LUXURY MARKET TRENDS
FALL IS HERE! Fall in 2020 looks a bit different than past years, with working-from-home and remote learning commonplace. After a strong third quarter, the luxury real estate market is primed for a positive end of the year 2020. Due to robust luxury buyer demand, historically low interest rates and the stock market value, we’re seeing strong luxury activity in many areas across the John L. Scott network. This summer, even in the ultra-luxury price ranges close to the job centers we saw strong and at times record sales activity. Looking ahead, the month of October will have the greatest selection of luxury properties available until next March. This is due to current luxury sales activity, few new luxury listings coming on the market over the winter, and the winter cleanup where some sellers take their home off the market until after the first of the year. We hope you’ll find the market information and luxury insights in this report helpful as you look to buy or sell your next home.
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 AND RIGHT: OFFERED AT $12,000,000 | JOHNLSCOTT.COM/53573
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 WorldÂŽ.
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.
M A C K E N Z I E A N D L E S LY E S T E WA R T Luxury Brokers, Gig Harbor The Gig Harbor Luxury market continues to remain very strong. Low inventory contributes to a backlog of buyers that are poised to offer over asking price when new listings come on the market, many going under contract within just 1-2 days. We are seeing multiple offer situations, often including strong cash buyers, offering above asking price with escalation clauses. As more companies and industries in the metropolitan area make the decision to shift to full-time remote work situations due to the pandemic, buyers are seeking to leave the city and relocate to surrounding communities that remain accessible to Seattle. Gig Harbor is one such area where we are experiencing an influx of former Seattle home owners; buyers who are seeking properties that offer larger lot sizes, more square footage (with Zoom Rooms), and access to private outdoor living space to accommodate the shift in lifestyle.
R AY M O N D CO N N E R S Luxury Broker, Silverdale
Q3 is busy for sellers as even luxury homes are selling quickly. It can be a little frustrating for buyers because of competition and lack of inventory. Luxury clients are discerning and used to getting high-quality products, but the lack of inventory is causing them to wait until they can find what they truly want. I am seeing more of a desire for larger kitchens as fewer people are going out to eat. Butler pantries, double-ovens, even double-islands are sought-after amenities. Also, fewer who can afford to pay cash choose to because interest rates are so low. It is to their economic advantage to keep money in high-interest investments and pay a low-interest mortgage.
MARK HENSLEY Luxury Broker, Spokane
Eastern Washington and North Idaho continues to see an increase in out of state buyers taking advantage of our value-added luxury homes compared to where they are currently living. Luxury homes are currently out selling new listings, making these price points very competitive. Luxury buyers are looking for open spaces, outdoor living space, privacy and room for their family and friends to visit whether it’s on acreage or waterfront properties.
2020 Q3 LU X U R Y M A R K E T T R E N D S
PAT T I A N D B R A D C H A L K E R Luxury Brokers, Redmond (WA)
The 3rd quarter was one of the busiest, most active and competitive luxury real estate markets I’ve ever witnessed. Multiple offers on $2-3+ million-dollar homes seemed to be the norm, often times selling over list price within a few days of coming on the market. The trend is definitely toward homes on acreage or large, private lots. Homes with pools were very popular, larger homes that offered multiple common gathering areas and more than one home office are also extremely popular.
D E B B I E CO N S TA N T I N E Luxury Broker, Mercer Island
I found that I had more interested buyers that were willing to look outside of Seattle to find their dream home, since their work environment now was working remotely at home. I even have a client that has a job in the San Francisco and looking to find his home on the East side of Seattle. Interest rates are low and buyers would rather put their money into real estate instead of the stock market.
ELIZABETH OZIMEK Luxury Broker, Bainbridge Island
Demand for luxury homes on Bainbridge Island has increased as buyers leave high-density areas for more space. Sellers are benefiting from the inventory shortage and demand, resulting in increasing prices and multiple offers. The average days on market for the $1M+ luxury is 43 days, while our $2M+ luxury segment is 23 days.
BRIAN GOLIK Luxury Broker, Bellevue
BOOMING! Very brisk with short market times and multiple offers. Larger houses have become the trend in general. COVID made people realize that they spend quite a bit of time at home and instead of buying second/vacation homes they are upping their primary residence wants. Bigger houses with more features, more entertaining and outdoor living areas on larger lots. We have had three families in the last quarter upsize their primary residences.
PUGET SOUND
2020 Q3 LU X U R Y M A R K E T T R E N D S
THIRD QUARTER
HIGHLIGHTS
O F F E R E D AT $2,999,999 | J O H N L S C OT T. C O M /50095
The luxury listings in Seattle came out in big numbers in August and September. Sales activity also reached a record locally in the third quarter as the market started to regenerate and people began looking to move within their local market or further away. Many high-net-worth buyers saw opportunities as interest rates hit historic lows to move to their next destination, bringing on inventory for local Seattle home buyers. The strong luxury market locally is a reflection of the strength of the financial markets, historically low interest rates and tech industry that is flourishing in many sectors.
S E AT T L E Q3 2020
Q3 2019
% Change
Number of Sales
875
536
63.2%
Total Dollar Volume
$1,356,241,011
$811,122,195
67.2%
Average Sales Price
$1,549,990
$1,513,288
2.4%
Median Sales Price
$1,315,000
$1,335,000
-1.5%
Average Days on Market
48
60
-20.0%
Sold / List Price %
101.30%
98.40%
3.0%
Average Price per SQFT
$528
$493
7.1%
Quarter-end inventory
440
452
-2.7%
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 $4,100,000 | J O H N L S C OT T. C O M /11086
WEST BELLEVUE Q3 2020
Q3 2019
% Change
Number of Sales
100
91
9.8%
Total Dollar Volume
$328,686,164
$246,093,843
33.5%
Average Sales Price
$3,286,862
$2,704,328
21.5%
Median Sales Price
$2,692,000
$2,385,000
12.8%
Average Days on Market
66
85
-22.3%
Sold / List Price %
97.40%
96.90%
0.5%
Average Price per SQFT
$836
$714
17.0%
Quarter-end inventory
59
114
-48.2%
As was the case in the second quarter of 2020, luxury inventory in West Bellevue was lower across the board in the third quarter compared to last year. Luxury demand in the third quarter was high, with an increase in homes going under contract, compared to last year’s numbers.
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.
2020 Q3 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 $3,300,000 | J O H N L S C OT T. C O M /26694
MERCER ISLAND Q3 2020
Q3 2019
% Change
Number of Sales
115
73
57.5%
Total Dollar Volume
$258,937,908
$152,629,762
69.6%
Average Sales Price
$2,251,634
$2,090,819
7.6%
Median Sales Price
$1,750,000
$1,736,500
0.7%
Average Days on Market
80
84
-4.7%
Sold / List Price %
99.40%
96.90%
2.5%
Average Price per SQFT
$638
$578
10.3%
Quarter-end inventory
32
61
-47.5%
On Mercer Island, luxury inventory in the third quarter was down dramatically compared to the previous year, particularly in the months of August and September, when inventory was down approximately 50 percent. With constrained inventory and historically low interest rates, the intensity for every new listing on Mercer Island was high in August and September. The number of luxury listings that went under contract in these two months were substantially higher, compared to the same time last year.
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 $1,788,000 | J O H N L S C OT T. C O M /58651
EASTSIDE % Change
Number of Sales
1,326
901
47.1%
Total Dollar Volume
$2,258,670,846
$1,481,129,774
52.5%
Average Sales Price
$1,703,372
$1,643,873
3.6%
Median Sales Price
$1,385,000
$1,370,000
1.1%
Average Days on Market
70
85
-17.6%
Sold / List Price %
99.80%
98.10%
1.7%
Average Price per SQFT
$486
$454
7.2%
Quarter-end inventory
422
638
-33.9%
DAYS ON MARKE T
17.6%
NUMBER OF SALES
†
Q3 2019
†
Q3 2020
47.1%
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.
2020 Q3 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 $1,298,000 | J O H N L S C OT T. C O M /2 4806
KING COUNTY CONDO % Change
Number of Sales
143
92
55.4%
Total Dollar Volume
$221,421,231
$157,496,527
40.6%
Average Sales Price
$1,548,400
$1,711,919
-9.6%
Median Sales Price
$1,290,000
$1,352,500
-4.6%
Average Days on Market
89
121
-26.4%
Sold / List Price %
97.70%
98.60%
-1.0%
Average Price per SQFT
$742
$813
-8.7%
Quarter-end inventory
212
143
48.3%
DAYS ON MARKE T
PRICE PER SQUARE FOOT
†
Q3 2019
†
Q3 2020
26.4%
8.7%
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 $2,488,000 | J O H N L S C OT T. C O M / 68081
S O U T H K I N G CO U N T Y Q3 2020
Q3 2019
% Change
Number of Sales
263
130
102.3%
Total Dollar Volume
$251,219,159
$123,476,240
103.5%
Average Sales Price
$955,206
$949,817
0.6%
Median Sales Price
$857,000
$843,755
1.6%
Average Days on Market
38
66
-42.4%
Sold / List Price %
99.80%
98.30%
1.5%
Average Price per SQFT
$274
$265
3.4%
Quarter-end inventory
121
211
-42.7%
IN Q3 WE SAW A 102.3% 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.
2020 Q3 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 $2,395,000 | J O H N L S C OT T. C O M / 11035
PIERCE COUNTY Q3 2020
Q3 2019
% Change
Number of Sales
383
173
121.4%
Total Dollar Volume
$383,429,434
$169,222,467
126.6%
Average Sales Price
$1,001,121
$978,165
2.3%
Median Sales Price
$874,950
$873,653
0.1%
Average Days on Market
54
49
10.2%
Sold / List Price %
99.90%
97.30%
2.7%
Average Price per SQFT
$280
$247
13.3%
Quarter-end inventory
243
229
6.1%
THE AVERAGE DAYS ON MARKET INCREASED BY 10.2% IN Q3 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.
S O L D AT $1,125,000 | J O H N L S C OT T. C O M / 8 7 974
KITSAP COUNTY Q3 2020
Q3 2019
% Change
Number of Sales
216
128
68.8%
Total Dollar Volume
$272,078,343
$143,513,916
89.6%
Average Sales Price
$1,259,622
$1,121,202
12.3%
Median Sales Price
$1,054,000
$964,500
9.3%
Average Days on Market
35
49
-28.6%
Sold / List Price %
99.90%
98.00%
2.0%
Average Price per SQFT
$388
$348
11.5%
Quarter-end inventory
90
116
-22.0%
OVERALL, THE AVERAGE PRICE PER SQUARE FOOT INCREASED 11.5% 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.
2020 Q3 LU X U R Y M A R K E T T R E N D S
S O L D AT $1,185,000 | J O H N L S C OT T. C O M / 12621
P E N D I N G | J O H N L S C OT T. C O M / 56456
BAINBRIDGE ISLAND Q3 2020
Q3 2019
% Change
Number of Sales
87
45
93.3%
Total Dollar Volume
$147,591,300
$67,538,467
118.5%
Average Sales Price
$1,696,452
$1,500,855
13.0%
Median Sales Price
$1,349,000
$1,310,000
3.0%
Average Days on Market
59
83
-28.9%
Sold / List Price %
100.60%
98.00%
2.7%
Average Price per SQFT
$486
$420
15.6%
Quarter-end inventory
28
42
-33.3%
The luxury price range of $1 to $2 million on Bainbridge Island saw strong sales activity intensity in the third quarter of 2020. Though overall unsold inventory over the last three months was roughly half of the level it was last year during the same time period, homes going under contract were up substantially. The slower pace of life found on Bainbridge Island, yet proximity to everything Seattle has to offer is appealing to many high-net-worth buyers from the Seattle area and beyond.
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 $975,000 | J O H N L S C OT T. C O M / 40508
SNOHOMISH COUNTY Q3 2020
Q3 2019
% Change
Number of Sales
737
421
75.1%
Total Dollar Volume
$714,020,755
$395,965,012
80.3%
Average Sales Price
$968,821
$940,534
3.0%
Median Sales Price
$861,000
$849,950
1.3%
Average Days on Market
27
46
-41.3%
Sold / List Price %
100.60%
98.90%
1.7%
Average Price per SQFT
$307
$286
7.3%
Quarter-end inventory
208
313
-33.5%
Q3 SAW A 41.3% 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.
2020 Q3 LU X U R Y M A R K E T T R E N D S
S O L D AT $915,000 | J O H N L S C OT T. C O M / 41341
ISLAND COUNTY Q3 2020
Q3 2019
% Change
Number of Sales
111
46
141.3%
Total Dollar Volume
$121,508,757
$48,452,943
150.8%
Average Sales Price
$1,094,673
$1,053,325
3.9%
Median Sales Price
$925,000
$933,500
-0.9%
Average Days on Market
75
72
4.2%
Sold / List Price %
98.80%
98.10%
0.6%
Average Price per SQFT
$383
$350
9.5%
Quarter-end inventory
48
88
-45.5%
OVERALL, THE NUMBER OF SALES INCREASED BY 141.3% 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 Q3 2020
Q3 2019
% Change
Number of Sales
73
51
43.1%
Total Dollar Volume
$285,134,936
$151,129,375
88.7%
Average Sales Price
$3,905,958
$2,963,321
31.8%
Median Sales Price
$2,645,000
$2,088,000
26.7%
Average Days on Market
51
54
-5.6%
Sold / List Price %
97.70%
95.10%
2.7%
Average Price per SQFT
$1,027
$792
29.5 %
Quarter-end inventory
51
77
-33.8%
Q3 2020
Q3 2019
% Change
Number of Sales
42
39
7.7%
Total Dollar Volume
$87,327,000
$73,810,288
18.3%
Average Sales Price
$2,079,214
$1,892,571
9.9%
Median Sales Price
$1,712,500
$1,485,000
15.3%
Average Days on Market
38
27
40.7%
Sold / List Price %
99.60%
99.30%
0.3%
Average Price per SQFT
$589
$557
5.8%
Quarter-end inventory
22
28
-21.4%
LAKE SAMMAMISH
KING COUNTY Q3 2020
Q3 2019
% Change
Number of Sales
239
163
46.6%
Total Dollar Volume
$598,430,143
$361,783,427
65.4%
Average Sales Price
$2,503,892
$2,219,530
12.8%
Median Sales Price
$1,700,000
$1,547,500
9.9%
Average Days on Market
44
41
7.3%
Sold / List Price %
98.40%
96.60%
1.8%
Average Price per SQFT
$666
$617
7.9%
Quarter-end inventory
155
166
-6.6%
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.
2020 Q3 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 $4,495,000 | J O H N L S C OT T. C O M /23615
FEATURED LUXURY LISTINGS
SEATTLE, WA | $2,999,999 5332 S KENYON ST., SEAT TLE, WA 98118 Architecturally exceptional and completely remodeled Craftsman style estate with lake views, fully fenced and a gated entry. Transitional Architecture creates a cohesive feeling that facilitates modern living. State of the art systems and finishes are unparalleled. Chef’s kitchen with 2 islands, sinks and ovens. Entertainment floor plan with a large living room, dining room, office, and family room. Multiple view decks & patios, and a full floor primary suite with a fireplace, designer walk-in closet & view deck.
KAR I SCOTT 206-799-8343 karis@johnlscott.com
2020 Q3 LU X U R Y M A R K E T T R E N D S
LIBERTY LAKE, WA | $949,900 251 S LEGEND TREE DRIVE, LIBERTY LAKE, WA 99019 Welcome to this exceptional custom built home situated on an expansive & very private lot with stunning city views! Featuring an oversized great room with a wall of windows showcasing the city lights and mountains, vaulted ceilings, floor to ceiling fireplace accented with stone and built-in bookcase. The chef’s kitchen has gleaming granite and a generous island with prep sink, stainless steel appliances and abundant cabinetry. The master suite enjoys private covered deck and well-appointed spa-like bath. Enormous daylight lower level with walk out, fireplace and wet bar. This tranquil property is manicured to perfection, enjoy the covered deck and patio space that complete the stunning setting of this home. Miles of walking trails, just minutes to 3 golf courses and services, and only 20 mins to Downtown & Coeur d’Alene.
SHEILA LACKIE 509-822-8281 sheilalackie@johnlscott.com
EASTERN WA S H I N G TO N & IDAHO
2020 Q3 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 $1,500,000 | J O H N L S C OT T. C O M /51922
KOOTENAI COUNTY Q3 2020
Q3 2019
% Change
Number of Sales
207
84
146.4%
Total Dollar Volume
$273,314,498
$93,766,916
191.5%
Average Sales Price
$1,320,360
$1,116,273
18.3%
Median Sales Price
$1,000,000
$952,750
5.0%
Average Days on Market
67
104
-35.6%
Sold / List Price %
95.70%
94.50%
1.3%
Average Price per SQFT
$353
$311
13.2%
Quarter-end inventory
141
194
-27.3%
THE AVERAGE PRICE PER SQUARE FOOT INCREASED 13.2% IN Q3 IN KOOTENAI COUNT Y
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.
2020 Q3 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 $949,900 | J O H N L S C OT T. C O M /25115
SPOKANE COUNTY Q3 2020
Q3 2019
% Change
Number of Sales
75
51
47.1%
Total Dollar Volume
$70,242,173
$46,192,389
52.1%
Average Sales Price
$936,562
$905,733
3.4%
Median Sales Price
$840,000
$848,819
-1.0%
Average Days on Market
36
65
-44.6%
Sold / List Price %
95.50%
95.20%
0.3%
Average Price per SQFT
$200
$188
6.1%
Quarter-end inventory
103
99
4.0%
THE NUMBER OF SALES IN SPOKANE COUNT Y INCREASED 47.1%
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
2020 Q3 LU X U R Y M A R K E T T R E N D S
THIRD QUARTER
HIGHLIGHTS
OFFERED AT $1,750,000 | JOHNLSCOTT.COM/33147
Buyers in Portland benefited from a good section of homes priced over $900,0000 available over the past three months. There was a surge of luxury sales activity in the third quarter of 2020, with the number of homes that went under contract breaking records for the same time period in years past.
PORTLAND METRO Q3 2020
Q3 2019
% Change
Number of Sales
129
84
53.5%
Total Dollar Volume
$187,984,009
$113,563,013
65.5%
Average Sales Price
$1,457,240
$1,351,941
7.8%
Median Sales Price
$1,250,000
$1,212,500
3.1%
Average Days on Market
77
84
-8.3%
Sold / List Price %
98.30%
96.40%
2.0%
Average Price per SQFT
$326
$320
2.1%
Quarter-end inventory
169
221
-23.6%
The luxury market in Lake Oswego and West Linn, which starts at $750,000, saw a substantial gain in sales activity intensity for homes going under contract in the first 30 days. The spring market got pushed back a bit due to COVID-19 into late in the second quarter, causing an increase in overall market activity in the third quarter of 2020. Luxury homes going under contract in the third quarter were up substantially, compared to last year’s numbers. Overall, the Portland-area luxury housing market benefited from a resurgence in the third quarter of 2020. As fall continues and winter begins, we could see a return to a more normal housing market.
LAKE OSWEGO Q3 2020
Q3 2019
% Change
Number of Sales
127
67
89.5%
Total Dollar Volume
$203,057,643
$102,199,189
98.6%
Average Sales Price
$1,598,879
$1,525,361
4.8%
Median Sales Price
$1,450,000
$1,375,000
5.4%
Average Days on Market
105
126
-16.6%
Sold / List Price %
96.60%
95.90%
0.7%
Average Price per SQFT
$367
$347
5.6%
Quarter-end inventory
108
181
-29%
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 Q3 2020
Q3 2019
% Change
Number of Sales
375
184
103.8%
Total Dollar Volume
$422,593,107
$200,426,599
110.8%
Average Sales Price
$1,126,915
$1,089,275
3.5%
Median Sales Price
$965,000
$937,000
3.0%
Average Days on Market
79
81
-2.5%
Sold / List Price %
98.70%
96.70%
2.1%
Average Price per SQFT
$356
$336
6.0%
Quarter-end inventory
154
161
-4.3%
IN Q3, THE NUMBER OF SALES INCREASED BY 103.8% 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.
2020 Q3 LU X U R Y M A R K E T T R E N D S
While there were fewer listings overall in the third quarter of 2020 in Bend’s luxury market, compared to the same time period last year, an increase in new listings paved the way for record sales activity. The luxury market in Bend is particularly hot in the $900,000 to $2 million range, with selective sales activity above during the past three months. Bend is a highly sought-after destination market for those looking to purchase a second home or primary residence. The resort-like lifestyle is appealing to many high-net-worth buyers from the Pacific Northwest and beyond.
O F F E R E D AT $1,550,000 | J O H N L S C OT T. C O M /80710
JACKSON COUNTY Q3 2020
Q3 2019
% Change
Number of Sales
75
40
87.5%
Total Dollar Volume
$74,758,626
$37,284,191
100.5%
Average Sales Price
$996,782
$932,105
6.9%
Median Sales Price
$900,000
$866,000
3.9%
Average Days on Market
111
152
-27.0%
Sold / List Price %
96.30%
95.20%
1.1%
Average Price per SQFT
$278
$281
-1.0%
Quarter-end inventory
113
142
-20.4%
THE AVERAGE DAYS OF MARKET DECREASED BY 27.0% IN Q3 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.
2020 Q3 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 /47921
C L A R K CO U N T Y Q3 2020
Q3 2019
% Change
Number of Sales
222
96
131.3%
Total Dollar Volume
$222,611,528
$89,160,621
149.7%
Average Sales Price
$1,002,755
$928,756
8.0%
Median Sales Price
$861,000
$868,750
-0.9%
Average Days on Market
69
75
-8.0%
Sold / List Price %
97.80%
97.00%
0.8%
Average Price per SQFT
$250
$225
11.2%
Quarter-end inventory
176
181
-2.8%
IN Q3 SALES INCREASED 131.3% 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.
JET SET
GLOBAL EXPERIENCES
FROM HOME
1 Tenuta Torciano Winery
2 MasterClass
Global experiences can still be enjoyed even when travel is limited — the world is just a click away. Transport yourself to Italy with a wine tasting or savor the flavors of Japan with a cooking class. Immerse yourself in culture with The Met or learn a new skill from industry experts — the possibilities are endless. Whether you’re looking for self-improvement or to just pass the time, these virtual experiences will help you continue to feel connected and internationally inspired.
NEW YORK | WEB ID: LFCS88
2020 Q3 LU X U R Y M A R K E T T R E N D S
1 Vi r tual Tusc a n Wi ne Ta st i n g
3 J ap an e s e - St y l e Co o ki n g Co u r s e s
2
4
Celebrating 300 years this year, Tenuta Torciano Winery, based in San Gimignano, Tuscany, Italy, is now offering virtual wine tastings led by instructor-sommeliers. The winery has been owned by the Giachi family since 1720. Its legacy is one that consists of successfully cultivated original wines through their ownership of high-quality vineyards and their knowledge and respect for traditional methods while simultaneously embracing modern technologies. The courses themselves are ideal for small and large groups alike and often feature food pairings. There’s even an option to book time with the winery’s owner and winemaker Pierluigi Giachi, who is an innovator in the industry and the 13th generational owner. torcianovirtual.com
Le ssons from Le ge n da r y Ex pe r t s With so much of our lives spent at home these days, self-improvement is one way to make great use of this time. With the tagline “Learn from the best,” MasterClass never fails to deliver, offering thousands of courses taught by 85+ experts in digestible, cinematic-quality videos that are partnered with downloadable workbooks. Watchable on TV, smartphones and desktops, MasterClass includes lessons taught by notable names, such as Stephen Curry (basketball), Gordon Ramsay (cooking), Natalie Portman (acting), RuPaul (authenticity), Serena Williams (tennis), Carlos Santana (guitar), Annie Leibovitz (photography), Dr. Jane Goodall (conversation) and so much more. masterclass.com
3
Food has the powerful ability to transport us to different places, times and emotions. BentoYa Cooking, based in Japan, does a marvelous job bringing authentic Japanese cuisine to the comfort of your home with its array of virtual and private plant-based cooking courses. The “bento” in BentoYa translates to “boxed lunch,” an intricate and lovingly prepared meal that is popular in Japanese society. BentoYa Cooking students will have the option to learn how to create these complex creations, as well as other Japanese meals, including udon, tempura and vegan spring rolls. Alternatively, you can opt to learn how to make sweet treats, like matcha cake and “cheeseless” cheesecake. bentoyacooking.com
O n l i n e Pro g ram m i n g f ro m Th e M e t ro p o l i t an M u s e u m o f Ar t Fun fact, this year The Metropolitan Museum of Art in New York City is celebrating 150 years! Much of the wonder of The Met can now be explored online, both through a virtual-reality-compatible tour through the museum, as well as special virtual programming. The Met 360° Project is an award-winning, immersive series consisting of six short videos touring the museum’s most iconic spaces with varying perspectives, including empty galleries, time-lapses showcasing the bustle of visitors and even bird’s-eye views in select exhibits. The series is ideal for Google Cardboard and VR headsets; however, it may also be experienced via smartphones and desktops. Those who want to further envelop themselves in culture may also enjoy one of The Met’s numerous virtual events, including art exhibits, performances, workshops, talks and more. metmuseum.org
4 The Metropolitan Museum of Art
luxuryportfolio.com
P E N D I N G | JOHNLSCOTT.COM/19239
Connect with us:
@JLSexceptionalhomes
@exceptional_homesjls