Q1 19
Q1 2019 Report Greater Eastside and Seattle Metro
Eastside Residential* Q1 Timeline Comparison (Q1 2009 to Q1 2019)
Homes For Sale
Avg. Active Prices
Avg. Sold Prices
Median Sold Prices
Home Prices
Active Listings 600
$3,000,000 559
$2,405,000
$2,500,000 $2,000,000
501
$1,859,000
500
$2,012,000 $1,609,000
$1,500,000 $1,618,000
$1,350,000
$1,000,000 $1,222,000
261
400
$1,596,000 300 $1,332,000
200 100
$500,000
0
$0 2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Q1 Price Per SQFT (closed) Comparison (Q1 2019 vs Q1 2018)
Price Per Square Foot $800 $700
2019 Price Per Square Foot
2018 Price Per Square Foot
$682 $695
$600
$496
$500
$552 $408 $417
$400
$411 $391
$354 $366
$332 $325
$300 $200 $100 $0 West Bellevue
Kirkland/ Bridle Trails
Eastside South of 1-90
Remond
Sammamish
Woodinville
*Data shown is for homes priced $1M+, excluding waterfront. Zip codes: 98004, 98006, 98027, 98029, 98033, 98039, 98053, 98053, 98072, 98077. Sold data was collected only from Q1(Jan.-Mar), dating back to 2009. Information and statistics derived by VDB | Compass from Trendgraphix.
Eastside Condominiums* Q1 Timeline Comparison (Q1 2009 to Q1 2019)
Condos for Sale
Avg. Active Prices
Avg. Sold Prices
Median Sold Prices
Condo Prices
Active Listings
$2,500,000
160 142
$2,000,000
$1,500,000
$1,000,000
$2,004,000 140
$2,026,000
120
$1,497,000
$1,423,000
$1,247,000
$1,200,000
100 80
$1,019,000 $1,000,000
$1,150,000 60 49 40
$500,000
25
20 0
$0 2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Q1 Price Per SQFT Comparison (Q1 2019 vs Q1 2018)
Q1 Overall Market Recap Price Per Square Foot
Single-Family The number of homes for sale is the most dramatic statistic for Q1
$1,000 $800
$762
$794
2019. Inventory is up +92%. The near doubling of inventory was $738
accompanied by a -17% drop in average active prices and a slight $627
$600
dip, -0.1%, in closed prices. The average list price to sold price ratio was 97% for Q1 2019, down -5% compared to last year’s average ratio of 102%. The amount of time it took to sell a home,
$400
on average, was 67 days up +29 days compared to a year ago.
$200
Condominiums Bellevue and Kirkland had a gain in inventory of +96%
$0 Downtown Bellevue
Downtown Kirkland
2019 Price Per SQFT 2018 Price Per SQFT
compared to last year. In terms of prices, Bellevue and Kirkland went the opposite direction. Average sold prices in Bellevue dropped -4%, while Kirkland showed a positive gain of +17%. The average time it took to sell a condo in Bellevue was 38 days, up +24 days compared to last year. In Kirkland, condos took 27 days to sell, up just one day compared to last year.
*Data shown is for condos priced $750k+. Zip codes: 98004 & 98033. Statistics do not include presales or townhomes. Sold data was collected only from Q1(Jan.-Mar), dating back to 2009. Information and statistics derived by VDB | Compass from NWMLS & Trendgraphix.
Eastside Community Insights
Q1 Absorption Rates*
West Bellevue
All seven targeted areas on the Eastside have
Absorption Rate (closed sales)
transitioned into Neutral or Buyer’s markets. Seattle, as you’ll see in the coming pages, is still hanging
16%
on to their Seller’s market, minus a couple of
33%
sub-markets. Ballard/Greenlake & Queen Anne/ Magnolia remain a Seller’s market, while Central Seattle and Laurelhurst/Windermere’s markets concluded in the neutral position.
0%
24% È 48% off from 2018 NEUTRAL MARKET
Absorption Rate: Number of properties sold in a given month divided by number of homes for sale.
Buyer’s Market
Neutral Market
100%
Seller’s Market
88
57
Homes For Sale
Total Homes Sold
Ç49% vs 2018
È 23% vs 2018
Eastside/South of I-90
Redmond
Absorption Rate (closed sales)
Absorption Rate (closed sales)
16%
33%
0%
16%
100%
20% È 73% off from 2018 NEAUTRAL MARKET
33%
0%
100%
28% È 70% off from 2018 NEAUTRAL MARKET
87
45
80
60
Homes For Sale
Total Homes Sold
Homes For Sale
Total Homes Sold
Ç98% vs 2018
È 41% vs 2018
Ç300% vs 2018
Ç7% vs 2018
*Data shown is for homes priced $1M+, excluding waterfront. Zip codes: 98004, 98006, 98027, 98029, 98033, 98039, 98053, 98053, 98072, 98077. Information and statistics derived by VDB | Compass from NWMLS & Trendgraphix..
Eastside Community Insights
Woodinville
Sammamish
Absorption Rate (closed sales)
Absorption Rate (closed sales)
16%
33%
0%
16%
100%
33%
0%
32% È 32% off from 2018
100%
30% È 54% off from 2018
NEUTRAL MARKET
NEUTRAL MARKET
44
37
129
105
Homes For Sale
Total Homes Sold
Homes For Sale
Total Homes Sold
Ç33% vs 2018
È 12% vs 2018
Ç82% vs 2018
È 6% vs 2018
Bridle Trails
Kirkland
Absorption Rate (closed sales)
Absorption Rate (closed sales)
16%
16%
33%
0%
100%
11% È 78% off from 2018 BUYER’S MARKET
33%
0%
100%
28% È 62% off from 2018 NEUTRAL MARKET
13
5
73
58
Homes For Sale
Total Homes Sold
Homes For Sale
Total Homes Sold
Ç44% vs 2018
È 44% vs 2018
Ç115% vs 2018
È 11% vs 2018
*Data shown is for homes priced $1M+, excluding waterfront. Zip codes: 98004, 98006, 98027, 98029, 98033, 98039, 98053, 98053, 98072, 98077. Information and statistics derived by VDB | Compass from NWMLS & Trendgraphix.
Eastside Market Share by Price Point Single-Family Residential* $1m-$1.5m
$1.5m-$2m
$2m-$2.5m
$2.5m-$3m
Q1 2019
$3m+
Q1 2018 3%
5%
5%
6%
5%
6%
19%
19%
65%
66%
Condominiums* $750k-$1m
$1m-$1.25m
$1.25m-$1.5m
$1.5m+
Q1 2019
Q1 2018
23% 28% 33% 39%
13%
19% 26%
18%
*Data shown is for homes priced $1M+, excluding waterfront. Zip codes: 98004, 98006, 98027, 98029, 98033, 98039, 98053, 98053, 98072, 98077. Data shown is for condos priced $750k+. Zip codes: 98004 & 98033. Statistics do not include presales or townhomes. Information and statistics derived by VDB | Compass from NWMLS & Trendgraphix.
Seattle Metro Residential* Q1 Timeline Comparison (Q1 2009 to Q1 2019)
Homes For Sale
Avg. Active Prices
Avg. Sold Prices
Median Sold Prices
Home Prices
Active Listings 250
$3,000,000 234 $2,500,000 $2,000,000
$2,000,000 $1,550,000
$2,228,000
200
$1,615,000
181 $1,978,000 $1,545,000150
$1,500,000 $1,000,000
$1,300,000
$1,300,000
$1,295,000
84
100
50
$500,000 $0
0 2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Q1 Price Per SQFT Comparison (Q1 2019 to Q1 2018)
Price Per Square Foot
2019 Price Per SQFT
2018 Price Per SQFT
$700 $600
$575
$552
$548$562
$553
$529
$500
$470$485
$400 $300 $200 $100 $0 Central Seattle
North Seattle
Queen Anne Magnolia
Ballard Greenlake
*Data shown is for homes priced >$1M+ excluding waterfront. Zip codes include: 98102, 98103, 98105, 98107, 98109, 98112, 98119, 98122, 98199. Sold data was collected only from Q1(Jan.-Mar), dating back to 2009. Information and statistics derived by VDB | Compass from NWMLS & Trendgraphix.
Seattle Metro Condominiums* Q1 Timeline Comparison (Q1 2009 to Q1 2019)
Condos For Sale
Avg. Active Prices
Avg. Sold Prices
Median Sold Prices
Home Prices
Active Listings
$2,500,000 $2,000,000
160
149
$2,105,000
144 140
$1,884,000
120
$1,500,000 $1,653,000
$1,601,000
$1,266,000
100 $1,454,000 80
$1,000,000
$1,100,000
$1,124,000
60
$1,020,000
60 40
$500,000
20 0
$0 2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Q1 Price Per SQFT Comparison (Q1 2019 to Q1 2018)
Q1 Overall Market Recap Price Per Square Foot
Single-Family Inventory was up +65% in Seattle in Q1 2019 compared to
$940 $916
$920
Q1 2018. Active prices are down -17% and average sold prices are up +5%. The average time it took for a home to sell was 50 days, up +19 days compared to a year ago.
$900
Although there were homes that still attracted multiple offer situations, overall, the list price and sold price ratio was
$880
97%, which means homes sold for -4% below the original $860
$844
$840
list price.
Condominiums Inventory is up +78%, the highest it’s been since 2009-2010.
$820
The average price per SQFT value for Q1 2019 was $844, $800 Seattle Metro 2019 Price Per SQFT
down -8% compared to Q1 2018. Average active prices are down -25%. The average time it took for a condo to sell was 100 days, up +49 days compared to a year ago.
2018 Price Per SQFT
*Data shown is for condos priced $750k+. Zip codes: 98101, 98102, 98104, 98109, 98112, 98119, 98121, 98122. Statistics do not include presales or townhomes. Sold data was collected only from Q1(Jan.-Mar), dating back to 2009. Information and statistics derived by VDB | Compass from NWMLS & Trendgraphix.
Seattle Community Insights
Q1 Absorption Rates* Absorption Rate Defined: Number of properties
Buyer’s Market
sold divided by number of homes for sale.
Neutral Market
Central Seattle*
Laurelhurst / Windermere
Absorption Rate (closed sales)
Absorption Rate (closed sales)
16%
33%
0%
16%
100%
31%
Seller’s Market
33%
0%
100%
27% È 73% off from 2018
NEUTRAL MARKET
NEUTRAL MARKET
È 63% off from 2018
72
68
11
10
Homes For Sale*
Total Homes Sold
Homes For Sale*
Total Homes Sold
Ç57% vs 2018
È 6% vs 2018
Ç57% vs 2018
È 42% vs 2018
Queen Anne / Magnolia
Ballard / Green Lake
Absorption Rate (closed sales)
Absorption Rate (closed sales)
16%
16%
33%
0%
100%
33% È 53% off from 2018 49 56 SELLER’S MARKET
33%
0%
100%
50% È 46% off from 2018 66 48 SELLER’S MARKET
Homes For Sale*
Total Homes Sold
Homes For Sale*
Total Homes Sold
Ç44% vs 2018
È 22% vs 2018
Ç71% vs 2018
Ç16% vs 2018
*Data shown is for homes priced >$1M+ excluding waterfront. Included neighborhoods for Central Seattle: Capitol Hill, Denny Blaine, Madison Park & Washington Park. Information and statistics derived by VDB | Compass from NWMLS & Trendgraphix.
Seattle Market Share by Price Point Single-Family Residential* $1m-$1.5m
$1.5m-$2m
$2m-$2.5m
$2.5m-$3m
Q1 2019 6%
$3m+
Q1 2018 2%
4%
7%
4%
6% 0%
22%
66%
83%
Condominiums* $750k-$1m
$1m-$1.25m
$1.25m-$1.5m
$1.5m+
Q1 2019
Q1 2018
21% 28%
7%
49%
49%
10%
23% 14%
*Data shown is for single-family homes priced $1M+, excluding waterfront. Zip codes: 98102, 98103, 98105, 98107, 98109, 98112, 98119, 98122 98199. Data shown is for condos priced $750k+. Zip codes: 98101, 98102, 98104, 98109, 98112, 98119, 98121, 98122. Statistics do not include presales or townhomes. Information and statistics derived by VDB | Compass from NWMLS & Trendgraphix.
Waterfront* Waterfront Market Recap For waterfront properties*, Q1 2019 had six closings, the same as last year’s Q1. Four out of the six sales were on the Eastside, while the other two were on Mercer Island. Yarrow Point had two sales that sold in five days or less, cumulatively 10% over the asking price.
Currently For Sale (as of 5/13/2019) Community
For Sale
Average List Price
Avg Price / SF
Avg Days on Market
Seattle
5
$7,370,000
$1,460
228 days
Eastside
8
$16,537,500
$2,246
102 days
Mercer Island
12
$7,152,000
$1,144
376 days
*Data shown is for single-family homes from I-90 to West of Market in Kirkland, Mercer Island and I-90 to Windermere, including neighborhoods: Leschi, Madrona, Madison Park, Denny Blaine, Washington Park & Laurelhurst. True waterfront properties are homes that have their own private waterfront footage, not shared. Sold data was collected only from Q1(Jan.-Mar), dating back to 2009. Information and statistics derived by VDB | Compass from NWMLS & Trendgraphix.
Waterfront* Currentlty Pending (as of 5/13/2019) Community
Pending
Avg Days on Market
Seattle
0
n/a
Eastside
5
320 days
Mercer Island
3
212 days
Sold in Q1 2019 Community
Sold
Average Sold Price
Avg Price / SF (Sold)
Avg Days on Market
Seattle
0
n/a
n/a
n/a
Eastside
4
$7,000,000
$1,895
45 days
Mercer Island
2
$5,950,000
$900
301 days
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