05 19
May 2019 Monthly Report Greater Eastside and Seattle Metro
Eastside Residential* May Timeline Comparison Price Range: $1m+ (May 2009 to May 2019)
Active Listings
Avg. Active Prices
Avg. Sold Prices
Median Sold Prices
Home Prices
Active Listings
$2,500,000 $2,000,000
611 $1,904,000
531
$1,888,000 $1,500,000
$1,496,000
600
$2,021,000
500
$1,606,000
$1,517,000
700
400 $1,350,000 300
$1,318,000
$1,000,000 $1,300,000
200
227
$500,000
100
$0
0 May 2009
May 2010
May 2011
May 2012
May 2013
May 2014
May 2015
May 2016
May 2017
May 2018
May 2019
May Price Per SQFT (closed) Comparison Price Range: $1m+ (May 2009 to May 2019)
Price Per Square Foot $800 $700
2019 Price Per Square Foot
2018 Price Per Square Foot
$677 $694 $566
$600
$526
$500
$412 $427
$394 $416
Eastside South of 1-90
Redmond
$400
$351
$383
$369 $344
$300 $200 $100 $0 West Bellevue
Kirkland/ Bridle Trails
Sammaish
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 May, dating back to 2009. Information and statistics derived by VDB | Compass from Trendgraphix.
Eastside Condominiums* May Timeline Comparison Price Range: $750k+ (May 2009 to May 2019)
Active Listings
Avg. Active Prices
Avg. Sold Prices
Median Sold Prices
Condo Prices
Active Listings
$2,500,000
160
151
140
$2,000,000 $1,500,000
$1,380,000
$1,349,000
80 $1,080,000
$940,000 40
$756,000 $500,000
100
$1,309,000
$937,000
$1,000,000 $768,000
120
$1,672,000
63
60 40 20
$0
0 May 2009
May 2010
May 2011
May 2012
May 2013
May 2014
May 2015
May 2016
May 2017
May 2018
May 2019
May Price Per SQFT Comparison Price Range: $750k+ (May 2009 to May 2019)
Recap - May 2019 vs May 2018 Price Per Square Foot $840
Single-Family
$817
$820
Inventory is up 56% Year-over-Year (YoY) in May 2019. Average active prices are down 8% and average sold
$800 $780
prices are up 2.6%. On average, homes are staying on
$764
the market for 25 days longer compared to May 2018. As
$760 $740
$722
$720
defined by absorption rates based on closed sales, 6 out $711
the 7 market areas were Seller’s markets. Redmond was the hottest Seller’s market with an absorption rate of 67%.
$700 $680
Condominiums
$660
Inventory is up 80% compared to last year. This is a
$640 Downtown Bellevue
Kirkland
significant number, but in terms of volume, May 2019’s numbers are still relatively low. Year-over-Year, Average active prices are down 21% and average sold prices are
2019 Price Per SQFT
up 12%. On average, condos are staying on the market for
2018 Price Per SQFT
9 days longer compared to May 2018. The absorption rate for May 2019 was 51%, down 34% YoY.
*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 & NWMLS.
Eastside Community Insights
May Absorption Rates
West Bellevue
Six out of the seven communities we focused on,
Absorption Rate (closed sales)
West Bellevue, Eastside/South of I-90, Redmond, Woodinville, Bridle Trails and Kirkland that make up
16%
the Eastside are Seller’s markets. Redmond had the
33%
highest absorption rate percentage out all areas. Seattle, as you’ll see in the coming pages, all four market areas, Central Seattle, Ballard/Greenlake & Queen Anne/Magnolia and North Seattle, were
0%
Seller’s markets.
100%
35% È 4% off from 2018 SELLER’S MARKET
*Absorption Rate: Number of properties sold in a given month divided by number of homes for sale.
Buyer’s Market
Neutral Market
Seller’s Market
121
42
Homes For Sale
Total Homes Sold
Ç46% vs 2018
Ç40% vs 2018
Eastside/South of I-90
Redmond
Absorption Rate (closed sales)
Absorption Rate (closed sales)
16%
33%
0%
16%
100%
45% È 48% off from 2018 SELLER’S MARKET
33%
0%
100%
67% È 33% off from 2018 SELLER’S MARKET
110
49
82
55
Homes For Sale
Total Homes Sold
Homes For Sale
Total Homes Sold
Ç62% vs 2018
È 15% vs 2018
Ç67% vs 2018
Ç12% 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%
34% È 46% off from 2018
100%
32% È 52% off from 2018
SELLER’S MARKET
NEUTRAL MARKET
53
18
165
52
Homes For Sale
Total Homes Sold
Homes For Sale
Total Homes Sold
Ç29% vs 2018
È 31% vs 2018
Ç70% vs 2018
È 18% vs 2018
Bridle Trails
Kirkland
Absorption Rate (closed sales)
Absorption Rate (closed sales)
16%
16%
33%
0%
100%
53% È 4% off from 2018 SELLER’S MARKET
33%
0%
100%
48% È 55% off from 2018 SELLER’S MARKET
15
8
80
39
Homes For Sale
Total Homes Sold
Homes For Sale
Total Homes Sold
È 16% vs 2018
È 20% vs 2018
Ç51% 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 & NWMLS.
Eastside Market Share by Price Point* Single-Family Residential Price Range: $1m+ (May 2009 to May 2019)
$1m-$1.5m
$1.5m-$2m
$2m-$2.5m
$2.5m-$3m
2019
$3m+
2018 3%
4%
3%
3%
6%
5%
13%
15% 44%
41%
May 2019 and 2018 outcomes were very similar. No real noticable shifts in sales by price point were made.
Condominiums
Price Range: $750k+ (May 2009 to May 2019)
$750k-$1m
$1m-$1.25m
$1.25m-$1.5m
$1.5m+
2019
2018
23%
24% 38% 43%
17%
19%
17%
May 2019 and 2018 outcomes were very similar. No real noticable shifts in sales by price point were made.
19%
*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 & NWMLS.
Seattle Metro Residential* May Timeline Comparison Price Range: $1m+ (May 2009 to May 2019)
Homes For Sale
Avg. Active Prices
Avg. Sold Prices
Median Sold Prices
Home Prices
Active Listings
$3,000,000 $2,500,000 $2,000,000
282
256 $2,309,000
$2,023,000
250 $2,077,000
$1,668,000
300
$1,544,000
200 $1,525,000
$1,500,000
150 $1,413,000
$1,000,000 $1,260,000
$1,370,000
100
$500,000
100 50
$0
0 May 2009
May 2010
May 2011
May 2012
May 2013
May 2014
May 2015
May 2016
May 2017
May 2018
May 2019
May Price Per SQFT Comparison Price Range: $1m+ (May 2009 to May 2019)
Price Per Square Foot $700 $600
2019 Price Per SQFT
2018 Price Per SQFT
$642 $561
$540 $535
$537 $486
$500
$497 $499
$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 & NWMLS.
Seattle Metro Condominiums* May Timeline Comparison Price Range: $750k+ (May 2009 to May 2019)
Homes For Sale
Avg. Active Prices
Avg. Sold Prices
Median Sold Prices
Home Prices
Active Listings
$2,500,000
164 151
160
$1,867,000
$2,000,000 $1,781,000
140 $1,539,000
$1,500,000
$1,324,000
$1,642,000
$1,100,000 $915,000
$1,000,000 $1,260,000
120 100 80
$925,000
57
$500,000
180
60 40 20
$0
0 May 2009
May 2010
May 2011
May 2012
May 2013
May 2014
May 2015
May 2016
May 2017
May 2018
May 2019
May Price Per SQFT Comparison Price Range: $750k+ (May 2009 to May 2019)
Recap - May 2019 vs May 2018 Price Per Square Foot
Single-Family
$860
$858
$858
Inventory is up 73% Year-over-Year (YoY). Closed transactions are down 22%. Pending transactions are down 11%. Average sold prices are up 1.1% and average
$856
active prices are down 3.4%. As defined by absorption
$854
rates based on closed sales, 6 out the 7 market areas were
$852
Seller’s markets. Redmond was the hottest Seller’s market $851
with an absorption rate of 67%.
$850 $848
Condominiums
$846
Inventory is up 80% YoY. This is a significant number, but in Seattle Metro
terms of volume, May 2019’s numbers are still relatively low. Closed transactions are down 41%. Pending transactions
2019 Price Per SQFT 2018 Price Per SQFT
are up 8%. Average sold prices are down 7% and active prices are down 21%. The absorption rate for May 2019 was 21.3%, down 59% YoY.
*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 & NWMLS.
Seattle Community Insights
May 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%
38% È 49% off from 2018
Seller’s Market
100%
59% È 73% off from 2018
SELLER’S MARKET
NEUTRAL MARKET
104
39
59
35
Homes For Sale*
Total Homes Sold
Homes For Sale*
Total Homes Sold
Ç58% vs 2018
È 20% vs 2018
Ç90% vs 2018
Ç13% vs 2018
Queen Anne / Magnolia
Ballard / Green Lake
Absorption Rate (closed sales)
Absorption Rate (closed sales)
16%
16%
33%
0%
100%
44% È 47% off from 2018 40 90 SELLER’S MARKET
33%
0%
100%
65% È 32% off from 2018 42 65 SELLER’S MARKET
Homes For Sale*
Total Homes Sold
Homes For Sale*
Total Homes Sold
Ç92% vs 2018
È 9% vs 2018
Ç55% vs 2018
È 36% 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 Market Share by Price Point* Single-Family Residential Price Range: $1m+ (May 2009 to May 2019) $1m-$1.5m
$1.5m-$2m
$2m-$2.5m
$2.5m-$3m
2019
$3m+
2018 3% 2%
2% 3% 11%
13%
21%
58%
24%
63%
May 2019 and 2018 outcomes were very similar. No real noticable shifts in sales by price point were made.
Condominiums
Price Range: $750k+ (May 2009 to May 2019) $750k-$1m
$1m-$1.25m
$1.25m-$1.5m
2019
$1.5m+
2018 16%
13%
13%
10%
57% 17%
59%
May 2019 and 2018 outcomes were very similar. No real noticable shifts in sales by price point were made.
16%
*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 & NWMLS.
Waterfront* Waterfront Market Recap When it comes to waterfront, Compass is #1. Since the start of 2019, Compass has represented more market share, in terms of total dollar volume, than any other firm. On the listing side, Compass’s market share is roughly 42% and on the selling side, 55%.
For Sale as of June 11th 2019 Community
For Sale
Average List Price
Avg Price / SF
Avg Days on Market
Seattle
5
$7,370,000
$1,459
257 days
Eastside
11
$14,148,727
$2,130
100 days
Mercer Island
15
$7,176,800
$1,207
196
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 May 2019 Community
Pending
Avg Price / SF
Avg Days on Market
Seattle
0
n/a
n/a
Eastside
1
$1,000
433 days
Mercer Island
3
$1,074
5 days
Closed in May 2019 Community
Sold
Average Sold Price
Avg Price / SF (Sold)
Avg Days on Market
Seattle
1
$7,255,000
$1,653
Sold-Unlisted
Eastside
4
$13,087,500
$2,549
207 days
Mercer Island
2
$6,265,000
$823
172
days
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