2016 Fall Eastside Market Review

EASTSIDE MARKET

FA L L 2 0 1 6 EASTSIDE MARKET REVIEW

EAS TSIDE MARKET REVIEW

A VIEW FROM THE EASTSIDE Fall 2016 Real Estate Market Recap With a strong performance throughout 2016, the Eastside real estate market remains on a solid growth trajectory.

From Bellevue to Woodinville, higher prices and shorter market times have been the trend, along with a criticallylow housing supply that has forced buyers to be more aggressive and creative than ever before. This Fall market report shows average Sold prices in the majority of Eastside cities having exceeded average list prices year-to-date.

As a result, multiple communities have experienced double-digit price appreciation. During this same period the average time it took to sell a home decreased in every Eastside city.

Though inventory increased slightly in the summer months and the early Fall market was more tepid than usual due to pre-election jitters, there remains a significant imbalance between the demand for Eastside housing and the supply of homes for sale. As 2016 winds down, sellers have ample opportunity to benefit from these conditions.

Why the Eastside’s real estate market continues to lead our region Because of its location, growing employer base and awardwinning schools, the Eastside has the most sought-after residential real estate in Washington. Major companies like Amazon, Google, REI, Tableau and GoDaddy have been growing their Eastside operations, and more are coming.

Washington’s top-ranked school districts are located on the Eastside. New shopping and services proliferate throughout the region, fortifying tax revenues to feed future growth.

EastLink light rail is under development and will expand access to jobs, amenities and homes. It’s clear that now is a terrific time to own Eastside real estate. The proof: continuously strong buyer demand and a reluctance to sell by homeowners. The numbers show Eastside housing prices outperforming those of Seattle and every market statewide.

There’s little indication that these trends will slow down anytime soon. Even if rising interest rates sideline some buyers, housing inventory will remain tight. Lack of available land and strict zoning will continue to limit new construction of single family homes and condominiums on the Eastside.

All current trends indicate that housing demand will outpace supply for the foreseeable future, accelerating competition among buyers and increasing home prices.

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

ABOUT COLDWELL BANKER BAIN

Coldwell Banker Bain | Seal is the 17th largest real estate

49 countries. The company operates as Coldwell Banker

company in the country, helping people buy and sell homes

Bain in Western Washington and Coldwell Banker Seal in

in the Pacific Northwest since 1972. With 1000+ brokers in

the Portland/Vancouver metropolitan area, also providing

31 offices throughout Washington and Oregon, the company

services in property management, commercial real estate

provides the full spectrum of services to buyers and sellers,

and real estate investment, and relocation management.

with special expertise in the luxury realm. Additionally, the

Coldwell Banker Bain | Seal consistently ranks among the

company has once again earned the national Coldwell

Top 20 Real Estate Companies in the nation as cited by

Banker Chairman’s Circle designation

Real Trends and RIS Media’s Real Estate.

for outstanding performance in volume

For more information, visit:

for 2015, ranking as a number one

www.coldwellbankerbain.com

network affiliate out of 3,000 offices in

www.coldwellbankerseal.com

EAS TSIDE MARKET REVIEW

SINGLE FAMILY HOMES

12%

$666,700

$737,100

$965,900

$1,077,600

$362,400

$400,800

$783,000

$877,400

AV E RA G E E A S T S I D E HO M E PR ICE | YT D 2016 VS. 2 0 1 5

CONDOMINIUMS

NEW CONSTRUCTION HOMES

ALL PROPERTY TYPES

11%

12%

11%

Year-to-date, Eastside residential real estate prices have seen double-digit percentage increases over last year, a trend that extends across all property types. Through October 31, the total volume of Eastside home sales exceeded $7.7 billion, up 11% from 2015. This year’s extremely limited inventory of single family homes, condos and new construction homes has resulted in unit sales that have been relatively flat compared to last year. The property type with the highest volume growth so far in 2016 has been condos, whose Average Sold Price remains far more accessible to buyers than that of single family homes.

10434

10531

1106

1131

2468

2567

7538

7465

T O T A L E A S T S I DE SA L E S YT D | 2016 VS. 2 0 1 5

SINGLE FAMILY HOMES

CONDOMINIUMS

NEW CONSTRUCTION HOMES

ALL PROPERTY TYPES

-1%

4%

2%

1%

VDB Estates | Coldwell Banker Bain

$6.96B

$7.76B

$1.07B

$1.22B

$895M

$1.03B

$5.9B

$6.55B

T O T AL E A S T S I D E S AL E S VO L U M E YT D | 2016 VS. 2 0 1 5

SINGLE FAMILY HOMES

CONDOMINIUMS

NEW CONSTRUCTION HOMES

ALL PROPERTY TYPES

11%

15%

14%

11%

Although this year has seen a historically-low supply of Eastside homes on the market, year-to-date sales volume has increased for all property types due to steadily rising prices. Ten of the 16 communities in this report have experienced price increases of at least 11% over last year. Two other indicators of the hyper-competitive Eastside market: strong price ratios (the Average Sold Price has exceeded the Average List Price in 11 of 16 cities) and declining Days-on-Market figures (14 of 16 cities have seen a drop of at least 20%). Condominiums sold the fastest of any property type, with an average market time of 23 days.

41 Days

32 Days

72 Days

62 Days

34 Days

23 Days

38 Days

28 Days

AV G . D A Y S O N MA R KE T YT D | 2 0 1 6 VS. 2015

SINGLE FAMILY HOMES

CONDOMINIUMS

NEW CONSTRUCTION HOMES

ALL PROPERTY TYPES

-26%

-32%

-14%

-22%

EAS TSIDE MARKET REVIEW

BEL L EVU E YTD 2016 | YTD 2015 | % CHANGE TOTAL SALES VOLUME $1.386B | $1.269B | 9.2% TOTAL HOMES SOLD 1,278 | 1,275 | 0.2% AVG. SALES PRICE $1,084,400 | $995,500 | 8.9% AVG. DAYS ON MARKET 20 | 25 | -20.0% SOLD/LIST PRICE % 102.0% | 100.1% | 1.9%

C A R N AT I O N YTD 2016 | YTD 2015 | % CHANGE TOTAL SALES VOLUME $81.9M | $51.8M | 58.3% TOTAL HOMES SOLD 144 | 99 | 45.5% AVG. SALES PRICE $568,800 | $522,700 | 8.8% AVG. DAYS ON MARKET 40 | 67 | -40.3% SOLD/LIST PRICE % 99.7% | 98.0% | 1.7%

Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/16 and 10/31/16.

VDB Estates | Coldwell Banker Bain

C LY DE HI LL YTD 2016 | YTD 2015 | % CHANGE TOTAL SALES VOLUME $141.2M | $123.0M | 14.8% TOTAL HOMES SOLD 64 | 50 | 28.0% AVG. SALES PRICE $2,206,000 | $2,460,100 | -10.3% AVG. DAYS ON MARKET 40 | 54 | -25.9% SOLD/LIST PRICE % 97.7% | 97.7% | 0.0%

D U VAL L YTD 2016 | YTD 2015 | % CHANGE TOTAL SALES VOLUME $99.6M | $100.9M | -1.4% TOTAL HOMES SOLD 197 | 216 | -8.8% AVG. SALES PRICE $505,400 | $467,200 | 8.2% AVG. DAYS ON MARKET 28 | 35 | -20.0% SOLD/LIST PRICE % 100.6% | 99.6% | 1.0%

Data compiled by Coldwell Banker Bain; Northwest Multiple Listing Service does not guarantee its accuracy.

EAS TSIDE MARKET REVIEW

FAL L C I TY YTD 2016 | YTD 2015 | % CHANGE TOTAL SALES VOLUME $43.3M | $42.2M | 2.7% TOTAL HOMES SOLD 67 | 65 | 3.1% AVG. SALES PRICE $647,000 | $649,600 | -0.4% AVG. DAYS ON MARKET 42 | 61 | -31.1% SOLD/LIST PRICE % 99.5% | 96.0% | 3.6%

I SS AQ UA H YTD 2016 | YTD 2015 | % CHANGE TOTAL SALES VOLUME $503.8M | $443.3M | 13.6% TOTAL HOMES SOLD 655 | 662 | -1.1% AVG. SALES PRICE $769,100 | $669,700 | 14.8% AVG. DAYS ON MARKET 22 | 32 | -31.3% SOLD/LIST PRICE % 101.8% | 100.4% | 1.4%

Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/16 and 10/31/16.

VDB Estates | Coldwell Banker Bain

K I R K LA N D YTD 2016 | YTD 2015 | % CHANGE TOTAL SALES VOLUME $960.0M | $732.5M | 31.1% TOTAL HOMES SOLD 1107 | 979 | 13.1% AVG. SALES PRICE $867,200 | $748,200 | 15.9% AVG. DAYS ON MARKET 25 | 29 | -13.8% SOLD/LIST PRICE % 101.5% | 100.2% | 1.3%

MED I NA YTD 2016 | YTD 2015 | % CHANGE TOTAL SALES VOLUME $130.0M | $123.8M | 4.8% TOTAL HOMES SOLD 48 | 51 | -5.9% AVG. SALES PRICE $2,702,000 | $2,426,600 | 11.3% AVG. DAYS ON MARKET 20 | 41 | -51.2% SOLD/LIST PRICE % 99.5% | 97.8% | 1.7%

Data compiled by Coldwell Banker Bain; Northwest Multiple Listing Service does not guarantee its accuracy.

EAS TSIDE MARKET REVIEW

MERC ER I S L AND YTD 2016 | YTD 2015 | % CHANGE TOTAL SALES VOLUME $421.9M | $439.2M | -3.9% TOTAL HOMES SOLD 257 | 288 | -10.8% AVG. SALES PRICE $1,641,700 | $1,524,900 | 7.7% AVG. DAYS ON MARKET 28 | 42 | -33.3% SOLD/LIST PRICE % 98.9% | 97.8% | 1.1%

N E W C A S T LE YTD 2016 | YTD 2015 | % CHANGE TOTAL SALES VOLUME $155.9M | $133.4M | 16.8% TOTAL HOMES SOLD 178 | 183 | -2.7% AVG. SALES PRICE $875,700 | $729,200 |20.1% AVG. DAYS ON MARKET 37 | 37 | 0.0% SOLD/LIST PRICE % 100.1% | 99.7% | 0.4%

Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/16 and 10/31/16.

VDB Estates | Coldwell Banker Bain

N O RT H B E N D YTD 2016 | YTD 2015 | % CHANGE TOTAL SALES VOLUME $142.0M | $114.0M | 24.5% TOTAL HOMES SOLD 267 | 245 | 9.0% AVG. SALES PRICE $531,900 | $465,400 | 14.3% AVG. DAYS ON MARKET 30 | 52 | -42.3% SOLD/LIST PRICE % 100.1% | 99.7% | 0.4%

RED MOND YTD 2016 | YTD 2015 | % CHANGE TOTAL SALES VOLUME $755.3M | $717.3M | 5.3% TOTAL HOMES SOLD 941 | 1,026 | -8.3% AVG. SALES PRICE $802,700 | $699,100 | 14.8% AVG. DAYS ON MARKET 21 | 32 | -34.4% SOLD/LIST PRICE % 101.8% | 100.6% | 1.2%

Data compiled by Coldwell Banker Bain; Northwest Multiple Listing Service does not guarantee its accuracy.

EAS TSIDE MARKET REVIEW

RENTON YTD 2016 | YTD 2015 | % CHANGE TOTAL SALES VOLUME $743.8M | $677.7M | 9.8% TOTAL HOMES SOLD 1,578 | 1,643 | -4.0% AVG. SALES PRICE $471,300 | $412,500 | 14.3% AVG. DAYS ON MARKET 30 | 41 | -26.8% SOLD/LIST PRICE % 101.0% | 99.9% | 1.1%

S A M MA M I SH YTD 2016 | YTD 2015 | % CHANGE TOTAL SALES VOLUME $785.8M | $706.3M | 11.3% TOTAL HOMES SOLD 856 | 878 | -2.5% AVG. SALES PRICE $918,000 | $804,400 | 14.1% AVG. DAYS ON MARKET 23 | 34 | -32.4% SOLD/LIST PRICE % 101.1% | 99.9% | 1.2%

Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/16 and 10/31/16.

VDB Estates | Coldwell Banker Bain

S N O Q UA LMI E YTD 2016 | YTD 2015 | % CHANGE TOTAL SALES VOLUME $168.7M | $211.3M | -20.2% TOTAL HOMES SOLD 275 | 386 | -28.8% AVG. SALES PRICE $613,400 | $547,300 | 12.1% AVG. DAYS ON MARKET 14 | 36 | -61.1% SOLD/LIST PRICE % 101.1% | 100.5% | 0.6%

WOOD I NVI L L E YTD 2016 | YTD 2015 | % CHANGE TOTAL SALES VOLUME $365.5M | $332.1M | 10.1% TOTAL HOMES SOLD 485 | 507 | -4.3% AVG. SALES PRICE $753,600 | $655,000 | 15.1% AVG. DAYS ON MARKET 27 | 39 | -30.8% SOLD/LIST PRICE % 100.6% | 99.7% | 0.9%

Data compiled by Coldwell Banker Bain; Northwest Multiple Listing Service does not guarantee its accuracy.

EAS TSIDE MARKET REVIEW

LU XU RY ($2M+ ) YTD 2016 | YTD 2015 | % CHANGE TOTAL SALES VOLUME $995.5M | $798.4M | 24.7% TOTAL HOMES SOLD 339 | 259 | 30.9% AVG. SALES PRICE $2,936,600 | $3,082,700 | -4.7% AVG. DAYS ON MARKET 47 | 59 | -20.3% SOLD/LIST PRICE % 97.2% | 96.4% | 0.8%

WAT E R FR O N T YTD 2016 | YTD 2015 | % CHANGE TOTAL SALES VOLUME $83.0M | $104.9M | -20.9% TOTAL HOMES SOLD 33 | 43 | -23.3% AVG. SALES PRICE $2,515,300 | $2,441,200 | 3.0% AVG. DAYS ON MARKET 68 | 104 | -34.6% SOLD/LIST PRICE % 96.4% | 94.1% | 2.4%

Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/16 and 10/31/16.

EASTSIDE MARKET - FALL 2016 REVIEW *Information and statistics derived by CB Bain from the Northwest Multiple Listing Service (NWMLS). Statistics not compiled or published by the NWMLS.