LUXURY MARKET TRENDS
IT’S SUMMERTIME The luxury real estate market is just as hot as the weather as we enter summer 2021. Both historically-low interest rates and the desire to find the “perfect fit” luxury home is driving record luxury sales in many markets. Now more than ever, high-net-worth individuals are drawn to lay down roots in a home that aligns with their lifestyle – whether that’s a high-end downtown condo or a vacation home close to sun and fun. Our John L. Scott luxury broker associates are here to help guide you through the process of buying or selling this summer. In today’s competitive market, it’s essential to work with a trusted professional to ensure your real estate goals and expectations are met. We hope you enjoy our Luxury Market Trends report covering the second quarter of 2021!
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/14465 ON THE RIGHT: PENDING | JOHNLSCOTT.COM/38743
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
4,600
Member Firms
550
Total Inventory
$58
BILLION
80%
of applicants to this network are turned down
Offices Worldwide
MORE U.S. HOME SALES VOLUME
THAN ANY OTHER REAL ESTATE NETWORK, FRANCHISE OR BROKERAGE BRAND. $296 BILLION IN U.S. HOME SALES VOLUME.
Average Property
Associates Worldwide
6
130,000
Continents with Member Companies
$2.6
MILLION
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 Q2 like in the luxury market in your area (April/May/June)?
What’s trending currently for luxury home buyers and sellers? In particular, which features are in hot demand (no pun intended) for beating the heat in the summertime?
RAYMOND CONNERS Silverdale
In the luxury market for the second quarter of 2021, I have noticed multiple offers over asking price at prices even above $4 million. There is a surge in demand for lakefront property and more buyers are moving from California to avoid state income taxes. Marble is currently trending in the luxury market. Marble is desired in updated kitchens and bathrooms for everything from counters to bathtubs. I have also noticed clients asking me for ways to expand their decks for greater outdoor space.
DEBBIE CONSTANTINE Mercer Island
I have noticed that agents representing buyers are making offers before the reviewing date. I am trying to find homes to show my clients before they come on the market, so they can have a little more time to do their due diligence. When I am a buyer’s agent I keep close contact to the selling agent, so they can tell me if there are any early offers and continue to keep in contact to figure out what is on the table before I send the offer in close to the review time. I have been very successful on winning multiple offers by communicating to the listing agent and teaching my clients what it will take to win that offer. Prospective buyers are not looking to do much remodeling and love to walk into a turnkey home. They appreciate when a home is in immaculate condition and you can tell that the seller took great care of their home. They like when a pre-inspection and sewer scope has been completed. Many are also looking for a fenced yard for the kids.
2021 Q2 LU X U R Y M A R K E T T R E N D S
T ES SA G OLD Lake Oswego
Waterfront properties are in high demand and selling at a premium. Both main lake living and properties that offer easement access to the water are tough to come by. Properties with pools and or lots large enough to add a pool are also drawing significant interest. Out of state buyers are continuing to gravitate towards the greater Portland market and creating substantial competition up to $2.75MM.
LORI HO L DE N Mercer Island
Because of the lack of new construction available on Mercer Island there has been a surge in demand for homes that have been built in the last 5 years, with multiple offers and prices 20% or more over list price. Central air conditioning is a huge plus and a sound investment as our climate shifts a bit with higher temperatures and longer duration of those hot days. Outdoor decks, patios, and proximity to parks with lake access have been very desirable.
PUGET SOUND
2021 Q2 LU X U R Y M A R K E T T R E N D S
SECOND QUARTER
HIGHLIGHTS
P E N D I N G | J O H N L S C OT T. C O M /10876
In the second quarter of 2021, luxury sales activity has been off the charts in Seattle! It’s been the best time of the year for homes going under contract – the number of homes going under contract in the last quarter is nearly double that of 2019 figures. The luxury market is virtually sold out locally from $1 to $3 million.
S E AT T L E Q2 2021
Q2 2020
% Change
Number of Sales
1,306
536
143.6%
Total Dollar Volume
$2,078,635,249
$831,895,930
149.9%
Average Sales Price
$1,591,604
$1,552,045
2.5%
Median Sales Price
$1,350,000
$1,312,500
2.9%
Average Days on Market
38
48
-20.8%
Sold / List Price %
107.5%
99.9%
7.6%
Average Price per SQFT
$583
$528
10.4%
Quarter-end inventory
266
325
-18.2%
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.
P E N D I N G | J O H N L S C OT T. C O M / 5 9 2 8 4
WEST BELLEVUE Q2 2021
Q2 2020
% Change
Number of Sales
115
62
85.4%
Total Dollar Volume
$420,450,900
$192,229,875
118.7%
Average Sales Price
$3,656,095
$3,100,482
17.9%
Median Sales Price
$2,837,500
$2,640,000
7.4%
Average Days on Market
40
57
-29.8%
Sold / List Price %
103.5%
96.1%
7.7%
Average Price per SQFT
$995
$809
22.9%
Quarter-end inventory
28
87
-67.8%
In West Bellevue, luxury sales activity in the past quarter was very strong compared to previous years, and the market is virtually sold out up to $5 million. Sales Activity Intensity™ is uber frenzy from $1 to $3 million, frenzy from $3 to $5 million, and there were a notable number of sales above $5 million last quarter.
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 Q2 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 /16345
MERCER ISLAND Q2 2021
Q2 2020
% Change
Number of Sales
101
70
44.2%
Total Dollar Volume
$257,508,492
$129,855,375
98.3%
Average Sales Price
$2,549,589
$1,855,077
37.4%
Median Sales Price
$2,175,000
$1,574,500
38.1%
Average Days on Market
41
55
-25.4%
Sold / List Price %
109.40%
99.50%
9.9%
Average Price per SQFT
$779
$563
38.3%
Quarter-end inventory
13
60
-78.3%
It’s truly a historic moment in time for Mercer Island’s luxury real estate market. The entire luxury market on the island is virtually sold out, and Sales Activity Intensity™ is uber frenzy for homes priced $1 million and up. The last quarter, ultra-luxury homes on Mercer Island priced $5 million and above saw notable sales.
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 5 5 4
EASTSIDE Q2 2020
% Change
1,933
779
148.1%
Total Dollar Volume
$3,559,947,275
$1,256,923,104
183.2%
Average Sales Price
$1,841,670
$1,613,508
14.1%
Median Sales Price
$1,525,000
$1,330,000
14.7%
Average Days on Market
47
66
-28.7%
Sold / List Price %
109.3%
99.4%
10.0%
Average Price per SQFT
$590
$475
24.4%
Quarter-end inventory
205
607
-66.2%
DAYS ON MARKE T
Number of Sales
28.7%
NUMBER OF SALES
Q2 2021
148.1%
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 Q2 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 /2 7707
KING COUNTY CONDO % Change
Number of Sales
201
95
111.5%
Total Dollar Volume
$307,666,830
$136,077,517
126.1%
Average Sales Price
$1,530,681
$1,432,395
6.9%
Median Sales Price
$1,375,000
$1,300,000
5.8%
Average Days on Market
75
46
63.0%
Sold / List Price %
100.6%
99.2%
1.4%
Average Price per SQFT
$842
$823
2.3%
Quarter-end inventory
134
151
-11.3%
DAYS ON MARKE T
PRICE PER SQUARE FOOT
Q2 2020
Q2 2021
63.0%
2.3%
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 / 61 8 1 4
S O U T H K I N G CO U N T Y Q2 2021
Q2 2020
% Change
Number of Sales
638
167
282.0%
Total Dollar Volume
$624,568,900
$156,557,402
298.9%
Average Sales Price
$978,948
$937,469
4.4%
Median Sales Price
$860,000
$839,950
2.4%
Average Days on Market
14
42
-66.7%
Sold / List Price %
107.6%
99.0%
8.6%
Average Price per SQFT
$320
$285
12.4%
Quarter-end inventory
171
163
4.9%
IN Q2 WE SAW A 282.0% 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 Q2 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 / 16346
PIERCE COUNTY Q2 2021
Q2 2020
% Change
Number of Sales
601
178
237.6%
Total Dollar Volume
$609,555,811
$173,610,761
251.1%
Average Sales Price
$1,014,236
$975,341
4.0%
Median Sales Price
$875,000
$872,500
0.3%
Average Days on Market
21
62
-66.1%
Sold / List Price %
103.0%
98.0%
5.1%
Average Price per SQFT
$315
$265
18.7%
Quarter-end inventory
220
249
-11.6%
THE AVERAGE DAYS ON MARKET DECREASED BY 66.1% IN Q2 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.
P E N D I N G | J O H N L S C OT T. C O M / 5 8 5 8 0
KITSAP COUNTY Q2 2021
Q2 2020
% Change
Number of Sales
257
112
129.5%
Total Dollar Volume
$320,126,024
$133,519,715
139.8%
Average Sales Price
$1,245,627
$1,192,140
4.5%
Median Sales Price
$1,050,000
$970,750
8.2%
Average Days on Market
23
43
-46.5%
Sold / List Price %
108.5%
98.9%
9.7%
Average Price per SQFT
$426
$386
10.4%
Quarter-end inventory
69
95
-27.4%
OVERALL, THE AVERAGE PRICE PER SQUARE FOOT INCREASED 10.4% 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 Q2 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 / 36928
BAINBRIDGE ISLAND Q2 2021
Q2 2020
% Change
Number of Sales
89
46
93.4%
Total Dollar Volume
$154,434,788
$74,805,500
106.4%
Average Sales Price
$1,735,222
$1,626,207
6.7%
Median Sales Price
$1,501,500
$1,425,000
5.4%
Average Days on Market
41
83
-50.6%
Sold / List Price %
109.5%
98.5%
11.2%
Average Price per SQFT
$557
$486
14.4%
Quarter-end inventory
14
30
-53.3%
In the second quarter of 2021, many high-net-worth individuals chose to buy and sell on Bainbridge Island. Approximately 96 percent of luxury sales on Bainbridge Island occur in the $1 to $3 million range. This range is virtually sold out, as new listings in 2021 were a bit lighter than previous years. Sales Activity Intensity™ on Bainbridge Island is uber frenzy from $1 to $2 million, and frenzy from $2 to $3 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 $2,000,000 | J O H N L S C OT T. C O M /42423
SNOHOMISH COUNTY Q2 2021
Q2 2020
% Change
Number of Sales
1,480
423
249.9%
Total Dollar Volume
$1,470,560,078
$401,631,062
266.1%
Average Sales Price
$993,622
$949,482
4.6%
Median Sales Price
$900,000
$870,000
3.4%
Average Days on Market
8
35
-77.1%
Sold / List Price %
109.5%
99.8%
9.7%
Average Price per SQFT
$371
$293
26.9%
Quarter-end inventory
241
266
-9.4%
Q2 SAW A 77.1% 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 Q2 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 / 53301
ISLAND COUNTY Q2 2021
Q2 2020
% Change
Number of Sales
140
52
169.2%
Total Dollar Volume
$161,456,827
$54,514,850
196.2%
Average Sales Price
$1,153,263
$1,048,363
10.0%
Median Sales Price
$992,000
$958,125
3.5%
Average Days on Market
14
76
-81.6%
Sold / List Price %
105.1%
96.5%
8.9%
Average Price per SQFT
$437
$361
21.2%
Quarter-end inventory
53
58
-8.6%
OVERALL, THE NUMBER OF SALES INCREASED BY 169.2% 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 Q2 2021
Q2 2020
% Change
Number of Sales
67
47
42.6%
Total Dollar Volume
$226,470,557
$160,777,675
40.9%
Average Sales Price
$3,380,158
$3,420,802
-1.2%
Median Sales Price
$2,308,888
$2,700,000
-14.5%
Average Days on Market
33
48
-31.3%
Sold / List Price %
104.7%
97.5%
7.3%
Average Price per SQFT
$1,027
$915
12.2%
Quarter-end inventory
29
55
-47.3%
Q2 2021
Q2 2020
LAKE SAMMAMISH % Change
Number of Sales
50
24
108.3%
Total Dollar Volume
$142,871,200
$45,490,625
214.1%
Average Sales Price
$2,857,424
$1,895,443
50.8%
Median Sales Price
$2,350,000
$1,482,500
58.5%
Average Days on Market
22
55
-60.0%
Sold / List Price %
104.7%
99.6%
5.2%
Average Price per SQFT
$760
$581
30.7%
Quarter-end inventory
8
24
-66.7%
KING COUNTY Q2 2021
Q2 2020
% Change
Number of Sales
286
147
94.6%
Total Dollar Volume
$720,387,328
$331,055,188
117.6%
Average Sales Price
$2,518,837
$2,252,076
11.8%
Median Sales Price
$1,825,000
$1,650,000
10.6%
Average Days on Market
23
41
-43.9%
Sold / List Price %
104.9%
98.5%
6.5%
Average Price per SQFT
$758
$657
15.4%
Quarter-end inventory
84
169
-50.3%
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 Q2 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 /41808
FEATURED LUXURY LISTINGS
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THE GERISILO HAPPY HOME TEAM 425-413-6428 happyhometeam@johnlscott.com
2021 Q2 LU X U R Y M A R K E T T R E N D S
BELLEVUE, WA | $1,650,000 | JOHNLSCOTT.COM/63862 16420 SE 66TH ST, BELLEVUE, WA 98006 Welcome to exceptional living in this elegant Lakemont property! This 5 bedroom, 3.25 bathroom home is located on a corner lot with the privacy that only a cul-de-sac offers. The entry greets with soaring ceilings and elegant staircase. Beautiful rich hardwoods complement the traditional design and flow in home. Fully fenced backyard allows access directly to the beautiful community park. Main floor deck for outdoor entertaining and lower-level covered patio. Main level is an open floorplan for living and entertaining with a stately fireplace and gourmet kitchen. Granite counters, stainless steel appliances, gas cooktop, and built-in office nook. Luxury awaits in the upper owner’s suite with spa-inspired bathroom and walk in closet. The large lower level offers so much functionality and added living space. High ceilings, fireplace and bathroom complete this level. Garage has additional storage for life’s activity items. Your Lakemont story begins here in one of Bellevue’s most desirable neighborhoods. Fabulous Issaquah schools. Welcome home!
THE MILKOVICH TEAM 425-243-7880 milkovichteam@johnlscott.com
EASTERN WA S H I N G TO N & IDAHO
2021 Q2 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 $935,000 | J O H N L S C OT T. C O M / 40600
COEUR D’ALENE, IDAHO Q2 2021
Q2 2020
% Change
Number of Sales
233
63
269.8%
Total Dollar Volume
$279,632,786
$78,698,020
255.3%
Average Sales Price
$1,200,141
$1,249,175
-3.9%
Median Sales Price
$935,000
$950,000
-1.6%
Average Days on Market
25
98
-74.5%
Sold / List Price %
98.9%
94.8%
4.3%
Average Price per SQFT
$393
$323
21.7%
Quarter-end inventory
220
183
20.2%
SALES IN COEUR D’ALENE INCREASED A STAGGERING 269% 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 Q2 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 /27234
SPOKANE COUNTY Q2 2021
Q2 2020
% Change
Number of Sales
181
48
277.1%
Total Dollar Volume
$180,363,084
$45,694,664
294.7%
Average Sales Price
$996,481
$951,972
4.7%
Median Sales Price
$875,000
$859,500
1.8%
Average Days on Market
15
47
-68.1%
Sold / List Price %
100.7%
96.0%
4.9%
Average Price per SQFT
$251
$191
31.2%
Quarter-end inventory
111
93
19.4%
THE NUMBER OF SALES IN SPOKANE COUNT Y INCREASED 277%
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 Q2 LU X U R Y M A R K E T T R E N D S
SECOND QUARTER
HIGHLIGHTS
OFFERED AT $1,499,900 | JOHNLSCOTT.COM/57807
The second quarter of 2021 brought all-time record luxury sales activity in the Portland Metro area. Locally, there is a good number of new listings coming on the market, particularly for downtown condominiums. Those looking for a luxury retreat in the heart of downtown Portland will be pleased to see the selection of properties available that will be at a good value moving forward.
PORTLAND METRO Q2 2021
Q2 2020
% Change
Number of Sales
274
75
265.3%
Total Dollar Volume
$379,795,163
$99,497,133
281.7%
Average Sales Price
$1,386,114
$1,326,628
4.5%
Median Sales Price
$1,265,000
$1,200,000
5.4%
Average Days on Market
60
91
-34.0%
Sold / List Price %
103.1%
98.3%
4.9%
Average Price per SQFT
$343
$318
7.9%
Quarter-end inventory
142
146
-23.6%
SOLD | JOHNLSCOTT.COM/55614
In the Lake Oswego and West Linn luxury real estate market, the second quarter of 2021 marked the best on record in terms of sales activity. The market is virtually sold out of inventory from $1 to $2 million; this range comprises 93 percent of luxury sales activity. In the $1 to $2 million range, Sales Activity Intensity™ is extreme frenzy. There is a good number of transactions from $2 to $3 million, and above $3 million saw the best activity ever last quarter.
LAKE OSWEGO Q2 2021
Q2 2020
% Change
Number of Sales
169
50
238.0%
Total Dollar Volume
$288,781,794
$81,209,646
255.6%
Average Sales Price
$1,708,768
$1,624,193
5.2%
Median Sales Price
$1,400,000
$1,397,500
0.1%
Average Days on Market
79
106
-25.4%
Sold / List Price %
100.2%
95.0%
5.4%
Average Price per SQFT
$410
$359
14.4%
Quarter-end inventory
74
142
-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 Q2 2021
Q2 2020
% Change
Number of Sales
398
170
134.1%
Total Dollar Volume
$485,289,154
$207,738,300
133.6%
Average Sales Price
$1,219,319
$1,221,990
-0.2%
Median Sales Price
$981,500
$958,450
2.4%
Average Days on Market
20
118
-83.1%
Sold / List Price %
102.7%
96.4%
6.5%
Average Price per SQFT
$448
$358
25.1%
Quarter-end inventory
189
218
-13.3%
IN Q2, THE NUMBER OF SALES INCREASED BY 134% 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 Q2 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 / 5 2 6 8 3
In Bend, the second quarter of 2021 was record-breaking for luxury transactions. May and June brought a large amount of luxury listings, hitting records for inventory numbers as well. The $2 to $3 million price range is a sweet spot locally for sales activity. This price range is particularly active when comparing the number of transactions to the number of new listings coming on the market overall.
O F F E R E D AT $1,576,000 | J O H N L S C OT T. C O M /23989
JACKSON COUNTY Q2 2021
Q2 2020
% Change
Number of Sales
103
39
164.1%
Total Dollar Volume
$103,732,628
$38,208,805
171.5%
Average Sales Price
$1,007,113
$979,713
2.8%
Median Sales Price
$899,000
$875,000
2.7%
Average Days on Market
50
165
-69.7%
Sold / List Price %
98.8%
92.9%
6.3%
Average Price per SQFT
$304
$282
7.8%
Quarter-end inventory
132
164
-19.5%
THE AVERAGE DAYS ON MARKET DECREASED BY 69.7% IN Q2 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 Q2 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 $4,900,000 | J O H N L S C OT T. C O M /43205
C L A R K CO U N T Y Q2 2021
Q2 2020
% Change
Number of Sales
311
81
284.0%
Total Dollar Volume
$312,116,311
$76,939,633
305.7%
Average Sales Price
$1,000,373
$949,872
5.3%
Median Sales Price
$886,500
$860,000
3.1%
Average Days on Market
20
63
-68.3%
Sold / List Price %
101.9%
97.8%
4.1%
Average Price per SQFT
$279
$232
20.0%
Quarter-end inventory
195
196
-0.5%
IN Q2 SALES INCREASED 284% 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.
GET INSPIRED:
UNCONVENTIONAL TAKES ON OUTDOOR LIVING
The exterior is an extension of the home and, of late, homeowners have gone further than ever to make their backyards true outdoor living spaces. Brainstorm with these thrilling yards and their differentiating amenities.
1
Don’t Limit Yourself on Design Design allows the imagination to run free — this show-stopping terrace, for example, acts as a mesmerizing extension of the ultra-stylish interior of this midcentury modern home. Noteworthy touches include an inviting lounge, sleek lines throughout, and dazzling light fixtures.
BEVERLY HILLS, CALIFORNIA, USA | $27,000,000 WEB ID: JDIL88
34
TIP: The days of outdoor furniture that overwhelmingly looks like outdoor furniture are gone. Step up your game by considering which design elements you really enjoy indoors and then incorporate them in your backyard.
2021 Q2 LU X U R Y M A R K E T T R E N D S
2 Veg Out in an Urban Setting
This quaint rooftop in Paris solidifies its roots with nature by incorporating endless vegetation and minimal furniture to emphasize its focus of the outdoors. It’s fully immersive in nature while still providing glimpses of city views in the backdrop.
TIP: If you’re looking to recreate this look for your own balcony or rooftop, the idea is relatively straightforward. Incorporate copious plants surrounding and throughout the space. Also include seating and furniture to then enjoy both plant and city views.
PARIS, FRANCE | €12,900,000 WEB ID: XQNG88
3
Consider Outdoor Living for Atypical Spaces Outdoor kitchens, dining rooms, and living rooms are not out-of-the-ordinary — a bedroom, however, is! Hawaii is blessed with beautiful weather and, accordingly, can comfortably host a bedroom that’s one with the outdoors. Although this isn’t a realistic option for all homes, it’s sure to act as a magnificent resting space if achieved.
TIP: What makes this bedroom especially fascinating is that the indoor/ outdoor connection expands around a corner, further immersing residents with the exterior. For this effect to be really dramatic, allow as much of the space as possible to open up to the outdoors.
KAMUELA, HAWAII, USA | $21,500,000 WEB ID: JMTX88
4 Cozy Up in the Cold Weather
For some parts of the world, outdoor living spaces become difficult to enjoy when the temperature cools, but with some careful design, the weather shouldn’t be a barrier. Located in Park City, Utah, a known ski destination, this outdoor space was created to enjoy during winter and summers alike. Features include a heated dining space, firepit, and hot tub, which all act as sources of warmth. As an added bonus, the patios and walkways are also heated, eliminating the task of snow removal.
TIP: If cold weather is a challenge, design the yard with winter in mind. Like this example, consider features such as heated spaces, fire elements, and steamy spas so that the exterior can be enjoyed year round.
PARK CITY, UTAH, USA | $16,300,000 WEB ID: ROGA88
5
Entertainment Spaces that Truly Entertain From the interior to the exterior, homeowners are looking for spaces in which they can entertain, whether it be company or themselves. This yard overlooking a nearby lake offers countless opportunities to entertain, including its infinityedge pool with waterfall, peach and plum orchard, and private dock. Beyond these dazzling amenities, they went one step further and created an intimate dining space that doubles as a personal outdoor theater that’s easy to recreate.
BEDFORD, NEW YORK, USA | $5,995,000 WEB ID: ZGWA88
TIP: This property showcases a naturally shaded space with an overhanging tree. Recreate this look by using plants or trees to prevent light from interfering with movie night.
luxuryportfolio.com | | 35
P E N D I N G | JOHNLSCOTT.COM/56700
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