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
$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
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
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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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