Eastside Market Review
Q2
Eastside real estate statistics for the second quarter of 2015
2015 Q2 OV ER V I E W
T
he strong real estate market maintained its momentum in the second quarter of the year. Continued low inventory coupled with ever-increasing demand pushed home prices in King County to an all-time high. Competition was fierce, as firsttime home buyers competed with foreign buyers and those moving here for new jobs. The multiple offers and escalation clauses that have now become common made it a very hot market for sellers. • Home prices in every community on the Eastside increased over last year. • While sales on the Eastside jumped significantly, inventory remains very tight. • With very little new construction in the pipeline, low inventory is expected to continue until more sellers are willing to list their homes.
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• Bellevue: • Bellevue / East of I-405 ................................................................................... 4 • Bellevue / West of I-405 ................................................................................. 6 • Eastside / South of I-90 .................................................................................. 8 • East of Lake Sammamish / Issaquah ............................................................10 • Kirkland / Bridle Trails .............................................................................................12 • Mercer Island .................................................................................................................14 • Redmond / Carnation ..............................................................................................16 • Woodinville / Juanita / Duvall ...........................................................................18 • Market Share ..................................................................................................................20 • Why Windermere .......................................................................................................22 • Local Expertise, Global Connections ..........................................................24 [ click on area to jump to that page ]
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Bellevue / East of I-405
Higher Price Listing (75th percentile)
Wilburton/Kelsey Creek 12832 SE 2nd Street
$946,500 4 Bed / 2.25 Bath / 2,430 SQFT MLS #: 804439 Lot Size: 10,000 sq ft Year Built: 1963 Style: Tri-Level Views: Territorial School District: Bellevue
Median Price Listing
Microsoft 14802 NE 13th Street
$678,000 5 Bed / 3 Bath / 2,460 SQFT MLS #: 793895 Lot Size: 6,250 sq ft Year Built: 1966 Style: Split Entry Views: None School District: Bellevue
Lower Price Listing (25th percentile)
Microsoft 6802 156th Place NE
$634,500 3 Bed / 2.25 Bath / 2,090 SQFT MLS #: 808292 Lot Size: 4,039 sq ft Year Built: 2007 Style: Multi Level Views: None
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School District: Lake Washington
2015 Q2
Median Closed Sales Price > JUNE $645,000 $590,500
$606,500
$575,000
$550,000
$542,000 $507,000
$496,500 $433,750
2006
$450,000
+9%
-3%
-12%
-2%
-13%
+4%
+22%
+10%
+6%
2007
2008
2009
2010
2011
2012
2013
2014
2015
Months Supply of Inventory > JUNE
Closed Sales > JUNE
(includes pending sales) less than 3 months = seller’s market 3 -6 months = balanced market more than 6 months = buyer’s market
83 74
68
2.2
1.0 0.7
2014
2015
10 year average
2014
2015
10 year average
All figures are based on single family home sales, which include townhomes and exclude condos. Graphs were created by Windermere Real Estate using NWMLS data, but information was not verified or published by NWMLS. Data reflects all new and resale single-family residences sold.
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Bellevue / West of I-405
Higher Price Listing (75th percentile)
Yarrow Point 4416 95th Avenue NE
$3,580,000 4 Bed / 5.0 Bath / 5,000 SQFT MLS #: 794238 Lot Size: 0.59 acres Year Built: 1990 Style: Multi Level Views: Territorial, Mountain, Lake, City School District: Bellevue
Median Price Listing
Enatai 3130 110th Avenue SE
$2,299,000 5 Bed / 4.0 Bath / 5,100 SQFT MLS #: 787047 Lot Size: 9,754 sq ft Year Built: 2008 Style: Multi Level Views: None School District: Bellevue
Lower Price Listing (25th percentile)
Medina 8445 NE 9th Street
$1,498,000 3 Bed / 2.75 Bath / 2,610 SQFT MLS #: 767010 Lot Size: 0.29 acres Year Built: 1954 Style: 1 Story Views: Territorial
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School District: Bellevue
2015 Q2 $1,811,250
Median Closed Sales Price > JUNE
$1,664,000
$1,612,500
$1,285,000 $1,187,500
$1,175,000
$1,137,000 $980,000
2006
$1,037,500 $943,750
+36%
-20%
-9%
-17%
+6%
-9%
+20%
+46%
+9%
2007
2008
2009
2010
2011
2012
2013
2014
2015
Months Supply of Inventory > JUNE
Closed Sales > JUNE
(includes pending sales) less than 3 months = seller’s market 3 -6 months = balanced market more than 6 months = buyer’s market 44
4.3
38
38 2.6 1.7
2014
2015
10 year average
2014
2015
10 year average
All figures are based on single family home sales, which include townhomes and exclude condos. Graphs were created by Windermere Real Estate using NWMLS data, but information was not verified or published by NWMLS. Data reflects all new and resale single-family residences sold.
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Eastside / South of I-90
Higher Price Listing (75th percentile)
Forest Ridge 15438 SE 67th Place
$1,048,000 4 Bed / 3.5 Bath / 4,070 SQFT MLS #: 786579 Lot Size: 0.42 acres Year Built: 1992 Style: 1½ Stories w/Basement Views: Mountain, Territorial School District: Issaquah
Median Price Listing
Squak Mountain 11315 207th Avenue SE
$814,000 4 Bed / 2.5 Bath / 3,600 SQFT MLS #: 809123 Lot Size: 3.86 acres Year Built: 2013 Style: 2 Story w/Basement Views: None School District: Issaquah
Lower Price Listing (25th percentile)
Cougar Mountain 17207 SE 60th Street
$674,950 3 Bed / 1.75 Bath / 1,800 SQFT MLS #: 767312 Lot Size: 0.54 acres Year Built: 1938 Style: 1 Story Views: Territorial
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School District: Issaquah
2015 Q2
Median Closed Sales Price > JUNE $694,000 $635,000
$637,500
$688,000
$599,000
$569,537
2006
$659,500
$650,000
$530,000
$550,000
0%
+9%
-18%
+14%
-18%
+4%
+9%
+10%
+4%
2007
2008
2009
2010
2011
2012
2013
2014
2015
Months Supply of Inventory > JUNE (includes pending sales)
Closed Sales > JUNE
3.5
less than 3 months = seller’s market 3 -6 months = balanced market more than 6 months = buyer’s market
121 101
96
1.5 1.0
2014
2015
10 year average
2014
2015
10 year average
All figures are based on single family home sales, which include townhomes and exclude condos. Graphs were created by Windermere Real Estate using NWMLS data, but information was not verified or published by NWMLS. Data reflects all new and resale single-family residences sold.
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10
East of Lake Sammamish / Issaquah
Higher Price Listing (75th percentile)
Sammamish 19446 SE 27th Place
$950,000 4 Bed / 3.5 Bath / 3,960 SQFT MLS #: 802404 Lot Size: 7,012 sq ft Year Built: 2005 Style: 2 Story Views: Territorial School District: Issaquah
Median Price Listing
Issaquah Highlands 2166 NE Natalie Way
$750,000 3 Bed / 2.5 Bath / 2,260 SQFT MLS #: 809978 Lot Size: 3,626 sq ft Year Built: 2007 Style: 2 Story Views: Territorial School District: Issaquah
Lower Price Listing (25th percentile)
Snoqualmie 37001 SE 93rd Place
$499,950 4 Bed / 2.0 Bath / 1,920 SQFT MLS #: 797329 Lot Size: 0.74 acres Year Built: 1986 Style: 2 Story Views: Territorial School District: Snoqualmie Valley
2015 Q2
Median Closed Sales Price > JUNE $607,500
$607,500
$599,000
$570,000 $531,000
2006
$625,000
$563,550
$540,000 $509,500
$494,500
+7%
0%
-13%
+2%
-6%
-3%
+14%
+6%
+4%
2007
2008
2009
2010
2011
2012
2013
2014
2015
Months Supply of Inventory > JUNE
Closed Sales > JUNE
(includes pending sales)
285
less than 3 months = seller’s market 3 -6 months = balanced market more than 6 months = buyer’s market
226 3.2
200
1.4 1.0
2014
2015
10 year average
2014
2015
10 year average
All figures are based on single family home sales, which include townhomes and exclude condos. Graphs were created by Windermere Real Estate using NWMLS data, but information was not verified or published by NWMLS. Data reflects all new and resale single-family residences sold.
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12
Kirkland / Bridle Trails
Higher Price Listing (75th percentile)
West Of Market 701 17th Avenue W
$1,550,000 4 Bed / 3.5 Bath / 3,460 SQFT MLS #: 793094 Lot Size: 7,200 sq ft Year Built: 2004 Style: 2 Story Views: Territorial School District: Lake Washington
Median Price Listing
North Rose Hill 9714 130th Avenue NE
$999,950 3 Bed / 2.0 Bath / 1,870 SQFT MLS #: 801537 Lot Size: 0.57 acres Year Built: 1966 Style: 1 Story Views: None School District: Lake Washington
Lower Price Listing (25th percentile)
Rose Hill 7620 116th Avenue NE
$799,950 3 Bed / 2.5 Bath / 2,094 SQFT MLS #: 805933 Lot Size: 6,698 sq ft Year Built: 2015 Style: 1 Story Views: none School District: Lake Washington
2015 Q2
Median Closed Sales Price > JUNE
$845,600 $800,000
$702,500 $640,000
$638,000 $589,500
$570,000
2006
$645,000 $604,000
$604,000
+23%
-9%
-8%
+8%
-5%
+7%
-6%
+32%
+6%
2007
2008
2009
2010
2011
2012
2013
2014
2015
Months Supply of Inventory > JUNE
Closed Sales > JUNE
(includes pending sales) less than 3 months = seller’s market 3 -6 months = balanced market more than 6 months = buyer’s market
88 3.5
73
69
1.6 1.1
2014
2015
10 year average
2014
2015
10 year average
All figures are based on single family home sales, which include townhomes and exclude condos. Graphs were created by Windermere Real Estate using NWMLS data, but information was not verified or published by NWMLS. Data reflects all new and resale single-family residences sold.
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Mercer Island
Higher Price Listing (75th percentile)
Beach Club 8252 Avalon Drive
$4,588,000 5 Bed / 4.25 Bath / 4,887 SQFT MLS #: 797475 Lot Size: 0.39 acres Year Built: 1972 Style: 2 Stories w/Basement Views: Mountain, Lake School District: Mercer Island
Median Price Listing
Parkwood Estates 5438 91st Avenue SE
$1,985,000 6 Bed / 4.75 Bath / 5,173 SQFT MLS #: 777739 Lot Size: 0.36 acres Year Built: 1988 Style: 1 Story W/Basement Views: Territorial School District: Mercer Island
Lower Price Listing (25th percentile)
Mercer Island 9315 SE 43rd Street
$1,174,950 5 Bed / 2.5 Bath / 3,252 SQFT MLS #: 753147 Lot Size: 10,625 sq ft Year Built: 1956 Style: 1 Story W/Basement Views: Lake, Territorial School District: Mercer Island
2015 Q2
Median Closed Sales Price > JUNE
$1,336,700
$1,090,000 $998,250
$1,025,775
$1,019,975
$980,000 $824,750
2006
$977,500
$950,000
$880,975
0%
+35%
-20%
-17%
-11%
+15%
+6%
+28%
-1%
2007
2008
2009
2010
2011
2012
2013
2014
2015
Months Supply of Inventory > JUNE
Closed Sales > JUNE
(includes pending sales) less than 3 months = seller’s market 3 -6 months = balanced market more than 6 months = buyer’s market
42
3.9 35
34
3.0
1.3
2014
2015
10 year average
2014
2015
10 year average
All figures are based on single family home sales, which include townhomes and exclude condos. Graphs were created by Windermere Real Estate using NWMLS data, but information was not verified or published by NWMLS. Data reflects all new and resale single-family residences sold.
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16
Redmond / Carnation
Higher Price Listing (75th percentile)
Redmond Ridge 9811 241 Terr NE
$1,020,000 4 Bed / 3.5 Bath / 3,915 SQFT MLS #: 789237 Lot Size: 7,083 sq ft Year Built: 2013 Style: 2 Stories w/Basement Views: None School District: Lake Washington
Median Price Listing
Education Hill 17674 NE 121st Court
$729,000 4 Bed / 2.5 Bath / 2,630 SQFT MLS #: 814235 Lot Size: 7,652 sq ft Year Built: 2005 Style: 2 Story Views: Territorial School District: Lake Washington
Lower Price Listing (25th percentile)
Trilogy 23131 NE 128th Place
$399,950 2 Bed / 1.75 Bath / 1,300 SQFT MLS #: 791259 Lot Size: 3,331 sq ft Year Built: 2005 Style: 1 Story Views: None School District: Lake Washington
2015 Q2
Median Closed Sales Price > JUNE $697,500
$689,950 $599,950
$655,000
$624,950 $520,500
$572,000
$581,257
$498,500 $429,000
2006
+4%
+10%
-25%
-4%
-14%
+33%
+2%
+13%
+6%
2007
2008
2009
2010
2011
2012
2013
2014
2015
Months Supply of Inventory > JUNE
Closed Sales > JUNE
(includes pending sales)
108
less than 3 months = seller’s market 3 -6 months = balanced market more than 6 months = buyer’s market
1.5
2014
3.8
74
10 year average
2014
75
1.3
2015
2015
10 year average
All figures are based on single family home sales, which include townhomes and exclude condos. Graphs were created by Windermere Real Estate using NWMLS data, but information was not verified or published by NWMLS. Data reflects all new and resale single-family residences sold.
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18
Woodinville / Juanita / Duvall
Higher Price Listing (75th percentile)
Hollywood Hill 17015 164th Avenue NE
$950,000 5 Bed / 4.75 Bath / 3,529 SQFT MLS #: 808071 Lot Size: 1.53 acres Year Built: 1979 Style: 2 Story Views: None School District: Northshore
Median Price Listing
Trilogy 24420 NE Vine Maple Way
$744,900 2 Bed / 2.5 Bath / 2,320 SQFT MLS #: 763141 Lot Size: 6,562 sq ft Year Built: 2005 Style: 1 Story Views: Territorial School District: Lake Washington
Lower Price Listing (25th percentile)
Totem Lake 11332 NE 129th Street
$525,000 4 Bed / 2.0 Bath / 2,300 SQFT MLS #: 801080 Lot Size: 8,123 sq ft Year Built: 1974 Style: Split Entry Views: Territorial School District: Lake Washington
2015 Q2
Median Closed Sales Price > JUNE
$489,750
$510,000
$510,000
$526,000
$528,444
$485,000 $450,000 $406,000
2006
$378,800
$400,000
+4%
0%
-12%
-10%
-7%
+6%
+21%
+8%
0%
2007
2008
2009
2010
2011
2012
2013
2014
2015
Months Supply of Inventory > JUNE
Closed Sales > JUNE
(includes pending sales) less than 3 months = seller’s market 3 -6 months = balanced market more than 6 months = buyer’s market
210 3.4
174 149
1.5
1.4
2014
2015
10 year average
2014
2015
10 year average
All figures are based on single family home sales, which include townhomes and exclude condos. Graphs were created by Windermere Real Estate using NWMLS data, but information was not verified or published by NWMLS. Data reflects all new and resale single-family residences sold.
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Market Share by Company 2014
Eastside > by number of transactions Bellevue, Bothell, Duvall, Issaquah, Kenmore, Kirkland, Mercer Island, Newcastle, North Bend, Redmond, Sammamish, Snoqualmie, Woodinville, and surrounding neighborhoods.
30%
Windermere
22% 14% 13%
John L. Scott
12% 11%
Coldwell Banker 7% 7%
RE/MAX 5% 5%
Keller Williams The Cascade Team Redfin Sotheby’s International Realty Skyline Berkshire Hathaway
2% 1% 2% 5% 1% 1% 1% 5% 1% 2%
Companies not shown have less than 1% market share in buyers or sellers or both.
5%
10%
15%
20%
25%
30%
35%
40%
Representing Sellers Representing Buyers
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Graphs were created by Windermere using NWMLS data, but information was not verified or published by NWMLS. Data reflects all new and resale single-family residences and condominiums sold from 1/1/2014–12/31/2014 in areas 500, 510, 520, 530, 540, 550, 560, 600.
2014 Market Share by Company
Eastside > transactions over $1,000,000 Bellevue, Bothell, Duvall, Issaquah, Kenmore, Kirkland, Mercer Island, Newcastle, North Bend, Redmond, Sammamish, Snoqualmie, Woodinville, and surrounding neighborhoods.
41%
Windermere
32% 21%
Coldwell Banker
14% 13% 12%
John L. Scott Skyline
1% 6%
RE/MAX
3% 4%
Sotheby’s International Realty
4% 3%
Keller Williams
3% 3%
Companies not shown have less than 1% market share in buyers or sellers or both.
5%
10%
15%
20%
25%
30%
35%
40%
Representing Sellers Representing Buyers
Graphs were created by Windermere using NWMLS data, but information was not verified or published by NWMLS. Data reflects all new and resale single-family residences and condominiums sold from 1/1/2014–12/31/2014 in areas 500, 510, 520, 530, 540, 550, 560, 600 with a sales price of $1,000,000 or more.
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Why Windermere
Washington’s
Most Respected Real Estate Brands
Washington’s Most Respected Real Estate Brands
In an anindependent independentsurvey surveyconducted conducted Puget Sound Business Journal, readers were asked to In by by thethe Puget Sound Business Journal, readers were asked identify Washington’s brandsinina avariety varietyofof business categories. Within to identify Washington’smost mostrespected respected company company brands business categories. the residential real estate category, Windermere RealReal Estate waswas selected byby 58.8 Within the residential real estate category, Windermere Estate selected 58.8percent percentof the survey respondents as theasmost respected realreal estate company brand of the survey respondents the most respected estate company brandininWashington. Washington.
Most Respected Real Estate Brands Percentage of votes
1
Windermere Real Estate .................................................. 58.8%
2
John L. Scott Real Estate
3
Coldwell Banker Puget Sound Area Affiliates ................ 6.9%
4
Redfin ........................................................................................................ 4.1%
5
Re/Max ..................................................................................................... 4.0%
..........................................................
16.6%
This is an excerpt from an article that appeared in the July 29 –August 4, 2011 issue of Puget Sound Business Journal.
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©2014 Windermere Services Company. All rights reserved. WORC 07/14
The Sign in Your Yard Matters A recent study shows that NWMLS brokers in King County are more confident working with Windermere brokers than any other brand.
Percent of respondents indicating they were completely confident or confident in a doing a transaction. Windermere
81%
Coldwell Banker
71%
John L. Scott
64%
RE/MAX
54%
Sotheby’s International Realty
48%
Keller Williams
45%
Lake & Company
43%
Berkshire Hathaway
34%
Gerrard Beattie & Knapp
27%
Redfin
16%
The Cascade Team
9%
The Force Real Estate
9%
RSVP Real Estate
9%
10%
20%
30%
40%
50%
60%
70%
80%
90%
The study was conducted by a third party in 2015 and included brokers who closed six or more transactions in the previous year.
23
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OVER 500 FIRMS n 3,500 OFFICES n 120,000 ASSOC OVER ONE MILLION TRANSACTIONS n $314 BILLI
® ®
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WORC 05/14 #14146-4
® ®
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WORC 05/14 #14146-4
windermere.com