LUXURY MARKET TRENDS
WELCOME SUMMER! The luxury real estate market is currently going through an intensity adjustment like we saw in 2018. This means more unsold inventory in the luxury price ranges is building up in the markets we serve. Regardless of the market, it’s okay to buy and sell within same-market timing, as you will usually end up with approximately the same net asset equity. Today’s market presents many opportunities for those looking to buy or sell, including greater selection of luxury homes to choose from and fewer multiple-offer situations that lead to premium pricing. We hope you enjoy our Luxury Market Trends report covering the second quarter of 2022!
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: OFFERED AT $3,588,000 | JOHNLSCOTT.COM/22737 ON THE RIGHT: OFFERED AT $2,650,000 | JOHNLSCOTT.COM/67922
Luxury
L I VE YOUR
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.
DANIELLE SNOW Bend, OR
What a whirlwind in the luxury market since the beginning of the year. The first half of the 2nd quarter remained strong, then it drastically changed beginning of 2nd half of May and has continued to decline. The only advice to my high-end clients is to be very aggressive in their price drops to get ahead of the drops that every seller is doing right now. There is a normal seasonal summer slow-down, and high-end buyers can be very aggressive now in their offering on properties. The shift from “seller’s market” to “buyer’s market” is now. I do anticipate this to continue for the remaining of the year as we return to a more normal market. I tell my sellers if they are not serious sellers, then take your home off the market. If they are serious, list the home now close to your bottom-line number and see what hits. Interest rates are just a fraction of the uncertainty in the market right now. Consumer confidence is huge. As a realtor, we must remain positive and advise that sometimes it’s not about the money, it’s about what one wants in life.
DANIEL DAILEY Spokane, WA
The Spokane luxury market has seen an increase of listings compared to the same quarter last year with 65 more total luxury listings. There was an increase in monthly inventory up from 2.2 months in Q2 of 2021 to 2.8 months of inventory this year. Luxury buyers have more options in the Spokane region than a year ago. Luxury homeowners are waiting a little longer to get offers and are more willing to negotiate when offers come in. There have been more price drops as the market has slowed as well. It seems the higher interest rates, the downturn of the overall stock market, and looming talks of the US economy possibly entering a recession has luxury buyers holding back a bit to see how things play out.
202 2 Q2 LU X U R Y M A R K E T T R E N D S
AMELIA CH AVEZ Bellevue, WA
In the last quarter, we have seen an uptick of interested sellers trying to enter the marketplace. This summer, buyers can take advantage of higher inventory levels, more options to choose from and more negotiating power. Additionally, prices are more attainable as heightened escalations are not in play currently. Since we are in a transition phase of the housing market, it is challenging to use data and home prices to justify market change during pricing discussions with our seller clients.This process takes time for the information about the market to set in.
J O HN WA L S H Beaverton, OR
The Washington County luxury segment was very robust for the second quarter of 2022. Closed sales were dramatically up versus the same period of 2021 in most every segment, especially the $1 to $1.5 million range. Days on market dropped into the single digits versus the 31 days on market from 2nd quarter of 2021. As one might expect, the 2022 buyers were experiencing a shortage of homes available as inventories hovered at a little more than 1 month on average.
PUGET SOUND
202 2 Q2 LU X U R Y M A R K E T T R E N D S
SECOND QUARTER
HIGHLIGHTS
S O L D | J O H N L S C OT T. C O M /50110
The continued strength of Seattle’s luxury market is shown by the number of luxury transactions that occurred in the second quarter. Though available inventory priced above $1 million has ticked upward to pre-pandemic levels, sales activity kept pace due to strong buyer demand.
S E AT T L E Q2 2022
Q2 2021
% Change
Number of Sales
1,418
1,331
6.5%
Total Dollar Volume
$2,234,281,325
$2,112,348,149
5.8%
Average Sales Price
$1,575,657
$1,587,038
-0.7%
Median Sales Price
$1,360,500
$1,350,000
0.8%
Average Days on Market
36
37
-2.7%
Sold / List Price %
110.0%
107.4%
2.3%
Average Price per SQFT
$635
$582
9.1%
Quarter-end inventory
423
266
59.0%
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 $5,980,000 | J O H N L S C OT T. C O M /67603
WEST BELLEVUE Q2 2022
Q2 2021
% Change
Number of Sales
92
115
-20.0%
Total Dollar Volume
$389,378,983
$420,850,900
-7.4%
Average Sales Price
$4,232,380
$3,659,573
15.6%
Median Sales Price
$3,730,000
$2,837,500
31.4%
Average Days on Market
37
40
-7.5%
Sold / List Price %
101.6%
103.6%
-1.9%
Average Price per SQFT
$1,176
$1,000
17.5%
Quarter-end inventory
55
28
96.0%
Over the last three months, West Bellevue saw a return to pre-pandemic levels of sales activity on luxury homes. Active listings are heading upward following the traditional patterns we see in the summer months. Soon, the number of active listings should reach where they were in the summer of 2019.
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.
202 2 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 $4,388,000 | J O H N L S C OT T. C O M /13500
MERCER ISLAND Q2 2022
Q2 2021
% Change
Number of Sales
86
102
-15.6%
Total Dollar Volume
$252,166,862
$259,029,492
-2.6%
Average Sales Price
$2,932,173
$2,539,505
15.4%
Median Sales Price
$2,675,000
$2,175,000
22.9%
Average Days on Market
39
41
-4.8%
Sold / List Price %
107.3%
109.4%
-1.9%
Average Price per SQFT
$840
$777
8.0%
Quarter-end inventory
31
13
138.0%
Mercer Island’s luxury market has faced a scarcity of inventory for the last two years, which created fierce competition for each new listing. While active listings are ticking upward, it will take time for the market’s inventory to return to pre-pandemic levels. In June 2022, there were 32 listings priced above $1 million on Mercer Island, compared to 76 in June 2019.
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.
O F F E R E D AT $2,395,000 | J O H N L S C OT T. C O M /56095
EASTSIDE Q2 2021
% Change
1,955
1,958
-0.1%
Total Dollar Volume
$3,930,233,326
$3,583,305,733
9.7%
Average Sales Price
$2,010,350
$1,830,085
9.9%
Median Sales Price
$1,725,000
$1,515,000
13.9%
Average Days on Market
42
46
-8.7%
Sold / List Price %
106.2%
109.3%
-2.8%
Average Price per SQFT
$698
$588
18.6%
Quarter-end inventory
944
205
360.0%
DAYS ON MARKE T
Number of Sales
8.7%
AVERAGE SALES PRICE
Q2 2022
9.9%
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.
202 2 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 /5 9581
KING COUNTY CONDO Q2 2021
% Change
251
202
24.2%
Total Dollar Volume
$386,513,968
$308,338,880
25.4%
Average Sales Price
$1,539,896
$1,526,430
0.9%
Median Sales Price
$1,284,299
$1,372,500
-6.4%
Average Days on Market
62
70
-11.4%
Sold / List Price %
103.0%
100.6%
2.3%
Average Price per SQFT
$840
$837
0.4%
Quarter-end inventory
170
134
27.0%
NUMBER OF SALES
AVERAGE DAYS ON MARKET
Number of Sales
Q2 2022
24.2%
11.4%
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 $1,585,900 | J O H N L S C OT T. C O M / 11514
S O U T H K I N G CO U N T Y Q2 2022
Q2 2021
% Change
Number of Sales
1,162
657
76.9%
Total Dollar Volume
$1,130,725,189
$630,111,367
79.4%
Average Sales Price
$973,085
$959,074
1.5%
Median Sales Price
$890,000
$855,000
4.1%
Average Days on Market
11
14
-21.4%
Sold / List Price %
105.5%
105.6%
-0.1%
Average Price per SQFT
$362
$313
15.4%
Quarter-end inventory
566
171
231.0%
IN Q2, WE SAW A 76.9% 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.
202 2 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 $3,695,000 | J O H N L S C OT T. C O M / 24555
PIERCE COUNTY Q2 2022
Q2 2021
% Change
Number of Sales
894
614
45.6%
Total Dollar Volume
$931,473,331
$622,297,590
49.7%
Average Sales Price
$1,041,916
$1,013,514
2.8%
Median Sales Price
$898,000
$875,000
2.6%
Average Days on Market
17
21
-19.0%
Sold / List Price %
103.10%
103.00%
0.1%
Average Price per SQFT
$345
$315
9.5%
Quarter-end inventory
538
220
145.0%
THE AVERAGE DAYS ON MARKET DECREASED BY 19.0% 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.
O F F E R E D AT $1,350,000 | J O H N L S C OT T. C O M /11536
KITSAP COUNTY Q2 2022
Q2 2021
% Change
Number of Sales
341
261
30.7%
Total Dollar Volume
$434,162,368
$323,568,430
34.2%
Average Sales Price
$1,273,203
$1,239,726
2.7%
Median Sales Price
$998,799
$1,030,000
-3.0%
Average Days on Market
15
23
-34.8%
Sold / List Price %
106.5%
108.4%
-1.8%
Average Price per SQFT
$450
$422
6.7%
Quarter-end inventory
179
69
159.0%
OVERALL, THE AVERAGE PRICE PER SQUARE FOOT INCREASED 6.7% 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.
202 2 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 / 11273
BAINBRIDGE ISLAND Q2 2022
Q2 2021
% Change
Number of Sales
88
89
-1.1%
Total Dollar Volume
$185,477,750
$154,434,788
20.1%
Average Sales Price
$2,107,702
$1,735,222
21.5%
Median Sales Price
$1,650,000
$1,501,500
9.9%
Average Days on Market
34
41
-17.0%
Sold / List Price %
108.9%
109.5%
-0.5%
Average Price per SQFT
$705
$557
26.7%
Quarter-end inventory
20
14
43.0%
Although lower than last year, sales activity for homes priced $1 million and above was strong in the second quarter of 2022. The overall luxury market on Bainbridge Island is resilient, with the island lifestyle cementing the local area as a favorite destination for high-networth individuals. In the coming months, there will be a solid selection of available luxury properties on Bainbridge Island benefiting those looking to lay down new roots locally.
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 $5,499,950 | J O H N L S C OT T. C O M /52046
SNOHOMISH COUNTY Q2 2022
Q2 2021
% Change
Number of Sales
2,071
1,502
37.9%
Total Dollar Volume
$2,270,706,986
$1,492,850,493
52.1%
Average Sales Price
$1,096,430
$993,908
10.3%
Median Sales Price
$990,000
$900,000
10.0%
Average Days on Market
9
8
12.5%
Sold / List Price %
106.2%
109.4%
-3.0%
Average Price per SQFT
$444
$372
19.2%
Quarter-end inventory
960
241
298.0%
Q2 SAW A 12.5% INCREASE 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.
202 2 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 $2,750,000 | J O H N L S C OT T. C O M / 23211
ISLAND COUNTY Q2 2022
Q2 2021
% Change
Number of Sales
148
143
3.5%
Total Dollar Volume
$178,555,699
$165,026,827
8.2%
Average Sales Price
$1,206,457
$1,154,034
4.5%
Median Sales Price
$995,000
$995,000
N/A
Average Days on Market
16
15
6.7%
Sold / List Price %
103.0%
104.9%
-1.8%
Average Price per SQFT
$439
$434
1.1%
Quarter-end inventory
115
53
117.0%
OVERALL, THE NUMBER OF SALES INCREASED BY 3.5% 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 2022
Q2 2021
% Change
Number of Sales
57
68
-16.2%
Total Dollar Volume
$215,482,833
$228,170,557
-5.6%
Average Sales Price
$3,780,401
$3,355,449
12.7%
Median Sales Price
$3,000,000
$2,259,944
32.7%
Average Days on Market
11
32
-65.6%
Sold / List Price %
103.2%
104.6%
-1.4%
Average Price per SQFT
$1,122
$1,022
9.9%
Quarter-end inventory
25
29
-14.0%
Q2 2022
Q2 2021
LAKE SAMMAMISH % Change
Number of Sales
49
50
-2.0%
Total Dollar Volume
$115,527,000
$142,871,200
-19.1%
Average Sales Price
$2,357,694
$2,857,424
-17.5%
Median Sales Price
$1,879,000
$2,350,000
-20.0%
Average Days on Market
7
22
-68.2%
Sold / List Price %
101.7%
104.7%
-2.9%
Average Price per SQFT
$816
$760
7.4%
Quarter-end inventory
29
8
263.0%
KING COUNTY Q2 2022
Q2 2021
% Change
Number of Sales
293
284
3.2%
Total Dollar Volume
$663,686,571
$707,632,328
-6.2%
Average Sales Price
$2,265,142
$2,491,663
-9.1%
Median Sales Price
$1,680,000
$1,807,500
-7.1%
Average Days on Market
10
23
-56.5%
Sold / List Price %
104.7%
105.1%
-0.4%
Average Price per SQFT
$753
$753
-0.1%
Quarter-end inventory
146
84
74.0%
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.
202 2 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 $3,290,000 | J O H N L S C OT T. C O M /33659
FEATURED LUXURY LISTINGS
SAMMAMISH, WA | $1,995,000 | JOHNLSCOTT.COM/53137 24514 SE 1ST STREET, SAMMAMISH, WA 98074 Welcome home to elegance, luxury, and space in sought-after Montrachet. Newly painted interior welcomes you into the bright, soaring entry with gorgeous hardwood flooring. Elegant wainscot adorns formal spaces. The freshly painted kitchen cabinetry brightens the space and overlooks the great room with built-ins and an additional fireplace. Expand your living space through French doors onto the spacious deck. A generous office rounds out the main floor, with a curved staircase leading to the upper-level bedrooms. The tray ceiling adds sophistication to the expansive primary suite and the impressive primary bath features dual sinks, a skylight, jetted soaking tub, and an open shower. A large bonus room is perfect for additional living space with custom storage. Outdoors, the sweeping, level backyard is maintained with a sprinkler system. The home has been thoughtfully updated with new double ovens and cooktop, newer carpets, newer roof, with extra features such as a 3-car garage and A/C.
STEVE & JOHANNA CRAIG (425) 444-2289 SteveC@johnlscott.com
202 2 Q2 LU X U R Y M A R K E T T R E N D S
AUBURN, WA | $1,475,000 | JOHNLSCOTT.COM/62064 35839 252ND AVENUE SE, AUBURN, WA 98092 Nestled on over eight acres in serenity, welcome home to this stunning three-story retreat with unbeatable views. With almost 5,000 square feet of space, the home is built for seamless entertaining and living, including two bonus rooms that are perfect for additional bedrooms. Your own oasis along Green River Gorge, the home boasts 1,000 feet of private riverfront with your exclusive beach. Enjoy open concept living throughout the great room, complete with a chef-inspired kitchen with high-end appliances, quartz countertops, and a butcher block island. The dining space connects to the expansive deck, perfect for summer entertaining. The grand primary suite is unparalleled relaxation with a spa-like bath, walk-in closet, wood-burning fireplace, cozy sitting area, and private balcony. Multi-functional, fully finished basement with MIL potential and a spacious two-car, 30x36 heated drive-thru shop round out this one-of-a-kind property.
PHIL & CASSIE RODOCKER (206) 914-7252 philr@johnlscott.com
EASTERN WA S H I N G TO N & IDAHO
202 2 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 $1,147,000 | J O H N L S C OT T. C O M /709 63
COEUR D’ALENE, IDAHO Q2 2022
Q2 2021
% Change
Number of Sales
288
238
21.0%
Total Dollar Volume
$359,969,550
$285,897,786
25.9%
Average Sales Price
$1,249,894
$1,201,251
4.0%
Median Sales Price
$950,000
$926,500
2.5%
Average Days on Market
18
25
-28.0%
Sold / List Price %
97.2%
99.0%
-1.8%
Average Price per SQFT
$434
$393
10.5%
Quarter-end inventory
456
220
107.0%
SALES IN COEUR D’ALENE INCREASED 21.0% COMPARED WITH THE SAME PERIOD IN 2021
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.
202 2 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 $1,997,000 | J O H N L S C OT T. C O M /20711
SPOKANE COUNTY Q2 2022
Q2 2021
% Change
Number of Sales
268
184
45.7%
Total Dollar Volume
$254,814,440
$183,058,084
39.2%
Average Sales Price
$950,800
$994,881
-4.4%
Median Sales Price
$860,000
$875,000
-1.7%
Average Days on Market
13
15
-13.3%
Sold / List Price %
101.5%
100.7%
0.7%
Average Price per SQFT
$265
$250
5.8%
Quarter-end inventory
256
111
131.0%
THE NUMBER OF SALES IN SPOKANE COUNT Y INCREASED 45.7% COMPARED WITH THE SAME PERIOD IN 2021
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
202 2 Q2 LU X U R Y M A R K E T T R E N D S
SECOND QUARTER
HIGHLIGHTS
OFFERED AT $1,799,000 | JOHNLSCOTT.COM/11939
The luxury market in the Portland Metro area has remained steady throughout the second quarter of 2022, with high sales activity for homes priced above $1 million. Meanwhile, luxury listings have been building up and have returned to pre-pandemic levels, offering increased buyer selection locally.
PORTLAND METRO Q2 2022
Q2 2021
% Change
Number of Sales
292
281
3.9%
Total Dollar Volume
$409,073,658
$391,151,163
4.6%
Average Sales Price
$1,400,937
$1,391,997
0.6%
Median Sales Price
$1,249,500
$1,265,000
-1.2%
Average Days on Market
48
57
-15.7%
Sold / List Price %
107.2%
103.1%
4.0%
Average Price per SQFT
$380
$346
9.9%
Quarter-end inventory
170
142
20.0%
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In Lake Oswego and West Linn, luxury inventory is building up slowly but is still about half of what it was pre-pandemic. Although lower than last year, sales activity for homes priced $750,000 and above was strong, and the overall luxury market in Lake Oswego and West Linn is resilient.
LAKE OSWEGO Q2 2022
Q2 2021
% Change
Number of Sales
163
167
-2.4%
Total Dollar Volume
$264,442,603
$279,585,794
-5.4%
Average Sales Price
$1,622,347
$1,674,166
-3.1%
Median Sales Price
$1,350,000
$1,400,000
-3.5%
Average Days on Market
61
64
-4.6%
Sold / List Price %
104.7%
100.5%
4.1%
Average Price per SQFT
$445
$407
9.1%
Quarter-end inventory
94
74
27.0%
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 2022
Q2 2021
% Change
Number of Sales
465
406
14.5%
Total Dollar Volume
$550,476,290
$492,858,154
11.7%
Average Sales Price
$1,183,820
$1,213,936
-2.5%
Median Sales Price
$989,000
$977,500
1.2%
Average Days on Market
19
20
-5.0%
Sold / List Price %
101.4%
102.7%
-1.3%
Average Price per SQFT
$487
$447
8.8%
Quarter-end inventory
394
189
108.0%
IN Q2, THE NUMBER OF SALES INCREASED BY 14.5% 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.
202 2 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 $1,995,000 | J O H N L S C OT T. C O M /10174
In the second quarter of 2022, active luxury listings in Bend slowly built up to pre-pandemic levels. There was a mini surge of new resale listings fueling this increase of selection for luxury buyers. Locally, sales activity is strong as buyers take note of the new luxury listings in the market. Looking forward, the Bend area’s appeal for high-net-worth individuals will remain a constant in the years to come.
O F F E R E D AT $2,325,000 | J O H N L S C OT T. C O M /43923
JACKSON COUNTY Q2 2022
Q2 2021
% Change
Number of Sales
118
106
11.3%
Total Dollar Volume
$116,167,127
$106,238,843
9.3%
Average Sales Price
$984,467
$1,002,253
-1.8%
Median Sales Price
$875,000
$897,000
-2.5%
Average Days on Market
56
49
14.3%
Sold / List Price %
98.0%
99.0%
-1.0%
Average Price per SQFT
$328
$305
7.6%
Quarter-end inventory
229
132
73%
THE AVERAGE DAYS ON MARKET INCREASED BY 14.3% 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.
202 2 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 $1,000,000 | J O H N L S C OT T. C O M /29108
C L A R K CO U N T Y Q2 2022
Q2 2021
% Change
Number of Sales
496
324
53.1%
Total Dollar Volume
$509,948,640
$325,186,719
56.8%
Average Sales Price
$1,017,862
$1,000,575
1.7%
Median Sales Price
$900,000
$890,000
1.1%
Average Days on Market
19
21
-9.5%
Sold / List Price %
102.0%
101.9%
0.1%
Average Price per SQFT
$320
$279
14.7%
Quarter-end inventory
393
195
102.0%
IN Q2 SALES INCREASED 53.1% 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.
6 EMERGING TRENDS IN HOME DESIGN HEALTH AND WELL-BEING HAVE RISEN TO THE FOREFRONT OF INTERIOR DÉCOR BY NIKKI BISIKER The nature of interior design for our residences, however big or small, has always been for inner joy and peace and to delight the eye, as well as to provide a sanctuary for all of our needs. Such a yearning even goes back to cave dwellings — sharing victuals, stories and laughter with loved ones, providing a safe haven for our children and a sense of security and comfort for relaxation. In the last two years, this has become even more fiercely apparent. Health and well-being have risen to the forefront. Protection from the outside world and independence from outside influences have become the key notes within our walls. Whilst restrictions will be increasingly lifted worldwide and the freedom of life restored, the key elements for a new way of living and goals will be forever changed. As a designer who does not stamp my authority onto other people’s ideals, but instead embraces different lifestyles, cultures and aspirations, I have always steered clear of fads that come and go in design. However, the deafening sound of certain needs across the board in our homes and workplaces has never been more apparent. Listening to our clients plays a significant role in the starting point of any design space. The key trends for this forthcoming year are the reflections of these real-life conversations.
MULTIPURPOSE HOMES The trend for multipurpose use of homes continues as clients spend more time cocooning, and also feel the necessity to rely on personal space to fulfill all of their needs wherever possible. Activity and entertainment spaces are key. Gyms, art studios, interactive golf rooms, dance studios, cigar lounges, game rooms, makeup rooms, hammams, lap pools, music rooms, meditation rooms, libraries, school, workspaces and quiet rooms: all areas have been requested this year. The conversion of unused rooms and basements, or creating additional structures within a garden or rooftop, can provide this. We have been seeing glass-room additions as the leading structure for increasing space capacity: light-filled, nature-reflecting, full-of-purpose spaces.
202 2 Q2 LU X U R Y M A R K E T T R E N D S
NEW TAKE ON MINIMALISM Ultra-minimalism is out. Whilst clients with a love for minimalism still exist, the requirements are that the home should still provide a sense of warmth, peace and elements of nature. Think Scandinavian touches within a Japanese design framework. It is a warmed-up version of the crisp whites and grey tones of recent years. Cozy, warm, natural, textured spaces are light and airy, bringing nature in. Green subtly provides us with a framework to breathe and feel at ease, and botanicals are the key green highlights.
COLORS Warm earth tones will be prevalent this year: terracotta, antique cream, buttery yellows and moss greens. They are soft and light, enveloping cozy spaces. We will see historical colors too, reminiscent of the countryside or warm sunshine-filled Mediterranean holidays. The elegant cool greys will still be used by a generation that loves the chic feel, which can now be combined with strong hues such as yellow, fuchsia and purple to warm up the rooms and provide a zany sense of fun and happiness.
TEXTURE Raw materials such as clay pots, stone, terrazzo and wood floors, walls or sculptural pieces bring history to the forefront, as do natural fabrics such as raw silk, soft wool, crisp linen and soft linen voile.
REPURPOSING AND SUSTAINABILITY Activate the space with an element of vintage — maybe a single decorative antique chair amidst simplicity, the age telling a story and adding a human element to a minimalist space with the warmth of color and pattern.
Soft-colored washed walls using antiqued methods such as limestone plaster, wallpaper and rustic rugs add texture next to smooth concrete or wood floors.
As being sustainable is still very much the current ethos, so is repurposing and refreshing antiques or reusing and reinventing generational-furniture hand-me-downs.
Sustainable and enveloping materials will very much be in the forefront, from mohair, cashmere, sheepskin and leather to new technologies in vegan materials.
I am currently using a client’s fabulous Tiffany chandelier from the 1970s, purchased on King’s Road in London, and restructuring and customizing it by adding additional contrasting glass sculptural pieces and making dual installations.
BIOPHILIA AND NATURE Keeping our connection with nature helps us to ground our emotions and gives life, color and definition to a space, whilst also providing oxygen. Sought-after nature can be introduced as large trees spanning tall spaces, indoor gardens in key areas and, in smaller areas, significant seasonal branches — from cherry blossoms and pussy willow to huge swathes of jasmine or roses to scented pine. Set against a minimalistic backdrop, nature thrives and thus we do, too.
Text reproduced with permission from Luxury Portfolio International and Luxury Portfolio magazine. © Luxury Portfolio International. All rights reserved. Photo credit: istock.com
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