LUXURY MARKET TRENDS
HAPPY SPRING! We are currently in the prime-time season for the luxury market, which runs from March through October. High buyer demand for each new luxury listing has remained steady throughout the winter, and as spring progresses, we’ll see additional inventory hit the market. Spring is truly the best time of year to showcase your home if you’re looking to sell, and buyers today can lock in low interest rates to buy the home of their choice. 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 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. 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: PENDING | JOHNLSCOTT.COM/91864 ON THE RIGHT: PENDING | JOHNLSCOTT.COM/27290
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 World®.
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
Leading Real Estate Companies of the World® Keller Williams Coldwell Banker Berkshire Hathaway Home Services Compass RE/MAX Sotheby’s International Realty eXp Realty Redfin Douglas Elliman Real Estate Century 21 HomeSmart Corcoran Better Homes & Gardens ERA
MORE U.S. HOME SALES VOLUME
$257 $219 $187 $91 $91 $85 $78 $36 $31 $29 $29 $17 $16 $13 $10
THAN ANY OTHER REAL ESTATE NETWORK, FRANCHISE OR BROKERAGE BRAND* Volume shown in billions of dollars $0
Average Property
Associates Worldwide
6
130,000
Continents with Member Companies
$50
$2.6
MILLION
$100
$150
$200
$250
This bar chart is sourced from REAL Trends 500 for 2019, realtrends.com.
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.
What was Q1 like in the luxury market in your area?
JI M DI E R ST Seattle Northeast
A very competitive luxury market continues to increase in upward pricing where the competitive offers edge up into a higher price level. It seems the type of property that commands the most attention are the ones with larger yards, gardens, and outdoor recreational areas and lots of privacy. What’s trending currently for luxury home buyers and sellers? Are there any features the pandemic brought to the luxury space that you think are here to stay? Homes set up with an extra space for either zoom rooms or an area that can be set up for indoor gyms and workout areas. Also, the larger kitchen areas are desirable, especially homes with butler or chef prep areas. The more affluent buyers are looking for a home that is more self-contained, so they don’t need to travel out as much.
DA NI E L L E S NO W Bend
Luxury homes are still in demand as we have many people descending on Central Oregon from out of state. Multiple offers are creating bidding wars which equate to higher selling prices across the board. This is a time great for sellers wanting to scale down in size or move out of the area. I personally have clients fleeing to Arizona now which is equally appreciating in values. I guess we might call this the “snow-ball affect” versus “the COVID-affect” or a little of both.
2021 Q1 LU X U R Y M A R K E T T R E N D S
T HE STEWART G R OU P Gig Harbor
The Gig Harbor and the South Puget Sound market continues to remain incredibly strong due to its proximity to Seattle, a significant number of waterfront and view properties, as well access to the desirable aspects the Pacific Northwest offers. Low inventory and high demand has resulted in luxury home listings continuing to go under contract quickly, often with multiple offers. We are witnessing high-end buyers taking advantage of low interest rates, yet including financing contingency waivers to ensure competitive and winning offers.
CI NDY T HA CK E RY Beaverton Sunset Corridor
The Luxury market has seen a huge boost in buyer desire. It used to take months for a luxury property to go pending but now because of the low interest rates and high equity growth clients are finding that they are able to make that next level move up sooner then projected. We are seeing a common trend that buyers are also wanting more space so that may equate to more square footage or push to the outer city limits to get more land and views.
PUGET SOUND
2021 Q1 LU X U R Y M A R K E T T R E N D S
FIRST QUARTER
HIGHLIGHTS
P E N D I N G | J O H N L S C OT T. C O M /44675
The luxury market has been very active in Seattle over the first quarter of 2021, with overall sales throughout the quarter up 56 percent! Currently, there is very strong luxury sales activity above $2 million, and a shortage of unsold inventory in this range. The $1 to $2 million range in Seattle is particularly hot, with extreme frenzy Sales Activity Intensity™ as spring begins.
S E AT T L E Q1 2021
Q1 2020
% Change
Number of Sales
624
400
56.0%
Total Dollar Volume
$959,541,551
$583,801,417
64.4%
Average Sales Price
$1,537,727
$1,459,504
5.4%
Median Sales Price
$1,314,000
$1,297,950
1.2%
Average Days on Market
56
63
-11.1%
Sold / List Price %
103.10%
101.10%
2.1%
Average Price per SQFT
$544
$497
9.6%
Quarter-end inventory
205
240
-14.6%
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.
S O L D | J O H N L S C OT T. C O M / 5 6 3 4 4
WEST BELLEVUE Q1 2021
Q1 2020
% Change
Number of Sales
70
63
11.1%
Total Dollar Volume
$256,407,524
$183,885,450
39.4%
Average Sales Price
$3,662,965
$2,918,817
25.4%
Median Sales Price
$3,122,500
$2,592,000
20.4%
Average Days on Market
71
90
-21.1%
Sold / List Price %
98.00%
96.30%
1.7%
Average Price per SQFT
$868
$712
21.8%
Quarter-end inventory
20
60
-66.7%
There’s strong buyer demand for luxury homes in West Bellevue, and all unsold inventory priced $1 million and above is at a severe shortage. Overall luxury sales in the first quarter were up 11.1 percent, while the total dollar value of these sales is up 39.4 percent!
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.
2021 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 /91864
MERCER ISLAND Q1 2021
Q1 2020
% Change
Number of Sales
64
50
28.0%
Total Dollar Volume
$145,682,306
$103,939,730
40.1%
Average Sales Price
$2,276,286
$2,078,795
9.5%
Median Sales Price
$1,930,000
$1,748,000
10.4%
Average Days on Market
46
107
-57.0%
Sold / List Price %
104.50%
99.30%
5.1%
Average Price per SQFT
$690
$566
21.8%
Quarter-end inventory
14
44
-68.2%
Mercer Island’s luxury market is hot, with all unsold inventory priced $1 million and above at a severe shortage. Luxury sales in the first quarter on Mercer Island are up 28 percent, and the total volume of these sales is up 40.1 percent!
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 / 3 7 7 0 0
EASTSIDE Q1 2020
% Change
988
599
64.9%
Total Dollar Volume
$1,816,690,546
$1,006,542,571
80.5%
Average Sales Price
$1,838,756
$1,680,372
9.4%
Median Sales Price
$1,527,250
$1,400,000
9.1%
Average Days on Market
69
83
-16.8%
Sold / List Price %
105.20%
99.60%
5.6%
Average Price per SQFT
$542
$476
13.8%
Quarter-end inventory
193
477
-59.5%
DAYS ON MARKE T
Number of Sales
16.8%
NUMBER OF SALES
Q1 2021
64.9%
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.
2021 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 $1,749,000 | J O H N L S C OT T. C O M /4 7433
KING COUNTY CONDO % Change
Number of Sales
138
94
46.8%
Total Dollar Volume
$204,809,302
$135,366,085
51.3%
Average Sales Price
$1,484,125
$1,440,065
3.1%
Median Sales Price
$1,277,500
$1,227,500
4.1%
Average Days on Market
90
87
3.4%
Sold / List Price %
99.40%
98.50%
1.0%
Average Price per SQFT
$794
$740
7.3%
Quarter-end inventory
120
98
22.4%
DAYS ON MARKE T
PRICE PER SQUARE FOOT
Q1 2020
Q1 2021
3.4%
7.3%
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.
P E N D I N G | J O H N L S C OT T. C O M / 39 3 5 2
S O U T H K I N G CO U N T Y Q1 2021
Q1 2020
% Change
Number of Sales
265
120
120.8%
Total Dollar Volume
$252,023,481
$108,596,200
132.1%
Average Sales Price
$951,032
$904,968
5.1%
Median Sales Price
$850,000
$837,500
1.5%
Average Days on Market
20
100
-80.0%
Sold / List Price %
103.90%
98.30%
5.6%
Average Price per SQFT
$293
$265
10.7%
Quarter-end inventory
90
152
-40.8%
IN Q1 WE SAW A 120.8% INCREASE IN SALES FOR 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.
2021 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 / 41933
PIERCE COUNTY Q1 2021
Q1 2020
% Change
Number of Sales
306
118
159.3%
Total Dollar Volume
$298,038,953
$118,724,052
151.0%
Average Sales Price
$973,984
$1,006,136
-3.2%
Median Sales Price
$860,000
$828,000
3.9%
Average Days on Market
44
90
-51.1%
Sold / List Price %
100.80%
98.20%
2.6%
Average Price per SQFT
$287
$261
10.0%
Quarter-end inventory
135
208
-35.1%
THE AVERAGE DAYS ON MARKET DECREASED BY 51.1% 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 $950,000 | J O H N L S C OT T. C O M / 35539
KITSAP COUNTY Q1 2021
Q1 2020
% Change
Number of Sales
102
65
56.9%
Total Dollar Volume
$133,934,955
$78,911,194
69.7%
Average Sales Price
$1,313,088
$1,214,018
8.2%
Median Sales Price
$1,007,500
$1,100,000
-8.4%
Average Days on Market
39
85
-54.1%
Sold / List Price %
101.70%
98.10%
3.7%
Average Price per SQFT
$417
$365
14.2%
Quarter-end inventory
45
83
-45.8%
OVERALL, THE AVERAGE PRICE PER SQUARE FOOT INCREASED 14.2% 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.
2021 Q1 LU X U R Y M A R K E T T R E N D S
S O L D | J O H N L S C OT T. C O M / 79720
BAINBRIDGE ISLAND Q1 2021
Q1 2020
% Change
Number of Sales
39
28
39.2%
Total Dollar Volume
$73,006,900
$38,437,340
89.9%
Average Sales Price
$1,871,972
$1,372,762
36.4%
Median Sales Price
$1,550,000
$1,247,500
24.2%
Average Days on Market
60
122
-50.8%
Sold / List Price %
101.20%
98.30%
3.0%
Average Price per SQFT
$502
$410
22.3%
Quarter-end inventory
11
31
-64.5%
Many buyers sought to buy a piece of the Bainbridge Island lifestyle in the first quarter of 2021. There is a severe shortage of inventory locally in the $1 to $3 million range, and Sales Activity Intensity™ is at extreme frenzy. Overall Bainbridge Island luxury sales in the first quarter were up 39.2 percent, while the total dollar value of these sales is up a massive 89.9 percent!
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.
P E N D I N G | J O H N L S C OT T. C O M / 25 0 4 7
SNOHOMISH COUNTY Q1 2021
Q1 2020
% Change
Number of Sales
674
306
120.3%
Total Dollar Volume
$664,683,054
$287,705,133
131.0%
Average Sales Price
$986,177
$940,213
4.9%
Median Sales Price
$886,500
$856,885
3.5%
Average Days on Market
17
49
-65.3%
Sold / List Price %
106.50%
99.20%
7.4%
Average Price per SQFT
$345
$295
17.1%
Quarter-end inventory
126
247
-49.0%
Q1 SAW A 65.3% 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.
2021 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 $1,895,000 | J O H N L S C OT T. C O M / 50515
ISLAND COUNTY Q1 2021
Q1 2020
% Change
Number of Sales
61
25
144.0%
Total Dollar Volume
$66,724,901
$25,727,475
159.4%
Average Sales Price
$1,093,851
$1,029,099
6.3%
Median Sales Price
$898,000
$879,960
2.1%
Average Days on Market
40
73
-45.2%
Sold / List Price %
101.60%
98.00%
3.6%
Average Price per SQFT
$356
$260
37.0%
Quarter-end inventory
35
58
-39.7%
OVERALL, THE NUMBER OF SALES INCREASED BY 144.0% 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 2021
Q1 2020
% Change
Number of Sales
26
17
52.9%
Total Dollar Volume
$100,556,603
$54,691,000
83.9%
Average Sales Price
$3,867,562
$3,217,118
20.2%
Median Sales Price
$2,617,500
$2,193,500
19.3%
Average Days on Market
35
37
-5.4%
Sold / List Price %
96.60%
96.10%
0.6%
Average Price per SQFT
$988
$849
16.4%
Quarter-end inventory
27
42
-35.7%
Q1 2021
Q1 2020
LAKE SAMMAMISH % Change
Number of Sales
16
6
166.7%
Total Dollar Volume
$34,236,501
$8,337,500
310.6%
Average Sales Price
$2,139,781
$1,389,583
54.0%
Median Sales Price
$1,437,000
$1,225,000
17.3%
Average Days on Market
15
12
25.0%
Sold / List Price %
104.60%
99.60%
5.1%
Average Price per SQFT
$638
$426
49.7%
Quarter-end inventory
12
15
-20.0%
KING COUNTY Q1 2021
Q1 2020
% Change
Number of Sales
97
67
44.8%
Total Dollar Volume
$237,844,007
$144,164,499
65.0%
Average Sales Price
$2,452,000
$2,151,709
14.0%
Median Sales Price
$1,539,950
$1,455,000
5.8%
Average Days on Market
39
62
-37.1%
Sold / List Price %
97.20%
96.60%
0.6%
Average Price per SQFT
$738
$676
9.1%
Quarter-end inventory
79
128
-38.3%
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.
2021 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 /44474
FEATURED LUXURY LISTINGS
KELLOGG, ID | OFFERED AT $1,200,000 | JOHNLSCOTT.COM/53767 1557 MONTGOMERY GULCH RD, KELLOGG, ID, 83837 Tranquility awaits at this gorgeous custom ranch-style home nestled on 41 plus acres. With over 3,000 square feet, the home provides a spacious and luxurious life both inside and out. Birch hardwood floors, large, inviting windows, and vaulted ceilings open into the expansive great room with a cultured rock fireplace at the focal point. Exposed wood beams line the open floor plan leading into the gourmet kitchen featuring an island with prepping sink and cabinet space, a breakfast bar, and a walk-in pantry. The kitchen is highlighted with granite countertops, a full tile backsplash, and hickory cabinets. Step out of the kitchen onto a large, covered deck complete with lighting and surround sound. Retreat to the master suite with private French doors, a generous walk-in closet and a spa-like bath. Two more bedrooms and a bathroom complete the home. Outdoors, enjoy large garden beds, a manicured lawn with sprinklers in the front and back, and a built-in firepit. The insulated shop features a 14X40 Lean-to, a half bath with hot water, a walk-in cooler, a wood stove, 220 and wired for a welder. The 41 acres includes additional buildable parcels, providing a rare opportunity to welcome friends and family to Montgomery Gulch. Hop on an ATV and ride out your back door to explore the mountains and groomed trails this area has to offer. Only 35 minutes east of Coeur d’Alene, enjoy close proximity to some of nature’s best.
CHRISTINE BROCHIER 208-964-2136 CBrochier@johnlscott.com
2021 Q1 LU X U R Y M A R K E T T R E N D S
SEATTLE, WA | OFFERED AT $1,600,000 | JOHNLSCOTT.COM/59441 9311 FAUNTLEROY WAY SW SEAT TLE, WA, 98136 This historic West Seattle home is brimming with character, starting with the design by renowned Seattle architect, Daniel Calvin. For many years, it was lived in and loved by Joseph Sutter, a well-respected Seattle resident who has been nicknamed the father of the Boeing 747. Now, this exceptional home is looking for its next owners. Enjoy morning coffee on the wraparound back deck with sweeping views of the Puget Sound, Fauntleroy Cove, Vashon and Blake Islands, and the Olympic mountains. Magnificent Rhododendrons line the walkway to the front of the home, featuring a grand entrance with vaulted ceilings and brick tile. The polished original hardwood floors lead into an expansive kitchen. Featuring double ovens, stainless steel appliances with a custom hood, and granite countertops, this gourmet kitchen is a chef’s dream. The deck is easily accessible from the kitchen, making this home the perfect spot for entertaining. Soak up the natural light from large, inviting windows throughout the living space, and cozy up to the wood-burning fireplace in the evenings. The dining room features soaring ceilings with full-length windows and is separated from the living room with an expansive bar. Retreat to a spacious master suite with its unique loft-style overlooking the entire home and a picture-perfect Puget Sound view. The main floor includes two additional bedrooms and a bath. Head downstairs for family fun, with a large recreation room complete with a stunning custom wood burning stove and an additional bath. Green thumbs will love the garden outside, featuring beautiful Rhododendrons, Hellabora, and Rock Daphne in a park-like setting. Located in the Laurentide neighborhood and just a short walk to fabulous West Seattle restaurants and the beach, enjoy a one-of-a-kind living experience.
ALEX NAKAMOTO 206-607-7083 alexnakamoto@johnlscott.com
EASTERN WA S H I N G TO N & IDAHO
2021 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 / 3 3 7 6 4
COEUR D’ALENE, IDAHO Q1 2021
Q1 2020
% Change
Number of Sales
146
39
274.4%
Total Dollar Volume
$194,676,272
$44,557,341
336.9%
Average Sales Price
$1,333,399
$1,142,496
16.7%
Median Sales Price
$1,109,500
$895,000
24.0%
Average Days on Market
30
98
-69.4%
Sold / List Price %
98.70%
94.40%
4.6%
Average Price per SQFT
$392
$298
31.3%
Quarter-end inventory
131
130
0.8%
SALES IN COEUR D’ALENE INCREASED A STAGGERING 274% COMPARED WITH THE SAME PERIOD IN 2020
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.
2021 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 $1,200,000 | J O H N L S C OT T. C O M /51450
SPOKANE COUNTY Q1 2021
Q1 2020
% Change
Number of Sales
77
23
234.8%
Total Dollar Volume
$77,165,234
$19,461,172
296.5%
Average Sales Price
$1,002,146
$846,138
18.4%
Median Sales Price
$900,000
$779,910
15.4%
Average Days on Market
56
79
-29.1%
Sold / List Price %
98.00%
95.90%
2.2%
Average Price per SQFT
$222
$194
14.5%
Quarter-end inventory
63
100
-37.0%
THE NUMBER OF SALES IN SPOKANE COUNT Y INCREASED 234.8%
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
2021 Q1 LU X U R Y M A R K E T T R E N D S
FIRST QUARTER
HIGHLIGHTS
PENDING | JOHNLSCOTT.COM/25126
The Portland Metro market has great opportunities for luxury buyers looking to secure the home of their choice. Overall luxury sales in the first quarter were up a significant 93.8 percent, while the total dollar value of these sales is up a jaw-dropping 123.5 percent!
PORTLAND METRO Q1 2021
Q1 2020
% Change
Number of Sales
126
65
93.8%
Total Dollar Volume
$186,621,683
$83,489,987
123.5%
Average Sales Price
$1,481,124
$1,284,461
15.3%
Median Sales Price
$1,314,000
$1,147,104
14.5%
Average Days on Market
80
96
-16.6%
Sold / List Price %
99.00%
95.80%
3.4%
Average Price per SQFT
$346
$291
18.6%
Quarter-end inventory
99
134
-23.6%
OFFERED AT $2,550,000 | JOHNLSCOTT.COM/53034
There is a severe shortage of luxury inventory priced from $1 to $2 million in Lake Oswego and West Linn. Overall luxury sales in the first quarter were up 90.9 percent, while the total dollar value of these sales is up significantly – 122.1 percent!
LAKE OSWEGO Q1 2021
Q1 2020
% Change
Number of Sales
84
44
90.9%
Total Dollar Volume
$141,060,985
$63,493,127
122.1%
Average Sales Price
$1,679,297
$1,443,026
16.3%
Median Sales Price
$1,450,000
$1,289,500
12.4%
Average Days on Market
102
123
-17.0%
Sold / List Price %
97.30%
97.10%
0.2%
Average Price per SQFT
$382
$337
13.2%
Quarter-end inventory
56
138
-29.0%
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 2021
Q1 2020
% Change
Number of Sales
240
131
83.2%
Total Dollar Volume
$278,012,845
$141,464,602
96.5%
Average Sales Price
$1,158,387
$1,079,882
7.3%
Median Sales Price
$998,750
$929,000
7.5%
Average Days on Market
48
130
-63.1%
Sold / List Price %
100.80%
97.50%
3.4%
Average Price per SQFT
$403
$335
20.4%
Quarter-end inventory
96
224
-57.1%
IN Q1, THE NUMBER OF SALES INCREASED BY 83.2% IN BEND
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.
2021 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 / 6 0 5 6 2
Bend’s luxury real estate market is hot, with the overall Sales Activity Intensity™ for homes priced above $900,000 at extreme frenzy. Overall luxury sales in the first quarter were up 83.2 percent, while the total dollar value of these sales is up a massive 96.5 percent! Bend will continue to draw high-net-worth individuals who are seeking to relocate, retire or purchase a second home, due to the area’s appealing lifestyle for residents.
S O L D | J O H N L S C OT T. C O M / 6 3 2 5 3
JACKSON COUNTY Q1 2021
Q1 2020
% Change
Number of Sales
59
25
136.0%
Total Dollar Volume
$62,908,305
$23,238,500
170.7%
Average Sales Price
$1,066,242
$929,540
14.7%
Median Sales Price
$910,000
$835,000
9.0%
Average Days on Market
115
157
-26.8%
Sold / List Price %
94.90%
96.80%
-2.0%
Average Price per SQFT
$300
$268
11.7%
Quarter-end inventory
85
153
-44.4%
THE AVERAGE DAYS ON MARKET DECREASED BY 26.8% IN Q1 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.
2021 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 $2,5000,000 | J O H N L S C OT T. C O M /65522
C L A R K CO U N T Y Q1 2021
Q1 2020
% Change
Number of Sales
166
74
124.3%
Total Dollar Volume
$166,505,606
$69,359,606
140.1%
Average Sales Price
$997,040
$937,292
6.4%
Median Sales Price
$899,900
$854,500
5.3%
Average Days on Market
59
110
-46.4%
Sold / List Price %
99.30%
96.00%
3.5%
Average Price per SQFT
$261
$224
16.9%
Quarter-end inventory
119
175
-32.0%
IN Q1 SALES INCREASED 124.3% IN CLARK COUNT Y COMPARED WITH THE SAME PERIOD 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.
BIOPHILIA IN DESIGN Wellness goes beyond mindful eating and active lifestyles — our surroundings have a profound impact on both our physical and emotional health. Namely, we need to get in better touch with nature through biophilic design.
“Biophilia is our innate desire or tendency to commune with or be close to nature,” says Interior Designer Sarah Barnard of Sarah Barnard Design. “We are comforted by nature, and we all understand that on some level.”
facing penthouse in California, where she picked out low-profile furniture to preserve the sightline to the sea. Another recommendation of hers is to use light fixtures or art pieces reminiscent of nature to further the theme.
“Study after study shows that in rooms that look onto nature — a tree, some plants, a patch of grass — people have lower cortisol. Rooms that incorporate nature provide the same benefits.” Barnard prioritizes biophilia in much of her work, including within an ocean-
Of course, moving outside offers additional opportunities to integrate nature within the home.
Designer: KAA Design
NATURE AND HOME:
2021 Q1 Designer: Sarah Barnard Design | Photo Credit: Steven Dewall
LU X U R Y M A R K E T T R E N D S
An outdoor “room” The function of the backyard has expanded and, accordingly, requires much the same flourish as the interior. “It’s not just about making a wall disappear, it’s about creating a true outdoor room,” describes Anthony Laney, Founding Partner of Laney LA. Treating it as another room within the home and carefully selecting furniture and décor to match allows it to act as a true living space, whereas unthoughtful design can result in missed opportunities. “We do a lot of homes right on the ocean, and you see a lot of these balconies where it’s just a foot of space with a glass guardrail. Nobody’s hanging out on them. In my theory, that’s because it’s not a true outdoor room — it’s just a deadend balcony.” With living in mind, it’s important to consider “function before form,” as does Richard Hartlage, Founding Principal and CEO of landscape architecture firm Land Morphology. “We don’t do a project without a fire feature these days,” observes Hartlage. He also lists outdoor kitchens, dining spaces, and swimming pools as other highly sought-after amenities.
Designer: Land Morphology | Photo Credit: Land Morphology
Fragrant plants, like florals, are another frequent request. Fragrants “go beyond beauty — they create an atmosphere,” describes Hartlage. When considering the overall atmosphere of the exterior, ambitious concepts can further enhance the outdoor experience.
P E N D I N G | JOHNLSCOTT.COM/45655
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