cassandra joyner 2015 q2 report
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CONTACT US FOR A CUSTOMIZED ANALYSIS ON YOUR AREA OF INTEREST! [ 1 ]
THE MARKETPLACE MID-YEAR REPORTPERFORMANCE ANALYSIS OF SINGLE FAMILY HOMES IN KING AND SNOHOMISH COUNTIES
Q2 2015 MARKET REPORT
CASSANDRA [email protected]
425.941.8477
The Seattle and Eastside economy has caught the eye of the nation a lot lately. With a surge of buyers moving to and investing in Seattle and surrounding cities and very little increase in single-family residential development, the housing market has become quite competitive: bidding wars, waved contingencies, and above-list-price sales.
Most recently, the Eastside and Seattle Real Estate Market made national headlines when the Northwest Multiple Listing Service reported the median price in King County reached $500,000, a 10.3 percent increase over the last peak of $481,000 in July 2007. This was a symbolic statistic: in the Northwest we have officially rebounded, as the market is now performing exactly where it would have had the recession never existed. Neighboring counties have tracked similarly: in Snohomish County the median price of single-family homes sold was $360,125 — 6 percent higher than last year— and Pierce County prices are up an impressive 9.5 percent at $257,000.
Other metrics have remained positive as well: the Total Dollar Volume, Number of Sales, and Average Price per Square Foot all increased despite decreasing inventory. The result has been a rapid decrease in the number of days homes sit on the market: only an average of 26 days in Seattle and 46 days in the greater Seattle region. When a home goes on the market, Seattle house hunters are ready to fight, paying well above list price and waving contingencies.
The healthy real estate market is largely attributed to a surge in buyers who are attracted by the booming industries of the area. According to a Forbes Group study, Seattle is leading the nation in creation of tech jobs with 12 percent growth in tech employment over a two-year period, and 7.6 percent growth in STEM jobs. Other industries — from tourism to wine — are also expanding.
As these statistics illustrate, now is an exciting time to be a part of the market. I am committed to maintaining expertise on the real estate market so I can provide the most exceptional service and the best representation to my clients. I believe when it is time for you to sell, my expert marketing, local expertise, and global reach can help you get the most value for your home.
I hope you find this report insightful. Please contact me for a customized, in-depth analysis on your area of interest.
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A MARKETPLACETHAT ISN’T COOLING OFF ANYTIME SOON
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MARKET TRENDSAVERAGES OF FEATURED MARKET SEGMENTS
CONTENTSQ2 2015 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 Renton Report
21 Snohomish Report
This report focuses on 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 26% in the first half of 2015 over the first half of 2014, from $5 billion to $6.1 billion. The Number of Sales increased 13%, from 8,917 in 2014 to 10,037 in 2015. These are the metrics we use to analzye 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 $/SqFt increased 7% from 2014 to 2015, from $223 to $238. This metric helps identify trends in market segments when large numbers of transactions are considered together over a period of time. Price Per Square Foot also is useful when comparing two properties on a true apples-to-apples basis. In this case it helps us understand that in this region properties are increasing in value on a square-foot-basis, rather than growing in size.
AVERAGE DAYS ON MARKETThe Average Days on Market decreased 7% from 2014 to 2015, from 46 to 42 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 MONTHS OF INVENTORYWith a surge of buyers and little increase in residential development, there is a shortage of inventory. The Months of Inventory of our market segments decreased 18%, from 2.2 to 1.6 months. With decreased inventory and increased demand, it doesn’t look like the scramble for homes will let up in the near future.
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WOODINVILLE YTD Q2 2014 YTD Q2 2015 %CHANGE
Number of Sales 238 295 24%
Total Dollar Volume $145,327,000 $192,662,000 33%
Average Sale Price $610,600 $653,100 7%
Average Days on Market 48 44 -8%
Sold / List Price % 99.20% 99.7% 0.5%
Average Price Per Square Foot $223 $238 7%
Months of Inventory 1.8 1.5 -17%
Current Inventory in Units 96 96 0%
WOODINVILLE REPORTSINGLE FAMILY HOMES
EQUESTRIAN ESTATE Just Listed for $1,825,000
CHART
CASSANDRA [email protected]
10 YEAR PERFORMANCE OF WOODINVILLE HOMES
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REDMOND YTD Q2 2014 YTD Q2 2015 %CHANGE
Number of Sales 483 557 15%
Total Dollar Volume $316,090,000 $374,488,000 18%
Average Sale Price $654,400 $672,300 2.7%
Average Days on Market 42 39 -7%
Sold / List Price % 100.10% 100.5% 0.4%
Average Price Per Square Foot $256 $266 3.8%
Months of Inventory 2.2 1.4 -36%
Current Inventory in Units 232 159 -31%
REDMOND REPORTSINGLE FAMILY HOMES
ENGLISH HILL ESTATE Sold for $910,000
CHART
CASSANDRA [email protected]
10 YEAR PERFORMANCE OF REDMOND HOMES
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SAMMAMISH YTD Q2 2014 YTD Q2 2015 %CHANGE
Number of Sales 448 473 6%
Total Dollar Volume $336,135,000 $374,001,000 11%
Average Sale Price $750,300 $790,700 5%
Average Days on Market 40 46 15%
Sold / List Price % 100.2% 100% -0.2%
Average Price Per Square Foot $248 $261 5%
Months of Inventory 1.8 1.4 -22%
Current Inventory in Units 190 145 -24%
SAMMAMISH REPORTSINGLE FAMILY HOMES
TIMELESS ELEGANCE ON 4 ACRES Sold for $1,385,000
CASSANDRA [email protected]
10 YEAR PERFORMANCE OF SAMMAMISH HOMES
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BELLEVUE YTD Q2 2014 YTD Q2 2015 %CHANGE
Number of Sales 610 666 9%
Total Dollar Volume $541,810,000 $658,755,000 22%
Average Sale Price $888,200 $989,100 11%
Average Days on Market 34 30 -12%
Sold / List Price % 100.4% 100.30% -0.1%
Average Price Per Square Foot $315 350 11%
Months of Inventory 1.4 1.2 -14%
Current Inventory in Units 213 181 -15%
BELLEVUE REPORTSINGLE FAMILY HOMES
CUSTOM CONTEMPORARY Sold for $1,150,000
CASSANDRA [email protected]
10 YEAR PERFORMANCE OF BELLEVUE HOMES
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BOTHELL YTD Q2 2014 YTD Q2 2015 %CHANGE
Number of Sales 689 857 24%
Total Dollar Volume $319,757,000 $409,789,000 28%
Average Sale Price $464,100 $478,200 3%
Average Days on Market 43 57 33%
Sold / List Price % 100% 100.3% 0.2%
Average Price Per Square Foot $192 $204 6%
Months of Inventory 2.1 1.5 -29%
Current Inventory in Units 319 256 -20%
BOTHELL REPORTSINGLE FAMILY HOMES
PRIVATE CUSTOM HOME Sold for $810,000
CASSANDRA [email protected]
10 YEAR PERFORMANCE OF BOTHELL HOMES
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KIRKLAND YTD Q2 2014 YTD Q2 2015 %CHANGE
Number of Sales 488 554 14%
Total Dollar Volume $339,871,000 $418,033,000 23%
Average Sale Price $696,500 $754,600 8%
Average Days on Market 46 35 -24%
Sold / List Price % 99.3% 100.2% 0.9%
Average Price Per Square Foot $290 $320 10%
Months of Inventory 2 1.5 -25%
Current Inventory in Units 217 180 -17%
KIRKLAND REPORTSINGLE FAMILY HOMES
SPECTACULAR WATERFRONT HOME Just listed for $3,800,000
CASSANDRA [email protected]
10 YEAR PERFORMANCE OF KIRKLAND HOMES
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DUVALL YTD Q2 2014 YTD Q2 2015 %CHANGE
Number of Sales 95 109 15%
Total Dollar Volume $38,283,000 $50,951,000 33%
Average Sale Price $403,000 $467,400 16%
Average Days on Market 43 50 16%
Sold / List Price % 99.2% 99% -0.2%
Average Price Per Square Foot $195 $199 1.9%
Months of Inventory 1.8 1.6 -11%
Current Inventory in Units 38 34 -11%
DUVALL REPORTSINGLE FAMILY HOMES
CHARMING COUNTRY ACREAGE Sold for $585,000
CASSANDRA [email protected]
10 YEAR PERFORMANCE OF DUVALL HOMES
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CARNATION YTD Q2 2014 YTD Q2 2015 %CHANGE
Number of Sales 49 53 8%
Total Dollar Volume $25,260,000 $30,157,000 19%
Average Sale Price $515,500 $569 10%
Average Days on Market 112 63 -44%
Sold / List Price % 99.6% 98.5% -1%
Average Price Per Square Foot $215 $216 0.3%
Months of Inventory 4.1 2.6 -37%
Current Inventory in Units 45 26 -42%
CARNATION REPORTSINGLE FAMILY HOMES
RESERVE AT LAKE JOY ESTATE Sold for $799,000
CASSANDRA [email protected]
10 YEAR PERFORMANCE OF CARNATION HOMES
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SNOQUALMIE YTD Q2 2014 YTD Q2 2015 %CHANGE
Number of Sales 184 234 27%
Total Dollar Volume $91,272,000 $127,879,000 40%
Average Sale Price $496,000 $546,500 10%
Average Days on Market 47 41 -13%
Sold / List Price % 99.6% 100.6% 1%
Average Price Per Square Foot $192 $210 9%
Months of Inventory 2 0.8 -60%
Current Inventory in Units 63 29 -54%
SNOQUALMIE REPORTSINGLE FAMILY HOMES
PRIVATE WOODED GETAWAY Sold for $579,500
CASSANDRA [email protected]
10 YEAR PERFORMANCE OF SNOQUALMIE HOMES
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NORTH BEND YTD Q2 2014 YTD Q2 2015 %CHANGE
Number of Sales 131 125 -5%
Total Dollar Volume $52,916,000 $57,923,000 10%
Average Sale Price $403,900 $463,400 15%
Average Days on Market 65 60 -8%
Sold / List Price % 99.3% 99.6% 0.3%
Average Price Per Square Foot $188 $207 10%
Months of Inventory 2.9 2.3 -21%
Current Inventory in Units 79 55 -30%
NORTH BEND REPORTSINGLE FAMILY HOMES
MOUNT SI VIEW HOME Just listed for $599,000
CASSANDRA [email protected]
10 YEAR PERFORMANCE OF NORTH BEND HOMES
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ISSAQUAH YTD Q2 2014 YTD Q2 2015 %CHANGE
Number of Sales 358 395 10.3%
Total Dollar Volume $223,891,000 $257,313,000 14.9%
Average Sale Price $625,400 $651,400 5.7%
Average Days on Market 35 37 0.1%
Sold / List Price % 100.5% 100.6% 9.6%
Average Price Per Square Foot $238 $261 4.2%
Months of Inventory 1.5 1.2 -20%
Current Inventory in Units 150 101 -33%
ISSAQUAH REPORTSINGLE FAMILY HOMES
BRIGHT VIEW HOME Sold for $450,000
CASSANDRA [email protected]
10 YEAR PERFORMANCE OF ISSAQUAH HOMES
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FALL CITY YTD Q2 2014 YTD Q2 2015 %CHANGE
Number of Sales 29 33 14%
Total Dollar Volume $15,995,000 $21,041,000 32%
Average Sale Price $551,600 $637,600 16%
Average Days on Market 112 84 -25%
Sold / List Price % 98.8% 97.7% -0.01%
Average Price Per Square Foot $238 $237 -0.3%
Months of Inventory 4.4 3.4 -23%
Current Inventory in Units 22 25 14%
FALL CITY REPORTSINGLE FAMILY HOMES
TRADITIONAL HOME ON ACREAGE Sold for $774,850
CASSANDRA [email protected]
10 YEAR PERFORMANCE OF FALL CITY HOMES
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KENMORE YTD Q2 2014 YTD Q2 2015 %CHANGE
Number of Sales 137 195 42%
Total Dollar Volume $66,367,000 $103,206,000 56%
Average Sale Price $484,400 $529,300 9%
Average Days on Market 36 38 6%
Sold / List Price % 100.6% 100% -0.6%
Average Price Per Square Foot $208 $219 5%
Months of Inventory 1.8 1.9 6%
Current Inventory in Units 57 75 32%
KENMORE REPORTSINGLE FAMILY HOMES
BRIGHT HOME IN QUIET LOCATION Sold for $389,000
CASSANDRA [email protected]
10 YEAR PERFORMANCE OF KENMORE HOMES
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LAKE FOREST PARK YTD Q2 2014 YTD Q2 2015 %CHANGE
Number of Sales 85 101 19%
Total Dollar Volume $43,336,000 $56,791,000 31%
Average Sale Price $509,800 $562 10%
Average Days on Market 41 35 -15%
Sold / List Price % 100.2% 100.5% 0.3%
Average Price Per Square Foot $211 $232 10%
Months of Inventory 1.8 1.1 -39%
Current Inventory in Units 36 25 -31%
LAKE FOREST PARK REPORTSINGLE FAMILY HOMES
VIEW HOME ON LARGE LOT Sold for $375,000
CASSANDRA [email protected]
10 YEAR PERFORMANCE OF LAKE FOREST PARK HOMES
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MERCER ISLAND YTD Q2 2014 YTD Q2 2015 %CHANGE
Number of Sales 181 159 -12%
Total Dollar Volume $256,122,000 $249,262,000 -3%
Average Sale Price $1,415,000 $1,567,700 11%
Average Days on Market 75 53 -29%
Sold / List Price % 97.60% 97.5% -0.1%
Average Price Per Square Foot $416 $446 7%
Months of Inventory 2.6 2 -23%
Current Inventory in Units 97 66 -32%
MERCER ISLAND REPORTSINGLE FAMILY HOMES
TRADITIONAL HOME ON ACREAGE Sold for $774,850
CASSANDRA [email protected]
10 YEAR PERFORMANCE OF MERCER ISLAND HOMES
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SEATTLE YTD Q2 2014 YTD Q2 2015 %CHANGE
Number of Sales 3,722 4,005 8%
Total Dollar Volume $2,045,382,000 $2,451,579,000 20%
Average Sale Price $549,500 $612 11%
Average Days on Market 36 28 -22%
Sold / List Price % 101.1% 102.8% 2%
Average Price Per Square Foot $273 $304 12%
Months of Inventory 1.4 0.9 -36%
Current Inventory in Units 1,073 681 -37%
SEATTLE REPORTSINGLE FAMILY HOMES
SEATTLE LUXURY PENTHOUSE Just listed for $1,200,000
CASSANDRA [email protected]
10 YEAR PERFORMANCE OF SEATTLE HOMES
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RENTON YTD Q2 2014 YTD Q2 2015 %CHANGE
Number of Sales 748 938 25%
Total Dollar Volume $289,396,000 $389,192,000 35%
Average Sale Price $387 $414,900 7%
Average Days on Market 50 49 -2%
Sold / List Price % 100% 100% 0%
Average Price Per Square Foot $177 $187 6%
Months of Inventory $2.2 1.5 -32%
Current Inventory in Units 306 292 -5%
RENTON REPORTSINGLE FAMILY HOMES
CRAFTSMAN HOME ON CORNER LOT Sold for $529,888
CASSANDRA [email protected]
10 YEAR PERFORMANCE OF RENTON HOMES
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CONTACT US FOR A CUSTOMIZED ANALYSIS ON YOUR AREA OF INTEREST! [ 21 ]
SNOHOMISH YTD Q2 2014 YTD Q2 2015 %CHANGE
Number of Sales 426 488 15%
Total Dollar Volume $170,263,000 $210,967,000 24%
Average Sale Price $399,700 $432,300 8%
Average Days on Market 66 55 -17%
Sold / List Price % 99.4% 99.2% -0.2%
Average Price Per Square Foot $166 $181 10%
Months of Inventory 2.8 2.3 -18%
Current Inventory in Units 219 238 9%
SNOHOMISH REPORTSINGLE FAMILY HOMES
CHARMING VICTORIAN Sold for $305,000
CASSANDRA [email protected]
10 YEAR PERFORMANCE OF SNOHOMISH HOMES
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MAPLE VALLEY YTD Q2 2014 YTD Q2 2015 %CHANGE
Number of Sales 297 390 31%
Total Dollar Volume $107,367,000 $149,415,000 39%
Average Sale Price $361,500 $383,100 6%
Average Days on Market 42 40 -5%
Sold / List Price % 98.9% 99.6% 0.7%
Average Price Per Square Foot $160 $174 9%
Months of Inventory $1.9 1.2 -37%
Current Inventory in Units 128 81 -37%
MAPLE VALLEY REPORTSINGLE FAMILY HOMES
CRAFTSMAN HOME ON CORNER LOT Sold for $529,888
CASSANDRA [email protected]
10 YEAR PERFORMANCE OF MAPLE VALLEY HOMES
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CONTACT US FOR A CUSTOMIZED ANALYSIS ON YOUR AREA OF INTEREST! [ 23 ]
KENT YTD Q2 2014 YTD Q2 2015 %CHANGE
Number of Sales 537 682 27%
Total Dollar Volume $155,790,000 $220,495,00 41%
Average Sale Price $290,100 $323,300 11%
Average Days on Market 60 55 -8%
Sold / List Price % 99.2% 99.9% 0.7%
Average Price Per Square Foot $140 $154 10%
Months of Inventory 2.6 1.7 -35%
Current Inventory in Units 266 207 -22%
KENT REPORTSINGLE FAMILY HOMES
CHARMING VICTORIAN Sold for $305,000
CASSANDRA [email protected]
10 YEAR PERFORMANCE OF KENT HOMES
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I M A G I N EIT’S NOT LUXURY PRICES WE SERVE.IT’S LUXURY SERVICE CLIENTS EXPECT.
CASSANDRA [email protected]