02 19
February 2019 Monthly Report Greater Eastside and Seattle Metro
Eastside Residential* February Timeline Comparison Price Range: $1m+ (February 2009 to February 2019) Homes For Sale
Avg. Active Prices
Avg. Sold Prices
Median Sold Prices
Home Prices
Homes for Sale
$3,000,0 00
600
496 Homes $2,500,0 00
500
$1.92m
$1.09m
$1.09m
$2,000,0 00
$1.09m
496 Homes
$1.92m
$1,500,0 00
300
$1.08m
$1.08m
$1.08m
$1,000,0 00
400
$1.92m
200
496 Homes
$500,000
100
$0
0 Feb 2009
Feb 2010
Feb 2011
Feb 2012
Feb 2013
Feb 2014
Feb 2015
Feb 2016
Feb 2017
Feb 2018
Feb 2019
February Price Per SQFT (closed) Comparison Price Range: $1m+ (February 2019 to February 2018)
January 2019 Price Per Square Foot
January 2018 Price Per Square Foot
Price Per Square Foot $700
$652 $652
$600
$492
$500
$409 $395
$400
$415 $346 $360
$528 $460 $383
$378
$336
$308
$300
$200
$100
$0 West Bellevue
Eastside/South of I-90
Sammamish
Redmond
Kirkland
Bridle Trails
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 in the month of February, dating back to 2009. Information and statistics derived by VDB | Compass from Trendgraphix.
Eastside Condominiums* February Timeline Comparison Price Range: $750k+ (February 2009 to February 2019) Homes For Sale
Avg. Active Prices
Avg. Sold Prices
Median Sold Prices
Condo Prices $2,500,000
Condos For Sale 140
130 Condos $2.02m
120
$2,000,000 100 $1,500,000
$1.42m
$1.36m
58 Condos
$1.26m $1,000,000
$799k
$1.07m
$0
34 Condos
Feb 2009
Feb 2010
Feb 2011
Feb 2012
Feb 2013
Feb 2014
60
$888k $866k 40
$799k $500,000
80
20
Feb 2015
Feb 2016
Feb 2017
Feb 2018
Feb 2019
0
February Price Per SQFT Comparison Price Range: $750k+ (February 2019 to February 2018)
Overall Market Recap Price Per Square Foot
$720
Single-Family
$708
From 2015 to 2019, we saw a steady increase in inventory
$700 $680
of about 34% Year-over-Year (YoY), but 2018 to 2019 was
$677
$669
a different story. YoY inventory soared 102% resulting in 412
$660
homes for sale in February 2019. Average Active Prices are
$640
down 15% YoY and Price Per SQFT values based on closed
$620
sales, are up 4% compared to last year. $598
$600 $580
Condominiums
$560
Despite the YoY increase in inventory, historically speaking,
$540
we’ve rebounded to our approximate 11-year average Bellevue
January 2019 Price Per Square Foot January 2018 Price Per Square Foot
Kirkland
supply. Avg. Active Prices, unlike Single-Family homes, continued to show positive upward trends, ending February 2019 up 12%. Price Per SQFT values in West Bellevue are up 5% and off -10% in Kirkland.
*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 Trendgraphix.
Eastside Community Insights
February Absorption Rates
West Bellevue
Three out of the seven communities we focused
Absorption Rate (closed sales)
on (West Bellevue, Eastside/South of I-90 and Sammamish) that make up the Eastside are
16%
officially a Neutral market. Redmond, Woodinville
33%
and Kirkland, on the other hand, made a comeback into the Seller’s market range, but nothing too drastic. Seattle, as you’ll see in the coming pages, three out of the four market areas
0%
(Central Seattle, Ballard/Greenlake & Laurelhurst/
100%
29% È 23% off from 2018 NEUTRAL MARKET
Windermere) remain a Seller’s market. Queen Anne/Magnolia’s market concluded in a Neutral position. *Absorption Rate: Number of properties sold in a
73
21
given month divided by number of homes for sale.
Homes For Sale
Total Homes Sold
Ç43% vs 2018
Ç10% vs 2018
Buyer’s Market
Neutral Market
Seller’s Market
Eastside/South of I-90
Redmond
Absorption Rate (closed sales)
Absorption Rate (closed sales)
16%
33%
0%
16%
100%
19% È 77% off from 2018 NEAUTRAL MARKET
33%
0%
100%
34% È 64% off from 2018 SELLER’S MARKET
65
12
64
22
Homes For Sale
Total Homes Sold
Homes For Sale
Total Homes Sold
Ç132% vs 2018
È 48% vs 2018
Ç204% vs 2018
Ç10% 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 Trendgraphix.
Eastside Community Insights
Woodinville
Sammamish
Absorption Rate (closed sales)
Absorption Rate (closed sales)
16%
33%
0%
16%
100%
33%
0%
39% È 1% off from 2018
100%
24% È 58% off from 2018
SELLER’S MARKET
NEUTRAL MARKET
36
14
105
25
Homes For Sale
Total Homes Sold
Homes For Sale
Total Homes Sold
Ç29% vs 2018
Ç27% vs 2018
Ç110% vs 2018
È 11% vs 2018
Bridle Trails
Kirkland
Absorption Rate (closed sales)
Absorption Rate (closed sales)
16%
16%
33%
0%
100%
11% È 63% off from 2018 BUYER’S MARKET
33%
0%
100%
33% È 55% off from 2018 SELLER’S MARKET
19
2
69
23
Homes For Sale
Total Homes Sold
Homes For Sale
Total Homes Sold
Ç171% vs 2018
0% vs 2018
Ç165% vs 2018
Ç21% 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 Trendgraphix.
Eastside Market Share by Price Point Single-Family Residential*
Price Range: $1m+ (February 2019 to February 2018)
2018
2019 $1m-$1.5m
56%
$1m-$1.5m
60%
$1.5m-$2m
20%
$1.5m-$2m
22%
$2m-$2.5m
8%
$2m-$2.5m
4%
$2.5m-$3m
5%
$2.5m-$3m
6%
$3m+
12%
$3m+
8%
The difference between February 2019 and 2018 was minimal.
Condominiums*
Price Range: $750k+ (February 2019 to February 2018)
2018
2019 $750k-$1m
75%
$750k-$1m
25%
$1m-$1.25m
25%
$1m-$1.25m
13%
$1.25m-1.5m
0%
$1.25m-1.5m
25%
$1.5m+
0%
$1.5m+
38%
The noticeable differences between 2019 and 2018 is due to a lack of sales in 2019 vs 2018. 2019 recorded 5 closings compared to 2018’s 22 closings, which is why the numbers are drastically different.
*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 Trendgraphix.
Seattle Metro Residential
*
February Timeline Comparison Price Range: $1m+ (February 2009 to February 2019) Homes For Sale
Avg. Active Prices
Avg. Sold Prices
Median Sold Prices
Home Prices
Homes For Sale 250
$3,000,000
219 Homes $2,500,000
$2,000,000
$1,500,000
$1,000,000
$1.98m
$2.01m
$1.63m
$1.8m
131 Homes 150 $1.45m
$1.45m
$1.25m
$1.25m
64 Homes
$500,000
$0
200
$2.10m
Feb 2009
Feb 2010
Feb 2011
Feb 2012
Feb 2013
Feb 2014
50
Feb 2015
Feb 2016
Feb 2017
Feb 2018
Feb 2019
February Price Per SQFT Comparison Price Range: $1m+ (February 2019 to February 2018)
2019 Price Per Square Foot
2018 Price Per Square Foot
Price Per Square Foot $700
$600
$532
$521
$559
$573
$552
$500
$531 $431
$460
$400
$300
$200
$100
$0
Central Seattle
Queen Anne Magnolia
Ballard Greenlake
100
Laurelhurst Windermere
*Data shown is for homes priced >$1M+ excluding waterfront. Zip codes include: 98102, 98103, 98105, 98107, 98109, 98112, 98119, 98122, 98199. Information and statistics derived by VDB | Compass from Trendgraphix.
0
Seattle Metro Condominiums* February Timeline Comparison Price Range: $750k+ (February 2009 to February 2019) Homes For Sale
Avg. Active Prices
Avg. Sold Prices
Median Sold Prices
Home Prices $2,500,000
Homes For Sale 160
189 Condos $1.40m 189 Condos
$2,000,000
120
$1.40m $1,500,000
$1,000,000
140
$1.40m
$2.13m
$2.13m
$2.13m
$1.1m
$1.1m
$1.1m
189 Condos
100 80 60 40
$500,000
20 0
$0 Feb 2009
Feb 2010
Feb 2011
Feb 2012
Feb 2013
Feb 2014
Feb 2015
Feb 2016
Feb 2017
Feb 2018
Feb 2019
February Price Per SQFT Comparison Price Range: $750k+ (February 2019 to February 2018)
Overall Market Recap Price Per Square Foot
Single-Family $970
$980
Year-over-Year, inventory is up 75%, closed sales are only off by one deal and pending transactions are up 11%. The
$960
number of new listings, compared to last month, are up
$940
15%. Average active prices are down 19%, but sold prices
$920
have started to recover (.1%) going into March, but is still off by 8% compared to the same time last year. Price per SQFT
$900 $880 $860
values are down 2% YoY. $860
Condominiums
$840
Year-over-Year, inventory is up 45%, closed sales are off
$820
-42% and pending transactions are up 11%. Average
$800
active prices are off-23% YoY, but average sold prices are Seattle Metro
2019 Price Per Square Foot
up 31% compared to last month, as the market starts to get into the busy season. Price Per SQFT values, are down -11% YoY.
2018 Price Per Square Foot
*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 Trendgraphix.
Seattle Community Insights
February 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%
Seller’s Market
33%
0%
100%
35% È 41% off from 2018
43% È 36% off from 2018
SELLER’S MARKET
SELLER’S MARKET
23
8
7
3
Homes For Sale*
Total Homes Sold
Homes For Sale*
Total Homes Sold
Ç35% vs 2018
È 20% vs 2018
Ç17% vs 2018
È 25% vs 2018
Queen Anne / Magnolia
Ballard / Green Lake
Absorption Rate (closed sales)
Absorption Rate (closed sales)
16%
16%
33%
0%
100%
33%
0%
100%
15
48% È 33% off from 2018 20 41
Homes For Sale*
Total Homes Sold
Homes For Sale*
Total Homes Sold
Ç82% vs 2018
È 6% vs 2018
Ç86% vs 2018
Ç25% vs 2018
31% 49
NEUTRAL MARKET
È 48% off from 2018
SELLER’S MARKET
*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 Trendgraphix.
Seattle Market Share by Price Point Single-Family Residential*
Price Range: $1m+ (February 2019 vs February 2018)
2018
2019
$1m-$1.5m
75%
$1m-$1.5m
65%
$1.5m-$2m
16%
$1.5m-$2m
21%
$2m-$2.5m
7%
$2m-$2.5m
9%
$2.5m-$3m
0%
$2.5m-$3m
4%
$3m+
2%
$3m+
1%
The noticeable difference between 2019 and 2018 is the 5% decrease in market share in the $1.5m-$2m price range and the 0% market share in the $2.5m-$3m price range in 2019.
Condominiums*
Price Range: $750k+ (February 2019 vs February 2018)
2019
2018
$750k-$1m
37%
$750k-$1m
47%
$1m-$1.25m
26%
$1m-$1.25m
9%
$1.25m-1.5m
5%
$1.25m-1.5m
19%
$1.5m+
32%
$1.5m+
25%
The noticeable difference between 2019 and 2018 is the 17% gain in the $1m-$1.25m price range and -14% drop in market share in the $1m-$1.25m+ price range.
*Data shown is for single-family homes priced $1M+, excluding waterfront & condominiums priced $750k+. Zip codes: 98102, 98103, 98105, 98107, 98109, 98112, 98119, 98122 98199. Information and statistics derived by VDB | Compass from Trendgraphix.
Waterfront* Waterfront Market Recap For true* water front properties, February 2019 had only 2 closings, one in Mercer Island and Yarrow Point. The Mercer Island home was built in 2008 and has 60 feet of no-bank, North facing waterfront. The Yarrow Point sale was essentially land value. The lot was just under nine-tenths of an acre and West facing.
For Sale in February 2019 Price Range: $2m+ Community
For Sale
Average List Price
Avg Price / SF
Avg Days on Market
Seattle
0
n/a
n/a
n/a
Eastside
5
$8,488,000
$2,218
259 days
Mercer Island
13
$8,393,077
$1,214
422 days
*Data shown is for single-family homes priced $2M+ 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. Information and statistics derived by VDB | Compass from NWMLS data.
Waterfront* Pending in February 2019 Price Range: $2m+ Community
Pending
Avg Price / SF (Sold)
Avg Days on Market
Seattle
0
n/a
n/a
Eastside
0
n/a
n/a
Mercer Island
0
n/a
n/a
Sold in February 2019 Price Range: $2m+ Community
Sold
Average Sold Price
Avg Price / SF (Sold)
Avg Days on Market
Seattle
0
n/a
n/a
n/a
Eastside
1
$7,050,000
$2,820
2 days
Mercer Island
1
$7,200,000
$910
305 days
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