THE
MARKETPLACE
Q1 2017
MARKET PERFORMANCE FOR SINGLE FAMILY HOMES IN SELECT CITIES IN KING, SNOHOMISH, & PIERCE COUNTIES
THE MARKETPLACE Thank you for taking the time to read “The Marketplace”, a Quarterly Market Report produced by Marketplace Sotheby’s International Realty. In what has historically been a slow time of year for home sales, Seattle once again as risen to the leader board in home price growth. The communities served by Marketplace Sotheby’s International Realty are some of the hottest nation wide. The third month of the quarter saw King, Snohomish and Pierce counties each setting records for home values. According to the Seattle Times, King County’s median single-family home hit a new high of nearly $600,000 in March, almost doubling the prices we saw 5 years ago. This past quarter, Seattle’s median home price reached $700,000 for the first time. Looking to neighboring Pierce County, the Northwest MLS statistics demonstrate that a new home price record set 10 years ago has also been broken. Inventory is recorded at a record low, challenging both brokers and buyers – just one more reason you need strategic negotiators such as our MSIR brokers on your side. In examining Year-over-Year data for single family homes we see sales up near 20 percent. Luxury sales have seen a dramatic increase of late. According to the Northwest MLS, reported sales of single family homes priced at $1 million or more is up over 20 percent year over year. Availability of entry level homes is sparse, with prices up 12.7 percent compared to last year, while luxury home costs are up 9.7 percent. In comparing year over year statistics, the median price for a 3-bedroom home across our communities is almost 10 percent higher than the previous year. For the new construction component involving Northwest MLS brokers, newly built condos have demonstrated higher prices than single family homes. An analysis of of median prices of single family homes show all of 3 of our selected counties reporting year over-year gains. Going back to 2007, it is clear that most counties in Western Washington have rebounded. Pierce county for example, slower to recover from the recession, is now setting record values. 2]
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CONTENTS Q1 Market Report 2017
4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
Woodinville Report Redmond Report Sammamish Report Bellevue Report Bothell Report Kirkland Report Duvall Report Carnation Report Snoqualmie Report North Bend Report Issaquah Report Fall City Report Kenmore Report Lake Forest Park Mercer Island Report Seattle Report Maple Valley Report Kent Report Renton Report Snohomish Report Burien Report Tacoma Report
3]
WOODINVILLE REPORT SINGLE FAMILY HOMES
PRESENTED FOR $1,250,000 201
WOODINVILLE
2017
%CHANGE
Number of Sales
117
Total Dollar Volume (000’s)
$73,804
$
Average Sale Price
$630,800
$7
99. 0%
101.40%
% ,700
%
MEDIAN SALE PRICE Woodinville,Wa
Average Days on Market Sold / List Price %
1.4
Months of Inventory
1.80% 1 8%
Average Price Per Square Foot Current Inventory in Units
-
CHART
% %
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4]
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REDMOND REPORT SINGLE FAMILY HOMES
PRESENTED FOR $2,499,990
MEDIAN SALE PRICE Redmond,Wa
REDMOND
2016
2017
Number of Sales
238
237
Total Dollar Volume (000’s)
$157,126 $660,200 32
$177,232
12.8%
$747,800
13.30%
26
-18.8%
101.3%
104.7%
Average Price Per Square Foot $299.3
$335.5
12.1%
Months of Inventory
1.4
1.1
-21.4%
Current Inventory in Units
108
88
3.4%
Average Sale Price Average Days on Market Sold / List Price %
CHART
%CHANGE -.40%
3.4%
MARKETPLACESOTHEBYSREALTY.COM
425.243.9000
5]
SAMMAMISH REPORT SINGLE FAMILY HOMES
PRESENTED FOR $949,950
2017
%CHANGE
-3.2%
11.10%
14.70%
-7.1%
1.8%
11.8%
Months of Inventory
-17.6%
Current Inventory in Units
-18.9%
MEDIAN SALE PRICE Sammamish,Wa
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[ 6]
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BELLEVUE REPORT SINGLE FAMILY HOMES
SOLD FOR $2,800,000
MEDIAN SALE PRICE Bellevue,Wa
2017
%CHANGE
363
-9.0%
$371,446
10.7%
$1,023,300
21.7%
30
-18.9%
102.7%
2.1%
$392.6
10.50%
1.1
-8.30%
63
-32.30%
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[ 7]
BOTHELL REPORT SINGLE FAMILY HOMES
SOLD FOR $608,000 BOTHELL
2016
2017
%CHANGE
Number of Sales
470
181
-61.5%
Total Dollar Volume (000’s)
$26,752
$104,173
-54.1%
Average Sale Price
$482,500
$575,500
19.3%
Average Days on Market
40
25
-37.5%
Sold / List Price %
100.8%
102.8%
2%
Average Price Per Square Foot $215.3
$251.1
16.6%
Months of Inventory
.4
.7
-75.0%
Current Inventory in Units
180
118
-34.4%
MEDIAN SALE PRICE Bothell,Wa
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8]
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KIRKLAND REPORT SINGLE FAMILY HOMES
PRESENTED FOR $998,000
MEDIAN SALE PRICE Kirkland,Wa
KIRKLAND
2016
2017
%CHANGE
Number of Sales
366
155
-57.7%
Total Dollar Volume (000’s)
$270,394
$123,258
-54.4%
Average Sale Price
$738,800
$795,200
Average Days on Market
31
15
7.6% -51.6%
Sold / List Price %
100.9%
104.3%
3.4%
Average Price Per Square Foot 347.0
$394.1
13.6%
Months of Inventory
.5
1.1
120.0%
Current Inventory in Units
178
175
-1.7%
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9]
DUVALL REPORT SINGLE FAMILY HOMES
SOLD FOR 595,000 DUVALL
2016
2017
Number of Sales
59
12
Total Dollar Volume (000’s)
$25,885
$5,273
Average Sale Price
$438,700
$439,400
0.2%
Average Days on Market
48
54
12.5%
Sold / List Price %
99.3%
99.0%
-.3%
%CHANGE -79.7% -79.6%
Average Price Per Square Foot $202.9
$247.5
25.2%
Months of Inventory
0.6
2.9
383.3%
Current Inventory in Units
33
35
6.1%
MEDIAN SALE PRICE Duvall,Wa
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10 ]
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CARNATION REPORT SINGLE FAMILY HOMES
SOLD FOR $905,000
MEDIAN SALE PRICE
Carnation,Wa
201
CARNATION
201
%CHANGE
Number of Sales Total Dollar Volume (000’s) $
Average Sale Price
% %
$ $
Average Days on Market %
Sold / List Price %
%
%
Average Price Per Square Foot $
% 2.
Months of Inventory Current Inventory in Units
-38.0% -
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11 ]
SNOQUALMIE REPORT SINGLE FAMILY HOMES
LISTING COURTESY OF NWMLS $265,000 (S)
LISTING COURTESY OF NWMLS $410,000 (S)
SNOQUALMIE
201
Number of Sales
58
Total Dollar Volume (000’s)
$
$
%
Average Sale Price
$
$620,100
%
Average Days on Market
201
1
Sold / List Price %
%CHANGE
LISTING COURTESY OF NWMLS $768,191 (S)
MEDIAN SALE PRICE Snoqualmie,Wa
0% %
Average Price Per Square Foot $
$
%
Months of Inventory
%
Current Inventory in Units
%
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12 ]
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NORTH BEND REPORT SINGLE FAMILY HOMES
LISTING COURTESY OF NWMLS $1,550,000 (S)
LISTING COURTESY OF NWMLS $419,000 (S)
MEDIAN SALE PRICE North Bend,Wa
LISTING COURTESY OF NWMLS $495,950 (S)
NORTH BEND
201
Number of Sales
49
201
%CHANGE
Total Dollar Volume (000’s)
$25,882
Average Sale Price
$528,200
$595,500
Average Days on Market
88
54
% %
$
% %
%
Sold / List Price % Average Price Per Square Foot $
$
Months of Inventory Current Inventory in Units
44
%
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13 ]
ISSAQUAH REPORT SINGLE FAMILY HOMES
LISTING COURTESY OF NWMLS $675,000 (S)
LISTING COURTESY OF NWMLS $847,915 (S)
2016
201 $
Average Sale Price
$ $
$
Average Days on Market
3
28
Sold / List Price %
101.8%
ISSAQUAH
%CHANGE
Number of Sales
-
Total Dollar Volume (000’s)
$
Months of Inventory
1.6
Current Inventory in Units
% % %
-
MEDIAN SALE PRICE Issaquah,Wa
%
%
Average Price Per Square Foot $ 1.5
-
LISTING COURTESY OF NWMLS $719,000 (S)
105
6. -18.6%
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14 ]
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FALL CITY REPORT SINGLE FAMILY HOMES
PRESENTED FOR $1,150,000
MEDIAN SALE PRICE Fall City,Wa
2017
%CHANGE
14.3%
15.2%
0.8%
1.6%
3%
$253.7
1.8%
Months of Inventory
2.6
-53.6%
Current Inventory in Units
14
-46.2%
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[ 15 ]
KENMORE REPORT SINGLE FAMILY HOMES
LISTING COURTESY OF NWMLS $460,000 (S)
LISTING COURTESY OF NWMLS $480,500 (S)
2016
2017
Number of Sales
103
89
-13.6%
Total Dollar Volume (000’s)
$53,525
$62,649
17.0%
Average Sale Price
$519,700
$703,900
35.4%
Average Days on Market
42
25
-40.5%
Sold / List Price %
102.0%
101.9%
-0.1%
Average Price Per Square Foot $240.5
$283.7
18.0%
KENMORE
%CHANGE
Months of Inventory
1.0
1.4
-28.6%%
Current Inventory in Units
48
30
-37.5%
LISTING COURTESY OF NWMLS $839,950 (S)
MEDIAN SALE PRICE Kenmore,Wa
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16 ]
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LAKE FOREST PARK REPORT SINGLE FAMILY HOMES
SOLD FOR $430,000
MEDIAN SALE PRICE Lake Forest Park,Wa
201
LAKE FOREST PARK
2017
%CHANGE
Number of Sales
%
Total Dollar Volume (000’s)
$
Average Sale Price
$
Average Days on Market
%
$ $ 51
Sold / List Price %
121.7% -1.8%
Average Price Per Square Foot $
$
22.5%
Months of Inventory
.
-
Current Inventory in Units
12
%
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17 ]
MERCER ISLAND REPORT SINGLE FAMILY HOMES
LISTING COURTESY OF NWMLS $730,000 (S)
LISTING COURTESY OF NWMLS $998,000 (S)
MERCER ISLAND
2016
Number of Sales
52
Total Dollar Volume (000’s)
$76
$
Average Sale Price
$
$
24.9%
Average Days on Market
45
46
2.2%
Sold / List Price %
99%
2017
%CHANGE 34.6% 68.1%%
97.7%
-1.1%
Average Price Per Square Foot $471.5
$578.1
22.6%
Months of Inventory
3.1
3.7
19.4%
Current Inventory in Units
53
86
62.3%
LISTING COURTESY OF NWMLS $5,637,500 (S)
MEDIAN SALE PRICE Mercer Island,Wa
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18 ]
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SEATTLE REPORT SINGLE FAMILY HOMES
SOLD FOR $300,000
MEDIAN SALE PRICE Seattle,Wa
2016
2017
Number of Sales
2,175
2,296
5.6%
Total Dollar Volume (000’s)
$1,350,140
$1,585,164
17.4%
Average Sale Price
$620,800
$690,400
11.2%
Average Days on Market
25
27
8.0%
Sold / List Price %
102.6%
102.7%
.1%
Average Price Per Square Foot $359.7
$399.4
11%
Months of Inventory
1.4
1.1
-21.4%
Current Inventory in Units
1,004
819
-18.4%
SEATTLE
%CHANGE
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19 ]
MAPLE VALLEY REPORT SINGLE FAMILY HOMES
LISTING COURTESY OF NWMLS $462,500 (S)
LISTING COURTESY OF NWMLS $630,000 (S)
MAPLE VALLEY
2016
2017
%CHANGE
Number of Sales
145
173
19.3%
Total Dollar Volume (000’s)
$54,977
$74,346
35.2%
Average Sale Price
$429,700
13.3%
Average Days on Market
$379,200 35
44
25.7%
Sold / List Price %
99.5%
100.7%
1.2%
Average Price Per Square Foot $184.9
$206.4
11.6%
Months of Inventory
1.5
1
-33.3%
Current Inventory in Units
72
59
-18.1%
LISTING COURTESY OF NWMLS $1,350,000 (S)
MEDIAN SALE PRICE Maple Valley,Wa
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20 ]
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KENT REPORT SINGLE FAMILY HOMES
LISTING COURTESY OF NWMLS $307,900 (S)
LISTING COURTESY OF NWMLS $440,997 (S)
MEDIAN SALE PRICE Kent,Wa
LISTING COURTESY OF NWMLS $424,950 (S)
KENT
2016
2017
Number of Sales
342
428
25.1%
%CHANGE
Total Dollar Volume (000’s)
$106,475
$153,042
43.7%
Average Sale Price
$311,300
$357,600
Average Days on Market
48
33
11.7% 14.9%
Sold / List Price %
99.9%
100.3%
.40%
Average Price Per Square Foot $159.3
$182.6
14.6%
Months of Inventory
1.7
1.2
-29.4%
Current Inventory in Units
191
170
-11.0%
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21 ]
RENTON REPORT SINGLE FAMILY HOMES
PRESENTED FOR $610,000 RENTON
2016
2017
%CHANGE
Number of Sales
433
513
18.5%
Total Dollar Volume (000’s)
$174,318
30.5%
Average Sale Price Average Days on Market
$402,600 44
$227,532 $443,500 39
-11.4%
Sold / List Price %
100.7%
100.90%
.2%
Average Price Per Square Foot $195.9
$219.4
12.0%
Months of Inventory
1.7
1.0
-41.2%
Current Inventory in Units
243
170
-30.0%
10.2%
MEDIAN SALE PRICE Renton,Wa
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SNOHOMISH REPORT SINGLE FAMILY HOMES
SOLD FOR $1,304,000
MEDIAN SALE PRICE Snohomish,Wa
2017
%CHANGE
16.2%
25.9%
8.4%
-22.6% -0.1%
11.6%
Months of Inventory
1.7
-34.6%
Current Inventory in Units
-22%
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[ 23 ]
BURIEN REPORT SINGLE FAMILY HOMES
PRESENTED FOR 569,950
MEDIAN SALE PRICE Burien,Wa
201
201
%CHANGE
Number of Sales Total Dollar Volume (000’s)
$
$
Average Sale Price
$
$ 4
Average Days on Market %
Sold / List Price % Average Price Per Square Foot
% % %
99. % $
Months of Inventory Current Inventory in Units
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24 ]
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TACOMA REPORT SINGLE FAMILY HOMES
PRESENTED FOR $893,000 TACOMA
2016
2017
%CHANGE
Number of Sales
1,086
1,222
12.5%
Total Dollar Volume (000’s)
$258,180
$319,089
23.6%
Average Sale Price
$237,700
$261,100
9.8%
Average Days on Market
60
46
-23.3%
Sold / List Price %
99.4%
99.6%
0.2%
Average Price Per Square Foot $140.7
$153.4
9.0%
Months of Inventory
1.6
1.1
-31.3%
Current Inventory in Units
584
455
-22.1%
MEDIAN SALE PRICE Tacoma,Wa
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25 ]
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