03 19
March 2019 Monthly Report Greater Eastside and Seattle Metro
Eastside Residential* March Timeline Comparison Price Range: $1m+ (March 2009 to March 2019)
Active Listings
Avg. Active Prices
Avg. Sold Prices
Median Sold Prices
Home Prices
Active Listings
$2,500,000
600 559
501 $1,877,000
$2,000,000 $1,859,000 $1,500,000 $1,250,000
$1,426,000
$1,000,000 $1,203,000
$1,288,000
500
$1,988,000
400 $1,648,000 $1,342,000
300 200
$500,000
178
100
$0
0 Mar 2009
Mar 2010
Mar 2011
Mar 2012
Mar 2013
Mar 2014
Mar 2015
Mar 2016
Mar 2017
Mar 2018
Mar 2019
March Price Per SQFT (closed) Comparison Price Range: $1m+ (March 2019 vs March 2018)
Price Per Square Foot
2019 Price Per Square Foot
2018 Price Per Square Foot
$900 $800
$771 $711
$700 $600
$503
$500
$544 $413
$452
$400
$371
$404
$383 $362
$363 $375
Woodinville
Sammaish
$300 $200 $100 $0
West Bellevue
Kirkland/ Bridle Trails
Eastside South of 1-90
Redmond
*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 March, dating back to 2009. Information and statistics derived by VDB | Compass from Trendgraphix.
Eastside Condominiums* March Timeline Comparison Price Range: $750k+ (March 2009 to March 2019) Active Listings
Avg. Active Prices
Avg. Sold Prices
Median Sold Prices
Condo Prices
Active Listings 160
$2,500,000 142
140
$2,000,000 $1,500,000
120 $1,446,000
$1,423,000
$1,857,000 100 $1,126,000 80
$1,172,000
$991,000
$835,000
$1,000,000 $1,000,000
$1,000,000
49
37
$500,000
60 40 20 0
$0 Mar 2009
Mar 2010
Mar 2011
Mar 2012
Mar 2013
Mar 2014
Mar 2015
Mar 2016
Mar 2017
Mar 2018
Mar 2019
March Price Per SQFT Comparison Price Range: $750k+ (March 2019 to March 2018)
Overall Market Recap Price Per Square Foot $800 $700
$655
Single-Family The Year-over-Year (YoY) increase in the number of homes
$724
$600
for sale is the most dramtic statistic for March 2019.
$650 $542
$500
Inventory is up 92% YoY. The near doubleing of inventory was acompanied by a YoY -15% trend in Avg. Active Prices. Sellers need to be aware that the market is price sensitive
$400
and it’s crucial to get the pricing right right out of the gate,
$300
or you run the risk of longer market times.
$200
Condominiums
$100 $0
We did see a similar gain in inventory of 96% compared Downtown Bellevue
Kirkland
to last year. This is a significant number, but in terms of volume, March 2019’s numbers are still relatively low. Pending sales (condos under contract) are up 71%
2019 Price Per SQFT
compared to last month, which tells us the market demand
2018 Price Per SQFT
for condos is farily strong.
*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
March Absorption Rates
West Bellevue
Five out of the seven communities we focused on
Absorption Rate (closed sales)
(West Bellevue, Eastside/South of I-90, Sammamish & Woodinville) that make up the Eastside are
16%
Neutral markets. Redmond & Kirkland are Seller’s
33%
markets but on the edge of becoming a Neutral market. Bridle Trails is a Buyer’s market. Seattle, as you’ll see in the coming pages, three out of the four market areas (Central Seattle, Ballard/Greenlake
0%
& Queen Anne/Magnolia) remain a Seller’s market.
30% È 44% off from 2018 NEUTRAL MARKET
Laurelhurst/Windermere’s market concluded in a Neutral position. *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
88
26
Homes For Sale
Total Homes Sold
Ç49% vs 2018
È 16% vs 2018
Eastside/South of I-90
Redmond
Absorption Rate (closed sales)
Absorption Rate (closed sales)
16%
33%
0%
16%
100%
26% È 66% off from 2018 NEAUTRAL MARKET
33%
0%
100%
35% È 65% off from 2018 SELLER’S MARKET
87
23
80
28
Homes For Sale
Total Homes Sold
Homes For Sale
Total Homes Sold
Ç97% vs 2018
È 32% vs 2018
Ç300% vs 2018
Ç40% 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%
32% È 50% off from 2018
100%
29% È 64% off from 2018
NEUTRAL MARKET
NEUTRAL MARKET
44
14
129
37
Homes For Sale
Total Homes Sold
Homes For Sale
Total Homes Sold
Ç33% vs 2018
Ç33% vs 2018
Ç82% vs 2018
È 34% vs 2018
Bridle Trails
Kirkland
Absorption Rate (closed sales)
Absorption Rate (closed sales)
16%
16%
33%
0%
100%
15% È 65% off from 2018 BUYER’S MARKET
33%
0%
100%
33% È 55% off from 2018 SELLER’S MARKET
13
2
73
22
Homes For Sale
Total Homes Sold
Homes For Sale
Total Homes Sold
Ç44% vs 2018
È 50% vs 2018
Ç115% vs 2018
È 19% 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+ (March 2019 vs March 2018)
$1m-$1.5m
$1.5m-$2m
$2m-$2.5m
$2.5m-$3m
2019
$3m+
2018 7%
6%
5%
5%
March 2019 and 2018 outcomes were very similar. No real noticable shifts in sales by price point were made.
5%
7%
18%
18% 63%
64%
Condominiums*
Price Range: $750k+ (March 2019 vs March 2018)
$750k-$1m
$1m-$1.25m
$1.25m-$1.5m
$1.5m+
2018
2019
13%
21%
42% 50%
21%
14%
March 2019 had a higher percentage of sales in the $1.5m+ price range. On the other hand, 2018 had more sales priced in the $1m-$1.5m price range.
14% 21%
*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. Statistics do not include presales or townhomes. Information and statistics derived by VDB | Compass from Trendgraphix.
Seattle Metro Residential
*
March Timeline Comparison Price Range: $1m+ (March 2009 to March 2019)
Homes For Sale
Avg. Active Prices
Avg. Sold Prices
Median Sold Prices
Home Prices
Active Listings 250
$3,000,000 234 $2,500,000
181
$2,000,000 $1,500,000 $1,000,000
$1,978,000
$2,228,000 $1,522,000
$2,000,000
200
150
$1,709,000
$1,456,000 $1,335,000
$1,400,000
$1,375,000
84
100
50
$500,000 $0
0 Mar 2009
Mar 2010
Mar 2011
Mar 2012
Mar 2013
Mar 2014
Mar 2015
Mar 2016
Mar 2017
Mar 2018
Mar 2019
March Price Per SQFT Comparison Price Range: $1m+ (March 2019 vs March 2018)
Price Per Square Foot 2019 Price Per SQFT
2018 Price Per SQFT
$700 $600
$577 $573
$595 $537
$500
$518
$548 $480 $474
$400 $300 $200 $100 $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.
Seattle Metro Condominiums* March Timeline Comparison Price Range: $750k+ (March 2009 to March 2019) Homes For Sale
Avg. Active Prices
Avg. Sold Prices
Median Sold Prices
Home Prices
Active Listings
$2,500,000
144
100
$1,229,000
$1,526,000 80
$1,163,000
$1,000,000
120
$1,764,000
$1,653,000
$1,500,000 $1,296,000
140
$2,105,000
149
$2,000,000
$935,000
60
$500,000
160
$1,020,000
60 40 20
$0
0 Mar 2009
Mar 2010
Mar 2011
Mar 2012
Mar 2013
Mar 2014
Mar 2015
Mar 2016
Mar 2017
Mar 2018
Mar 2019
March Price Per SQFT Comparison Price Range: $750k+ (March 2019 vs March 2018)
Overall Market Recap Price Per Square Foot
Single-Family
$880
$874
$875
The big shift in inventory happened in 2018 and continued into March this year. The Seattle area added 70 additional
$870 $865
listings, up 65% YoY, in the $1m+ price range last month.
$860
having low volumes of supply. Sold prices exhibited a 13%
$855 $850
gain and at the same time, Active prices fell -22%.
$845
That’s a considerable numebr given Seattle’s history of
$842
$840 $835
Condominiums
$830 $825
Year-over-Year, inventory is up 78%, the highest it’s been Seattle Metro 2019 Price Per SQFT 2018 Price Per SQFT
since 2010. Average active prices are off-28% YoY, but average Sold prices are up 5%. What this says is that Sellers are either reducing their prices or coming on ther market at a price that is closer to fairmarket value to attaract as many offers as possible and to gert it sold.
*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
March 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%
33%
0%
38% È 44% off from 2018
Seller’s Market
100%
27% È 73% off from 2018
SELLER’S MARKET
NEUTRAL MARKET
32
12
12
3
Homes For Sale*
Total Homes Sold
Homes For Sale*
Total Homes Sold
Ç33% vs 2018
È 25% vs 2018
Ç57% vs 2018
È 57% vs 2018
Queen Anne / Magnolia
Ballard / Green Lake
Absorption Rate (closed sales)
Absorption Rate (closed sales)
16%
16%
33%
0%
100%
46% È 47% off from 2018 26 56 SELLER’S MARKET
33%
0%
100%
60% È 32% off from 2018 29 48 SELLER’S MARKET
Homes For Sale*
Total Homes Sold
Homes For Sale*
Total Homes Sold
Ç44% vs 2018
È 23% vs 2018
Ç71% vs 2018
Ç16% 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.
Seattle Market Share by Price Point Single-Family Residential*
Price Range: $1m+ (March 2019 vs March 2018) $1m-$1.5m
$1.5m-$2m
$2m-$2.5m
$2.5m-$3m
2019
$3m+
2018 6%
1% 4% 0%
3% 2%
18%
31%
57%
Last year, homes in the $1.5m-$2m price range represented a large portion of sales. In March 2019, that percentage dropped 15%. 2019 did have a greater percentage of sales north of $2m.
71%
Condominiums*
Price Range: $750k+ (March 2019 vs March 2018) $750k-$1m
$1m-$1.25m
$1.25m-$1.5m
2019
$1.5m+
2018 17%
21%
11%
7%
47%
52%
21%
For the most part, 2019 and 2018 didn’t have noticable shifts in the distribution of sale prices.s
22%
*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. Statistics do not include presales or townhomes Information and statistics derived by VDB | Compass from Trendgraphix.
Waterfront* Waterfront Market Recap For true* water front properties, March 2019 had only 2 closings, both being on the Eastside. One of the sales was a West facing Yarrow Point property with great upgrades and a fabulous back yard for entertaining that sold in five days!
For Sale in March 2019 Community
For Sale
Average List Price
Avg Price / SF
Avg Days on Market
Seattle
2
$8,175,000
$1,634
442 days
Eastside
8
$20,503,250
$2,815
203 days
Mercer Island
13
$7,046,538
$1,150
352 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 data.
Waterfront* Pending in March 2019 Community
Pending
Avg Price / SF
Avg Days on Market
Seattle
0
n/a
n/a
Eastside
1
$1,442
432 days
Mercer Island
2
$1,049
221 days
Sold in March 2019 Community
Sold
Average Sold Price
Avg Price / SF (Sold)
Avg Days on Market
Seattle
0
n/a
n/a
n/a
Eastside
2
$7,225,000
$1,573
52 days
Mercer Island
0
n/a
n/a
n/a
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