LUXURY MARKET T R E N D S
Luxury Lifestyle
MEETS
w
elcome to summer! On a monthly basis, this is the time of year when we see more luxury listings coming on the market. If the timing is right, one of our Brokers can help you find the luxury property of your dreams while selection is best. Our Brokers offer the highest level of personal representation as competent, trusted advisors and advocates for our clients. We also leverage our relationships with other brokerages to make sure you have the competitive edge you need to be successful, whether you’re selling or buying a home. In 1931 my grandfather started John L. Scott Real Estate in Downtown Seattle. He had a vision of delivering concierge-level service by putting clients first. Today we’ve grown to over 110 offices and more than 3,100 broker associates in Washington, Oregon, Idaho, and California and can attribute our success to the fact that, even after 86 years in the business, we still hold tight to my grandfather’s vision through our core value of “Living Life as a Contribution™” in every facet of life: at home, work, and at play.
J. Lennox Scott Chairman and CEO John L. Scott Real Estate
GLOBAL NET W OR K
Source: LeadingRE
John L. Scott is a founding member of the international organization Leading Real Estate Companies of the World. Together, we outrank all other companies in home sales by volume and through their luxury division, Luxury Portfolio International, we connect affluent buyers and sellers around the world. This exclusive network provides national and international exposure for your home. Only a few companies can provide this level of global exposure and only the top companies can earn membership in this network.
LUXURY MARKET T R E N D S
SECOND QUARTER HIGHLIGHTS
663 Number of Sales Eastside
-38.8% Average Days on Market West Portland
Average Days on Market Bainbridge Island
-20.5%
101 235 +125.0% Number of Sales Mercer Island
On the cover: Offered at $1,299,999 | Spokane, WA
Number of Sales Snohomish County
Number of Sales Kootenai County
2017 Q2 Luxury Market Trends
S e at tl e
Offered at $2,999,000 | johnlscott.com/63689
Q2 2017
Q2 2016
% Change
Number of Sales
426
337
26.4%
Total Dollar Volume
$623,802,861
$499,119,136
25.0%
Average Sales Price
$1,464,326
$1,481,066
-1.1%
Median Sales Price
$1,308,350
$1,310,737
-0.2%
Average Days on Market
19
27
-29.6%
Sold / List Price %
106.4%
102.1%
4.2%
Average Price per SQFT
$477
$441
8.2%
Quarter-end inventory
210
193
8.8%
Offered at $1,299,000 | johnlscott.com/39595
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.
2017 Q2 Luxury Market Trends
Wes t Bel l e v ue
Offered at $3,390,000 | johnlscott.com/55656
Q2 2017
Q2 2016
% Change
Number of Sales
109
105
3.8%
Total Dollar Volume
$296,466,216
$244,636,990
21.2%
Average Sales Price
$2,719,874
$2,329,876
16.7%
Median Sales Price
$2,200,000
$2,100,000
4.8%
Average Days on Market
28
23
21.7%
Sold / List Price %
109.3%
99.5%
9.8%
Average Price per SQFT
$713
$607
17.6%
Quarter-end inventory
86
110
-21.8%
Pending at $2,599,995 | johnlscott.com/71331
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.
2017 Q2 Luxury Market Trends
Mer ce r I sl a nd
Pending at $1,348,000 | johnlscott.com/64545
Q2 2017
Number of Sales
Q2 2016
% Change
101
63
60.3%
Total Dollar Volume
$191,295,573
$113,786,280
68.1%
Average Sales Price
$1,894,016
$1,806,131
4.9%
Median Sales Price
$1,673,000
$1,565,000
6.9%
26
18
44.4%
101.1%
99.7%
1.4%
Average Price per SQFT
$540
$483
11.7%
Quarter-end inventory
61
74
-17.6%
Average Days on Market Sold / List Price %
Sold at $2,998,000
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.
2017 Q2 Luxury Market Trends
E a stside
Pending at $2,988,000 | johnlscott.com/59152
Q2 2017
Q2 2016
% Change
Number of Sales
663
408
62.5%
Total Dollar Volume
$927,879,648
$557,612,351
66.4%
Average Sales Price
$1,399,517
$1,366,697
2.4%
Median Sales Price
$1,250,000
$1,207,150
3.5%
Average Days on Market
23
30
-23.3%
Sold / List Price %
103.3%
101.2%
2.1%
Average Price per SQFT
$381
$348
9.6%
Quarter-end inventory
360
403
-10.7%
Pending at $1,625,000 | johnlscott.com/82562
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.
2017 Q2 Luxury Market Trends
King Count y Cond o
Offered at $1,750,000 | johnlscott.com/54012
Q2 2017
Q2 2016
% Change
Number of Sales
70
70
0.0%
Total Dollar Volume
$114,350,438
$96,168,800
18.9%
Average Sales Price
$1,633,578
$1,373,840
18.9%
Median Sales Price
$1,386,944
$1,250,000
11.0%
Average Days on Market
49
75
-34.7%
Sold / List Price %
99.0%
97.9%
1.1%
Average Price per SQFT
$760
$707
7.6%
Quarter-end inventory
76
90
-15.6%
Sold at $1,270,000
This data is for condos over $1M in King County. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and 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.
2017 Q2 Luxury Market Trends
Bainbridg e I sl a nd
Sold at $1,799,000
Q2 2017
Q2 2016
% Change
Number of Sales
41
31
32.3%
Total Dollar Volume
$63,796,868
$52,507,555
21.5%
Average Sales Price
$1,556,021
$1,693,792
-8.1%
Median Sales Price
$1,305,000
$1,295,000
0.8%
Average Days on Market
49
80
-38.8%
Sold / List Price %
98.3%
97.3%
1.0%
Average Price per SQFT
$400
$430
-7.1%
Quarter-end inventory
34
55
-38.2%
Offered at $1,950,000 | johnlscott.com/58808
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.
2017 Q2 Luxury Market Trends
K itsa p Co unt y
Offered at $999,999 | johnlscott.com/46307
Q2 2017
Q2 2016
% Change
Number of Sales
99
70
41.4%
Total Dollar Volume
$116,211,664
$87,626,655
32.6%
Average Sales Price
$1,173,855
$1,251,809
-6.2%
Median Sales Price
$962,551
$999,000
-3.6%
Average Days on Market
56
71
-21.1%
Sold / List Price %
101.1%
98.2%
3.0%
Average Price per SQFT
$351
$354
-0.9%
Quarter-end inventory
136
132
3.0%
Offered at $1,399,999 | johnlscott.com/49339
This 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 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.
2017 Q2 Luxury Market Trends
Pier ce Co un t y
Pending at $1,600,000 | johnlscott.com/81816
Q2 2017
Q2 2016
% Change
Number of Sales
101
71
42.3%
Total Dollar Volume
$106,242,394
$69,375,459
53.1%
Average Sales Price
$1,051,905
$977,119
7.7%
Median Sales Price
$939,900
$876,423
7.2%
Average Days on Market
84
92
-8.7%
Sold / List Price %
96.2%
96.5%
-0.2%
Average Price per SQFT
$255
$217
17.5%
Quarter-end inventory
286
253
13.0%
Offered at $1,495,000 | johnlscott.com/48131
This 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.
2017 Q2 Luxury Market Trends
South King Co un t y
Offered at $1,325,000 | johnlscott.com/30570
Q2 2017
Q2 2016
% Change
Number of Sales
77
44
75.0%
Total Dollar Volume
$76,044,892
$42,177,630
80.3%
Average Sales Price
$987,596
$958,583
3.0%
Median Sales Price
$885,000
$880,000
0.6%
Average Days on Market
76
60
26.7%
Sold / List Price %
98.3%
97.9%
0.4%
Average Price per SQFT
$255
$230
11.0%
Quarter-end inventory
144
180
-20.0%
Offered at $1,080,000 | johnlscott.com/84123
This data is for single family residences over $750K in MLS Areas 100, 110, 120, 130, 300, 310, 320, 330, 340, 350, 360. 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.
WAT ER FR ONT Lake Washington
Q2 2017
Q2 2016
% Change
Number of Sales
19
24
-20.8%
Total Dollar Volume
$70,215,900
$82,775,950
-15.2%
Average Sales Price
$3,695,574
$3,448,998
7.1%
Median Sales Price
$3,050,000
$2,922,000
4.4%
Average Days on Market
60
61
-1.6%
Sold / List Price %
98.5%
96.7%
1.8%
Average Price per SQFT
$931
$842
10.6%
Quarter-end inventory
56
68
-17.6%
Sold at $2,336,800
Offered at $3,995,000 | johnlscott.com/29510
Sold on Lake W
Washington
2017 Q2 Luxury Market Trends
Lake Sammamish
Sold at $1,970,000
Q2 2016
% Change
Number of Sales
14
6
133.3%
Total Dollar Volume
$31,491,800
$12,702,722
147.9%
Average Sales Price
$2,249,414
$2,117,120
6.2%
Median Sales Price
$2,169,000
$1,890,000
14.8%
Average Days on Market
29
49
-40.8%
Sold / List Price %
99.7%
98.1%
1.7%
Average Price per SQFT
$555
$485
14.4%
Quarter-end inventory
17
19
-10.5%
King County
Offered at $3,950,000 | johnlscott.com/27580
Q2 2017
Q2 2017
Q2 2016
% Change
Number of Sales
73
57
28.1%
Total Dollar Volume
$193,013,300
$152,090,746
26.9%
Average Sales Price
$2,644,018
$2,668,259
-0.9%
Median Sales Price
$2,336,800
$2,000,000
16.8%
Average Days on Market
66
44
50.0%
Sold / List Price %
97.4%
97.3%
0.1%
Average Price per SQFT
$678
$667
1.7%
Quarter-end inventory
160
183
-12.6%
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.
2017 Q2 Luxury Market Trends
Snohom ish Count y
Sold at $1,225,000
Q2 2017
Q2 2016
% Change
Number of Sales
235
143
64.3%
Total Dollar Volume
$223,876,489
$150,461,467
48.8%
Average Sales Price
$952,666
$1,052,178
-9.5%
Median Sales Price
$880,500
$850,000
3.6%
Average Days on Market
38
56
-32.1%
Sold / List Price %
100.4%
98.0%
2.5%
Average Price per SQFT
$275
$275
0.0%
Quarter-end inventory
242
218
11.0%
Offered at $900,000 | johnlscott.com/94241
This 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 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.
2017 Q2 Luxury Market Trends
Spoka ne Co unt y
Offered at $1,299,000 | johnlscott.com/39657
Q2 2017
Q2 2016
% Change
Number of Sales
20
17
17.6%
Total Dollar Volume
$17,690,000
$15,455,444
14.5%
Average Sales Price
$884,500
$909,144
-2.7%
Median Sales Price
$827,500
$860,000
-3.8%
Average Days on Market
77
108
-28.7%
Sold / List Price %
94.6%
93.0%
1.7%
Average Price per SQFT
$174
$178
-2.1%
Quarter-end inventory
99
94
5.3%
Offered at $1,399,000 | johnlscott.com/28506
This 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 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.
2017 Q2 Luxury Market Trends
K ootenai Co unt y
Offered at $1,600,000 | johnlscott.com/78243
Q2 2017
Q2 2016
% Change
Number of Sales
36
16
125.0%
Total Dollar Volume
$39,918,719
$17,715,500
125.3%
Average Sales Price
$1,108,853
$1,107,219
0.1%
Median Sales Price
$884,500
$925,000
-4.4%
Average Days on Market
97
122
-20.5%
Sold / List Price %
94.4%
92.5%
2.0%
Average Price per SQFT
$276
$266
3.8%
Quarter-end inventory
321
257
+25.0%
Offered at $1,295,000 | johnlscott.com/62930
This 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 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.
2017 Q2 Luxury Market Trends
Cl a r k Co unt y
Offered at $23,500,000 | johnlscott.com/40402
Q2 2017
Q2 2016
% Change
Number of Sales
37
40
-7.5%
Total Dollar Volume
$37,839,842
$37,231,805
1.6%
Average Sales Price
$1,022,698
$930,795
9.9%
Median Sales Price
$895,000
$829,500
7.9%
Average Days on Market
112
101
10.9%
Sold / List Price %
97.5%
96.1%
1.50%
Average Price per SQFT
$226
$193
17.1%
Quarter-end inventory
180
173
4.0%
Offered at $925,000 | johnlscott.com/93508
This 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.
2017 Q2 Luxury Market Trends
Ea s t Portl a nd
Sold at $2,225,000
Q2 2017
Q2 2016
% Change
Number of Sales
175
185
-5.4%
Total Dollar Volume
$253,199,647
$268,754,361
-5.8%
Average Sales Price
$1,446,855
$1,452,726
-0.4%
Median Sales Price
$1,250,000
$1,250,000
0.0%
Average Days on Market
74
63
17.5%
Sold / List Price %
98.6%
97.1%
1.5%
Average Price per SQFT
$336
$330
2.0%
Quarter-end inventory
402
366
9.8%
Sold at $2,225,000
This data is for single family residences over $1M in Clackamas and Multnomah 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 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.
2017 Q2 Luxury Market Trends
W est Portl a nd
Offered at $1,579,000 | johnlscott.com/79389
Q2 2017
Q2 2016
% Change
Number of Sales
17
26
-34.6%
Total Dollar Volume
$24,838,000
$33,031,500
-24.8%
Average Sales Price
$1,461,059
$1,270,442
15.0%
Median Sales Price
$1,179,000
$1,145,000
3.0%
Average Days on Market
89
112
-20.5%
Sold / List Price %
93.6%
92.0%
1.8%
Average Price per SQFT
$301
$260
15.6%
Quarter-end inventory
86
61
41.0%
Pending at $1,085,000 | johnlscott.com/71139
This data is for single family residences over $1M in Columbia and Washington 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 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.
2017 Q2 Luxury Market Trends
Be nd
Offered at $1,079,000 | johnlscott.com/39503
Q2 2017
Q2 2016
% Change
Number of Sales
46
43
7.0%
Total Dollar Volume
$60,155,660
$50,637,366
18.8%
Average Sales Price
$1,307,732
$1,177,613
11.0%
Median Sales Price
$1,182,500
$1,105,000
7.0%
Average Days on Market
129
112
15.2%
Sold / List Price %
96.7%
95.5%
1.3%
Average Price per SQFT
$330
$319
3.3%
Quarter-end inventory
143
22
550.0%
Offered at $1,290,000 | johnlscott.com/72204
This data is for single family residences over $900K in Bend, OR. Some John L. Scott offices are independently owned and operated. All reports presented are based on data supplied by the NWMLS, RMLS, Spokane MLS, and 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.
2017 Q2 Luxury Market Trends
Ja ck son Co unt y
Offered at $2,395,000 | johnlscott.com/79587
Q2 2017
Q2 2016
% Change
Number of Sales
13
17
-23.5%
Total Dollar Volume
$17,922,540
$20,230,210
-11.4%
Average Sales Price
$1,378,657
$1,190,012
15.9%
Median Sales Price
$1,350,000
$1,100,000
22.7%
Average Days on Market
136
102
33.3%
Sold / List Price %
94.6%
95.4%
-0.8%
Average Price per SQFT
$345
$286
21.0 %
Quarter-end inventory
98
12
716.7%
Offered at $1,450,000 | johnlscott.com/68144
This 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 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.
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