THE MARKETPLACE MARKET REPORT PERFORMANCE OF SINGLE FAMILY HOMES IN SELECT CITIES OF KING AND SNOHOMISH COUNTIES
2016 1ST QUARTER MARKET REPORT
Andy Keating | Andy@AndyKeatingHomes.com www.AndyKeatingHomes.com | 206.841.8084
Andy Keating | Andy@AndyKeatingHomes.com www.AndyKeatingHomes.com | 206.841.8084 CONTACT US FOR A CUSTOMIZED ANALYSIS ON YOUR AREA OF INTEREST!
[1]
WHATS HAPPENING? OUR FAVORITE EVENTS ON THE EASTSIDE
It is time for all of our favorite open-air farmers market selling local fresh produce, arts and crafts to open!! Starting in May/June 2016 all the way to October 2016! Carnation Tuesday Market 3pm to 7pm Kirkland Wednesday Market 2pm to 7pm Sammamish Wednesday Market 4pm to 8pm Bellevue Thursday Market 3pm to 7pm North Bend Friday Market 4pm to 8pm Bothell Friday Farmers Market 12pm to 6pm Woodinville Saturday Farmer Market 9am to 3pm Redmond Saturday Market 9am to 3pm Issaquah Saturday Market 9am to 2pm Snohomish Sunday Market 11am to 3pm Mercer Island Sunday Market 10am to 3pm Seattle Pike Place Market Everyday!!! Andy Keating | Andy@AndyKeatingHomes.com www.AndyKeatingHomes.com | 206.841.8084 [2]
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CONTENTS Q1 2016 MARKET REPORT
4 Woodinville Report 5 Redmond Report 6 Sammamish Report 7 Bellevue Report 8 Bothell Report 9 Kirkland Report 10 Duvall Report 11 Carnation Report 12 Snoqualmie Report 13 North Bend Report
THE MARKET TRENDS AVERAGES OF KING AND SNOHOMISH COUNTIES This report focuses on single family homes in the cities where we conduct most business. While we’re a global brokerage, we mainly work on the Eastside of the Puget Sound region, Olympia to Bellingham. Our numbers only reflect the averages of the communities featured in this report but the trends still accurately reflect county-wide trends.
*
TOTAL $ VOLUME AND # OF SALES The Total Dollar Volume increased an average of 22% in 2016 over 2015, from $16.7 billion to $19.6 billion. The Number of Sales increased 13%, from 33,918 in 2015 to 36,958 in 2016. These are the metrics we use to analyze the long-term trends in each market segment because they best summarize the general market activity over long periods of time.
14 Issaquah Report 15 Fall City Report 16 Kenmore Report 17 Lake Forest Park 18 Mercer Island Report 19 Seattle Report 20 M aple Valley Report
AVERAGE PRICE PER SQUARE FOOT The Price Per Square Foot ($/SqFt) increased 4% from 2015 to 2016, from $204 to $218. This metric helps identify trends in market segments when large numbers of transactions are considered together over a period of time, and also is useful when comparing two properties on an apples-toapples basis. In this case, it helps us understand that properties in this region are increasing in value on a square-foot-basis, rather than growing in size.
21 Kent Report 22 Renton Report 23 Snohomish Report
AVERAGE DAYS ON MARKET
The Average Days on Market (DOM) decreased 11% from 2015 to 2016, from 67 to 59 days. DOM is a good measure of Liquidity in a real estate market. Liquidity determines how quickly an asset can be sold and usually increases in parallel with price transparency and fungible assets. In liquid markets, fewer days are needed to sell a property. In the Greater Seattle Region, homes are selling in the blink of an eye, making it a highly liquid market. Seattle boasts the second lowest DOM in the U.S.
CURRENT INVENTORY IN UNITS
With a surge of buyers and little increase in residential development, there is a shortage of inventory. The inventory of our market segments decreased 24%, from 4,710 units to 3,082 units. With decreased inventory and increased demand, it doesn’t look like the scramble for homes will let up Andy Keating | Andy@AndyKeatingHomes.com in the near future.
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[3]
WOODINVILLE REPORT SINGLE FAMILY HOMES
SAYBROOK Offered for $950,000 2016
%CHANGE
Number of Sales
131
111
-15.30%
Total Dollar Volume
$74,827,000
$70,827,000
-5.40%
Average Sale Price
$571,200
$637,400
11.60%
Average Days on Market
53
46
-13.20%
Sold / List Price %
99.8%
99.40%
-0.4%
Average Price Per Square Foot $232.6
$249.3
7.2%
Months of Inventory
2
2.1
5%
Current Inventory in Units
92
86
-6.5%
10 YEAR PERFORMANCE OF WOODINVILLE HOMES
CHART
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Number of Sales
2015
Total Dollar Volume Sold
WOODINVILLE
REDMOND REPORT SINGLE FAMILY HOMES
WEST LAKE SAMMAMISH Sold for $910,000
CHART
Number of Sales
Total Dollar Volume Sold
10 YEAR PERFORMANCE OF REDMOND HOMES
REDMOND
2015
2016
%CHANGE
Number of Sales
291
Total Dollar Volume
$156,736,000 $152,244,000 -2.9%
Average Sale Price
$538,600
$659,100
22.4%
Average Days on Market
47
33
-29.8%
Sold / List Price %
99.1%
231
-20.60%
101.30%
2.2%
Average Price Per Square Foot $257
$300
16.70%
Months of Inventory
2.1
1.4
-33.3%
Current Inventory in Units
197
108
-45.20%
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[5]
SAMMAMISH REPORT SINGLE FAMILY HOMES
NW CONTEMPORARY HOME Sold for $641,000 SAMMAMISH
2015
Number of Sales
178
%CHANGE
Total Dollar Volume
$130,325,000 $145,571,000
11.7%
Average Sale Price
$786,900
$786,900
7.5%
Average Days on Market
56
40
-28.6%
Sold / List Price %
100%
100.6%
0.3%
Average Price Per Square Foot $258.1
$285.1
10.5%
Months of Inventory
2.1
1.5
-28.6%
Current Inventory in Units
134
106
-20.90%
185
10 YEAR PERFORMANCE OF SAMMAMISH HOMES
3.9%
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Number of Sales
2016
Total Dollar Volume Sold
BELLEVUE REPORT SINGLE FAMILY HOMES
ENATAI WATERFRONT OFFERED for $3,400,000 BELLEVUE
Number of Sales
Total Dollar Volume Sold
10 YEAR PERFORMANCE OF BELLEVUE HOMES
2015
2016
%CHANGE
Number of Sales
397
383
-3.5%
Total Dollar Volume
$305,765,000 $320,876,000 4.9%
Average Sale Price
$770,200
$837,800
8.8%
Average Days on Market
41
36
-12.2%
Sold / List Price %
99.1%
100.6%
1.5%
Average Price Per Square Foot $342.3
$388.8
13.6%
Months of Inventory
2.3
1.9
-17.4%
Current Inventory in Units
313
244
-22%
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[7]
BOTHELL REPORT SINGLE FAMILY HOMES
HIGHLANDS Sold for $601,200 2016
%CHANGE
Number of Sales
460
461
0.20%
Total Dollar Volume
$204,607,000 $221,798,000 8.4%
Average Sale Price
$443,800
$482,200
8.7%
Average Days on Market
73
40
-45.2%
Sold / List Price %
99.2%
100.8%
1.6%
Average Price Per Square Foot $198.3
$215.4
8.6%
Months of Inventory
1.9
1.2
-36.8%
Current Inventory in Units
296
180
-39.2%
10 YEAR PERFORMANCE OF BOTHELL HOMES
Andy Keating | Andy@AndyKeatingHomes.com www.AndyKeatingHomes.com | 206.841.8084 [8]
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Number of Sales
2015
Total Dollar Volume Sold
BOTHELL
KIRKLAND REPORT SINGLE FAMILY HOMES
GOAT HILL - JUANITA Offered at $1,398,000
Number of Sales
Total Dollar Volume Sold
10 YEAR PERFORMANCE OF KIRKLAND HOMES
KIRKLAND
2015
2016
%CHANGE
Number of Sales
359
348
Total Dollar Volume
$215,436,000 $258,609,000 20%
Average Sale Price
$600,100
$743,100
23.8%
Average Days on Market
41
33
-19.5%
Sold / List Price %
99.7%
-3.1%
100.7%
1.0%
Average Price Per Square Foot $309.1
$349
12.9%
Months of Inventory
2
1.5
-25%
Current Inventory in Units
235
178
-24.3%
Andy Keating | Andy@AndyKeatingHomes.com www.AndyKeatingHomes.com | 206.841.8084 CONTACT US FOR A CUSTOMIZED ANALYSIS ON YOUR AREA OF INTEREST!
[9]
DUVALL REPORT SINGLE FAMILY HOMES
CHARMING PRIVATE HOME Sold for $775,000 2016
51
57
%CHANGE 11.8%
Total Dollar Volume
$21,156,000
$25,186,000
19%
Average Sale Price
$414,800
$441,900
6.5%
Average Days on Market
54
50
-7.4%
Sold / List Price %
99.7%
99.2%
-0.5%
Average Price Per Square Foot $197.9
$196.3
-0.8%
Months of Inventory
2.1
1.6
-24%
Current Inventory in Units
56
33
-41.1%
10 YEAR PERFORMANCE OF DUVALL HOMES
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Number of Sales
2015
Number of Sales
Total Dollar Volume Sold
DUVALL
CARNATION REPORT SINGLE FAMILY HOMES
RESERVE AT LAKE JOY ESTATE Sold for $799,000 CARNATION
Number of Sales
Total Dollar Volume Sold
10 YEAR PERFORMANCE OF CARNATION HOMES
2015
2016
Number of Sales
20
27
%CHANGE 35%
Total Dollar Volume
$9,905,000
$11,607,000
17.2%
Average Sale Price
$495,300
$429,900
-13.2%
Average Days on Market
75
64
-14.7%
Sold / List Price %
97.4%
96.1%
-1.3%
Average Price Per Square Foot $206
$215.3
4.5%
Months of Inventory
7
4.1
-41.4%
Current Inventory in Units
48
39
-18.8%
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[ 11 ]
SNOQUALMIE REPORT SINGLE FAMILY HOMES
PRIVATE WOODED GETAWAY Sold for $579,500 2016
%CHANGE
Number of Sales
99
57
-42.4%
Total Dollar Volume
$51,688,000
$30,244,000
-41.5%
Average Sale Price
$522,100
$530,600
1.6%
Average Days on Market
74
18
-75.7%
Sold / List Price %
99.6%
99.8%
0.2%
Average Price Per Square Foot $208.2
$233.3
12.1%
Months of Inventory
1.9
0.7
-63%
Current Inventory in Units
38
21
-44.7%
10 YEAR PERFORMANCE OF SNOQUALMIE HOMES
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Number of Sales
2015
Total Dollar Volume Sold
SNOQUALMIE
NORTH BEND REPORT SINGLE FAMILY HOMES
ECHO LAKE HOME Offered for $1,550,000
Number of Sales
Total Dollar Volume Sold
10 YEAR PERFORMANCE OF NORTH BEND HOMES
NORTH BEND
2015
2016
%CHANGE
Number of Sales
54
49
-9.3%
Total Dollar Volume
$23,373,000
$25,882,000
10.7%
Average Sale Price
$432,800
$528,200
22%
Average Days on Market
95
88
-7.4%
Sold / List Price %
97.6%
100.7%
3.2%
Average Price Per Square Foot $194.9
$218.2
12%
Months of Inventory
4.2
3
-28.6%
Current Inventory in Units
81
39
-51.9%
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[ 13 ]
ISSAQUAH REPORT SINGLE FAMILY HOMES
BRIGHT VIEW HOME Sold for $450,000 2016
%CHANGE
248
237
-4,4%
Total Dollar Volume
$123,914,000 $128,209,000 3.5%
Average Sale Price
$499,700
$541,000
8.3%
Average Days on Market
49
34
-30.6%
Sold / List Price %
99.7%
102.1%
2.4%
Average Price Per Square Foot $248.4
$267.1
7.5%
Months of Inventory
2.1
1.6
-23.8%
Current Inventory in Units
174
129
-25.9%
10 YEAR PERFORMANCE OF ISSAQUAH HOMES
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Number of Sales
2015
Number of Sales
Total Dollar Volume Sold
ISSAQUAH
FALL CITY REPORT SINGLE FAMILY HOMES
TRADITIONAL HOME ON ACREAGE Sold for $774,850
Number of Sales
Total Dollar Volume Sold
10 YEAR PERFORMANCE OF FALL CITY HOMES
FALL CITY
2015
2016
Number of Sales
12
14
%CHANGE 16.7%
Total Dollar Volume
$5,367,000
$7,032,000
31%
Average Sale Price
$447,300
$502,300
12.3%
Average Days on Market
134
64
-52.2%
Sold / List Price %
96.4%
96.6%
0.2%
Average Price Per Square Foot $278.7
$238.2
-14.5%
Months of Inventory
8.8
5.4
-38.6%
Current Inventory in Units
39
26
-33.3%
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[ 15 ]
KENMORE REPORT SINGLE FAMILY HOMES
BRIGHT HOME IN QUIET LOCATION Sold for $389,000 2016
100
101
%CHANGE 1.0%
Total Dollar Volume
$45,903,000
$52,043,000
13.4%
Average Sale Price
$459,000
$515,300
12.3%
Average Days on Market
51
43
-15.7%
Sold / List Price %
98.4%
102%
3.7%
Average Price Per Square Foot $207.3
$240.8
16.2%
Months of Inventory
2.5
1.5
-40%
Current Inventory in Units
88
48
-45.5%
10 YEAR PERFORMANCE OF KENMORE HOMES
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Number of Sales
2015
Number of Sales
Total Dollar Volume Sold
KENMORE
LAKE FOREST PARK REPORT SINGLE FAMILY HOMES
SPACIOUS HOME ON LARGE LOT Listed for $1.3 million
Number of Sales
Total Dollar Volume Sold
10 YEAR PERFORMANCE OF LAKE FOREST PARK HOMES
LAKE FOREST PARK
2015
2016
Number of Sales
188
210
%CHANGE 12%
Total Dollar Volume
$17,175,000
$25,325,000
47.5%
Average Sale Price
$477,100
$487,000
2.1%
Average Days on Market
62
23
-62.9%
Sold / List Price %
98.1%
101%
3.0%
Average Price Per Square Foot $215.2
$239.2
11.2%
Months of Inventory
1.9
1.5
-21.1%
Current Inventory in Units
20
36
80%
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[ 17 ]
MERCER ISLAND REPORT SINGLE FAMILY HOMES
TRANQUIL CONTEMPORARY HOME Sold for $975,000 2016
338
328
%CHANGE -3%
Total Dollar Volume
$68,069,000
$73,647,000
8.2%
Average Sale Price
$1,215,500
$1,472,900
21.2%
Average Days on Market
58
47
-19%
Sold / List Price %
97.1%
98.8%
1.7%
Average Price Per Square Foot $410.3
$472
15%
Months of Inventory
3.8
2.8
-26.3%
Current Inventory in Units
66
53
-19.7%
10 YEAR PERFORMANCE OF MERCER ISLAND HOMES
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Number of Sales
2015
Number of Sales
Total Dollar Volume Sold
MERCER ISLAND
SEATTLE REPORT SINGLE FAMILY HOMES
SEATTLE LUXURY PENTHOUSE Listed for $1,200,000
Number of Sales
Total Dollar Volume Sold
10 YEAR PERFORMANCE OF SEATTLE HOMES
SEATTLE
2015
2016
Number of Sales
2,048
2,101
%CHANGE
Total Dollar Volume
$1,094,035,000 $1,306,492,000 19.4%
Average Sale Price
$534,200
$621,800
16.4%
Average Days on Market
39
25
-35.9%
Sold / List Price %
100.7%
102.6%
1.9%
Average Price Per Square Foot $302
$360.6
19.4%
Months of Inventory
1.7
1.4
-17.6%
Current Inventory in Units
1,162
1,004
-13.6%
2.6%
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[ 19 ]
MAPLE VALLEY REPORT SINGLE FAMILY HOMES
EXTRAORDINARY HOME ON PRIVATE LOT Sold for $500,000 2016
%CHANGE
160
141
-11.9%
Total Dollar Volume
$53,146,000
$57,343,000
-7.3%
Average Sale Price
$358,400
$376,900
5.2%
Average Days on Market
48
36
-25%
Sold / List Price %
99.7%
99.5%
-0.2%
Average Price Per Square Foot $167.4
$184.3
10.1%
Months of Inventory
2.2
1.4
-36.4%
Current Inventory in Units
107
72
-32.7%
10 YEAR PERFORMANCE OF MAPLE VALLEY HOMES
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Number of Sales
2015
Number of Sales
Total Dollar Volume Sold
MAPLE VALLEY
KENT REPORT SINGLE FAMILY HOMES
TRANQUIL CONTEMPORARY HOME Sold for $459,000
Number of Sales
Total Dollar Volume Sold
10 YEAR PERFORMANCE OF KENT HOMES
KENT
2015
2016
%CHANGE
Number of Sales
352
327
-7.10%
Total Dollar Volume
$99,290,000
$102,161,000
2.9%
Average Sale Price
$282,100
$312,400
10.7%
Average Days on Market
71
41
-42.3%
Sold / List Price %
99.2%
99.8%
0.6%
Average Price Per Square Foot $145.5
$159.2
9.4%
Months of Inventory
2.7
1.8
-33.3%
Current Inventory in Units
289
191
-33.9%
Andy Keating | Andy@AndyKeatingHomes.com www.AndyKeatingHomes.com | 206.841.8084 CONTACT US FOR A CUSTOMIZED ANALYSIS ON YOUR AREA OF INTEREST!
[ 21 ]
RENTON REPORT SINGLE FAMILY HOMES
CRAFTSMAN HOME ON ACREAGE Listed for $1,090,000 2015
2016
%CHANGE
Number of Sales
443
417
Total Dollar Volume
$160,056,000 $167,767,000
4.8%
Average Sale Price
$361,300
$402,300
11.3%
Average Days on Market
61
44
-27.9 %
Sold / List Price %
99.3%
10 YEAR PERFORMANCE OF RENTON HOMES
100.7%
1.4%
Average Price Per Square Foot $177.1
$195.9
10.6%
Months of Inventory
2.2
1.5
-32%
Current Inventory in Units
344
243
-29.4%
Total Dollar Volume Sold
-5.9%
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Number of Sales
RENTON
SNOHOMISH REPORT SINGLE FAMILY HOMES
BEAUTIFUL TRADITIONAL HOME Sold for $910,000
Number of Sales
Total Dollar Volume Sold
10 YEAR PERFORMANCE OF SNOHOMISH HOMES
SNOHOMISH
2015
2016
%CHANGE
Number of Sales
904
1,011
Total Dollar Volume
$366,286,000 $451,938,000 23%
Average Sale Price
$405,200
$447,000
10%
Average Days on Market
64
49
-23%
Sold / List Price %
99.8%
12%
99.2%
0.4%
Average Price Per Square Foot $171
$185
8%
Months of Inventory
2.9
2.5
-14%
Current Inventory in Units
180
165
-8%
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[ 23 ]
BUILDING ON THE EXTRAORDINARY
MARKETPLACESIR.COM 425.243.9000