EASTSIDE MARKET VDBESTATES.COM
SPRING 2016 EASTSIDE MARKET REVIEW
EA STSIDE MARKET REVIEW
A VIEW FROM THE EASTSIDE Real Estate Market Recap - First Quarter 2017
The Eastside housing market continued its winning streak during the first quarter of 2017. Despite a frustrating lack of listings and stormy weather that kept many buyers indoors, property sales totaled more than $1.7 Billion in the year’s first three months, up 14% from Q1 2016. From Bellevue to Woodinville, home prices continued their ascent and proved that the Eastside has the most prized real estate in the Pacific Northwest. The average price for a single family home was up 14% over the first quarter last year, and the average condo price increased by an eye-popping 28%. Given these numbers, it’s no surprise that the average Eastside property sold above its asking price. First quarter demand was heavy and competition fierce. Every city in this report saw rising home prices in the first quarter. Of the 16 cities covered, 10 experienced price increases of more than 15% compared to Q1 2016. And 11 cities closed the quarter with average sold prices that were higher than average list prices. Impressive first quarter growth in the market for Eastside luxury homes - and luxury waterfront homes - was further proof of the health of the Eastside real estate market. For more information about this market segment, see the last page of this report.
The squeeze is on: Low inventory produces marketplace frenzy The supply of homes listed for sale on the Eastside was at an all-time low at the end of the first quarter, roughly half last year’s level, a third of the previous year and just a quarter of the year before that. This constriction has resulted in a frenzied marketplace. Just as more people than ever are moving to the Eastside for its jobs, schools and lifestyle, there are fewer housing units available for them to purchase. This struggle explains the dramatic prices that new listings generated in the first quarter, and also the speed of the market, with lower average market times for all property types. As the second quarter gets underway, our Eastside listings are seeing strong buyer traffic and many are receiving multiple offers well above their asking price. What everyone agrees the market needs is more listings to meet this rising buyer demand. Seeing sales results from the first quarter may just convince some fence-sitting sellers that now is the right time to list their homes. If that group includes you, let us help you prepare, price and position your home for maximum return.
EA STSIDE MARKET REVIEW
$706,900
$819,300
$1,051,500
$1,217,700
$374,400
$478,800
$857,200
$980,100
AV E R AG E E A S T SI DE HO ME PRI CE | 2017 VS . 2016
SINGLE FAMILY HOMES
CONDOMINIUMS
NEW CONSTRUCTION HOMES
ALL PROPERTY TYPES
14%
28%
16%
16%
The total volume of Eastside residential real estate sales rose by an impressive 15.9% in the first quarter, compared to the same period a year ago. The average sold price for single family homes increased by 14.3% to $980,100. For condos, the average sold price increased by a remarkable 27.9%, to $478,800. New construction homes were most prized, with an average sold price of $1,217,700, up 15.8%. Due to limited inventory, unit sales of all property types were flat compared to Q1 2016.
2120
2085
294
301
564
549
1431
1422
T O T A L E A S TS I DE S A LES | 2 0 1 7 VS . 2 0 1 6
SINGLE FAMILY HOMES
CONDOMINIUMS
NEW CONSTRUCTION HOMES
ALL PROPERTY TYPES
-0.6%
-2.7%
2.4%
-1.7%
VDB ESTATES | COLDWELL BANKER BAIN
$1.49B
$1.71B
$309M
$366M
$211M
$262M
$1.23B
$1.39.B
T O T AL E A S T SI D E S A LES VO LUME | 2 0 1 7 VS . 2 0 1 6
SINGLE FAMILY HOMES
CONDOMINIUMS
NEW CONSTRUCTION HOMES
ALL PROPERTY TYPES
14%
25%
19%
14%
First quarter home sales soared in various Eastside cities. Medina had the highest average sold price at $2,428,800, up 11% from Q1 2016. Bellevue had the highest closed sales volume at $276.5M; Bothell came in second at $207.6M. Carnation saw the biggest percentage increases in sales volume (120.8%), units sold (72.7%) and average sold price (27.8%). Snoqualmie homes sold the fastest, with an average market time of 13 days. And Redmond led the Eastside with the highest sold-to-list price ratio, at 104.3%.
45 Days
39 Days
73 Days
60 Days
31 Days
24 Days
43 Days
36 Days
AV G . D AY S O N MA RKET | 2017 VS . 2016
SINGLE FAMILY HOMES
CONDOMINIUMS
NEW CONSTRUCTION HOMES
ALL PROPERTY TYPES
-16%
-23%
-18%
-13%
VDB Estates : Advantage in the Marketplace Mark von der Burg is highly regarded as one of the most qualified experts in residential real estate in the Pacific Northwest. For more than twenty-eight years, Mark has built his reputation representing Luxury Estates, Urban Homes, and Waterfront Properties. With sales over $110,000,000 in 2016, he is once again in the top 0.5% of agents nationwide, the second leading Realtor in the Northwest, and Coldwell Banker Bain’s #1 Realtor.
As the founder of VDB Estates, Mark has assembled an extremely capable team of talented professionals who work tirelessly providing exceptional client services. Skilled in their field, they constantly review, adjust, and redevelop various aspects of the business to get the best results. Specialties include Photography, Cinematography, Creative Writing, Staging, Graphic Design, Marketing, Social Media, International Business, Listing/Transaction Management, and Escrow. The team’s success is attributed to expertise, powerful resources and a well-executed, structured plan. Performing from a position of strength, VDB Estates continues to be Coldwell Banker Bain’s #1 Team year after year.
Mark von der Burg | Luxury Division Director
VDB ESTATES | COLDWELL BANKER BAIN
LU XU RY ($2M+ ) YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $255.4M | $193.4M | 32.1% TOTAL HOMES SOLD 81 | 67 | 20.9% AVG. SALES PRICE $3,153,400 | $2,886,700 | 9.2% AVG. DAYS ON MARKET 69 | 75 | -8.0% SOLD/LIST PRICE % 96.5% | 96.1% | 0.4%
LUXURY WATERFRONT ($2M+) YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $96.2M | $65.8M | 46.1% TOTAL HOMES SOLD 23 | 20 | 15.0% AVG. SALES PRICE $4,181,200 | $3,291,200 | 27.0% AVG. DAYS ON MARKET 105 | 108 | -2.8% SOLD/LIST PRICE % 95.2% | 91.6% | 3.9%
Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/17 and 3/31/17.
EA STSIDE MARKET REVIEW
BEL L EVU E YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $276.5M | $265.8 | 4.0% TOTAL HOMES SOLD 221 | 247 | -10.5% AVG. SALES PRICE $1,251,100 | $1,076,000 | 16.3% AVG. DAYS ON MARKET 24 | 30 | -20.0% SOLD/LIST PRICE % 103.3% | 100.7% | 2.6%
B OT H E L L YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $207.6M | $184.0M | 12.8% TOTAL HOMES SOLD 336 | 349 | -3.7% AVG. SALES PRICE $618,000 | $527,300 | 17.2% AVG. DAYS ON MARKET 33 | 39 | -15.4% SOLD/LIST PRICE % 102.2% | 100.8% | 1.4%
Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/17 and 3/31/17.
VDB ESTATES | COLDWELL BANKER BAIN
C A R N AT I O N YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $22.8M | $10.3M | 120.8% TOTAL HOMES SOLD 38 | 22 | 72.7% AVG. SALES PRICE $598,900 | $468,500 | 27.8% AVG. DAYS ON MARKET 61 | 80 | -23.8% SOLD/LIST PRICE % 99.1% | 99.1% | 0.0%
C LYD E H I L L YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $20.4M | $21.1M | -3.4% TOTAL HOMES SOLD 9 | 10 | -10.0% AVG. SALES PRICE $2,265,800 | $2,110,400 | 7.4% AVG. DAYS ON MARKET 21 | 53 | -60.4% SOLD/LIST PRICE % 101.5% | 99.0% | 2.5%
NWMLS sales data compiled by Trendgraphix. All property photos courtesy of Coldwell Banker Bain’s Bellevue and Madison Park offices.
EA STSIDE MARKET REVIEW
D U VAL L YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $20.4M | $23.6M | -13.6% TOTAL HOMES SOLD 35 | 47 | -25.5% AVG. SALES PRICE $582,700 | $502,000 | 16.1% AVG. DAYS ON MARKET 41 | 40 | 2.5% SOLD/LIST PRICE % 99.0% | 99.3% | -0.3%
I SS AQ UA H YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $99.0M | $95.1M | 4.1% TOTAL HOMES SOLD 118 | 133 | -11.3% AVG. SALES PRICE $839,300 | $715,400 | 17.3% AVG. DAYS ON MARKET 30 | 27 | 11.1% SOLD/LIST PRICE % 104.0% | 102.4% | 1.6%
Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/17 and 3/31/17.
VDB ESTATES | COLDWELL BANKER BAIN
K I R K LA N D YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $225.2M | $201.1M | 12.0% TOTAL HOMES SOLD 240 | 226 | 6.2% AVG. SALES PRICE $938,300 | $889,800 | 5.5% AVG. DAYS ON MARKET 24 | 34 | -29.4% SOLD/LIST PRICE % 102.4% | 100.7% | 1.7%
MED I NA YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $31.6M | $17.5M | 80.4% TOTAL HOMES SOLD 13 | 8 | 62.5% AVG. SALES PRICE $2,428,800 | $2,187,600 | 11.0% AVG. DAYS ON MARKET 35 | 21 | 66.7% SOLD/LIST PRICE % 94.7% | 100.6% | -5.9%
NWMLS sales data compiled by Trendgraphix. All property photos courtesy of Coldwell Banker Bain’s Bellevue and Madison Park offices.
EA STSIDE MARKET REVIEW
MERC ER I S L AND YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $118.9M | $70.0M | 70.0% TOTAL HOMES SOLD 55 | 41 | 34.1% AVG. SALES PRICE $2,162,400 | $1,706,800 | 26.7% AVG. DAYS ON MARKET 52 | 48 | 8.3% SOLD/LIST PRICE % 97.9% | 98.7% | -0.8%
NEWCASTLE YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $30.9M | $38.1M | -18.9% TOTAL HOMES SOLD 34 | 44 | -22.7% AVG. SALES PRICE $910,100 | $866,900 | 5.0% AVG. DAYS ON MARKET 32 | 44 | -27.3% SOLD/LIST PRICE % 100.7% | 101.0% | -0.3%
Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/17 and 3/31/17.
VDB ESTATES | COLDWELL BANKER BAIN
N O RT H B E N D YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $19.9M | $22.7M | -12.6% TOTAL HOMES SOLD 30 | 43 | -30.2% AVG. SALES PRICE $662,900 | $528,900 | 25.3% AVG. DAYS ON MARKET 60 | 62 | -3.2% SOLD/LIST PRICE % 98.6% | 100.3% | -1.7%
RED MOND YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $147.2M | $135.1M | 9.0% TOTAL HOMES SOLD 162 | 174 | -6.9% AVG. SALES PRICE $908,800 | $776,100 | 17.1% AVG. DAYS ON MARKET 33 | 31 | 6.5% SOLD/LIST PRICE % 104.3% | 101.2% | 3.1%
NWMLS sales data compiled by Trendgraphix. All property photos courtesy of Coldwell Banker Bain’s Bellevue and Madison Park offices.
EA STSIDE MARKET REVIEW
RENTON YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $189.8M | $152.4M | 24.6% TOTAL HOMES SOLD 376 | 330 | 13.9% AVG. SALES PRICE $504,800 | $461,700 | 9.3% AVG. DAYS ON MARKET 38 | 45 | -15.6% SOLD/LIST PRICE % 100.6% | 100.9% | -0.3%
S A M MA M I SH YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $153.8M | $134.6M | 14.2% TOTAL HOMES SOLD 156 | 154 | 1.3% AVG. SALES PRICE $985,800 | $874,300 | 12.8% AVG. DAYS ON MARKET 39 | 42 | -7.1% SOLD/LIST PRICE % 102.2% | 100.6% | 1.6%
Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/17 and 3/31/17.
VDB ESTATES | COLDWELL BANKER BAIN
S N O Q UA LMI E YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $43.7M | $24.6M | 77.3% TOTAL HOMES SOLD 66 | 40 | 65.0% AVG. SALES PRICE $662,000 | $616,000 | 7.5% AVG. DAYS ON MARKET 13 | 11 | 18.2% SOLD/LIST PRICE % 101.8% | 99.9% | 1.9%
WOOD I NVI L L E YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $94.0M | $67.3M | 39.8% TOTAL HOMES SOLD 107 | 93 | 15.1% AVG. SALES PRICE $878,800 | $723,500 | 21.5% AVG. DAYS ON MARKET 30 | 46 | -34.8% SOLD/LIST PRICE % 101.3% | 99.9% | 1.4%
NWMLS sales data compiled by Trendgraphix. All property photos courtesy of Coldwell Banker Bain’s Bellevue and Madison Park offices.
EASTSIDE MARKET - SPRING 2016 REVIEW *Information and statistics derived by CB Bain from the Northwest Multiple Listing Service (NWMLS). Statistics not compiled or published by the NWMLS.