market Trends
Pier ce Co un t y
Offered at $1,999,900 | johnlscott.com/64743
Q1 2017
Q1 2016
% Change
Number of Sales
12
13
-7.7%
Total Dollar Volume
$14,239,946
$16,174,700
-12.0%
Average Sales Price
$1,186,662
$1,244,208
-4.6%
Median Sales Price
$1,170,000
$1,181,500
-1.0%
Average Days on Market
185
175
5.7%
Sold / List Price %
93.2%
94.2%
-1.1%
Average Price per SQFT
$254
$262
-3.0%
Quarter-end Inventory
100
74
35.1%
Offered at $2,799,000 | johnlscott.com/25218
This data is for single family residences over $1M 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 Central Oregon MLS, each for its applicable geographic market. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
2017 Q1 Luxury Market Trends
S nohomish Count y
Sold at $1,161,000
Q1 2017
Q1 2016
% Change
Number of Sales
32
19
68.4%
Total Dollar Volume
$42,453,430
$24,140,197
75.9%
Average Sales Price
$1,326,670
$1,270,537
4.4%
Median Sales Price
$1,223,000
$1,150,000
6.3%
Average Days on Market
101
121
-16.5%
Sold / List Price %
96.0%
94.9%
1.1%
Average Price per SQFT
$305
$293
4.2%
Quarter-end Inventory
61
63
-3.2%
Sold at $1,201,000
This data is for single family residences over $1M 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, each for its applicable geographic market. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
2017 Q1 Luxury Market Trends
Kitsa p Co unt y
Offered at $2,495,000 | johnlscott.com/41083
Q1 2017
Q1 2016
% Change
Number of Sales
15
11
36.4%
Total Dollar Volume
$20,305,658
$17,791,500
14.1%
Average Sales Price
$1,353,711
$1,617,409
-16.3%
Median Sales Price
$1,200,000
$1,111,500
8.0%
Average Days on Market
74
113
-34.5%
Sold / List Price %
96.8%
96.0%
0.8%
Average Price per SQFT
$387
$389
-0.6%
Quarter-end Inventory
45
47
-4.3%
Offered at $2,950,000 | johnlscott.com/99485
This data is for single family residences over $1M 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, each for its applicable geographic market. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
2017 Q1 Luxury Market Trends
King Cou nt y Condo
Offered at $1,449,000 | johnlscott.com/54208
Q1 2017
Q1 2016
% Change
Number of Sales
70
38
84.2%
Total Dollar Volume
$110,014,200
$54,718,481
101.1%
Average Sales Price
$1,571,631
$1,439,960
9.1%
Median Sales Price
$1,317,500
$1,254,000
5.1%
Average Days on Market
81
70
15.7%
Sold / List Price %
97.4%
98.8%
-1.4%
Average Price per SQFT
$746
$749
-0.4%
Quarter-end Inventory
69
65
6.2%
Offered at $1,998,000 | johnlscott.com/18445
This data is for condos 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 Central Oregon MLS, each for its applicable geographic market. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
2017 Q1 Luxury Market Trends
Portl and
Offered at $23,500,000 | johnlscott.com/74368
Q1 2017
Q1 2016
% Change
Number of Sales
84
43
95.3%
Total Dollar Volume
$124,100,832
$56,604,265
119.3%
Average Sales Price
$1,477,510
$1,316,378
12.2%
Median Sales Price
$1,300,000
$1,210,000
7.4%
Average Days on Market
62
61
1.6%
Sold / List Price %
98.9%
98.8%
0.2%
Average Price per SQFT
$417
$314
32.8%
Quarter-end Inventory
117
132
-11.4%
Offered at $1,280,000 | johnlscott.com/32651
This data is for single family residences over $1M in Portland, OR. 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, each for its applicable geographic market. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
2017 Q1 Luxury Market Trends
Bend
Offered at $1,745,000 | johnlscott.com/60805
Q1 2017
Q1 2016
% Change
Number of Sales
22
16
37.5%
Total Dollar Volume
$30, 291,700
$19,816,000
52.9%
Average Sales Price
$1,376,895
$1,238,500
11.2%
Median Sales Price
$1,212,500
$1,215,000
-0.2%
Average Days on Market
201
126
59.5%
Sold / List Price %
94.4%
94.7%
-0.2%
Average Price per SQFT
$303
$298
1.6%
Quarter-end Inventory
79
11
618.2%
Offered at $1,395,000 | johnlscott.com/94632
This data is for single family residences over $1M in Bend, OR. 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, each for its applicable geographic market. Data maintained by the Associations or the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
2017 Q1 Luxury Market Trends
S poka ne
Offered at $1,300,000 | johnlscott.com/77749
Q1 2017
Q1 2016
% Change
Number of Sales
1
1
0%
Total Dollar Volume
$1,100,000
$1,800,000
-38.9%
Average Sales Price
$1,100,000
$1,800,000
-38.9%
Median Sales Price
$1,100,000
$1,800,000
-38.9%
Average Days on Market
139
27
414.8%
Sold / List Price %
84.9%
82.2%
3.3%
Average Price per SQFT
$177
$375
-52.8%
Quarter-end Inventory
20
28
-28.6%
Offered at $3,400,000 | johnlscott.com/46114
This data is for single family residences over $1M in Spokane, WA. 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, each for its applicable geographic market. 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 Lifestyle
MEETS
WE BRING THE WORLD TO YOU
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