VDB Luxury 2017 Year In Review - Eastside Luxury Market Report

2017

YEAR IN REVIEW Eastside Luxury Market Report

EASTSIDE 425.882.8821 SEATTLE

206.245.9185

In our dynamic Real Estate market, VDB Luxury's decades of experience will be your greatest advantage.

Today’s real estate market is no place for the novice or inexperienced, you need a trustworthy advocate. I have been Coldwell Banker Bain’s number ONE agent for multiple years, selling $129,216,032 in 2017. High demand requires expertise to navigate multiple offers and position your home to receive the highest bids. For our luxury Buyers, I begin from a position of strength with my 28 years of experience, networking, and market knowledge. I simply work smart to offer my Clients the ability to make informed decisions while ensuring their goals are addressed and realized. For market insights in your area, I’ve included a brief recap of the 2017 Luxury Residential Real Estate activity. I hope to have the opportunity to represent you in 2018!

MARK von der BURG

VDB LUXURY FOUNDER

EASTSIDE MARKET TRENDS Flourishing tech growth, urban development, and international investment continue to fuel a strong economy and population growth in the Puget Sound region, directly impacting the residential real estate market. Currently characterized by low inventory and high demand, the Eastside market has been on an upward trend since 2009 when sales volume hit a ten-year low. Starting at $34B in 2009, the area has seen nearly 200% growth in sales, peaking at $98B in 2017. During that same tenyear period, the price per square foot increased 72% from a low of $218 in 2012 to a high of $375 in 2017.

EASTSIDE * MARKET 2008-2017 $120

$400 $350

$295

$300

$80 $250

$218 $60

$200 $150

$40

AVERAGE PRICE PER FT2

SALES VOLUME (BILLIONS)

$100

$375

$100 $20 $50

2008

2009

2010

2011

2012

Dollar Volume

2013

2014

Average Price Per ft2

2015

$597B 2016

2017

Price Trend

EASTSIDE* - 2017 REVIEW Between 2016 and 2017, the average sales price in single-family homes increased 15% to $975,000. Outpacing national averages, this surge in home prices is reflective of the robust marketplace and sizable discrepancy between supply and demand, expected to continue through 2018.

10,395

0.8

23

104%

$975k

$485k

NUMBER OF HOMES SOLD

MONTHS OF INVENTORY

AVG. DAYS ON MARKET

AVG PRICE PER FT2

RESIDENTIAL AVG PRICE

CONDO AVG PRICE

1%

20%

2%

15%

22%

vs. 2016

vs. 2016

vs. 2016

5

DAYS

vs. 2016

vs. 2016

vs. 2016

*SINGLE FAMILY HOMES AND CONDOS, EXCLUDING WATERFRONT, IN THE AREAS OF EASTSIDE SOUTH OF I-90, WEST BELLEVUE, EAST BELLEVUE, EAST OF LAKE SAMMAMISH, REDMOND, WOODINVILLE, KIRKLAND, BRIDLE TRAILS & JUANITA.

RESIDENTIAL COMMUNITIES - 2017 REVIEW vdbestates.com A Seller’s Market with low inventory and high demand continues to drive up pricing. West Bellevue had the highest price per square foot of $662 in 2017, a 14% increase over 2016; Sammamish captured the greatest growth in the number of homes sold at 75% and the largest drop in inventory at 52%.

$5M+ 4%

$4M-5M 5%

WEST BELLEVUE

$1M-2M 37% $3M-4M 17%

AREA 520 - SINGLE FAMILY HOMES WEST OF I-405

% OF SALES BY PRICE POINT

304

2.4

41

$662

NUMBER OF HOMES SOLD

MONTHS OF INVENTORY

AVG. DAYS ON MARKET

AVG PRICE PER FT2

7%

8%

8

14%

vs. 2016

$2M-3M 37%

vs. 2016

86

2.0

36

$371

NUMBER OF HOMES SOLD

MONTHS OF INVENTORY

AVG. DAYS ON MARKET

AVG PRICE PER FT2

26%

9%

$2M+ 17%

$1M-1.1M 7% $1.1M-1.25M 15%

% OF SALES BY PRICE POINT

$1.5M-2M 39%

$1.25M-1.5M 22%

vs. 2016

DAYS

$2M+ 9% $1.75M-2M 7%

AREA 500 - SINGLE FAMILY HOMES

vs. 2016

vs. 2016

VDB SELLS 29% HIGHER: AVG $477/FT2

LAKEMONT/MONTREUX

vs. 2016

VDB SELLS 2% HIGHER: AVG $672/FT2

vs. 2016

2

$1M-1.25M 43%

$1.5M-1.75M % OF SALES BY 13% PRICE POINT

vs. 2016

5%

DAYS

$1.25M-1.5M 28%

KIRKLAND

VDB SELLS 19% HIGHER: AVG $608/FT2

AREA 560 - SINGLE FAMILY HOMES DOWNTOWN, E/MARKET, W/MARKET, HOUGHTON

166

1.6

40

$509

NUMBER OF HOMES SOLD

MONTHS OF INVENTORY

AVG. DAYS ON MARKET

AVG PRICE PER FT2

38%

41%

vs. 2016

vs. 2016

vs. 2016

3

DAYS

vs. 2016

11%

Forecast: The competitive Seller’s Market is expected to remain through 2018. $1.5M-2M 8%

$2M+ 3%

SAMMAMISH

VDB SELLS 18% HIGHER: AVG $383/FT2

AREA 540 - SINGLE FAMILY HOMES $1M-1.1M 31% $1.25M-1.5M 29%

% OF SALES BY PRICE POINT

631

1.6

38

$324

NUMBER OF HOMES SOLD

MONTHS OF INVENTORY

AVG. DAYS ON MARKET

AVG PRICE PER FT2

75%

52%

vs. 2016

$1.1M-1.25M 28%

vs. 2016

AREA 550/600 - SINGLE FAMILY HOMES

227

1.7

37

$319

NUMBER OF HOMES SOLD

MONTHS OF INVENTORY

AVG. DAYS ON MARKET

AVG PRICE PER FT2

57%

49%

vs. 2016

vs. 2016

23

8

$1.5M-2M 17%

$1M-1.1M 12%

% OF SALES BY PRICE POINT

$1.1M-1.25M 17%

$1M-1.1M $1M-1.25M 26% 43%

$1.25M-1.5M 20% $1.1M-1.25M $1.25M-1.5M 29% 28%

6%

VDB SELLS 1% HIGHER: AVG $415/FT2

AREA 560 - SINGLE FAMILY HOMES

76

1.7

24

$409

NUMBER OF HOMES SOLD

MONTHS OF INVENTORY

AVG. DAYS ON MARKET

AVG PRICE PER FT2

23%

26%

vs. 2016

$1.25M-1.5M 41%

$2M+ $2M+ 6% 9%

$1.5M-1.75M % OF SALES BY 13% PRICE POINT

BRIDLE TRAILS

$2M+ 13%

8%

$1.75M-2M 7% $1.5M-2M 19%

vs. 2016

DAYS

vs. 2016

DAYS

VDB SELLS 16% HIGHER: AVG $369/FT2

REDMOND/WOODINVILLE

vs. 2016

vs. 2016

vs. 2016

vs. 2016

2

DAYS

vs. 2016

7%

DATA SHOWN IS FOR HOMES PRICED >$1M, EXCLUDING WATERFRONT.

LUXURY URBAN LIVING - 2017 REVIEW vdburbanliving.com

ONE88, the 21-story, 143-unit luxury tower project

by Bosa, will become the first downtown Bellevue condo project in 10 years, providing relief to low condo inventory.

CONTACT US FOR A PRIVATE TOUR OR MORE INFORMATION ABOUT THIS PROJECT.

EASTSIDE 425.882.8821 SEATTLE

The luxury condo market in both downtown Bellevue and Kirkland - $750,000 and above - remained strong throughout 2017. The number of units sold was up 22% in Bellevue and a whopping 80% in Kirkland, while inventory in both downtown cores dropped significantly. Price per square foot in downtown Bellevue had a modest 2% increase, but rose 10% in Kirkland.

DOWNTOWN BELLEVUE 2017 (vs. 2016) COMMUNITY

NUMBER SOLD

AVG DAYS ON MARKET

AVG PER FT2

WEST BELLEVUE CONDOS (ALL)*

112 (22%) 142 (12 DAYS) $663 (2%)

BELLEVUE TOWERS

30 (25%)

21 (29 DAYS) $665 (1%)

WASHINGTON SQUARE

41 (11%) 353 (31 DAYS) $701 (8%)

ONE LINCOLN TOWER

3 (50%)

44 (163 DAYS) $894 (6%)

ONE MAIN STREET

1 (89%)

14 (24 DAYS) $691 (5%)

BELLEVUE PACIFIC TOWER

15 (25%)

88 (46 DAYS) $598 (32%)

KIRKLAND AREA CONDOS *

206.245.9185

99

1.6

39

$526

NUMBER OF HOMES SOLD

MONTHS OF INVENTORY

AVG. DAYS ON MARKET

AVG PRICE PER FT2

80%

50%

11

10%

vs. 2016

vs. 2016

*PRICED >$750K, EXCLUDING WATERFRONT

vs. 2016

DAYS

vs. 2016

LUXURY WATERFRONT - 2017 REVIEW vdbwaterfront.com

19%

INCREASE OVER 2016 IN AVERAGE WATERFRONT PRICE PER FT2

The market for luxury waterfront homes - $2M and above - experienced astonishing growth in 2017. The average price per square foot of Lake Washington homes in Seattle reached $1,255, representing a 27% yearover-year increase, while those on the Eastside grew 25% to $1,192 per square foot. This substantial price increase was partially due to limited inventory of available homes. Lake Sammamish has also experienced increased popularity, with 29% growth in the number of lakefront homes sold in 2017.

WATERFRONT COMMUNITIES 2017 (vs. 2016) COMMUNITY

NUMBER SOLD

AVG PRICE

AVG PRICE PER FT2

LAKE WASHINGTON (SEATTLE)

6 (50%)

$4,484,917

$1,255 (27%)

109 (79

DAYS)

LAKE WASHINGTON (EASTSIDE)

38 (5%)

$5,619,512

$1,192 (25%)

108 (11

DAYS)

MERCER ISLAND

29 (12%)

$4,151,790

$943 (4%)

129 (1

DAYS)

LAKE SAMMAMISH

27 (29%)

$3,036,900

$777 (18%)

89 (13

DAYS)

DATA SHOWN IS FOR HOMES PRICED >$2M, IN SELECTED COMMUNITIES.

AVG DAYS ON MARKET

2018 is predicted to be a great year in Real Estate.

We look forward to working with you!

TOP 3 REASONS TO SELL NOW:

1

Severe shortages in Inventory continue to cause upward pressure on prices.

2

Demand exceeds Supply in most areas.

3

Millennial Buyers are adding to demand as they reach their buying years.

TOP 3 REASONS TO BUY NOW:

1

Interest rates are relatively low with a modest rise expected.

2

Home prices have been on an upward trend, likely to continue through 2018.

3

A strong economy and aggressive population growth support our housing market.

Contact us to discuss a great strategy for 2018!

EASTSIDE 425.882.8821

SEATTLE 206.245.9185

ONLINE AT vdbluxury.com

全中文网站 : xiyatufangchan.com 冯德堡房地产中文查询: 425.749.1928

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