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EASTSIDE
MARKET REVIEW
| First Quarter By The Numbers | 2018 Q1 Recap
| MADISON PARK | BELLEVUE | LINCOLN SQUARE
EASTSIDE MARKET REVIEW
A VIEW FROM THE EASTSIDE Real Estate Market Recap | First Quarter 2018
2018 opened with Eastside homeowners delighting in record breaking property values, while home buyers faced the dual challenge of rising prices and limited supply. Winter is traditionally a slower growth period, but early 2018 bucked that norm as buyers braved the wet weather and sustained a nation-leading surge in area home-price increases. The many appeals of Eastside living drove total Q1 sales beyond $2 billion, with the average price of a single-family home over the $1 million mark, and new construction demanding even more at nearly $1.3 million. The inverse correlation between rising sales volume and a lower unit count in Q1 2018 is reflective of a lack of inventory and how it fuels the frenzied state of the market. Every segment of the market showed growth, with the volume of condominium sales rising over 25% and luxury properties increasing more than 40% against Q1 2017. With first quarter sale prices exceeding list prices on average, the growth trend shows no signs of abatement. Hold on for the ride – the view from the Eastside is glorious – and it continues to prove its value.
No End in Sight for a Booming Eastside Market A thriving economy and the new residents that inevitably follow are fueling a hot Eastside real estate market into 2018. Mike Grady, Coldwell Banker Bain’s president and COO, concurred in a March 2018 interview with The Seattle Times: “The hyper job market in the Pacific Northwest continues to outpace almost every metro area in the nation, and thus our housing market is booming; for now, there is no end in sight.� Partly fueled by buyers racing against rising interest rates, our agents are regularly fielding multiple offers, and buyers are scrambling for ways to make their bid more attractive. Smart buyers are financially pre-approved and armed with an experienced real estate professional to be well-informed and ready to move when the right home becomes available. Smart sellers are taking advantage of a market tipped in their favor and are offering properties alongside excellent representation to navigate a fastpaced environment.
EASTSIDE MARKET REVIEW
First quarter 2018 presents one statistic that is particularly telling; as compared to first quarter last year, average prices are up 17% while average days on the market are down 23%. This environment illustrates the frenzy the market is currently enjoying, or enduring, depending on one’s perspective. The demand for condominium homes increased by 25% as compared to Q1 2017 in response to single-family price points continuing to soar, resulting in a 35% drop in days on the market for condominiums – a brisk 17-day average.
SINGLE FAMILY HOMES
CONDOMINIUM HOMES
Q1 | 18 vs. Q1 | 17
Q1 | 18 vs. Q1 | 17
Total Units Sold
Total Units Sold 1,570
-9
%
1,732
655
1%
649
Total Sales Volume
Total Sales Volume
$1,640,863,533
6
%
$1,553,133,856
$368,134,890 $290,779,787
Average Sold Price
Average Sold Price $1,045,136
17
%
$896,729
Average Days on Market
-18
%
27%
$562,038 $448,043
Average Days on Market 17 Days
27 Days 33 Days
25%
26 Days
-35%
Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/18 and 3/31/18.
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With a cumulative sales volume of over $2 billion in the opening quarter of 2018, each Eastside community in this report exhibited their individuality alongside a singular theme – prosperity. Standouts as compared to last year were Medina, Clyde Hill and North Bend showing percentage increases in triple-digits and the luxury market breakout continuing to show strength with average single-family home prices approaching $3.25 million. Newcastle boasts the demand of its combination of urban proximity and relative affordability with sold prices exceeding list by more 3%.
NEW CONSTRUCTION
ALL PROPERTY TYPES
Q1 | 18 vs. Q1 | 17
Q1 | 18 vs. Q1 | 17
Total Units Sold
Total Units Sold 388
-4
%
402
2,240 2,395
Total Sales Volume
Total Sales Volume
$501,393,897
15
%
$437,092,812
$2,009,925,424
Average Sold Price
$1,292,252
19
$1,087,296
Average Days on Market
-41
%
9%
$1,844,923,808
Average Sold Price
%
-7%
$897,288 $770,323
Average Days on Market 24 Days
42 Days 71 Days
17%
31 Days
-23%
Some NWMLS data compiled by Trendgraphix. All property photos courtesy of Coldwell Banker Bain’s Bellevue and Madison Park offices.
EASTSIDE MARKET REVIEW
BELLEVUE Q1 2018 | Q1 2017 | % CHANGE TOTAL SALES VOLUME
$308.5M
$286.7M
TOTAL HOMES SOLD 218 | 227 | -4.0% AVG. SALES PRICE $1,415,049 | $1,262,934 | 12.0% AVG. DAYS ON MARKET 23 | 23 | 0% SOLD/LIST PRICE % 103.0% | 103.2% | -0.1%
7.6%
Bellevue real estate maintained robust gains with single-family home prices increasing nearly 4% in the first quarter of 2018 alone – climbing to an average sales price of over $1.4 million. With a soldto-list price ratio of 103%, the popularity of the Eastside’s largest city does not appear to be abating. This is no surprise, as Bellevue, with its award-winning schools, has been nationally recognized as one of the best places to live in the country - as well as one of the safest. As the high-tech and retail center of the Eastside, Bellevue is home to multiple corporate headquarters such as Expedia and T-Mobile, drawing residents from around the nation and the world. Bellevue offers the juxtaposition of a thriving downtown of gleaming high-rises with a vast network of green spaces, public parks, nature trails and lakefront swimming beaches.
Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/18 and 3/31/18.
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BOTHELL The hot real estate market in Bothell in the first quarter of the year kept pace with last year with the average single-family home being on the market for a mere 21 days. The city’s lower average price point attracts first-time buyers, and its charming small-town feel so close to urban centers is a major draw. This riverfront community of 45,000 people is growing and thriving. It has high-tech and bio-medical businesses and is undergoing a major downtown revitalization, enhancing the historic charm of the city’s Main Street adding retail, commercial space and creating housing in the downtown district. Bothell also has an extensive park system and a myriad of recreation opportunities. Bothell schools are part of the award-winning Northshore School District.
Q1 2018 | Q1 2017 | % CHANGE TOTAL SALES VOLUME
$44.5M
$33.7M
32.3%
TOTAL HOMES SOLD 56 | 46 | 21.7% AVG. SALES PRICE $795,470 | $731,716 | 8.7% AVG. DAYS ON MARKET 21 | 50 | -58.0% SOLD/LIST PRICE % 103.4% | 103.2% | 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
CARNATION Q1 2018 | Q1 2017 | % CHANGE TOTAL SALES VOLUME
$27.6M
$22.8M
TOTAL HOMES SOLD 35 | 38 | -7.9% AVG. SALES PRICE $787,531 | $598,931 | 31.5% AVG. DAYS ON MARKET 44 | 66 | -33.3% SOLD/LIST PRICE % 100.1% | 99.1% | 1.1%
21.1%
Rural Carnation attracts homeowners seeking a friendly and safe community. The average single-family home sale price jumped 32% in Q1 2018 over the same period last year. The $788,000 price point brings the rural destination into the price range of closer-in communities, and for very good reason. Carnation benefits from the natural beauty and recreational opportunities of the Snoqualmie Valley. Located where the Snoqualmie and Tolt Rivers meet, Carnation is in one of the most productive agricultural regions in the Northwest. It features a number of open-to-the-public farms that offer family activities and interactive farming experiences. Carnation’s small downtown features a handful of locally-owned shops and restaurants which add to the close-knit community feeling.
Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/18 and 3/31/18.
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CLYDE HILL The first quarter of 2018 saw Clyde Hill gaining the largest percentage increase in home sale volume over last year of any Eastside city, at a whopping 199%. With an average single-family sale price of nearly $3 million, Clyde Hill remains one of the most affluent communities in metro Seattle and the Eastside. The city is a haven for wealthy, educated homeowners who enjoy living a quiet lifestyle only minutes from the tech hubs of Seattle, Bellevue and Kirkland. The city’s minimum lot size is 20,000 square feet and many homes have distinctive views of Lake Washington, the Olympic mountains and the Seattle skyline. Clyde Hill is home to four sought-after schools, two public (Clyde Hill Elementary and Chinook Middle School) and two private (Bellevue Christian School and Sacred Heart School).
Q1 2018 | Q1 2017 | % CHANGE TOTAL SALES VOLUME
$61.0M
$20.4M
198.9%
TOTAL HOMES SOLD 21 | 9 | 133.3% AVG. SALES PRICE $2,902,489 | $2,265,778 |28.1% AVG. DAYS ON MARKET 25 | 25 | 0% SOLD/LIST PRICE % 98.7% | 101.5% | -2.7%
Some NWMLS data compiled by Trendgraphix. All property photos courtesy of Coldwell Banker Bain’s Bellevue and Madison Park offices.
EASTSIDE MARKET REVIEW
DUVALL Q1 2018 | Q1 2017 | % CHANGE TOTAL SALES VOLUME
$37.1M
$20.6M
TOTAL HOMES SOLD 56 | 36 | 55.6% AVG. SALES PRICE $662,194 | $572,682 | 15.6% AVG. DAYS ON MARKET 15 | 42 | -64.3% SOLD/LIST PRICE % 101.5% | 99.0% | 2.6%
79.9%
Duvall is one of the fastest growing communities in the state of Washington and its Q1 2018 real estate market performance underscored this growth. With prices steadily rising, average time on the market was a brief two weeks, requiring a nimble strategy for home buyers. What’s more, the market was sufficiently hot causing buyers to consistently pay over asking price. With Duvall’s master plan set to create greater density and more housing, the growth of its real estate market is pre-ordained. As a bedroom community approximately 25 miles northeast of Seattle, the city will continue to attract both commuters and home buyers seeking a more rural lifestyle. The city is carefully managing its burgeoning growth with smart planning commission processes for new construction and community involvement. Duvall also hopes to see additional commercial development due to strong job growth in the Puget Sound region.
Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/18 and 3/31/18.
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ISSAQUAH Despite seeing a reduction in unit sales of single-family homes the first quarter of 2018 as compared to last year, Issaquah’s housing market is strong. Average single-family sold home price topped $1 million for the first-time riding on a sold-to-list price ratio that topped 102%. These numbers prove that what was once a sleepy farming and mining community has become one of the fastest growing communities in Washington. Issaquah has expanded through annexations and a new construction boom, especially in the Issaquah Highlands and Talus urban villages. With larger homes in tucked-away neighborhoods, the city attracts home buyers who want room to spread out in a quieter atmosphere. Growth will continue since Issaquah is required to meet a state-mandated target of 3,916 more housing units and 17,517 jobs by 2031.
Q1 2018 | Q1 2017 | % CHANGE TOTAL SALES VOLUME
$121.0M
$105.7M
14.5%
TOTAL HOMES SOLD 120 | 124 | -3.2% AVG. SALES PRICE $1,008,238 | $852,390 | 18.3% AVG. DAYS ON MARKET 34 | 32 | 6.3% SOLD/LIST PRICE % 102.1% | 103.8% | -1.6%
Some NWMLS data compiled by Trendgraphix. All property photos courtesy of Coldwell Banker Bain’s Bellevue and Madison Park offices.
EASTSIDE MARKET REVIEW
KIRKLAND Q1 2018 | Q1 2017 | % CHANGE TOTAL SALES VOLUME
$208.5M
$229.0M
TOTAL HOMES SOLD 172 | 245 | -29.8% AVG. SALES PRICE $1,212,479 | $934,727 |29.7% AVG. DAYS ON MARKET 23 | 23 | 0% SOLD/LIST PRICE % 102.9% | 102.4% | 0.5%
-8.9%
Second only to Bellevue, Kirkland’s volume of sales in Q1 2018 was the highest on the Eastside. The average sold price topped $1 million for the first time, nearly 30% higher than the same period last year. Buyers routinely bid homes up over asking price, with the quarterly sold-to-list price ratio reaching 103%. With 87,700 residents, Kirkland is the twelfth most populous city in the state. Its lakefront beaches and parks set it apart as 25% of the city’s lakefront property is publicly owned and enjoyed. Its booming downtown is buzzing with an exciting collection of restaurants, shops, recreational spaces and a performing arts center. Adding to Kirkland’s vibrancy, the city’s downtown is adding density through mixed-use developments in addition to the redevelopment of the Totem Lake area, which will add residential and commercial units that are sure to draw more residents and commuters in the coming years.
Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/18 and 3/31/18.
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MEDINA Due to limited inventory, Medina saw the highest growth in average sold price on the Eastside; a prodigious 150% as compared to Q1 2017. Translating to a nearly $6 million single-family average price, the city boasts the highest home prices not only on the Eastside but in the entire state. Medina’s ability to support transactions of this magnitude with an average of 38 days on the market proves its desirability as a destination for both global buyers and high-networth locals. Located on the eastern shore of Lake Washington, Medina has earned a reputation as one of the most desirable and expensive neighborhoods in the nation. With its lakefront dubbed The Gold Coast and select residential pockets described as Billionaire’s Row, Medina is the Greenwich or Palm Beach of the Northwest. With 3,200 total residents, the city is a small, quiet, private community. Medina’s schools are part of the larger Bellevue School District, which is one of the top ranking and award-winning districts in the nation.
Q1 2018 | Q1 2017 | % CHANGE TOTAL SALES VOLUME
$47.5M
$33.1M
43.5%
TOTAL HOMES SOLD 8 | 14 | -42.9% AVG. SALES PRICE $5,932,850 | $2,362,564 | 151.1% AVG. DAYS ON MARKET 36 | 44 | -18.2% SOLD/LIST PRICE % 97.4% | 94.9% | 2.6%
Some NWMLS data compiled by Trendgraphix. All property photos courtesy of Coldwell Banker Bain’s Bellevue and Madison Park offices.
EASTSIDE MARKET REVIEW
MERCER ISLAND Q1 2018 | Q1 2017 | % CHANGE TOTAL SALES VOLUME
$121.4M
$118.9M
2.1%
TOTAL HOMES SOLD 63 | 55 | 14.5% AVG. SALES PRICE $1,927,051 | $2,162,382 | -10.9% AVG. DAYS ON MARKET 38 | 56 | -32.1% SOLD/LIST PRICE % 100.3% | 97.9% | 2.5%
Mercer Island was one of the few Eastside communities which increased unit sales in Q1 2018 as compared to last year. At a nearly $2 million average for a single-family home in the same period, Mercer Island holds its place as the third-priciest place to buy on the Eastside, behind only Medina and Clyde Hill. With a population of 25,000, Mercer Island is widely recognized as one of the premier residential communities in Washington. Just over five miles long and two miles wide, it is a true island community. Mercer Island is located equidistant from Seattle and the rest of the Eastside, making commuting to both job centers a breeze. And, because it’s an island, property is a hot commodity and suburban sprawl is impossible. Residents take pride in their schools, parks and miles of shoreline. Boating and the waterfront lifestyle are staples of Mercer Island living.
Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/18 and 3/31/18.
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NEWCASTLE Demand for homes in Newcastle continues to strengthen with its combination of urban proximity and relative affordability. With the average single-family home price hovering very close to the $1 million mark, Newcastle real estate is quickly moving out of midrange. First quarter 2018 showed single-family homes selling for an average of almost 105% of list price, proof that bidding wars were the norm and not the exception. Incorporated in 1994, Newcastle is a relatively young city. Its newer and larger homes make the city a top target for buyers seeking less maintenance and more space. Residents are drawn to Newcastle’s amenities, shorter commutes, stunning views and easy access to outdoor recreation. Newcastle schools are unusual in that they are served by two separate districts, Issaquah and Renton.
Q1 2018 | Q1 2017 | % CHANGE TOTAL SALES VOLUME
$26.6M
$32.2M
-17.4%
TOTAL HOMES SOLD 27 | 35 | -22.9% AVG. SALES PRICE $983,556 | $919,122 | 7.0% AVG. DAYS ON MARKET 21 | 30 | -30.0% SOLD/LIST PRICE % 104.8% | 100.9% | 3.8%
Some NWMLS data compiled by Trendgraphix. All property photos courtesy of Coldwell Banker Bain’s Bellevue and Madison Park offices.
EASTSIDE MARKET REVIEW
NORTH BEND Q1 2018 | Q1 2017 | % CHANGE TOTAL SALES VOLUME
$42.0M
$20.8M
TOTAL HOMES SOLD 66 | 32 | 106.3% AVG. SALES PRICE $636,058 | $649,866 | -2.1% AVG. DAYS ON MARKET 27 | 55 | -50.9% SOLD/LIST PRICE % 100.9% | 98.7% | 2.2%
101.9%
By Eastside standards, North Bend housing prices remain a relative bargain. This may explain why first quarter 2018 showed a 102% increase in total homes sold as compared to 2017. With an average single-family home price of $630,000, North Bend is drawing scores of buyers who are more than willing to make the commute along I-90 to this idyllic community. Located in the Cascade foothills just 31 miles east of Seattle, North Bend has become a bedroom community of Seattle. With a population of around 7,000, North Bend retains its small town feel and remains a close-knit community. Residents take pride in the city’s stunning mountain views and ample hiking trails. North Bend is home to Nintendo’s main North American production facility and distribution center.
Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/18 and 3/31/18.
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REDMOND Redmond’s real estate market continues its solid performance in the opening quarter of 2018. Due to low supply and high demand for single-family homes, prices jumped 11% over the previous year, exceeding the $1 million mark for the first time. In this desirable community, average time on the market dropped 20% over the same period last year. Home to Microsoft International Headquarters, Redmond’s strong tech and biomedical employment sector, extensive park system and growing downtown, this one-time farming community has become a draw for people from all over the world. It now boasts a population of roughly 63,000 and offers its residents a comfortable blend of urban density and suburban spaciousness. The city prides itself on having good schools, a healthy economic base, a huge parks system, diverse offerings for shopping and dining, and safe neighborhoods.
Q1 2018 | Q1 2017 | % CHANGE TOTAL SALES VOLUME
$133.6M
$150.1M
-11.0%
TOTAL HOMES SOLD 132 | 165 | -20% AVG. SALES PRICE $1,012,324 | $909,977 | 11.2% AVG. DAYS ON MARKET 28 | 35 | -20.0% SOLD/LIST PRICE % 103.8% | 104.2% | -0.5%
Some NWMLS data compiled by Trendgraphix. All property photos courtesy of Coldwell Banker Bain’s Bellevue and Madison Park offices.
EASTSIDE MARKET REVIEW
RENTON Q1 2018 | Q1 2017 | % CHANGE TOTAL SALES VOLUME
$133.2M
$195.0M
TOTAL HOMES SOLD 259 | 388 | -33.2% AVG. SALES PRICE $514,457 | $502,578 | 2.4% AVG. DAYS ON MARKET 23 | 37 | -37.8% SOLD/LIST PRICE % 102.1% | 100.5% | 1.6%
-31.7%
Booming with manufacturing and technology, Renton’s historic feel continues to draw residents looking for affordability on the Eastside. First quarter 2018 brought slightly higher home values to this city along the south end of Lake Washington, with sold to list price ratios at 102%. Buyers, priced out of much more expensive cities like Bellevue, Issaquah and Newcastle, snapped up Renton homes 38% faster than they did in the same period 2017. Renton is a growing suburb that’s proud of its diverse population and strong community identity. From the shores of Lake Washington to the Highlands, the city is reinventing itself from an industrial landscape to a trendier place to live. Of the major cities in Washington, Renton boasts the highest number of restaurants per capita. The 11th largest city in Washington, Renton is situated at the center of an extensive regional and international transportation network.
Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/18 and 3/31/18.
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SAMMAMISH With a $185 million single-family sales-by-dollar-volume figure, Sammamish ranked third-highest on the Eastside in the year’s opening quarter – exceeded only by Bellevue and Kirkland. Opening the year with an average sales price of over $1 million, this quiet suburban town’s real estate market continues its steep climb. Sammamish is one of Seattle’s most highly regarded and soughtafter suburbs. It is routinely profiled in various “Best Towns in America” lists and was ranked 1st by Forbes in its 2012 list of Friendliest Towns in the U.S. The city’s close proximity to Redmond and Bellevue make it an ideal spot for people who work on the Eastside. Sammamish offers quality neighborhoods with large homes, great schools, vibrant natural features and outstanding recreational opportunities. Its residents are actively involved in the decisions that shape the community as it grows and thrives.
Q1 2018 | Q1 2017 | % CHANGE TOTAL SALES VOLUME
$184.9M
$160.0M
15.6%
TOTAL HOMES SOLD 173 | 162 | 6.8% AVG. SALES PRICE $1,068,835 | $987,717 | 8.2% AVG. DAYS ON MARKET 33 | 39 | -15.4% SOLD/LIST PRICE % 102.2% | 102.2% | 0%
Some NWMLS data compiled by Trendgraphix. All property photos courtesy of Coldwell Banker Bain’s Bellevue and Madison Park offices.
EASTSIDE MARKET REVIEW
SNOQUALMIE Q1 2018 | Q1 2017 | % CHANGE TOTAL SALES VOLUME
$52.7M
$43.7M
TOTAL HOMES SOLD 69 | 66 | 4.5% AVG. SALES PRICE $764,163 | $662,054 | 15.4% AVG. DAYS ON MARKET 13 | 12 | 8.3% SOLD/LIST PRICE % 103.7% | 101.8% | 1.9%
20.7%
Snoqualmie continues to show its draw as a more affordable community with all advantages and benefits of the Pacific Northwest lifestyle. Average days on the market for single-family home, at less than 2 weeks, was the shortest on the Eastside in Q1 2018, and sold-to-list ratio came in at nearly 104%. The demand for Snoqualmie’s quality of life is creating a fast moving and exciting real estate market. Snoqualmie Ridge’s newer construction homes and planned communities have strong appeal to buyers who are priced out of Issaquah and other closer-in Eastside cities. Snoqualmie Falls, the second most visited natural landmark in Washington after Mount Rainier, contributes to Snoqualmie’s strong tourism infrastructure. The town routinely receives national recognition and local accolades for quality of life, in part due to its well-regarded school district and its stunning natural environment.
Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/18 and 3/31/18.
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WOODINVILLE Stepping around wine-sipping tourists, buyers in Woodinville continued to successfully search for their new homes in the first quarter of the year. Compared to Q1 2017, the volume of this city’s home sales increased alongside the average sales price, which is fast approaching $1 million. With a growing population of roughly 12,000, Woodinville has large homes on large lots. The town’s economy is a mix of light industrial, retail and tourism. Woodinville is known for its local wineries and showrooms that specialize in wines made from grapes harvested in Eastern Washington. To lend balance to its beverage offerings, Woodinville is also home to the Redhook Ale Brewery. A foodie’s paradise, the Woodinville Tourist District has several fine restaurants, including The Herbfarm, a nationallyknown “destination” restaurant.
Q1 2018 | Q1 2017 | % CHANGE TOTAL SALES VOLUME
$90.8M
$81.4M
11.6%
TOTAL HOMES SOLD 95 | 91 | 4.4% AVG. SALES PRICE $955,717 | $894,038 | 6.9% AVG. DAYS ON MARKET 37 | 30 | 23.3% SOLD/LIST PRICE % 100.9% | 101.5% | -0.6%
Some NWMLS data compiled by Trendgraphix. All property photos courtesy of Coldwell Banker Bain’s Bellevue and Madison Park offices.
EASTSIDE MARKET REVIEW
LUXURY $2M+ Q1 2018 | Q1 2017 | % CHANGE TOTAL SALES VOLUME
$333.8M
$238.0M
TOTAL HOMES SOLD 103 | 77 | 33.8% AVG. SALES PRICE $3,241,040 | $3,090,348 | 4.9% AVG. DAYS ON MARKET 55 | 61 | -9.8% SOLD/LIST PRICE % 97.9% | 97.0% | 1.0%
40.3%
The Eastside’s luxury residential market advanced its staggering numbers with total volume of 1/3 of a billion dollars in this first quarter alone. Average sales price was nearly $3.25 million with total count up 34% from the same period last year. Days on the market averaged less than 2 months for luxury listings, a surprisingly short time period for sales of this magnitude. The Eastside continues to attract affluent home buyers from around the region, the nation and the world. Our many lifestyle properties, including waterfront and view homes, appeal to highnet-worth buyers, both locals who are “moving up” and those relocating from other markets. Our booming jobs sector continues to draw well-paid executives to our region, while record-high stock option values are creating a whole new class of luxury-level home buyers. The Eastside luxury market should continue its upward trajectory for some time.
Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/18 and 3/31/18.
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WATERFRONT $2M+ The market for luxury waterfront homes on the Eastside – those sold for $2 million or more – continued its intensity moving into 2018. Comprising one-quarter of all high-end home sales, waterfront is the most glamorous residential market segment on the Eastside. Lake Washington has the majority of the region’s luxury waterfront homes, and these tend to command top dollar. With average prices approaching $5 million, the waterfront lifestyle that defines much of the Eastside attracts wealthy buyers who are quickly snapping up lakefront listings in Mercer Island, Newport Shores, Enatai, Meydenbauer Bay, Medina, Hunts Point, Yarrow Point, Kirkland and Juanita – and doing so 42% more quickly than early 2017.
Q1 2018 | Q1 2017 | % CHANGE TOTAL SALES VOLUME
$88.4M
$79.3M
11.5%
TOTAL HOMES SOLD 18 | 19 | -5.3% AVG. SALES PRICE $4,911,594 | $4,171,974 | 17.7% AVG. DAYS ON MARKET 55 | 95 | -42.1% SOLD/LIST PRICE % 96.1% | 95.8% | 0.3%
Some NWMLS data compiled by Trendgraphix. All property photos courtesy of Coldwell Banker Bain’s Bellevue and Madison Park offices.
EASTSIDE MARKET - 2018 Q1 RECAP
*Information and statistics derived by CB Bain from the Northwest Multiple Listing Service (NWMLS). Statistics not compiled or published by the NWMLS.
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