eastside market review...2016 q2 overview d espite a slight uptick in inventory, the eastside real...

Eastside Market Review

Q2 Eastside real estate statistics for the second quarter of 2016

2016 Q2 OV ERV IE W

Despite a slight uptick in inventory, the Eastside real estate market hit new records in the second quarter, with home prices increasing by double digits over the previous year. A national study showed that

home prices are rising faster in Washington than any other state.

• Always the most expensive market in King County, the Eastside saw values soar even more in the second quarter. The median price for a single family home at the end of the quarter was $746,500, an increase of 10% over the previous quarter.

• Inventory increased slightly, but the supply of homes remain at historically low levels. As a result, homes that are priced correctly are selling quickly, often within days.

• While lower interest rates provide some relief for buyers, the market strongly favors sellers, and many are taking advantage of the significant appreciation to maximize their returns by selling now.

2[ Cover photo: listing #942093 on page 8 ]

• 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

• Renton Highlands ......................................................................................................18

• Woodinville / Juanita / Duvall ..........................................................................20

• Market Share .................................................................................................................22

• Why Windermere ......................................................................................................24

• Local Expertise, Global Connections .........................................................28

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3

West Lake Sammamish17453 SE 40th Place

$1,399,0004 Bed / 2.5 Bath / 3,600 SQFT

MLS #: 972340

Lot Size: 10,509 sqft

Year Built: 1922

Style: 1 Story with Basement

Views: Mountain, Lake

School District: Issaquah

Bellevue / East of I-405

High Price Listing

South Lake Sammamish18840 SE 46th Way

$725,0003 Bed / 2.25 Bath / 1,910 SQFT

MLS #: 966217


Year Built: 1979

Style: 2 Story

Views: Territorial


Low Price Listing

Lake Sammamish4115 W Lake Sammamish Parkway SE

$875,000 4 Bed / 3.5 Bath / 2,875 SQFT

MLS #: 970589


Year Built: 2000

Style: 2 Stories with Basement

Views: Territorial, Mountain, Lake


Medium Price Listing

4

http://www.windermere.com/listing/45469508



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.

2016 Q2

Median Closed Sales Price > JUNE

Closed Sales > JUNEMonths Supply of Inventory > JUNE(includes pending sales)

less than 3 months = seller’s market

3 -6 months = balanced market

more than 6 months = buyer’s market

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

2015 2016 10 year average

$590,500 $575,000

$507,000 $496,500

$433,750 $450,000

$550,000

$606,500$645,000

$715,000

-3% -12% -2% -13% +4% +22% +10% +6% +11%

0.70.8

2.1


83

96

69

All figures are based on single family home sales, which include townhomes and exclude condos.

5

Bellevue / West of I-405

West Bellevue4 Diamond S Ranch

$7,988,0004 Bed / 6.0 Bath / 7,594 SQFT

MLS #: 961106

Lot Size: 1.59 acres

Year Built: 1993

Style: 1 Story

Views: None

School District: Bellevue

High Price Listing

West Bellevue9414 NE 1st Street

$2,098,000 4 Bed / 1.75 Bath / 4,360 SQFT

MLS #: 960529


Year Built: 1963

Style: Multi Level

Views: Territorial, Lake, Bay


Low Price Listing

Medina2244 77th Avenue NE

$2,819,0004 Bed / 3.25 Bath / 4,043 SQFT

MLS #: 927112


Year Built: 1993

Style: 1 Story

Views: None



6




Months Supply of Inventory > JUNE(includes pending sales)





2016 Q2



Closed Sales > JUNE

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016


$1,612,500

$1,285,000

$1,175,000

$980,000$1,037,500

$943,750

$1,137,000

$1,664,000

$1,811,250$1,902,500

-20% -9% -17% +6% -9% +20% +46% +9% +5%

1.72.0

4.3


4451

38

7

Eastside / South of I-90

Bellevue3607 Lake Washington Blvd N

$1,679,0003 Bed / 2.75 Bath / SQFT 3,190

MLS #: 942093


Year Built: 1992


Views: Territorial, Mountain, Lake

School District: Renton

High Price Listing

Mirrormont15017 253rd Avenue SE

$649,0004 Bed / 2.5 Bath / 2,770 SQFT

MLS #: 943240


Year Built: 1978

Style: Split Entry

Views: None


Low Price Listing

Squak Mountain2445 Squak Mountain Loop SW

$1,045,0004 Bed / 2.5 Bath / 3,560 SQFT

MLS #: 962718

Lot Size: 0.4 acres

Year Built: 1983

Style: 2 Story

Views: Territorial, Mountain



8









2016 Q2



Closed Sales > JUNE

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016


$637,500

$694,000

$569,537

$650,000

$530,000$550,000

$599,000

$659,500$688,000

$838,724

+9% -18% +14% -18% +4% +9% +10% +4% +22%

1.0 0.9

3.4


121 122

95

9

East of Lake Sammamish / Issaquah

Sammamish1125 244th Avenue NE

$1,269,0004 Bed / 4.0 Bath / 3,840 SQFT

MLS #: 882833


Year Built: 2016

Style: 2 Story

Views: None

School District: Lake Washington

High Price Listing

Plateau5322 235th Avenue SE

$669,9503 Bed / 2.5 Bath / 2,590 SQFT

MLS #: 961833


Year Built: 1962


Views: Territorial


Low Price Listing

Meadowbrook1480 W North Bend Way

$895,0004 Bed / 2.75 Bath / 2,580 SQFT

MLS #: 958123


Year Built: 1991

Style: 2 Story

Views: Territorial, Mountain

School District: Snoqualmie Valley


10









2016 Q2



Closed Sales > JUNE

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016


$607,500 $607,500

$531,000 $540,000$509,500 $494,500

$563,550$599,000

$625,000

$722,500

0% -13% +2% -6% -3% +14% +6% +4% +16%

1.0 0.9

3.1


285266

199

11

Kirkland / Bridle Trails

Highlands10525 111th Ave NE

$1,795,9506 Bed / 3.75 Bath / 4,658 SQFT

MLS #: 953917


Year Built: 2016


Views: Territorial


High Price Listing

Juanita11451 80th Avenue NE

$906,0005 Bed / 3.5 Bath / 3,730 SQFT

MLS #: 962915

Lot Size: 5,415 sq ft

Year Built: 1999


Views: Partial, Lake


Low Price Listing

Kirkland11514 101st Place NE

$1,269,0004 Bed / 4.0 Bath / 3,980 SQFT

MLS #: 968297


Year Built: 2006


Views: Territorial, Mountain, Lake, Bay



12





2016 Q2


13






Closed Sales > JUNE

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016


$702,500

$640,000$589,500

$638,000$604,000

$645,000$604,000

$800,000$845,600

$875,000

-9% -8% +8% -5% +7% -6% +32% +6% +3%

1.1 1.0

3.3


88 85

69

Mercer Island

Mid Island8255 SE 61st Street

$1,638,0005 Bed / 3.0 Bath / 3,200 SQFT

MLS #: 956718


Year Built: 1974

Style: Multi Level

Views: Mountain, Lake, City

School District: Mercer Island

High Price Listing

Mercer Island8232 Avalon Drive

$4,198,0004 Bed / 4.0 Bath / 3,960 SQFT

MLS #: 913496

Lot Size: 0.3 acres

Year Built: 1995


Views: Mountain, Lake


Low Price Listing

West Mercer5830 W Mercer Way

$2,399,0005 Bed / 4.0 Bath / 6,512 SQFT

MLS #: 971419


Year Built: 1980

Style: Multi Level

Views: Mountain, Lake, City



14









2016 Q2



Closed Sales > JUNE

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016


$1,025,775$1,090,000

$980,000

$824,750$880,975

$1,019,975$977,500 $950,000

$1,336,700 $1,321,050

+6% -10% -16% +7% +16% -4% -3% +41% -1%

1.3

2.3

3.8


42

31 32

15

Redmond / Carnation

Blakely Woods505 289th Avenue NE

$1,795,0005 Bed / 5.5 Bath / 6,760 SQFT

MLS #: 826087


Year Built: 1998

Style: 2 Story

Views: Territorial

School District: Snoqualmie Valley

High Price Listing

Union Hill Equestrian5629 236th Avenue NE

$729,0002 Bed / 1.0 Bath / 1,590 SQFT

MLS #: 966483


Year Built: 1955

Style: 1 Story

Views: Territorial


Low Price Listing

Carnation32305 NE 8th Street

$950,0003 Bed / 2.5 Bath / 2,800 SQFT

MLS #: 947288


Year Built: 1920

Style: 1 1/2 Stories with Basement

Views: Territorial

School District: Riverview


16









2016 Q2



Closed Sales > JUNE

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016


$624,950

$689,950

$520,500$498,500

$429,000

$572,000 $581,257

$655,000

$697,500$677,525

+10% -25% -4% -14% +33% +2% +13% +6% -3%

1.31.0

3.7


108

90

76

17

Renton Highlands

Renton316 Renton Ave South

$715,0005 Bed / 2.75 Bath / 4,535 SQFT

MLS #: 970735

Lot Size: 0.5 acres

Year Built: 1938

Style: 1 1/2 Story with Basemet

Views: Territorial, Mountain, Lake, City


High Price Listing

Highlands4239 NE 3rd Lane Lot 6

$392,9503 Bed / 3.0 Bath / 1,608 SQFT

MLS #: 954798

Lot Size: 920 sqft

Year Built: 2016

Style: Multi Level

Views: Territorial


Low Price Listing

Kennydale2320 Blaine Avenue NE

$515,0004 Bed / 3.5 Bath / 2,690 SQFT

MLS #: 959409


Year Built: 1981

Style: 2 Story

Views: Territorial



18









2016 Q2



Closed Sales > JUNE

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016


$429,950$447,569

$366,975$342,375

$296,500 $290,450

$420,000$391,225

$409,200

$525,000

+4% -18% -7% -13% -2% +45% -7% +5% +28%

1.3

0.9

3.0


104

93

79

19

Woodinville / Juanita / Duvall

Finn Hill8634 NE 121st Place

$1,098,0004 Bed / 2.75 Bath / 3,525 SQFT

MLS #: 956071


Year Built: 2016

Style: 2 Story

Views: Territorial, Lake


High Price Listing

Low Price Listing

Ring Hill14931 210th Avenue NE

$735,0004 Bed / 2.5 Bath / 3,380 SQFT

MLS #: 939649


Year Built: 1979


Views: Territorial

School District: Northshore


20

Wellington16418 NE 197th Place

$575,0003 Bed / 3.0 Bath / 2,110 SQFT

MLS #: 964733


Year Built: 1977

Style: Tri-Level

Views: None

School District: Northshore









2016 Q2



Closed Sales > JUNE

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016


$510,000 $510,000

$450,000

$406,000$378,800

$400,000

$485,000

$526,000 $528,444

$625,000

0% -12% -10% -7% +6% +21% +8% 0% +18%

1.41.1

3.2


210197

153

21

Market Share by Company 2015

Windermere

John L. Scott

Coldwell Banker

RE/MAX

Keller Williams

Redfin

Skyline

Sotheby’s International Realty

The Cascade Team

Berkshire Hathaway

5% 10% 15% 20% 25% 30% 35% 40%

29%22%

13%12%

12%11%

7%8%

6%6%

Representing Sellers Representing Buyers

Eastside > by number of transactions

Companies not shown have less than 1% market share in buyers or sellers or both.

2%5%

2%2%

2%5%

2%1%

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 1/1/2015–12/31/2015 in areas 500, 510, 520, 530, 540, 550, 560, 600.

Bellevue, Bothell, Duvall, Issaquah, Kenmore, Kirkland, Mercer Island, Newcastle, North Bend, Redmond, Sammamish, Snoqualmie, Woodinville, and surrounding neighborhoods.

2%1%

22

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 1/1/2015–12/31/2015 in areas 500, 510, 520, 530, 540, 550, 560, 600 with a sales price of $1,000,000 or more.

2015 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.

Windermere

Coldwell Banker

John L. Scott


RE/MAX

Keller Williams

Redfin

5% 10% 15% 20% 25% 30% 35% 40%

41%29%

17%13%

15%11%

4%6%

Representing Sellers Representing Buyers

Companies not shown have less than 1% market share in buyers or sellers or both.

5%4%

3%

23

2%3%

1%

Why Windermere

In an independent survey conducted by the Puget Sound Business Journal, readers were asked to identify Washington’s most respected company brands in a variety of business categories. Within the residential real estate category, Windermere Real Estate was selected by 58.8 percent of the survey respondents as the most respected real estate company brand in Washington.

This is an excerpt from an article that appeared in the July 29 –August 4, 2011 issue of Puget Sound Business Journal.

Washington’s

Most Respected Real Estate Brands

Most Respected Real Estate Brands

Percentage of votes

1 Windermere Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .58.8%

2 John L. Scott Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.6%

3 Coldwell Banker Puget Sound Area Affiliates . . . . . . . . . . . . . . . .6.9%

4 Redfin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1%

5 Re/Max . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0%

WORC 07/14

©2014 Windermere Services Company. All rights reserved.

Washington’s Most Respected Real Estate Brands

In an independent survey conducted by the Puget Sound Business Journal, readers were asked to identify Washington’s most respected company brands in a variety of business categories. Within the residential real estate category, Windermere Real Estate was selected by 58.8 percent of the survey respondents as the most respected real estate company brand in Washington.

24

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.

The study was conducted by a third party in 2015 and included brokers who closed six or more transactions in the previous year.

Windermere

Coldwell Banker

John L. Scott

RE/MAX


Keller Williams

Lake & Company

Berkshire Hathaway

Gerrard Beattie & Knapp

Redfin

The Cascade Team

The Force Real Estate

RSVP Real Estate

10% 20% 30% 40% 50% 60% 70% 80% 90%

81%

71%

16%

9%

9%

9%

64%

54%

48%

45%

43%

34%

27%

25

Multiple offers? Your broker can make or break your deal.

26*Based on single family home sales in King County that closed above list price in 2015. New construction, condominiums and short sales were excluded.

**Based on a 2015 independent study of NWMLS brokers who closed six or more transactions in the previous year.

Buyers working with a Windermere broker are 19% more likely to win the sale in a multiple offer situation.*

Why Windermere brokers are most successful:• Windermere brokers help position their buyer’s offer to have the greatest appeal to the seller.

• Windermere brokers receive extensive training on how to create the most competitive offer and negotiate successfully in a multiple offer situation..

• Brokers are more confident in completing a transaction with a broker from Windermere than they are with any other real estate company.**

Success in multiple offersChange in market share in multipleoffers vs. non-multiple offers.

43% of home sales involve multiple offers.

Windermere

Lake & Company

Coldwell Banker

Keller Williams

Redfin

The Force Realty

RE/MAX

Sotheby’s

Skyline

Berkshire Hathaway

0.9%

0.9%

4.2%

0.5%

0.4%

0.2%

-0.2%

-0.2%

-0.5%

-0.5%

-2.8%John L. Scott

Acres of DiamondsProvides homeless women and children a safe haven and academic, relational and emotional mentoring.

Assistance League of the EastsideOperation Scholl Bell provides new Back-To-School clothing for disadvantaged students on the Eastside.

Attain HousingTransitioning homeless families with children into stable, permanent housing.

Backpack MealsProvides weekend’s worth of food to low income students in the Bellevue School District.

Bellevue Lifespring (formerly Overlake Service League)Provides meals to children on free and reduced cost lunch programs when school is not in session.

Birthday DreamsProvides Birthday-In-A-Box to homeless children.

Boys & Girls Club of BellevueFunds going to Project Learn — serving kids from 3 East Bellevue low-income housing developments.

Eastside AcademyPays for food expenses for homeless and poverty-level students while they attend this alternative school.

Eastside Baby CornerDistributes basic need items for infants and children.

KinderingProvides parent coaching at transitional housing sites.

LifeWire (formerly Eastside Domestic Violence)Provides emergency housing and support services for those fleeing abusive home situations.

Mamma’s HandsThe House of Hope program supports three shelters for homeless women and children in crisis.

Royal Family Kids CampProvides summer camp experiences for abused foster children.

Valley RenewalProvides food, shelter and supplies to those in need in the Snoqualmie Valley.

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 2015.

A Brighter Future Because of You!

2015 Donation Grantees List Eastside Windermere Foundation

27

windermere.com

Local Expertise, Global Connections, Powerful Marketing

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.

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.

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.

®

®

WE MARKET YOUR PROPERTY TO THE WORLDWhen 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.



Local Expertise, Global Connections,

Powerful Marketing

OVER 500 FIRMS n 3,500 OFFICES n 120,000 ASSOCIATES n NEARLY 50 COUNTRIESOVER ONE MILLION TRANSACTIONS n $314 BILLION IN ANNUAL HOME SALES

WORC 05/14 #14146-4

®

®





Powerful Marketing


WORC 05/14 #14146-4

®

®





Powerful Marketing


WORC 05/14 #14146-4

http://www.windermere.com/

http://www.windermere.com/

eastside market review...2016 q2 overview d espite a slight uptick in inventory, the eastside real...

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