January - June 2019 Semi - Annual Report for Seattle and Eastside

06 19

January-June 2019 Semi-Annual Report Greater Eastside and Seattle Metro

Eastside Residential* Inventory & Home Prices

Price Range: $1m+ (January 2018 to June 2019) Active Listings

Avg. Active Prices

Avg. Sold Prices

Median Sold Prices

Home Prices

Active Listings

$3,000,000

619

$2,500,000

600

502

$2,000,000 $1,500,000 $1,000,000

700

$1,999,000

$2,054,000 $1,612,000

$1,547,000

$1,366,000

$1,300,000

500 400 300 200

$500,000

100 0

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Total Closed Sales

Price Range: $1m+ (January-June 2019 vs January-June 2018)

Total Closed Sales

2019 January-June

2018 January-June

400 336

350 300

297 267

250

250

234 202

200

203 162

162

177

150

136 143

124

134 90

100

85

50 0 Sammaish

Woodinville

Kirkland Bridle Trails

Eastside South of 1-90

West Bellevue

Mercer Island

East Bellevue

Redmond

*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 Condominiums* Inventory & Condo Prices

Price Range: $750k+ (January 2018 to June 2019) Active Listings

Avg. Active Prices

Avg. Sold Prices

Median Sold Prices

Condo Prices

Active Listings 80

$2,500,000 $1,972,000

70

$2,000,000

$1,736,000 60

58 $1,500,000

53 50 $1,193,000 40

$1,190,000

$1,000,000

30

$1,050,000

$940,000

$500,000

20 10 0

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Total Closed Sales

Price Range: $750k+ (January-June 2019 vs January-June 2018)

Recap - First Six Months Total Closed Sales 90

85

80

Inventory is up 64% Year-over-Year (YoY) in 2019. Total Closings are down 9% YoY. Average active prices are down 11% and average sold

70 60

Single-Family

prices are down 2.5% YoY. Homes are staying on the market for 28

64

60

58

days longer compared to the first six-month average of 2018. The average absorption rate, based on closed sales for 2019 was 35%, down 46% YoY. This means the Eastside’s single-family luxury market

50

over $1m is still a Seller’s market, but trending towards a Neutral

40

market.

30

Condominiums

20

Inventory is up 80% compared to last year. Total closed sales are down 9% in Bellevue and down 29% in Kirkland. Average active prices

10

are down 8% and average sold prices are down 11%. On average,

0 Bellevue

Kirkland

2019 January-June 2018 January-June

condos are staying on the market for 30 days longer compared to the first six-month average of 2018. The average absorption rate was 37%, down 64% YoY. This means the Eastside’s luxury condo market over $750k is still a Seller’s market, but trending towards a Neutral market.

*Data shown is for condos priced $750k+. Zip codes: 98004 & 98033.

Information and statistics derived by VDB | Compass from Trendgraphix & NWMLS.

Eastside Community Insights

Absorption Rates

West Bellevue

In the first six months of 2019, the average monthly

Absorption Rate (closed sales)

absorption rate for each of the seven sub-markets showed significant year-over-year decreases.

16%

The largest percentage drop was in the Eastside/

33%

South of I-90 area (zip codes 98006, 98027). West Bellevue, Eastside/South of I-90 and Bridle Trails all were in the Neutral zone with an absorption rate below 33%. All four areas in Seattle remained

0%

Seller’s markets with absorption rates greater

27% È 36% off from 2018 NEUTRAL MARKET

than 33%. That said, rates are trending towards Neutrality. *Absorption Rate: Number of properties sold in a given month divided by number of homes for sale.

Buyer’s Market

Neutral Market

100%

Seller’s Market

99

28

Homes For Sale

Homes Sold

Ç46% vs 2018

È 6% vs 2018

Eastside/South of I-90

Redmond

Absorption Rate (closed sales)

Absorption Rate (closed sales)

16%

33%

0%

16%

100%

32% È 57% off from 2018 NEUTRAL MARKET

33%

0%

100%

46% È 48% off from 2018 SELLER’S MARKET

87

29

73

34

Homes For Sale

Homes Sold

Homes For Sale

Homes Sold

Ç69% vs 2018

È 27% vs 2018

Ç125% vs 2018

Ç16% 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 & NWMLS.

Eastside Community Insights

Woodinville

Sammamish

Absorption Rate (closed sales)

Absorption Rate (closed sales)

16%

33%

0%

16%

100%

33%

0%

37% È 29% off from 2018

100%

35% È 43% off from 2018

SELLER’S MARKET

SELLER’S MARKET

43

16

140

50

Homes For Sale

Homes Sold

Homes For Sale

Homes Sold

Ç18% vs 2018

È 16% vs 2018

Ç67% vs 2018

È 6% vs 2018

Bridle Trails

Kirkland

Absorption Rate (closed sales)

Absorption Rate (closed sales)

16%

16%

33%

0%

100%

29% È 42% off from 2018 NEUTRAL MARKET

33%

0%

100%

38% È 51% off from 2018 SELLER’S MARKET

16

5

74

28

Homes For Sale

Homes Sold

Homes For Sale

Homes Sold

Ç47% vs 2018

È 15% vs 2018

Ç68% vs 2018

È 17% 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 & NWMLS.

Eastside Months of Inventory* Seller’s Market: Less than 3 months. | Neutral Market: 4-5 months. | Buyer’s Market: More than 6 months.

Single-Family Residential

Price Range: $1m+ (January 2018 to June 2019) Months of Inventory 6 5 5 4 3

2.4 1.7

2

1.6

1

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Condominiums

Price Range: $750k+ (January 2018 to June 2019) Months of Inventory 12 10 8 6 4

2.5

2.1 2

2.3

0.8

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*Data shown is for homes priced $1M+, excluding waterfront. Zip codes: 98004, 98006, 98027, 98029, 98033, 98039, 98053, 98053, 98072, 98077. Data shown is for condos priced $750k+. Zip codes: 98004 & 98033. Information and statistics derived by VDB | Compass from Trendgraphix & NWMLS.

Seattle Metro Residential* Inventory & Home Prices

Price Range: $1m+ (January 2018 to June 2019) Homes For Sale

Avg. Active Prices

Avg. Sold Prices

Median Sold Prices

Home Prices

Active Listings

$3,000,000

261

$2,500,000

250 $2,082,000

$2,145,000

$2,000,000

200

185 $1,619,000

$1,500,000

$1,456,000 150 $1,318,000

$1,333,000

$1,000,000

300

$500,000

100 50

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Total Closed Sales

Price Range: $1m+ (January-June 2019 vs January-June 2018) Total Closed Sales

2019 January-June

2018 January-June

250 204 200

175

203

195 174

166

150 121

131

100

50

0 Central Seattle

Queen Anne Magnolia

Ballard/Greenlake

North Seattle

*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 & NWMLS.

Seattle Metro Condominiums* Inventory & Condo Prices

Price Range: $750k+ (January 2018 to June 2019) Homes For Sale

Avg. Active Prices

Avg. Sold Prices

Median Sold Prices

Home Prices

Active Listings 180

$2,500,000 148

$1,891,000

$2,000,000

131

$1,500,000

$1,808,000

$1,171,000

$1,210,000

$1,150,000

$1,145,000

160 140 120 100 80

$1,000,000

60 40

$500,000

20 $0

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Total Closed Sales

Price Range: $750k+ (January-June 2019 vs January-June 2018)

Recap - First Six Months Price Per Square Foot 250

Single-Family 222

Inventory is up 68% Year-over-Year (YoY). Total closed sales are down 13%. Average active prices are down 12% and average sold prices didn’t change. Homes stayed on the market for 13

200

days longer compared to the first six-month average of 2018. The

159

average absorption rate, based on closed sales, was 50%, down

150

48% YoY. This means Seattle’s single-family luxury market over $1m 100

is still a Seller’s market.

50

Condominiums

0 Seattle Metro 2019 January-June 2018 January-June

Inventory is up 50% YoY. Total closed sales are down 28% YoY. Average active prices are down 21% and sold prices are down 1%. Condos stayed on the market for 41 days longer compared to the first six-month average of 2018. The average absorption rate, based on closed sales, for 2019 was 19%, down 52% YoY. This means Seattle’s luxury condo market is a Neutral market.

*Data shown is for condos priced $750k+. Zip codes: 98101, 98102, 98104, 98109, 98112, 98119, 98121, 98122. Information and statistics derived by VDB | Compass from Trendgraphix & NWMLS.

Seattle Community Insights

Absorption Rates Absorption Rate Defined: Number of properties

Buyer’s Market

sold divided by number of homes for sale.

Neutral Market

Central Seattle

North Seattle

Absorption Rate (closed sales)

Absorption Rate (closed sales)

16%

33%

0%

16%

100%

33%

0%

37% È 47% off from 2018

Seller’s Market

100%

59% È 32% off from 2018

SELLER’S MARKET

SELLER’S MARKET

79

29

40

23

Homes For Sale*

Homes Sold

Homes For Sale*

Homes Sold

Ç64% vs 2018

È 13% vs 2018

Ç32% vs 2018

È 10% vs 2018

Queen Anne / Magnolia

Ballard / Green Lake

Absorption Rate (closed sales)

Absorption Rate (closed sales)

16%

16%

33%

0%

100%

45% È 44% off from 2018 29 64 SELLER’S MARKET

33%

0%

100%

60% È 49% off from 2018 33 54 SELLER’S MARKET

Homes For Sale*

Homes Sold

Homes For Sale*

Total Homes Sold

Ç62% vs 2018

È 10% vs 2018

Ç67% vs 2018

È 15% vs 2018

*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 & NWMLS.

Seattle Months of Inventory* Seller’s Market: Less than 3 months. | Neutral Market: 4-5 months. | Buyer’s Market: More than 6 months.

Single-Family Residential

Price Range: $1m+ (January 2018 to June 2019) Months of Inventory 3

2.7

2.5

2.1

2 1.3

1.5

1.2

1 0.5

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Condominiums

Price Range: $750k+ (January 2018 to June 2019) Months of Inventory 9

8.5

8 7 6 5 4

3.7

3.6

3

3

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*Data shown is for single-family homes priced $1M+, excluding waterfront. Zip codes: 98102, 98103, 98105, 98107, 98109, 98112, 98119, 98122 98199. Data shown is for condos priced $750k+. Zip codes: 98101, 98102, 98104, 98109, 98112, 98119, 98121, 98122.

Information and statistics derived by VDB | Compass from Trendgraphix & NWMLS.

Waterfront* Waterfront Market Recap In the first six months of the year, Compass was involved in 20 out of the 22 sellingside or listing-side transactions, making Compass number one in terms of total units sold.

For Sale as of June 17th 2019 Community

For Sale

Average List Price

Avg Price / SF

Avg Days on Market

Seattle

6

$6,648,333

$1,477

212 days

Eastside

9

$14,359,556

$2,128

141 days

Mercer Island

15

$7,522,400

$1,199

212 days

*Data shown is for single-family homes 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.

Waterfront* Pending in Last 60 Days Community

Pending

Avg Price / SF

Avg Days on Market

Seattle

0

n/a

n/a

Eastside

2

$1,956

100 days

Mercer Island

0

n/a

n/a

Closed January - June 2019 Community

Sold

Average Sold Price

Avg Price / SF (Sold)

Avg Days on Market

Seattle

1

$7,255,000

$1,653

Sold-Unlisted

Eastside

12

$12,365,000

$2,220

111 days

Mercer Island

10

$5,055,000

$905

154 days

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