ANNUAL REPORT SEATTLE REAL ESTATE MARKET · SEATTLE REAL ESTATE MARKET 2017 was another record...
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ANNUAL REPORT LIVE LO VE OWN 2017
Transcript of ANNUAL REPORT SEATTLE REAL ESTATE MARKET · SEATTLE REAL ESTATE MARKET 2017 was another record...
ANNUAL REPORT
L I V ELO VEO W N
2017
RE/MAX
S E AT T L E RE A L ES TAT E M A R K E T
2017 was another record breaking year for Seattle real estate. In addition to Washington’s economy growing 3.7% in the last year1, Seattle has seen median home prices increase to +$900,000 in some areas and inventory levels remaining at record lows. While our growth has positioned us at the forefront of the nation, we continue to struggle with low inventory. Why so low? The largest component is employment, with Amazon in the lead. Additionally, Seattle is attractive to startups with 1,200 new businesses establishing annually2. Combine the success of several other Fortune 500 companies bringing +47,700 new jobs3 and the population averaging +500 new residents per week4, the demand for homes has far exceeded our current supply.
So, what can we expect for 2018? Continued low interest rates, increase in demand, and low inventory levels will make for aggressive competition on available homes. Ultimately, we anticipate prices to continue upward. How can you position yourself successfully in this market? Skilled negotiation and broker relationships are key factors in successfully closing transactions. Leading our area with nearly 30% of Seattle’s market share, Windermere brokers work tirelessly to establish strong relationships that ultimately identify and match the needs of buyers and sellers, resulting in more successful real estate transactions than any other firm in Seattle.
9,114NEW LISTINGS
8,387SOLD LISTINGS
$720,083MEDIAN
SALES PRICE
CHANGE IN MEDIAN SALES PRICE
$408AVERAGE PSF
WINDERMERE
JOHN L. SCOTT
KELLER WILLIAMS
COLDWELL BANKER
REDFIN
MARKE T SHARE OF COMPANY By Volume
28%
10%
9%
6%
7%
5%
REPRESENTING BUYERS
13%
Companies not shown represent less than 4% of Buyers and Sellers
REPRESENTING SELLERS
30%
7%
8%
7%
5%
6%
ANNUAL REPORT
L I V ELO VEO W N
2017
RE/MAX
S E AT T L E RE A L ES TAT E M A R K E T
2017 was another record breaking year for Seattle real estate. In addition to Washington’s economy growing 3.7% in the last year1, Seattle has seen median home prices increase to +$900,000 in some areas and inventory levels remaining at record lows. While our growth has positioned us at the forefront of the nation, we continue to struggle with low inventory. Why so low? The largest component is employment, with Amazon in the lead. Additionally, Seattle is attractive to startups with 1,200 new businesses establishing annually2. Combine the success of several other Fortune 500 companies bringing +47,700 new jobs3 and the population averaging +500 new residents per week4, the demand for homes has far exceeded our current supply.
So, what can we expect for 2018? Continued low interest rates, increase in demand, and low inventory levels will make for aggressive competition on available homes. Ultimately, we anticipate prices to continue upward. How can you position yourself successfully in this market? Skilled negotiation and broker relationships are key factors in successfully closing transactions. Leading our area with nearly 30% of Seattle’s market share, Windermere brokers work tirelessly to establish strong relationships that ultimately identify and match the needs of buyers and sellers, resulting in more successful real estate transactions than any other firm in Seattle.
9,114NEW LISTINGS
8,387SOLD LISTINGS
$720,083MEDIAN
SALES PRICE
CHANGE IN MEDIAN SALES PRICE
$408AVERAGE PSF
WINDERMERE
JOHN L. SCOTT
KELLER WILLIAMS
COLDWELL BANKER
REDFIN
MARKE T SHARE OF COMPANY By Volume
28%
10%
9%
6%
7%
5%
REPRESENTING BUYERS
13%
Companies not shown represent less than 4% of Buyers and Sellers
REPRESENTING SELLERS
30%
7%
8%
7%
5%
6%
S E AT T L E N E I G H BO R H O O DS
Beacon Hill | SODO | Georgetown RESIDENTIAL
Mt Baker | Leschi | Columbia City | Seward Park RESIDENTIAL
Ravenna | Northgate | Laurelhurst RESIDENTIAL
Ballard | Green Lake | Fremont | Wallingford RESIDENTIAL
Queen Anne | Magnolia RESIDENTIAL
Downtown | Belltown CONDOMINIUM
Capitol Hill | Central District | Madison Park RESIDENTIAL
West Seattle RESIDENTIAL
Downtown 2015 2016 2017 2016 vs 2017 YoY%Average Sale Price $650,750 $773,417 $816,333 6%
Median Sale Price $532,917 $ 618,833 $634,417 3%
Average PSF $628 $739 $797 8%
Number of Sales 789 950 549 -42%
Days on Market 52 39 31 -19%
M A R K E T D R I V E RS
+500PEOPLE MOVED
TO SEATTLE WEEKLY2
10,161NEW HOUSING UNITS3
23%
+47,700 HIRED EMPLOYEES
THIS YEAR1
Uptown 2015 2016 2017 2016 vs 2017 YoY%Average Sale Price $897,583 $1,015,667 $1,089,333 7%
Median Sale Price $763,917 $873,833 $935,833 7%
Average PSF $374 $424 $480 13%
Number of Sales 686 698 817 17%
Days on Market 32 30 23 -23%
Northwest 2015 2016 2017 2016 vs 2017 YoY%Average Sale Price $627,417 $702,750 $801,583 14%
Median Sale Price $588,583 $660,833 $750,750 14%
Average PSF $327 $367 $425 16%
Number of Sales 1,973 2,136 2,236 5%
Days on Market 19 16 14 -16%
Northeast 2015 2016 2017 2016 vs 2017 YoY%Average Sale Price $680,667 $785,250 $875,250 11%
Median Sale Price $572,417 $669,833 $761,917 14%
Average PSF $324 $361 $410 13%
Number of Sales 1,254 1,284 1,225 -5%
Days on Market 20 19 16 -11%
Southeast 2015 2016 2017 2016 vs 2017 YoY%Average Sale Price $532,917 $582,167 $676,000 16%
Median Sale Price $440,250 $499,833 $607,917 22%
Average PSF $254 $295 $338 15%
Number of Sales 703 768 845 10%
Days on Market 33 24 24 1%
Southwest 2015 2016 2017 2016 vs 2017 YoY%Average Sale Price $440,333 $503,833 $593,833 18%
Median Sale Price $422,667 $505,500 $586,250 16%
Average PSF $238 $285 $327 15%
Number of Sales 369 384 450 17%
Days on Market 29 23 25 11%
Central 2015 2016 2017 2016 vs 2017 YoY%Average Sale Price $868,750 $966,750 $1,067,583 10%
Median Sale Price $682,833 $784,917 $878,833 12%
Average PSF $395 $443 $495 12%
Number of Sales 936 981 1,005 2%
Days on Market 30 33 23 -31%
West Seattle 2015 2016 2017 2016 vs 2017 YoY%Average Sale Price $505,583 $559,750 $636,833 14%
Median Sale Price $452,083 $511,250 $590,833 16%
Average PSF $269 $313 $344 10%
Number of Sales 1,727 1,776 1,809 2%
Days on Market 30 20 20 -1%
MARKET DRIVERS1Bureau of Labor Statistics - U.S. Department of Labor
2Seattle.gov - Office of Planning & Community Development3Seattle.gov - Department of Construction & Inspections GIS
MARKET ANALYSIS1CNBC - America’s Top States for Business 2017 study 2Seattle.gov - Office of Economic Development3Bureau of Labor Statistics - U.S. Department of Labor4Seattle.gov - Office of Planning & Community Development
85%12%
23%
FOURTH QUARTER REPORT
Beacon Hill | SODO | Georgetown RESIDENTIAL
Mt Baker | Leschi | Columbia City | Seward Park RESIDENTIAL
Ravenna | Northgate | Laurelhurst RESIDENTIAL
Ballard | Green Lake | Fremont | Wallingford RESIDENTIAL
Queen Anne | Magnolia RESIDENTIAL
Downtown Seattle | Belltown CONDOMINIUM
Capitol Hill | Central District | Madison Park RESIDENTIAL
West Seattle RESIDENTIAL
West Seattle Q4 2016 Q4 2017 YoY%Average Sale Price $562,000 $651,333 16%
Median Sale Price $516,000 $605,333 17%
Average PSF $312 $351 13%
Number of Sales 483 437 -10%
Days on Market 20 20 3%
Central Q4 2016 Q4 2017 YoY%Average Sale Price $922,000 $1,151,333 25%
Median Sale Price $756,667 $926,000 22%
Average PSF $443 $519 17%
Number of Sales 230 258 12%
Days on Market 37 24 -36%
Southwest Q4 2016 Q4 2017 YoY%Average Sale Price $509,333 $628,000 23%
Median Sale Price $509,000 $592,000 16%
Average PSF $311 $362 16%
Number of Sales 104 138 33%
Days on Market 18 22 24%
Southeast Q4 2016 Q4 2017 YoY%Average Sale Price $562,000 $678,667 21%
Median Sale Price $495,000 $630,000 27%
Average PSF $303 $336 11%
Number of Sales 217 194 -11%
Days on Market 26 25 -5%
Northeast Q4 2016 Q4 2017 YoY%Average Sale Price $786,000 $836,667 6%
Median Sale Price $666,000 $746,667 12%
Average PSF $369 $405 10%
Number of Sales 364 285 -22%
Days on Market 21 17 -16%
Northwest Q4 2016 Q4 2017 YoY%Average Sale Price $702,333 $831,667 18%
Median Sale Price $658,333 $768,333 17%
Average PSF $367 $442 20%
Number of Sales 529 527 0%
Days on Market 18 15 -19%
Uptown Q4 2016 Q4 2017 YoY%Average Sale Price $1,003,333 $1,141,667 14%
Median Sale Price $859,667 $997,333 16%
Average PSF $428 $488 14%
Number of Sales 189 168 -11%
Days on Market 28 22 -19%
Downtown Q4 2016 Q4 2017 YoY%Average Sale Price $765,667 $835,333 9%
Median Sale Price $555,667 $676,000 22%
Average PSF $750 $818 9%
Number of Sales 161 120 -25%
Days on Market 32 23 -28%
MEDIAN SALES PRICE | YOY%
Copyright © 2018 Windermere Real Estate / Wall Street Inc. All rights reserved. LIVE | LOVE | OWN ® is a registered trademark of Windermere Real Estate / Wall Street Inc. Wall Street Group is a trademark of
2420 2nd Ave Seattle, WA 98121
214 W McGraw St Seattle, WA 98119
Queen Anne
Downtown Seattle3214 W McGraw St #102
Seattle, WA 98199
4526 California Ave SW Seattle, WA 98116
Magnolia
West Seattle
$768,333 Northeast
Uptown
Central
Downtown
West Seattle
Southwest
Southeast
Windermere Real Estate Wall Street Inc OFFICE LOCATIONS
$746,667
$997,333
$926,000
$592,000
$605,333
$630,000
$676,000
COVER PHOTO King Street Station
17%12%
16%
22%
16%
17%
22%
27%
Northwest
L I V ELO VEO W N
WALL STREET GROUP
LiveLoveOwnSeattle.com206.283.8080
S E AT T L E N E I G H BO R H O O DS
Beacon Hill | SODO | Georgetown RESIDENTIAL
Mt Baker | Leschi | Columbia City | Seward Park RESIDENTIAL
Ravenna | Northgate | Laurelhurst RESIDENTIAL
Ballard | Green Lake | Fremont | Wallingford RESIDENTIAL
Queen Anne | Magnolia RESIDENTIAL
Downtown | Belltown CONDOMINIUM
Capitol Hill | Central District | Madison Park RESIDENTIAL
West Seattle RESIDENTIAL
Downtown 2015 2016 2017 2016 vs 2017 YoY%Average Sale Price $650,750 $773,417 $816,333 6%
Median Sale Price $532,917 $ 618,833 $634,417 3%
Average PSF $628 $739 $797 8%
Number of Sales 789 950 549 -42%
Days on Market 52 39 31 -19%
M A R K E T D R I V E RS
+500PEOPLE MOVED
TO SEATTLE WEEKLY2
10,161NEW HOUSING UNITS3
23%
+47,700 HIRED EMPLOYEES
THIS YEAR1
Uptown 2015 2016 2017 2016 vs 2017 YoY%Average Sale Price $897,583 $1,015,667 $1,089,333 7%
Median Sale Price $763,917 $873,833 $935,833 7%
Average PSF $374 $424 $480 13%
Number of Sales 686 698 817 17%
Days on Market 32 30 23 -23%
Northwest 2015 2016 2017 2016 vs 2017 YoY%Average Sale Price $627,417 $702,750 $801,583 14%
Median Sale Price $588,583 $660,833 $750,750 14%
Average PSF $327 $367 $425 16%
Number of Sales 1,973 2,136 2,236 5%
Days on Market 19 16 14 -16%
Northeast 2015 2016 2017 2016 vs 2017 YoY%Average Sale Price $680,667 $785,250 $875,250 11%
Median Sale Price $572,417 $669,833 $761,917 14%
Average PSF $324 $361 $410 13%
Number of Sales 1,254 1,284 1,225 -5%
Days on Market 20 19 16 -11%
Southeast 2015 2016 2017 2016 vs 2017 YoY%Average Sale Price $532,917 $582,167 $676,000 16%
Median Sale Price $440,250 $499,833 $607,917 22%
Average PSF $254 $295 $338 15%
Number of Sales 703 768 845 10%
Days on Market 33 24 24 1%
Southwest 2015 2016 2017 2016 vs 2017 YoY%Average Sale Price $440,333 $503,833 $593,833 18%
Median Sale Price $422,667 $505,500 $586,250 16%
Average PSF $238 $285 $327 15%
Number of Sales 369 384 450 17%
Days on Market 29 23 25 11%
Central 2015 2016 2017 2016 vs 2017 YoY%Average Sale Price $868,750 $966,750 $1,067,583 10%
Median Sale Price $682,833 $784,917 $878,833 12%
Average PSF $395 $443 $495 12%
Number of Sales 936 981 1,005 2%
Days on Market 30 33 23 -31%
West Seattle 2015 2016 2017 2016 vs 2017 YoY%Average Sale Price $505,583 $559,750 $636,833 14%
Median Sale Price $452,083 $511,250 $590,833 16%
Average PSF $269 $313 $344 10%
Number of Sales 1,727 1,776 1,809 2%
Days on Market 30 20 20 -1%
MARKET DRIVERS1Bureau of Labor Statistics - U.S. Department of Labor
2Seattle.gov - Office of Planning & Community Development3Seattle.gov - Department of Construction & Inspections GIS
MARKET ANALYSIS1CNBC - America’s Top States for Business 2017 study 2Seattle.gov - Office of Economic Development3Bureau of Labor Statistics - U.S. Department of Labor4Seattle.gov - Office of Planning & Community Development
85%12%
23%
FOURTH QUARTER REPORT
Beacon Hill | SODO | Georgetown RESIDENTIAL
Mt Baker | Leschi | Columbia City | Seward Park RESIDENTIAL
Ravenna | Northgate | Laurelhurst RESIDENTIAL
Ballard | Green Lake | Fremont | Wallingford RESIDENTIAL
Queen Anne | Magnolia RESIDENTIAL
Downtown Seattle | Belltown CONDOMINIUM
Capitol Hill | Central District | Madison Park RESIDENTIAL
West Seattle RESIDENTIAL
West Seattle Q4 2016 Q4 2017 YoY%Average Sale Price $562,000 $651,333 16%
Median Sale Price $516,000 $605,333 17%
Average PSF $312 $351 13%
Number of Sales 483 437 -10%
Days on Market 20 20 3%
Central Q4 2016 Q4 2017 YoY%Average Sale Price $922,000 $1,151,333 25%
Median Sale Price $756,667 $926,000 22%
Average PSF $443 $519 17%
Number of Sales 230 258 12%
Days on Market 37 24 -36%
Southwest Q4 2016 Q4 2017 YoY%Average Sale Price $509,333 $628,000 23%
Median Sale Price $509,000 $592,000 16%
Average PSF $311 $362 16%
Number of Sales 104 138 33%
Days on Market 18 22 24%
Southeast Q4 2016 Q4 2017 YoY%Average Sale Price $562,000 $678,667 21%
Median Sale Price $495,000 $630,000 27%
Average PSF $303 $336 11%
Number of Sales 217 194 -11%
Days on Market 26 25 -5%
Northeast Q4 2016 Q4 2017 YoY%Average Sale Price $786,000 $836,667 6%
Median Sale Price $666,000 $746,667 12%
Average PSF $369 $405 10%
Number of Sales 364 285 -22%
Days on Market 21 17 -16%
Northwest Q4 2016 Q4 2017 YoY%Average Sale Price $702,333 $831,667 18%
Median Sale Price $658,333 $768,333 17%
Average PSF $367 $442 20%
Number of Sales 529 527 0%
Days on Market 18 15 -19%
Uptown Q4 2016 Q4 2017 YoY%Average Sale Price $1,003,333 $1,141,667 14%
Median Sale Price $859,667 $997,333 16%
Average PSF $428 $488 14%
Number of Sales 189 168 -11%
Days on Market 28 22 -19%
Downtown Q4 2016 Q4 2017 YoY%Average Sale Price $765,667 $835,333 9%
Median Sale Price $555,667 $676,000 22%
Average PSF $750 $818 9%
Number of Sales 161 120 -25%
Days on Market 32 23 -28%
MEDIAN SALES PRICE | YOY%
Copyright © 2018 Windermere Real Estate / Wall Street Inc. All rights reserved. LIVE | LOVE | OWN ® is a registered trademark of Windermere Real Estate / Wall Street Inc. Wall Street Group is a trademark of
2420 2nd Ave Seattle, WA 98121
214 W McGraw St Seattle, WA 98119
Queen Anne
Downtown Seattle3214 W McGraw St #102
Seattle, WA 98199
4526 California Ave SW Seattle, WA 98116
Magnolia
West Seattle
$768,333 Northeast
Uptown
Central
Downtown
West Seattle
Southwest
Southeast
Windermere Real Estate Wall Street Inc OFFICE LOCATIONS
$746,667
$997,333
$926,000
$592,000
$605,333
$630,000
$676,000
COVER PHOTO King Street Station
17%12%
16%
22%
16%
17%
22%
27%
Northwest
L I V ELO VEO W N
WALL STREET GROUP
LiveLoveOwnSeattle.com206.283.8080
