2016 Year End Seattle Market Review

SEATTLE MARKET

2016 RECAP

SEATTLE MARKET REVIEW

SEATTLE MARKET REVIEW

SEATTLE SNAPSHOT 2016 Real Estate Market Recap After seeing significant price growth in 2016, Seattle’s real estate market is poised for more impressive returns in the year ahead.

Last year brought double-digit price gains in most Seattle neighborhoods. Single family home sales led to average Sold prices that were 12% higher than the previous year. Condominium prices rocketed even further, up 17%. Perhaps the most welcome trend was a slight increase in new home construction. While supply never caught up to demand, there were still 8% more residential units sold in 2016, and new construction homes led the way with a 48% increase over the previous year. These numbers were fed by new condominium projects whose units sold out quickly. Despite this new inventory, buyer demand outstripped the supply of for-sale homes in almost every neighborhood. Two data points captured the competitive heat of Seattle’s real estate market in 2016. First, the city-wide Sold-to-List Price ratio for single family homes registered at 102.9% for the year, meaning that buyers were consistently bidding up homes past the asking price. Second, the average number of days a Seattle property spent on the market decreased by 17.4%. Homes sold for more and in less time, making 2016 a true seller’s market.

The year ahead: A bull market for Seattle real estate Our projections show Seattle home price appreciation approaching double digits again in 2017. Realtor.com has shown Seattle to have the nation’s biggest housing shortage.

This is based on a confluence of factors: strong job market, restrictive zoning and bottlenecks in the move-up buyer segment. All of this leads to higher prices in the year ahead.

Even if rising mortgage rates sideline some buyers, Seattle housing market activity will remain strong. Condos – which were in huge demand in 2016 – will continue to attract both millennials and downsizing baby boomers. For the first time ever, the average Seattle condo price rose above $500,000, and that trend will continue upward in 2017.

Core neighborhoods like Capitol Hill, Queen Anne and Wallingford will once again see massive bidding wars and short market times, while less expensive neighborhoods like those in Beacon Hill, West Seattle and the South End will be coveted by both first-timers and move-up buyers. As these neighborhoods add new transit options and amenities, their popularity and price points will only grow. And, with interest rates rising and the Seattle economy booming, 2017 will be a great time to stake a claim in our thriving real estate market.

SEATTLE MARKET REVIEW

$581,700

$658,300

$721,700

$785,800

$433,800

$506,400

$625,900

$703,400

AV E RA G E S E A T T L E HO ME PR ICE | 2016 VS. 2 0 1 5

SINGLE FAMILY HOMES

CONDOMINIUMS

NEW CONSTRUCTION HOMES

ALL PROPERTY TYPES

12%

17%

9%

13%

In 2016 the total volume of Seattle residential real estate sales rose by 22% over the previous year. Single family home sales exceeded $6 billion, up 17%, while the average sold price rose by 12% to $703,400. Despite extremely tight inventory, unit sales of single family homes rose 4%, while condo sales saw far bigger growth with 18% more units sold than in the previous year. New construction homes excelled in the marketplace, with over 2000 units sold.

11743

12672

1383

2041

3107

3652

8219

8556

T O T AL U NIT SA L E S | 2016 VS. 2 0 1 5

SINGLE FAMILY HOMES

CONDOMINIUMS

NEW CONSTRUCTION HOMES

ALL PROPERTY TYPES

4%

18%

48%

8%

VDB ESTATES | COLDWELL BANKER BAIN

$6.83B

$8.34B

$998M

$1.6B

$1.35B

$1.85B

$5.14B

$6.02B

T O T A L S A L E S VO L U M E | 2016 VS. 2 0 1 5

SINGLE FAMILY HOMES

CONDOMINIUMS

NEW CONSTRUCTION HOMES

ALL PROPERTY TYPES

17%

37%

61%

22%

In 2016, 10 of the 16 neighborhood clusters in this report saw single family home price increases of at least 10%. Laurelhurst/Windermere led the way with a 18% increase over the previous year.

Downtown condos had a 17% increase in average sold price. Two other indicators of the hot Seattle real estate market: strong List-to-Sold price ratios (average sold price exceeded average list price in 14 of our 16 neighborhood clusters) and declining Days-on-Market figures (down 16% citywide).

25 Days

21 Days

24 Days

28 Days

27 Days

23 Days

23 Days

19 Days

AV G . D A Y S ON M A R KE T | 2 0 1 6 VS. 2015

SINGLE FAMILY HOMES

CONDOMINIUMS

NEW CONSTRUCTION HOMES

ALL PROPERTY TYPES

-17%

-15%

-17%

-16%

VDB Estates : Advantage in the Marketplace Mark von der Burg is highly regarded as one of the most qualified experts in residential real estate in the Pacific Northwest. For more than twenty-eight years, Mark has built his reputation representing Luxury Estates, Urban Homes, and Waterfront Properties. With sales over $110,000,000 in 2016, he is once again in the top 0.5% of agents nationwide, the second leading Realtor in the Northwest, and Coldwell Banker Bain’s #1 Realtor.

As the founder of VDB Estates, Mark has assembled an extremely capable team of talented professionals who work tirelessly providing exceptional client services. Skilled in their field, they constantly review, adjust, and redevelop various aspects of the business to get the best results. Specialties include Photography, Cinematography, Creative Writing, Staging, Graphic Design, Marketing, Social Media, International Business, Listing/Transaction Management, and Escrow. The team’s success is attributed to expertise, powerful resources and a well-executed, structured plan. Performing from a position of strength, VDB Estates continues to be Coldwell Banker Bain’s #1 Team year after year.

Mark von der Burg | Luxury Division Director

VDB ESTATES | COLDWELL BANKER BAIN

LUXURY ($2M+) 2016 | 2015 | % CHANGE TOTAL SALES VOLUME $362.4M | $286.9M | 26.3% TOTAL HOMES SOLD 131 | 104 | 26.0% AVG. SALES PRICE $2,766,700 | $2,758,700 | 0.3% AVG. DAYS ON MARKET 60 | 72 | -16.7% SOLD/LIST PRICE % 98.6% | 97.6% | 1.0%

LUXURY WATERFRONT ($2M+) 2016 | 2015 | % CHANGE TOTAL SALES VOLUME $79.0M | $67.9M | 16.3% TOTAL HOMES SOLD 21 | 20 | 5.0% AVG. SALES PRICE $3,761,000 | $3,396,100 |10.7% AVG. DAYS ON MARKET 138 | 80 | 72.5% SOLD/LIST PRICE % 96.9% | 95.7% | 1.3%

Data compiled by Coldwell Banker Bain; Northwest Multiple Listing Service does not guarantee its accuracy.

SEATTLE MARKET REVIEW

CAPITOL HILL NORTH CAPITOL HILL 2016 | 2015 | % CHANGE TOTAL SALES VOLUME $217.4M | $200.2M | 8.6% TOTAL HOMES SOLD 221 | 204 | 8.3% AVG. SALES PRICE $983,600 | $981,200 | 0.2% AVG. DAYS ON MARKET 24 | 21 | 14.3% SOLD/LIST PRICE % 103.0% | 102.5% | 0.5%

EASTLAKE | MONTLAKE PORTAGE BAY 2016 | 2015 | % CHANGE TOTAL SALES VOLUME $113.8M | $95.0M | 19.7% TOTAL HOMES SOLD 109 | 100 | 9.0% AVG. SALES PRICE $1,043,600 | $950,200 | 9.8% AVG. DAYS ON MARKET 29 | 23 | 26.1% SOLD/LIST PRICE % 100.5% | 103.2% | -2.6%

Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/16 and 12/31/16.

VDB ESTATES | COLDWELL BANKER BAIN

MADISON PARK | BROADMOOR DENNY BLAINE | WASHINGTON PARK 2016 | 2015 | % CHANGE TOTAL SALES VOLUME $177.7M | $164.9M | 7.7% TOTAL HOMES SOLD 93 | 91 | 2.2% AVG. SALES PRICE $1,910,300 | $1,812,400 | 5.4% AVG. DAYS ON MARKET 33 | 35 | -5.7% SOLD/LIST PRICE % 99.0% | 98.9% | 0.1%

CENTRAL AREA | LESCHI MADISON VALLEY | MADRONA 2016 | 2015 | % CHANGE TOTAL SALES VOLUME $317.5M | $276.8M | 14.7% TOTAL HOMES SOLD 405 | 394 | 2.8% AVG. SALES PRICE $784,000 | $702,500 |11.6% AVG. DAYS ON MARKET 26 | 21 | 23.8% SOLD/LIST PRICE % 102.6% | 101.9% | 0.7%

Data compiled by Coldwell Banker Bain; Northwest Multiple Listing Service does not guarantee its accuracy.

SEATTLE MARKET REVIEW

BRYANT | HAWTHORNE HILLS SAND POINT | VIEW RIDGE 2016 | 2015 | % CHANGE TOTAL SALES VOLUME $233.1M | $186.8M | 24.8% TOTAL HOMES SOLD 241 | 220 | 9.5% AVG. SALES PRICE $967,300 | $849,300 | 13.9% AVG. DAYS ON MARKET 16 | 17 | -5.9% SOLD/LIST PRICE % 103.5% | 104.1% | -0.6%

LAURELHURST | WINDERMERE 2016 | 2015 | % CHANGE TOTAL SALES VOLUME $129.5M | $127.7M | 1.4% TOTAL HOMES SOLD 72 | 84 | -14.3% AVG. SALES PRICE $1,798,300 | $1,519,900 | 18.3% AVG. DAYS ON MARKET 43 | 20 | 115.0% SOLD/LIST PRICE % 100.8% | 100.4% | 0.4%

Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/16 and 12/31/16.

VDB ESTATES | COLDWELL BANKER BAIN

MAPLE LEAF | RAVENNA ROOSEVELT | WEDGWOOD 2016 | 2015 | % CHANGE TOTAL SALES VOLUME $334.7M | $272.4M | 22.9% TOTAL HOMES SOLD 462 | 440 | 5.0% AVG. SALES PRICE $724,500 | $619,200 | 17.0% AVG. DAYS ON MARKET 14 | 14 | 0.0% SOLD/LIST PRICE % 105.6% | 106.0% | -0.4%

CEDAR PARK | INVERNESS LAKE CITY | MATTHEWS BEACH 2016 | 2015 | % CHANGE TOTAL SALES VOLUME $109.9M | $85.4M | 28.7% TOTAL HOMES SOLD 157 | 131 | 19.8% AVG. SALES PRICE $700,300 | $651,900 | 7.4% AVG. DAYS ON MARKET 22 | 18 | 22.2% SOLD/LIST PRICE % 102.1% | 100.2% | 1.9%

Data compiled by Coldwell Banker Bain; Northwest Multiple Listing Service does not guarantee its accuracy.

SEATTLE MARKET REVIEW

QUEEN ANNE | MAGNOLIA 2016 | 2015 | % CHANGE TOTAL SALES VOLUME $682.2M | $601.6M | 13.4% TOTAL HOMES SOLD 658 | 669 | -1.6% AVG. SALES PRICE $1,036,800 | $899,300 | 15.3% AVG. DAYS ON MARKET 24 | 26 | -7.7% SOLD/LIST PRICE % 101.3% |101.9% | -0.6%

BALLARD | BLUE RIDGE CROWN HILL | NORTH BEACH 2016 | 2015 | % CHANGE TOTAL SALES VOLUME $462.8M | $385.3M | 20.1% TOTAL HOMES SOLD 652 | 593 | 9.9% AVG. SALES PRICE $709,800 | $649,800 | 9.2% AVG. DAYS ON MARKET 16 | 14 | 14.3% SOLD/LIST PRICE % 103.5% | 103.3% | 0.2%

Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/16 and 12/31/16.

VDB ESTATES | COLDWELL BANKER BAIN

PHINNEY RIDGE | GREENLAKE 2016 | 2015 | % CHANGE TOTAL SALES VOLUME $324.7M | $257.3M | 26.2% TOTAL HOMES SOLD 422 | 373 | 13.1% AVG. SALES PRICE $769,500 | $689,800 | 11.5% AVG. DAYS ON MARKET 14 | 13 | 7.7% SOLD/LIST PRICE % 106.0% | 105.2% | 0.8%

FREMONT | WALLINGFORD 2016 | 2015 | % CHANGE TOTAL SALES VOLUME $192.3M | $180.7M | 6.4% TOTAL HOMES SOLD 250 | 257 | -2.7% AVG. SALES PRICE $769,000 | $703,100 | 9.4% AVG. DAYS ON MARKET 14 | 11 | 27.3% SOLD/LIST PRICE % 103.8% | 105.9% | -2.0%

Data compiled by Coldwell Banker Bain; Northwest Multiple Listing Service does not guarantee its accuracy.

SEATTLE MARKET REVIEW

BELLTOWN | DOWNTOWN PIONEER SQUARE (CONDOS) 2016 | 2015 | % CHANGE TOTAL SALES VOLUME $695.3M | $493.4M | 40.9% TOTAL HOMES SOLD 885 | 735 | 20.4% AVG. SALES PRICE $785,700 | $671,300 | 17.0% AVG. DAYS ON MARKET 39 | 43 | -9.3% SOLD/LIST PRICE % 99.9% | 99.3% | 0.6%

COLUMBIA CITY | MT. BAKER RAINIER VALLEY | SEWARD PARK 2016 | 2015 | % CHANGE TOTAL SALES VOLUME $249.3M | $258.0M | -3.4% TOTAL HOMES SOLD 361 | 411 | -12.2% AVG. SALES PRICE $690,700 | $627,700 | 10.0% AVG. DAYS ON MARKET 18 | 25 | -28.0% SOLD/LIST PRICE % 102.8% | 102.0% | 0.8%

Based on information from the Northwest Multiple Listing Service, data reflects sales of Single Family Homes between 1/1/16 and 12/31/16.

VDB ESTATES | COLDWELL BANKER BAIN

BEACON HILL NORTH BEACON HILL 2016 | 2015 | % CHANGE TOTAL SALES VOLUME $165.0M | $148.7M | 11.0% TOTAL HOMES SOLD 325 | 335 | -3.0% AVG. SALES PRICE $507,700 | $443,700 | 14.4% AVG. DAYS ON MARKET 19 | 23 | -17.4% SOLD/LIST PRICE % 104.2% | 102.4% | 1.8%

WEST SEATTLE 2016 | 2015 | % CHANGE TOTAL SALES VOLUME $984.7M | $878.5M | 12.1% TOTAL HOMES SOLD 1,745 | 1,726 | 1.1% AVG. SALES PRICE $564,300 | $509,000 | 10.9% AVG. DAYS ON MARKET 18 | 24 | -25.0% SOLD/LIST PRICE % 102.6% | 101.9% | 0.7%

Data compiled by Coldwell Banker Bain; Northwest Multiple Listing Service does not guarantee its accuracy.

EASTSIDE MARKET - FALL 2016 REVIEW *Information and statistics derived by CB Bain from the Northwest Multiple Listing Service (NWMLS). Statistics not compiled or published by the NWMLS.