2016 q1 marketplace market report
DESCRIPTION
Market Performance in King + Snohomish Counties Q1 2016TRANSCRIPT
CONTACT US FOR A CUSTOMIZED ANALYSIS ON YOUR AREA OF INTEREST! [ 1 ]
THE MARKETPLACE MARKET REPORTPERFORMANCE OF SINGLE FAMILY HOMES IN SELECT CITIES OF KING AND SNOHOMISH COUNTIES
MARKETPLACE SOTHEBY’S REALTYMARKETPLACESOTHEBYSREALTY.COM | 425.243.9000
2016 1ST QUARTER MARKET REPORT
[ 2 ] CONTACT US FOR A CUSTOMIZED ANALYSIS ON YOUR AREA OF INTEREST!
It is time for all of our favorite open-air farmers market selling local fresh produce, arts and crafts to open!!
Starting in May/June 2016 all the way to October 2016!
Carnation Tuesday Market3pm to 7pm
Kirkland Wednesday Market 2pm to 7pm
Sammamish Wednesday Market 4pm to 8pm
Bellevue Thursday Market 3pm to 7pm
North Bend Friday Market4pm to 8pm
Bothell Friday Farmers Market12pm to 6pm
Woodinville Saturday Farmer Market 9am to 3pm
Redmond Saturday Market 9am to 3pm
Issaquah Saturday Market9am to 2pm
Snohomish Sunday Market11am to 3pm
Mercer Island Sunday Market10am to 3pm
Seattle Pike Place MarketEveryday!!!
WHATS HAPPENING?OUR FAVORITE EVENTS ON THE EASTSIDE
CONTACT US FOR A CUSTOMIZED ANALYSIS ON YOUR AREA OF INTEREST! [ 3 ]
CONTENTSQ1 2016 MARKET REPORT
4 Woodinville Report
5 Redmond Report
6 Sammamish Report
7 Bellevue Report
8 Bothell Report
9 Kirkland Report
10 Duvall Report
11 Carnation Report
12 Snoqualmie Report
13 North Bend Report
14 Issaquah Report
15 Fall City Report
16 Kenmore Report
17 Lake Forest Park
18 Mercer Island Report
19 Seattle Report
20 Maple Valley Report
21 Kent Report
22 Renton Report
23 Snohomish Report
This report focuses on single family homes in the cities where we conduct most business. While we’re a global brokerage, we mainly work on the Eastside of the Puget Sound region, Olympia to Bellingham. Our numbers only reflect the averages of the communities featured in this report but the trends still accurately reflect county-wide trends.
TOTAL $ VOLUME AND # OF SALESThe Total Dollar Volume increased an average of 22% in 2016 over 2015, from $16.7 billion to $19.6 billion. The Number of Sales increased 13%, from 33,918 in 2015 to 36,958 in 2016. These are the metrics we use to analyze the long-term trends in each market segment because they best summarize the general market activity over long periods of time.
AVERAGE PRICE PER SQUARE FOOTThe Price Per Square Foot ($/SqFt) increased 4% from 2015 to 2016, from $204 to $218. This metric helps identify trends in market segments when large numbers of transactions are considered together over a period of time, and also is useful when comparing two properties on an apples-to-apples basis. In this case, it helps us understand that properties in this region are increasing in value on a square-foot-basis, rather than growing in size.
AVERAGE DAYS ON MARKETThe Average Days on Market (DOM) decreased 11% from 2015 to 2016, from 67 to 59 days. DOM is a good measure of Liquidity in a real estate market. Liquidity determines how quickly an asset can be sold and usually increases in parallel with price transparency and fungible assets. In liquid markets, fewer days are needed to sell a property. In the Greater Seattle Region, homes are selling in the blink of an eye, making it a highly liquid market. Seattle boasts the second lowest DOM in the U.S.
CURRENT INVENTORY IN UNITSWith a surge of buyers and little increase in residential development, there is a shortage of inventory. The inventory of our market segments decreased 24%, from 4,710 units to 3,082 units. With decreased inventory and increased demand, it doesn’t look like the scramble for homes will let up in the near future.
THE MARKET TRENDSAVERAGES OF KING AND SNOHOMISH
COUNTIES
*
[ 4 ] CONTACT US FOR A CUSTOMIZED ANALYSIS ON YOUR AREA OF INTEREST!
WOODINVILLE 2015 2016 %CHANGE
Number of Sales 131 111 -15.30%
Total Dollar Volume $74,827,000 $70,827,000 -5.40%
Average Sale Price $571,200 $637,400 11.60%
Average Days on Market 53 46 -13.20%
Sold / List Price % 99.8% 99.40% -0.4%
Average Price Per Square Foot $232.6 $249.3 7.2%
Months of Inventory 2 2.1 5%
Current Inventory in Units 92 86 -6.5%
WOODINVILLE REPORTSINGLE FAMILY HOMES
SAYBROOK Offered for $950,000
CHART
MARKETPLACESOTHEBYSREALTY.COM425.243.9000
10 YEAR PERFORMANCE OF WOODINVILLE HOMES
Tota
l Do
llar
Volu
me
So
ld
Nu
mb
er o
f Sal
es
CONTACT US FOR A CUSTOMIZED ANALYSIS ON YOUR AREA OF INTEREST! [ 5 ]
REDMOND 2015 2016 %CHANGE
Number of Sales 291 231 -20.60%
Total Dollar Volume $156,736,000 $152,244,000 -2.9%
Average Sale Price $538,600 $659,100 22.4%
Average Days on Market 47 33 -29.8%
Sold / List Price % 99.1% 101.30% 2.2%
Average Price Per Square Foot $257 $300 16.70%
Months of Inventory 2.1 1.4 -33.3%
Current Inventory in Units 197 108 -45.20%
REDMOND REPORTSINGLE FAMILY HOMES
WEST LAKE SAMMAMISH Sold for $910,000
CHART
MARKETPLACESOTHEBYSREALTY.COM425.243.9000
10 YEAR PERFORMANCE OF REDMOND HOMES
Tota
l Do
llar
Volu
me
So
ld
Nu
mb
er o
f Sal
es
[ 6 ] CONTACT US FOR A CUSTOMIZED ANALYSIS ON YOUR AREA OF INTEREST!
SAMMAMISH 2015 2016 %CHANGE
Number of Sales 178 185 3.9%
Total Dollar Volume $130,325,000 $145,571,000 11.7%
Average Sale Price $786,900 $786,900 7.5%
Average Days on Market 56 40 -28.6%
Sold / List Price % 100% 100.6% 0.3%
Average Price Per Square Foot $258.1 $285.1 10.5%
Months of Inventory 2.1 1.5 -28.6%
Current Inventory in Units 134 106 -20.90%
SAMMAMISH REPORTSINGLE FAMILY HOMES
NW CONTEMPORARY HOME Sold for $641,000
MARKETPLACESOTHEBYSREALTY.COM425.243.9000
10 YEAR PERFORMANCE OF SAMMAMISH HOMES
Tota
l Do
llar
Volu
me
So
ld
Nu
mb
er o
f Sal
es
CONTACT US FOR A CUSTOMIZED ANALYSIS ON YOUR AREA OF INTEREST! [ 7 ]
BELLEVUE 2015 2016 %CHANGE
Number of Sales 397 383 -3.5%
Total Dollar Volume $305,765,000 $320,876,000 4.9%
Average Sale Price $770,200 $837,800 8.8%
Average Days on Market 41 36 -12.2%
Sold / List Price % 99.1% 100.6% 1.5%
Average Price Per Square Foot $342.3 $388.8 13.6%
Months of Inventory 2.3 1.9 -17.4%
Current Inventory in Units 313 244 -22%
BELLEVUE REPORTSINGLE FAMILY HOMES
ENATAI WATERFRONT OFFERED for $3,400,000
MARKETPLACESOTHEBYSREALTY.COM425.243.9000
10 YEAR PERFORMANCE OF BELLEVUE HOMES
Tota
l Do
llar
Volu
me
So
ld
Nu
mb
er o
f Sal
es
[ 8 ] CONTACT US FOR A CUSTOMIZED ANALYSIS ON YOUR AREA OF INTEREST!
BOTHELL 2015 2016 %CHANGE
Number of Sales 460 461 0.20%
Total Dollar Volume $204,607,000 $221,798,000 8.4%
Average Sale Price $443,800 $482,200 8.7%
Average Days on Market 73 40 -45.2%
Sold / List Price % 99.2% 100.8% 1.6%
Average Price Per Square Foot $198.3 $215.4 8.6%
Months of Inventory 1.9 1.2 -36.8%
Current Inventory in Units 296 180 -39.2%
BOTHELL REPORTSINGLE FAMILY HOMES
HIGHLANDS Sold for $601,200
MARKETPLACESOTHEBYSREALTY.COM425.243.9000
10 YEAR PERFORMANCE OF BOTHELL HOMES
Tota
l Do
llar
Volu
me
So
ld
Nu
mb
er o
f Sal
es
CONTACT US FOR A CUSTOMIZED ANALYSIS ON YOUR AREA OF INTEREST! [ 9 ]
KIRKLAND 2015 2016 %CHANGE
Number of Sales 359 348 -3.1%
Total Dollar Volume $215,436,000 $258,609,000 20%
Average Sale Price $600,100 $743,100 23.8%
Average Days on Market 41 33 -19.5%
Sold / List Price % 99.7% 100.7% 1.0%
Average Price Per Square Foot $309.1 $349 12.9%
Months of Inventory 2 1.5 -25%
Current Inventory in Units 235 178 -24.3%
KIRKLAND REPORTSINGLE FAMILY HOMES
GOAT HILL - JUANITA Offered at $1,398,000
MARKETPLACESOTHEBYSREALTY.COM425.243.9000
10 YEAR PERFORMANCE OF KIRKLAND HOMES
Tota
l Do
llar
Volu
me
So
ld
Nu
mb
er o
f Sal
es
[ 10 ] CONTACT US FOR A CUSTOMIZED ANALYSIS ON YOUR AREA OF INTEREST!
DUVALL 2015 2016 %CHANGE
Number of Sales 51 57 11.8%
Total Dollar Volume $21,156,000 $25,186,000 19%
Average Sale Price $414,800 $441,900 6.5%
Average Days on Market 54 50 -7.4%
Sold / List Price % 99.7% 99.2% -0.5%
Average Price Per Square Foot $197.9 $196.3 -0.8%
Months of Inventory 2.1 1.6 -24%
Current Inventory in Units 56 33 -41.1%
DUVALL REPORTSINGLE FAMILY HOMES
CHARMING PRIVATE HOME Sold for $775,000
MARKETPLACESOTHEBYSREALTY.COM425.243.9000
10 YEAR PERFORMANCE OF DUVALL HOMES
Tota
l Do
llar
Volu
me
So
ld
Nu
mb
er o
f Sal
es
CONTACT US FOR A CUSTOMIZED ANALYSIS ON YOUR AREA OF INTEREST! [ 11 ]
CARNATION 2015 2016 %CHANGE
Number of Sales 20 27 35%
Total Dollar Volume $9,905,000 $11,607,000 17.2%
Average Sale Price $495,300 $429,900 -13.2%
Average Days on Market 75 64 -14.7%
Sold / List Price % 97.4% 96.1% -1.3%
Average Price Per Square Foot $206 $215.3 4.5%
Months of Inventory 7 4.1 -41.4%
Current Inventory in Units 48 39 -18.8%
CARNATION REPORTSINGLE FAMILY HOMES
RESERVE AT LAKE JOY ESTATE Sold for $799,000
MARKETPLACESOTHEBYSREALTY.COM425.243.9000
10 YEAR PERFORMANCE OF CARNATION HOMES
Tota
l Do
llar
Volu
me
So
ld
Nu
mb
er o
f Sal
es
[ 12 ] CONTACT US FOR A CUSTOMIZED ANALYSIS ON YOUR AREA OF INTEREST!
SNOQUALMIE 2015 2016 %CHANGE
Number of Sales 99 57 -42.4%
Total Dollar Volume $51,688,000 $30,244,000 -41.5%
Average Sale Price $522,100 $530,600 1.6%
Average Days on Market 74 18 -75.7%
Sold / List Price % 99.6% 99.8% 0.2%
Average Price Per Square Foot $208.2 $233.3 12.1%
Months of Inventory 1.9 0.7 -63%
Current Inventory in Units 38 21 -44.7%
SNOQUALMIE REPORTSINGLE FAMILY HOMES
PRIVATE WOODED GETAWAY Sold for $579,500
MARKETPLACESOTHEBYSREALTY.COM425.243.9000
10 YEAR PERFORMANCE OF SNOQUALMIE HOMES
Tota
l Do
llar
Volu
me
So
ld
Nu
mb
er o
f Sal
es
CONTACT US FOR A CUSTOMIZED ANALYSIS ON YOUR AREA OF INTEREST! [ 13 ]
NORTH BEND 2015 2016 %CHANGE
Number of Sales 54 49 -9.3%
Total Dollar Volume $23,373,000 $25,882,000 10.7%
Average Sale Price $432,800 $528,200 22%
Average Days on Market 95 88 -7.4%
Sold / List Price % 97.6% 100.7% 3.2%
Average Price Per Square Foot $194.9 $218.2 12%
Months of Inventory 4.2 3 -28.6%
Current Inventory in Units 81 39 -51.9%
NORTH BEND REPORTSINGLE FAMILY HOMES
ECHO LAKE HOME Offered for $1,550,000
MARKETPLACESOTHEBYSREALTY.COM425.243.9000
10 YEAR PERFORMANCE OF NORTH BEND HOMES
Tota
l Do
llar
Volu
me
So
ld
Nu
mb
er o
f Sal
es
[ 14 ] CONTACT US FOR A CUSTOMIZED ANALYSIS ON YOUR AREA OF INTEREST!
ISSAQUAH 2015 2016 %CHANGE
Number of Sales 248 237 -4,4%
Total Dollar Volume $123,914,000 $128,209,000 3.5%
Average Sale Price $499,700 $541,000 8.3%
Average Days on Market 49 34 -30.6%
Sold / List Price % 99.7% 102.1% 2.4%
Average Price Per Square Foot $248.4 $267.1 7.5%
Months of Inventory 2.1 1.6 -23.8%
Current Inventory in Units 174 129 -25.9%
ISSAQUAH REPORTSINGLE FAMILY HOMES
BRIGHT VIEW HOME Sold for $450,000
MARKETPLACESOTHEBYSREALTY.COM425.243.9000
10 YEAR PERFORMANCE OF ISSAQUAH HOMES
Tota
l Do
llar
Volu
me
So
ld
Nu
mb
er o
f Sal
es
CONTACT US FOR A CUSTOMIZED ANALYSIS ON YOUR AREA OF INTEREST! [ 15 ]
FALL CITY 2015 2016 %CHANGE
Number of Sales 12 14 16.7%
Total Dollar Volume $5,367,000 $7,032,000 31%
Average Sale Price $447,300 $502,300 12.3%
Average Days on Market 134 64 -52.2%
Sold / List Price % 96.4% 96.6% 0.2%
Average Price Per Square Foot $278.7 $238.2 -14.5%
Months of Inventory 8.8 5.4 -38.6%
Current Inventory in Units 39 26 -33.3%
FALL CITY REPORTSINGLE FAMILY HOMES
TRADITIONAL HOME ON ACREAGE Sold for $774,850
MARKETPLACESOTHEBYSREALTY.COM425.243.9000
10 YEAR PERFORMANCE OF FALL CITY HOMES
Tota
l Do
llar
Volu
me
So
ld
Nu
mb
er o
f Sal
es
[ 16 ] CONTACT US FOR A CUSTOMIZED ANALYSIS ON YOUR AREA OF INTEREST!
KENMORE 2015 2016 %CHANGE
Number of Sales 100 101 1.0%
Total Dollar Volume $45,903,000 $52,043,000 13.4%
Average Sale Price $459,000 $515,300 12.3%
Average Days on Market 51 43 -15.7%
Sold / List Price % 98.4% 102% 3.7%
Average Price Per Square Foot $207.3 $240.8 16.2%
Months of Inventory 2.5 1.5 -40%
Current Inventory in Units 88 48 -45.5%
KENMORE REPORTSINGLE FAMILY HOMES
BRIGHT HOME IN QUIET LOCATION Sold for $389,000
MARKETPLACESOTHEBYSREALTY.COM425.243.9000
10 YEAR PERFORMANCE OF KENMORE HOMES
Tota
l Do
llar
Volu
me
So
ld
Nu
mb
er o
f Sal
es
CONTACT US FOR A CUSTOMIZED ANALYSIS ON YOUR AREA OF INTEREST! [ 17 ]
LAKE FOREST PARK 2015 2016 %CHANGE
Number of Sales 188 210 12%
Total Dollar Volume $17,175,000 $25,325,000 47.5%
Average Sale Price $477,100 $487,000 2.1%
Average Days on Market 62 23 -62.9%
Sold / List Price % 98.1% 101% 3.0%
Average Price Per Square Foot $215.2 $239.2 11.2%
Months of Inventory 1.9 1.5 -21.1%
Current Inventory in Units 20 36 80%
LAKE FOREST PARK REPORTSINGLE FAMILY HOMES
SPACIOUS HOME ON LARGE LOT Listed for $1.3 million
MARKETPLACESOTHEBYSREALTY.COM425.243.9000
10 YEAR PERFORMANCE OF LAKE FOREST PARK HOMES
Tota
l Do
llar
Volu
me
So
ld
Nu
mb
er o
f Sal
es
[ 18 ] CONTACT US FOR A CUSTOMIZED ANALYSIS ON YOUR AREA OF INTEREST!
MERCER ISLAND 2015 2016 %CHANGE
Number of Sales 338 328 -3%
Total Dollar Volume $68,069,000 $73,647,000 8.2%
Average Sale Price $1,215,500 $1,472,900 21.2%
Average Days on Market 58 47 -19%
Sold / List Price % 97.1% 98.8% 1.7%
Average Price Per Square Foot $410.3 $472 15%
Months of Inventory 3.8 2.8 -26.3%
Current Inventory in Units 66 53 -19.7%
MERCER ISLAND REPORTSINGLE FAMILY HOMES
TRANQUIL CONTEMPORARY HOME Sold for $975,000
MARKETPLACESOTHEBYSREALTY.COM425.243.9000
10 YEAR PERFORMANCE OF MERCER ISLAND HOMES
Tota
l Do
llar
Volu
me
So
ld
Nu
mb
er o
f Sal
es
CONTACT US FOR A CUSTOMIZED ANALYSIS ON YOUR AREA OF INTEREST! [ 19 ]
SEATTLE 2015 2016 %CHANGE
Number of Sales 2,048 2,101 2.6%
Total Dollar Volume $1,094,035,000 $1,306,492,000 19.4%
Average Sale Price $534,200 $621,800 16.4%
Average Days on Market 39 25 -35.9%
Sold / List Price % 100.7% 102.6% 1.9%
Average Price Per Square Foot $302 $360.6 19.4%
Months of Inventory 1.7 1.4 -17.6%
Current Inventory in Units 1,162 1,004 -13.6%
SEATTLE REPORTSINGLE FAMILY HOMES
SEATTLE LUXURY PENTHOUSE Listed for $1,200,000
MARKETPLACESOTHEBYSREALTY.COM425.243.9000
10 YEAR PERFORMANCE OF SEATTLE HOMES
Tota
l Do
llar
Volu
me
So
ld
Nu
mb
er o
f Sal
es
[ 20 ] CONTACT US FOR A CUSTOMIZED ANALYSIS ON YOUR AREA OF INTEREST!
MAPLE VALLEY 2015 2016 %CHANGE
Number of Sales 160 141 -11.9%
Total Dollar Volume $53,146,000 $57,343,000 -7.3%
Average Sale Price $358,400 $376,900 5.2%
Average Days on Market 48 36 -25%
Sold / List Price % 99.7% 99.5% -0.2%
Average Price Per Square Foot $167.4 $184.3 10.1%
Months of Inventory 2.2 1.4 -36.4%
Current Inventory in Units 107 72 -32.7%
MAPLE VALLEY REPORTSINGLE FAMILY HOMES
EXTRAORDINARY HOME ON PRIVATE LOT Sold for $500,000
MARKETPLACESOTHEBYSREALTY.COM425.243.9000
10 YEAR PERFORMANCE OF MAPLE VALLEY HOMES
Tota
l Do
llar
Volu
me
So
ld
Nu
mb
er o
f Sal
es
CONTACT US FOR A CUSTOMIZED ANALYSIS ON YOUR AREA OF INTEREST! [ 21 ]
KENT 2015 2016 %CHANGE
Number of Sales 352 327 -7.10%
Total Dollar Volume $99,290,000 $102,161,000 2.9%
Average Sale Price $282,100 $312,400 10.7%
Average Days on Market 71 41 -42.3%
Sold / List Price % 99.2% 99.8% 0.6%
Average Price Per Square Foot $145.5 $159.2 9.4%
Months of Inventory 2.7 1.8 -33.3%
Current Inventory in Units 289 191 -33.9%
KENT REPORTSINGLE FAMILY HOMES
TRANQUIL CONTEMPORARY HOME Sold for $459,000
MARKETPLACESOTHEBYSREALTY.COM425.243.9000
10 YEAR PERFORMANCE OF KENT HOMES
Tota
l Do
llar
Volu
me
So
ld
Nu
mb
er o
f Sal
es
[ 22 ] CONTACT US FOR A CUSTOMIZED ANALYSIS ON YOUR AREA OF INTEREST!
RENTON 2015 2016 %CHANGE
Number of Sales 443 417 -5.9%
Total Dollar Volume $160,056,000 $167,767,000 4.8%
Average Sale Price $361,300 $402,300 11.3%
Average Days on Market 61 44 -27.9 %
Sold / List Price % 99.3% 100.7% 1.4%
Average Price Per Square Foot $177.1 $195.9 10.6%
Months of Inventory 2.2 1.5 -32%
Current Inventory in Units 344 243 -29.4%
RENTON REPORTSINGLE FAMILY HOMES
CRAFTSMAN HOME ON ACREAGE Listed for $1,090,000
MARKETPLACESOTHEBYSREALTY.COM425.243.9000
10 YEAR PERFORMANCE OF RENTON HOMES
Tota
l Do
llar
Volu
me
So
ld
Nu
mb
er o
f Sal
es
CONTACT US FOR A CUSTOMIZED ANALYSIS ON YOUR AREA OF INTEREST! [ 23 ]
SNOHOMISH 2015 2016 %CHANGE
Number of Sales 904 1,011 12%
Total Dollar Volume $366,286,000 $451,938,000 23%
Average Sale Price $405,200 $447,000 10%
Average Days on Market 64 49 -23%
Sold / List Price % 99.8% 99.2% 0.4%
Average Price Per Square Foot $171 $185 8%
Months of Inventory 2.9 2.5 -14%
Current Inventory in Units 180 165 -8%
SNOHOMISH REPORTSINGLE FAMILY HOMES
BEAUTIFUL TRADITIONAL HOME Sold for $910,000
MARKETPLACESOTHEBYSREALTY.COM425.243.9000
10 YEAR PERFORMANCE OF SNOHOMISH HOMES
Tota
l Do
llar
Volu
me
So
ld
Nu
mb
er o
f Sal
es
B U I L D I N GON THE
EXTRAORDINARY
MARKETPLACESIR.COM425.243.9000