West Bellevue Market Review
Q1
Real estate statistics for the first quarter of 2015
2015 Q1 OV ER V I E W
T
he first quarter of the year acted more like a spring real estate market, and it came in like a lion. Rising employment, low mortgage rates and very tight inventory created a buying frenzy. Homes sold within days of being listed, frustrating buyers who faced a serious lack of homes to choose from. Waterfront inventory was particularly tight. Further adding to the problem, many current homeowners were reluctant to put their homes on the market for fear of being unable to find their next home. For the market to be healthy, something has to give. • Pending sales (agreements that have been signed but not yet closed) in March were up 60 percent over last year. • The median price of homes sold in West Bellevue soared 18 percent over March 2014. • March was the fifth consecutive month of record-low inventory, with West Bellevue ending the quarter with less than two months of available homes on the market.
2
Bellevue: West of I-405.................................................................. 4 • Bellevue ............................................................................................... 6 • Clyde Hill ............................................................................................. 8 • Hunts Point ......................................................................................10 • Medina ................................................................................................12 • Yarrow Point ...................................................................................14 Market Share .......................................................................................16 Why Windermere..............................................................................18 Local Expertise, Global Connections ............................. 22
3
Bellevue / West of I-405
Higher Price Listing (75th percentile)
Meydenbauer 9505 NE 5th Street
$3,988,000 Pending 4 Bed / 5.25 Bath / 7,040 SQFT MLS #: 751721 Lot Size: 0.58 acres Year Built: 1993 Style: 2 Stories w/Bsmnt Views: Lake, Mountain
Median Price Listing
West Bellevue 10239 NE 26th Street
$2,789,000 5 Bed / 4.75 Bath / 5,002 SQFT MLS #: 755029 Lot Size: 0.29 acres Year Built: 2015 Style: 2 Story Views: Territorial
Lower Price Listing (25th percentile)
West Bellevue 1027 107th Avenue SE
$1,700,000 4 Bed / 3.5 Bath / 3,473 SQFT MLS #: 765654 Lot Size: 6,048 sq ft Year Built: 2015 Style: 2 Story Views: none
4
2015 Q1
Median Closed Sales Price > for year ended MARCH 31st
$1,564,050
$1,320,000
$1,282,500 $1,315,000 $1,165,000 $1,066,000 $952,500
$950,000
$959,000 $875,000
2006
+35%
+3%
-11%
-18%
+1%
-9%
+22%
+24%
+18%
2007
2008
2009
2010
2011
2012
2013
2014
2015
369
370
2014
2015
Number of Units Sold > for year ended MARCH 31st 452 385
374
352
333
308
317
2010
2011
173
2006
2007
2008
2009
2012
2013
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.
5
Bellevue
Higher Price Listing (75th percentile)
Downtown 9588 NE 1st Street
$3,688,000 Pending 5 Bed / 4.75 Bath / 5,420 SQFT MLS #: 737451 Lot Size: 8,694 sq ft Year Built: 2007 Style: 2 Stories W/Basement Views: Lake, Mountain
Median Price Listing
Enatai 3263 113th Avenue SE
$1,960,000 4 Bed / 4.25 Bath / 4,821 SQFT MLS #: 743159 Lot Size: 0.28 acres Year Built: 2015 Style: 2 Stories W/Basement Views: Bay, Lake, Mountain, Territorial
Lower Price Listing (25th percentile)
Bellevue 10590 NE 12th Street 106
$989,000 2 Bed / 2.5 Bath / 2,200 SQFT MLS #: 775782 Lot Size: 2,062 sq ft Year Built: 2007 Style: Townhouse Views: City
6
2015 Q1
Median Closed Sales Price > for year ended MARCH 31st $1,300,000
$1,068,000 $955,000
$985,500
$980,000 $799,000
$710,000
2006
$858,500
$799,000 $670,000
+35%
+3%
-1%
-18%
0%
-16%
+28%
+24%
+8%
2007
2008
2009
2010
2011
2012
2013
2014
2015
Number of Units Sold > for year ended MARCH 31st 267 250 226
223 203
218
247 217
197
116
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
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.
7
Clyde Hill
Higher Price Listing (75th percentile)
Clyde Hill 9007 Points Drive NE
$4,100,000 5 Bed / 5.25 Bath / 6,258 SQFT MLS #: 578769 Lot Size: 0.4 acres Year Built: 2015 Style: 2 Story Views: Territorial
Median Price Listing
Clyde Hill 9857 NE 27th Street
$2,495,000 4 Bed / 3.5 Bath / 4,185 SQFT MLS #: 746093 Lot Size: 8,505 sq ft Year Built: 2008 Style: 2 Story Views: none
Lower Price Listing (25th percentile)
Clyde Hill 9160 NE 19th Street
$1,748,000 4 Bed / 2.5 Bath / 2,900 SQFT MLS #: 756970 Lot Size: 0.45 acres Year Built: 1957 Style: 1 Story Views: none
8
2015 Q1
Median Closed Sales Price > for year ended MARCH 31st $1,795,000
$1,767,500 $1,685,000
$1,620,000
$1,667,500 $1,462,500 $1,285,000
$1,200,000
$1,275,000 $1,100,000
2006
+35%
+9%
-5%
-24%
-14%
+16%
+15%
+14%
+8%
2007
2008
2009
2010
2011
2012
2013
2014
2015
Number of Units Sold > for year ended MARCH 31st 71 60
60
57
54
51 47
39 29 23
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
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.
9
10
Hunts Point
Higher Price Listing (75th percentile)
Hunts Point Waterfront 3810 Hunts Point Rd
$8,500,000 5 Bed / 4.0 Bath / 7,297 SQFT MLS #: 469979 Lot Size: 1.17 acres Year Built: 2007 Style: 2 Stories W/Basement Views: Lake, Bay
Median Price Listing
Hunts Point 3404 Hunts Point Rd
$3,400,000 4 Bed / 3.0 Bath / 3,300 SQFT MLS #: 764646 Lot Size: 0.37 acres Year Built: 1949 Style: 2 Story Views: none
2015 Q1
Median Closed Sales Price > for year ended MARCH 31st $9,615,000
$5,500,000 $4,000,000
$2,232,000
$5,950,000
$6,350,000
$4,799,000
$1,740,000
$1,600,000 $1,241,500
2006
+79%
-57%
-29%
+674%
-83%
+200%
+15%
+8%
+7%
2007
2008
2009
2010
2011
2012
2013
2014
2015
5
5
Number of Units Sold > for year ended MARCH 31st 15
15
7 6 5 4 2 1 2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
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.
11
12
Medina
Higher Price Listing (75th percentile)
Medina 8431 Ridge Road
$3,688,000 4 Bed / 4.0 Bath / 5,930 SQFT MLS #: 748885 Lot Size: 0.25 acres Year Built: 1995 Style: 2 Stories W/Basement Views: City, Lake, Mountain
Median Price Listing
Medina 7915 NE 24th Street
$3,388,000 4 Bed / 4.0 Bath / 4,200 SQFT MLS #: 738626 Lot Size: 0.74 acres Year Built: 1967 Style: 1 Story Views: Golf Course
Lower Price Listing (25th percentile)
Medina 2607 Evergreen Point Road
$2,998,000 3 Bed / 3.0 Bath / 4,020 SQFT MLS #: 744601 Lot Size: 0.51 acres Year Built: 1988 Style: 1 Story Views: none
2015 Q1 $2,479,000
Median Closed Sales Price > for year ended MARCH 31st
$1,835,000 $1,850,000 $1,575,000
$1,542,500 $1,249,000
2006
$1,350,500
$1,450,000
$1,375,000
$1,255,500
+19%
+1%
-32%
+8%
-7%
+15%
-5%
+15%
+57%
2007
2008
2009
2010
2011
2012
2013
2014
2015
Number of Units Sold > for year ended MARCH 31st 68 63
62 52
54
51
49
34
36
22
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
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.
13
14
Yarrow Point
Higher Price Listing (75th percentile)
Yarrow Point 4237 91st Avenue NE
$5,950,000 4 Bed / 3.5 Bath / 4,200 SQFT MLS #: 747315 Lot Size: 0.38 acres Year Built: 2015 Style: 2 Story Views: Lake, Mountain
Median Price Listing
Yarrow Point 9062 NE 40th Place
$3,298,000 4 Bed / 3.5 Bath / 4,920 SQFT MLS #: 759884 Lot Size: 0.41 acres Year Built: 2004 Style: 2 Story Views: Lake, Mountain, Territorial
Lower Price Listing (25th percentile)
Yarrow Point 8910 NE 33rd Street
$2,998,000 Pending 5 Bed / 4.0 Bath / 6,670 SQFT MLS #: 757628 Lot Size: 0.38 acres Year Built: 2011 Style: 2 Stories W/Basement Views: Lake, Territorial
2015 Q1
Median Closed Sales Price > for year ended MARCH 31st $3,550,000
$1,898,000
$1,745,000 $1,550,000 $1,500,000 $1,291,750
2006
$1,275,000
$1,464,775
$1,380,000 $1,420,000
+20%
-3%
+137%
-64%
+8%
+3%
+23%
-16%
+30%
2007
2008
2009
2010
2011
2012
2013
2014
2015
Number of Units Sold > for year ended MARCH 31st
23
22 19
20
19
18
17 13
13
2010
2011
9
2006
2007
2008
2009
2012
2013
2014
2015
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.
15
16
Market Share by Company 2014
Bellevue > WEST OF I-405 > by number of transactions
38%
Windermere
27% 20%
Coldwell Banker
12% 9% 9%
John L. Scott 5%
RE/MAX Keller Williams
7% 3% 2%
Sotheby’s 2% International Realty 2% Skyline
2% 7%
NWG Real Estate
1% 2%
Redfin
1% 2%
RSVP Real Estate
1% 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 area 520.
2014 Market Share by Company
Bellevue > WEST OF I-405 > transactions over $3,000,000
66%
Windermere
39% 23%
Coldwell Banker Skyline RE/MAX
9% 2% 9% 2% 7%
NWG Real Estate
2% 2%
The Force Real Estate
2% 2%
Companies not shown have less than 1% market share in buyers or sellers or both.
5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65%
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 area 520 with a sales price of $3,000,000 or more.
17
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.
22
©2014 Windermere Services Company. All rights reserved. WORC 07/14
2014 Donation Grantees List Eastside Windermere Foundation
A Brighter Future Because of You! The Windermere Foundation benefits local nonprofits in our neighborhoods. Together we can give homeless and low-income children in our communities an opportunity for a brighter future. Below are the nonprofits that received Eastside Windermere Foundation funds in 2014. Acres of Diamonds Provides homeless women and children a safe haven and academic, relational and emotional mentoring.
Friends of Youth Provides the only teen shelter for homeless and atrisk youth on the Eastside. Shelter is in Redmond.
Assistance League of the Eastside Operation Scholl Bell provides new Back-To-School clothing for disadvantaged students on the Eastside.
Jubilee Reach Works to prevent homelessness among low income families with children in the Bellevue School District.
Attain Housing Transitioning homeless into stable, permanent housing.
Kindering Provides parent coaching at transitional housing sites.
Backpack Meals Provides weekend’s worth of food to low income students in the Bellevue School District.
LifeWire (formerly Eastside Domestic Violence) Provides emergency housing and support services for those fleeing abusive home situations.
Bellevue Boys and Girls Club Funds going to Project Learn — serving kids from 3 East Bellevue low-income housing developments.
Mama’s Hands The House of Hope program supports three shelters for homeless women and children in crisis.
Bellevue Lifespring (formerly Overlake Service League) Provides meals to children on free and reduced cost lunch programs when school is not in session.
NW Arts Center Provides after school art-based alternatives for children.
Birthday Dreams Provides Birthday-In-A-Box to homeless children.
Royal Family Kids Camp Provides summer camp experiences for abused foster children.
CCS–Harrington House Provides housing and supportive services to homeless women who are pregnant or new parents.
Treehouse Helps to close the basic needs gap for 200 Eastside foster children.
Eastside Baby Corner Distributes basic need items for infants and children.
Valley Renewal Provides food, shelter and supplies to those in need in the Snoqualmie Valley.
19
WE MARKET YOUR PROPERTY TO THE WORLD When selling your home, you need global exposure in addition to the strong marketing expertise we deliver locally. As an affiliate of Leading Real Estate Companies of the World®, we have the resources to market your property to the highest possible number of potential buyers. With 120,000 talented associates around the world, we expose your property to buyers on six continents, ensuring more eyes on your property. In addition, we receive inbound clients from other affiliates around the globe who are interested in purchasing a home.
associates around the world, we expose your property to buyers on your property. In addition, we receive inbound clients from o interested in purchasing a home.
qualified clientele and wish to do business with similar Local Expertise, Global Connections, represent Powerful Marketing collectively responsible for over one million transactions on a glo
Leading Real Estate Companies of the World® is a pedigree denoting the very best companies who represent qualified clientele and wish to do business with similar firms. Each year our network is collectively responsible for over one million transactions on a global basis.
Leading Real Estate Companies of the World® is a pedigree deno
When your home is posted to our website locally, it is immediate website. It is also immediately connected to the websites of over in the world.
Local Expertise, Global Connections, We Market Your Property to the World
When your home is posted to our website locally, it is immediately promoted on the LeadingRE.com website. It is also immediately connected to the websites of over 500 of our affiliated real estate firms in the world.selling your home, you need global exposure in addition to the strong When
Powerful Marketing
marketing expertise we deliver locally. As an affiliate of Leading Real Estate WE MARKET YOUR PROPERTY TO THE WORLD Companies of the World®, we have the resourcesWhen to market your property selling your home, you need global exposure in addition to the strong marketing expertise we to the highest possible number of potential buyers. talented deliverWith locally.120,000 As an affiliate of Leading Real Estate Companies of the World®, we have the resources to market your property to the highest possible number of potential buyers. With 120,000 talented associates around the world, we expose your property to buyers on six associates around the world, we expose your property to buyers on six continents, ensuring more eyes continents, ensuring more eyes on your property. In addition, receive on your property. In we addition, we receive inbound clients from other affiliates around the globe who are interested in purchasing a home. in inbound clients from other affiliates around the globe who are interested Leading Real Estate Companies of the World® is a pedigree denoting the very best companies who purchasing a home. represent qualified clientele and wish to do business with similar firms. Each year our network is collectively responsible for over one million transactions on a global basis.
Leading Real Estate Companies of the World® is a pedigree denoting the When your home is posted to our website locally, it is immediately promoted on the LeadingRE.com very best companies who represent qualified clientele and wish to do website. It is also immediately connected to the websites of over 500 of our affiliated real estate firms in the business with similar firms. Each year our network is world. collectively responsible for over one million transactions on a global basis. When your home is posted to our website locally, it is immediately promoted on the LeadingRE.com website. It is also immediately connected to the websites of over 500 of our affiliated real estate firms in the world.
®
OVER 500 FIRMS n 3,500 OFFICES n 120,000 ASSOC OVER ONE MILLION TRANSACTIONS n $314 BILLI
® ®
OVER 500 FIRMS n 3,500 OFFICES n 120,000 ASSOCIATES n NEARLY 50 COUNTRIES OVER ONE MILLION TRANSACTIONS n $314 BILLION IN ANNUAL HOME SALES
WORC 05/14 #14146-4
® ®
OVER 500 FIRMS n 3,500 OFFICES n 120,000 ASSOCIATES n NEARLY 50 COUNTRIES OVER ONE MILLION TRANSACTIONS n $314 BILLION IN ANNUAL HOME SALES
WORC 05/14 #14146-4
windermere.com