EASTSIDE MARKET Q3 2017 RECAP
Eastside Market Review www.vdbluxury.com
EASTSIDE MARKET REVIEW
A VIEW FROM THE EASTSIDE Real Estate Market Recap Through Third Quarter 2017
During the third quarter of 2017, Eastside real estate remained the brightest star in Western Washington’s constellation of residential markets. Property sales on the Eastside outperformed those in other regions, totaling over $8 billion year-to-date and soaring by 17% over the same period last year. This impressive sales volume represents a full half of the entire output from all 22 counties in the Northwest MLS. From Bellevue to Woodinville, home prices on the Eastside continued their ascent. Through the first three quarters of the year, the average sold price for an Eastside single family home topped $1 million, up 16% over the same period last year. The average condo price increased by an impressive 21%. Year-to-date, the list-to-sold price ratio across all Eastside communities is 102%, meaning the average home has sold for 2% above its asking price. While the third quarter market saw fewer multiple offer situations and more price reductions than in the first half of the year, the list-to-sold statistic is proof that there is still competition among buyers for strategically priced homes in good condition.
Fall market gives buyers a bit of breathing room As the statistics in this report show, demand for Eastside homes remained strong throughout the third quarter. This is a reflection of our region’s desirability: it continues to be the state’s most sought-after destination for schools, jobs and lifestyle amenities. The first two quarters of 2017 saw a record low supply of Eastside homes for sale, all-time high prices and remarkably short listing periods. As expected, the third quarter experienced a seasonal adjustment to the pace and volume of buyer activity. Certain listings received fewer showings and offers than they would have in the first half of the year. Third quarter price reductions revealed that some sellers overshot the actual demand from buyers, bringing to market homes that were not in prime condition, priced too ambitiously, or both. Overall sales results from July to September, however, were exceptional when measured against any other year. As the fourth quarter progresses, there is opportunity for buyers who experienced fatigue and frustration earlier in the year. They have a little more inventory to choose from and a little less competition in the marketplace. At the same time, smartly-priced listings in good condition are still generating multiple offers. Whether you’re a buyer or seller, let us help you successfully navigate today’s market in order to maximize your investment and optimize your lifestyle.
EASTSIDE MARKET REVIEW
$735,700
$856,300
$1,071,832
$1,279,882
$402,518
$486,163
$874,300
$1,017,000
A V E R AG E E A S T SI D E HO ME PRI CE | YTD 2 0 1 7 VS . 2 0 1 6
SINGLE FAMILY HOMES
CONDOMINIUMS
NEW CONSTRUCTION HOMES
ALL PROPERTY TYPES
16%
21%
19%
16%
In the first three quarters of the year, the price of the average Eastside property rose by 16.4% over Q1-Q3 of 2016, well ahead of the 10.9% increase reported across the Northwest MLS. This was partially influenced by tight inventory that kept unit sales of both homes and condos flat compared to last year. With the average single family home selling above $1 million, condominium prices increased by 20.8% to an average of $486,163. Showing particular strength through the first three quarters, the luxury segment saw its total sales volume grow by 46% over the same period last year. Eastside luxury properties accounted for two-thirds of all luxury home sales recorded by the Northwest MLS.
9453
9488
966
895
2224
2203
6704
6696
T O T AL E A S T SI DE S A LES | YTD 2 0 1 7 VS . 2 0 1 6
SINGLE FAMILY HOMES
CONDOMINIUMS
NEW CONSTRUCTION HOMES
ALL PROPERTY TYPES
0%
-1%
-7%
0%
V D B LU X U RY - C O L DW EL L BA N K ER BA I N - B E L L E V U E | MADISON PARK
$6.95B
$8.12B
$1.04B
$1.15B
$895M
$1.07B
$5.86B
$6.81B
T O T AL E A S T SI D E S A LES VO LUME | YTD 2 0 1 7 VS . 2 0 1 6
SINGLE FAMILY HOMES
CONDOMINIUMS
NEW CONSTRUCTION HOMES
ALL PROPERTY TYPES
16%
20%
11%
17%
Year-to-date, every one of the 16 communities covered in this report has experienced home price increases of at least 10% over last year. Medina had the biggest price increase, up 45% to an average of $3.7 million. Bellevue had the highest closed sales volume at $1.38 billion; Kirkland came in second at $924 million. Homes in Snoqualmie saw the largest percentage increase in units sold (27%) and the fastest market time, an average of 13 days. Thirteen of the 16 cities recorded Sold-to-List price ratios above 100%, with Redmond leading the way at 104.5%. Across the Eastside, condos proved their popularity with an average sold-to-list price of 103.8%.
31 Days
26 Days
72 Days
62 Days
22 Days
19 Days
28 Days
24 Days
AV G . D AY S O N MA RKET | YTD 2 0 1 7 VS . 2 0 1 6
SINGLE FAMILY HOMES
CONDOMINIUMS
NEW CONSTRUCTION HOMES
ALL PROPERTY TYPES
-14%
-14%
-14%
-16%
VDB Luxury : 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.
Mark von der Burg | Coldwell Banker Global Luxury
®
DIRECTOR
Representing the most prominent estates in the Northwest for over twenty-eight years, Mark is recognized by local and national media as an expert in his field. Mark is well known as a tough negotiator who knows the avenues that will guide your home through the complex appraisal, inspection and lending process. You will want Mark on your side of the negotiating table! He will be your strongest advocate as each piece of the transaction is meticulously monitored to meet your goals. His unwavering standards, integrity, and extensive knowledge have earned him an impressive roster of repeat and referral business.
$100,000,000+ in SALES year after year
Joe Meisenheimer | Buyer’s Specialist - Broker A Medina resident of thirty-five years, Joe has lived in the Northwest since 1978. He has a true insider’s perspective on the neighborhoods and the surrounding areas of the Eastside and Seattle having watched them change over the past thirty-nine years. Since retiring with thirty years of service as a high-ranking Customs official, Joe brings the same discipline and passion to his real estate business as he did while serving his country. His uncanny ability to go that extra mile, to deliver not only exceptional service to his clients but also his amazing attention to detail, has added to his excellent reputation as a realtor.
V D B LU X U RY - C O L DW EL L BA N K ER BA I N - B E L L E V U E | MADISON PARK
LU XU RY ( $ 2 M + ) YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $1.214B | $839.3M | 44.6% TOTAL HOMES SOLD 385 | 286 | 34.6% AVG. SALES PRICE $3,153,119 | $2,934,646 | 7.4% AVG. DAYS ON MARKET 54 | 50 | 8.0% SOLD/LIST PRICE % 97.1% | 97.1% | 0.0%
LUXURY WATERFRONT ($2M+) YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $373.4M | $298.4M | 25.1% TOTAL HOMES SOLD 84 | 81 | 3.7% AVG. SALES PRICE $4,444,800 | $3,684,208 | 20.6% AVG. DAYS ON MARKET 70 | 61 | 14.8% SOLD/LIST PRICE % 94.6% | 95.4% | -0.8%
Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/17 and 9/30/17.
EASTSIDE MARKET REVIEW
BEL L EVU E YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $1.376B | $1.214B | 13.4% TOTAL HOMES SOLD 1045 | 1118 | -6.5% AVG. SALES PRICE $1,317,178 | $1,085,322 | 21.4% AVG. DAYS ON MARKET 20 | 19 | 5.3% SOLD/LIST PRICE % 102.9% | 102.1% | 0.8%
B OT H E L L YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $891.9M | $767.7M | 16.2% TOTAL HOMES SOLD 1391 | 1422 | -2.2% AVG. SALES PRICE $641,164 | $539,889 | 18.8% AVG. DAYS ON MARKET 22 | 24 | -8.3% SOLD/LIST PRICE % 103.1% | 101.8% | 1.3%
Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/17 and 9/30/17.
V D B LU X U RY - C O L DW EL L BA N K ER BA I N - B E L L E V U E | MADISON PARK
C A R N AT I O N YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $90.5M | $69.5M | 30.2% TOTAL HOMES SOLD 131 | 121 | 8.3% AVG. SALES PRICE $690,656 | $565,599 | 22.1% AVG. DAYS ON MARKET 42 | 42 | 0.0% SOLD/LIST PRICE % 100.4% | 99.7% | 0.7%
C LYD E H I L L YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $113.0M | $117.1M | -3.5% TOTAL HOMES SOLD 38 | 53 | -28.3% AVG. SALES PRICE $2,974,563 | $2,209,387 | 34.6% AVG. DAYS ON MARKET 51 | 33 | 54.5% SOLD/LIST PRICE % 98.2% | 98.0% | 0.2%
Some NWMLS data compiled by Trendgraphix. All property photos courtesy of Coldwell Banker Bain’s Bellevue and Madison Park offices.
EASTSIDE MARKET REVIEW
D U VAL L YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $94.0M | $87.5M | 7.4% TOTAL HOMES SOLD 163 | 174 | -6.3% AVG. SALES PRICE $576,441 | $502,736 | 14.7% AVG. DAYS ON MARKET 23 | 26 | -11.5% SOLD/LIST PRICE % 101.1% | 100.8% | 0.4%
I SS AQ UA H YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $534.7M | $446.2M | 19.9% TOTAL HOMES SOLD 599 | 585 | 2.4% AVG. SALES PRICE $892,696 | $762,654 | 17.1% AVG. DAYS ON MARKET 20 | 22 | -9.1% SOLD/LIST PRICE % 103.2% | 101.9% | 1.3%
Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/17 and 9/30/17.
V D B LU X U RY - C O L DW EL L BA N K ER BA I N - B E L L E V U E | MADISON PARK
K I R K LA N D YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $924.3M | $833.4M | 10.9% TOTAL HOMES SOLD 950 | 972 | -2.3% AVG. SALES PRICE $972,973 | $857,425 | 13.5% AVG. DAYS ON MARKET 16 | 23 | -30.4% SOLD/LIST PRICE % 103.6% | 101.7% | 1.9%
MED I NA YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $178.1M | $102.4M | 73.9% TOTAL HOMES SOLD 48 | 40 | 20.0% AVG. SALES PRICE $3,709,969 | $2,560,328 | 44.9% AVG. DAYS ON MARKET 41 | 20 | 105.0% SOLD/LIST PRICE % 97.5% | 99.6% | -2.1%
Some NWMLS data compiled by Trendgraphix. All property photos courtesy of Coldwell Banker Bain’s Bellevue and Madison Park offices.
EASTSIDE MARKET REVIEW
MERC ER I S L AND YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $472.6M | $364.0M | 29.9% TOTAL HOMES SOLD 251 | 220 | 14.1% AVG. SALES PRICE $1,882,979 | $1,654,373 | 13.8% AVG. DAYS ON MARKET 36 | 27 | 33.3% SOLD/LIST PRICE % 99.9% | 99.0% | 0.9%
NEWCASTLE YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $144.0M | $137.6M | 4.7% TOTAL HOMES SOLD 143 | 160 | -10.6% AVG. SALES PRICE $1,007,195 | $859,706 | 17.2% AVG. DAYS ON MARKET 20 | 32 | -37.5% SOLD/LIST PRICE % 101.7% | 100.2% | 1.5%
Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/17 and 9/30/17.
V D B LU X U RY - C O L DW EL L BA N K ER BA I N - B E L L E V U E | MADISON PARK
N O RT H B E N D YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $119.6M | $125.2M | -4.4% TOTAL HOMES SOLD 202 | 233 | -13.3% AVG. SALES PRICE $592,163 | $537,178 | 10.2% AVG. DAYS ON MARKET 29 | 31 | -6.5% SOLD/LIST PRICE % 100.8% | 100.2% | 0.6%
RED MOND YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $711.8M | $633.1M | 12.4% TOTAL HOMES SOLD 753 | 802 | -6.1% AVG. SALES PRICE $945,312 | $789,425 | 19.7% AVG. DAYS ON MARKET 18 | 21 | -14.3% SOLD/LIST PRICE % 104.5% | 102.1% | 2.4%
Some NWMLS data compiled by Trendgraphix. All property photos courtesy of Coldwell Banker Bain’s Bellevue and Madison Park offices.
EASTSIDE MARKET REVIEW
RENTON YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $723.0M | $658.8M | 9.7% TOTAL HOMES SOLD 1389 | 1396 | -0.5% AVG. SALES PRICE $520,506 | $471,922 | 10.3% AVG. DAYS ON MARKET 21 | 28 | -25.0% SOLD/LIST PRICE % 102.0% | 101.1% | 0.9%
S A M MA M I SH YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $823.5M | $684.1M | 20.4% TOTAL HOMES SOLD 801 | 748 | 7.1% AVG. SALES PRICE $1,028,076 | $914,578 | 12.4% AVG. DAYS ON MARKET 25 | 24 | 4.2% SOLD/LIST PRICE % 102.0% | 101.2% | 0.8%
Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/17 and 9/30/17.
V D B LU X U RY - C O L DW EL L BA N K ER BA I N - B E L L E V U E | MADISON PARK
S N O Q UA LMI E YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $196.2M | $135.7M | 44.6% TOTAL HOMES SOLD 280 | 220 | 27.3% AVG. SALES PRICE $700,574 | $616,640 | 13.6% AVG. DAYS ON MARKET 13 | 12 | 8.3% SOLD/LIST PRICE % 102.1% | 101.4% | 0.6%
WOOD I NVI L L E YTD 2017 | YTD 2016 | % CHANGE TOTAL SALES VOLUME $348.2M | $309.9M | 12.3% TOTAL HOMES SOLD 393 | 404 | -2.7% AVG. SALES PRICE $885,890 | $767,159 | 15.5% AVG. DAYS ON MARKET 22 | 27 | -18.5% SOLD/LIST PRICE % 101.3% | 100.8% | 0.5%
Some NWMLS data compiled by Trendgraphix. All property photos courtesy of Coldwell Banker Bain’s Bellevue and Madison Park offices.
EASTSIDE MARKET - THIRD QUARTER REVIEW
*Information and statistics derived by CB Bain from the Northwest Multiple Listing Service (NWMLS). Statistics not compiled or published by the NWMLS.
BELLEVUE 150 BELLEVUE WAY SE, BELLEVUE, WA 98004 MADISON PARK 4227 EAST MADISON STREET, SEATTLE, WA 98122