Statistics from the second quarter of 2019 are in and Realogics Sotheby’s International Realty has analyzed the data with a look at the housing market trends for the second quarter of 2019, from the shores of Bainbridge Island’s waterfront homes and in-city living opportunities to the Eastside’s most distinguished residences.
As stated recently in a Realogics Sotheby’s International Realty (RSIR) blog, “The main cause of Seattle’s urban evolution is, first and foremost, that people want to live here.” That fact is reflected in the constant stream of people moving into the city. Earlier this year, The Seattle Times reported that Seattle grew 18.7 percent in the last decade, gaining 114,000 people and ranking as the fastest growing city in the nation. That growth is expected to continue through the next several decades; and by 2035 the expected population of Seattle will gain another 120,000 residents (and another 115,000 jobs).
While living anywhere along Lake Washington would be a prized lifestyle, the most coveted shoreline remains the waterfront communities of West Bellevue, Medina, Hunts Point, Kirkland, Juanita, Beau Arts, Enatai, Newport Shores and the north end of Mercer Island. These sought after neighborhoods offer close proximity to job centers, access to preferred public and private schools and comprise the most valuable residential real estate in the Pacific Northwest.
As an aggregated set, the summer of 2015 was very consistent in 2014 with average home sales just over $4 million. The past two years, however, marked a significant increase over the same period in 2013 as the market recovered and demand expanded. However, the average price per square foot fell from $960 in summer 2014 to $854 in 2015. That’s not to say that values have dropped because they haven’t, rather fewer homes sold in the most expensive markets of West Bellevue where more listings led to increased days on market. Waterfront on the north end of Mercer Island and South Bellevue saw the greatest increases in home sales year-over-year as savvy buyers explored new alternatives to the pricier West Bellevue market, which continues to set new records in average sales pricing at $5,649,804. Likewise, South Bellevue and Juanita waterfront also experienced a significant year-over-year value increase, albeit on fewer trades.
Gold Coast - Price per SFFrom a broader perspective, the central Puget Sound region comprises waterfront homes in King, Snohomish, Pierce and Kitsap Counties. Overall, the tides were rising in 2015 with a 14% increase in the total number of waterfront homes sold during the four month selling season (June through September) compared with a year earlier. While average seasonal value was slightly off year-over-year, the average price per square foot increased, suggesting that living on the Puget Sound or along the many lakefronts continues to grow in demand.
Kitsap was among the most improved markets, with both home sales and average price per square foot increasing by more than 6% year-over-year in 2015 with 120 sales over the four months averaging $681,000 or $295 per sq. ft. Likewise, King County, with average waterfront home prices more than twice that of Kitsap County, experienced a 3.6% sales volume increase between summer 2014 and 2015. Values for this region rose nearly 9% during that period to average $530 per sq. ft. The average days on market within King County fell 38% year-over-year from 109 days in 2014 to 67 days in 2015 as more buyers found fewer available listings.
For Sale vs. Sold
Average Price Per Square Foot
Days On Market | Sold/List Price %
Average Price For Sale And Sold
Months of Inventory
So you’re perusing listings and finally you find it: Staring back at you from your laptop screen is the perfect place you’ve been dreaming about.
It’s in the right location, has all the amenities you’re looking for, and still, somehow, fits in your budget. There’s just one problem: It’s pending sale.
Does that mean you’re too late? Is it entirely hands off? Or do you still have a shot?
The number of active listings was down 4% compared to last month and 37% compared to last year in King County, with a median sale price of $441.1K. Buyers were out in full force, as homes spent an average of 25 days on the market, a 19% decrease from last year. Downtown Seattle condo sales were up 126% year over year. The median sale price was just under $510K, up nearly $150K compared to last year’s numbers.
For the latest numbers from areas around the sound, View July’s Market Reports >>
We are excited to share that our latest Sequim property has been listed as Puget Sound Business Journal's Home of the Day!
Luxuriate! Custom built in 2004 this immaculate home was expertly designed and crafted, top of the line quality and European elegance. Perfectly sited on Bell Hill to capture sweeping, pastoral views of the Olympic Mountains, Happy Valley, Hurricane Ridge and the Strait.
Home of the Day is presented by the Puget Sound Business Journal with Realogics Sotheby's International Realty. This is your invitation to view some of Seattle's most-luxurious properties. Come inside and take a look around. Click on the gallery image to view today's featured property.
In a recent article on Think Advisor, "Global Wealthy Want More Real Estate," Michael S. Fischer breaks down the latest Savills/Wealth Briefing survey, which reveals that "private bankers and wealth managers found that 91% of global high-net-worth [HNW] investors were looking to increase or maintain the real estate holdings they own directly, and 87% intended to increase or maintain indirect holdings."
Some key statistics, indicated by the chart below, show that 72% of wealth managers' clients plan to purchase residential properties in the next five years and that "North America was the choice investment destination of investors."
Harriet Davies, who wrote a statement for the survey, said "demand for property is not only being driven by low interest rates," which are bound to increase in the current climate, but "structural shifts mean that real estate is likely to grow in importance for HNW investors." Thus "it is crucial that advisors understand the evolving role of real estate in portfolios," and for the real estate industry to embrace these market trends.
The much anticipated Book of Lists for 2015 will soon be published by the Puget Sound Business Journal but the results are already in for the Largest Residential Real Estate Firms in Puget Sound (ranked on residential sales volume for 2014). Realogics Sotheby’s International Realty (RSIR) improved its position from #10 in 2013 to #6 in 2014, according to the survey results. With $560 million in gross sales volume represented by just 111 active brokers and three branch offices in 2014, RSIR is now acknowledged among the most productive, fastest growing and largest brokerage firms in the region.
“We are proud to join our many peers amongst the largest brokerage firms in the region – congratulations to all of the companies that made the list,” said Stacy Jones, Owner of RSIR. “We are even more proud of our many fine brokers and we thank them for their tireless efforts every day. This is really their acknowledgement and we are the ones that are privileged to work alongside their success.”
Jones states she has no illusions about being the largest real estate organization in the region nor having the most brokers. Her goal is to make a meaningful difference in her broker’s business and to optimally represent the interest of their clients – one sale at a time.
“Our growth in the region has always been very organic,” says Jones. “We are always open to new business ventures and new brokers but we find the best opportunities are referred to us by our current brokers and even from brokers at other companies. We have distinguished ourselves from the pack in just five years of operation. We like being innovative and creating a new model within the industry.”
NOTE: RSIR is an independently owned and operated franchise with branch offices in downtown Seattle, Bainbridge Island, Kirkland and coming soon to Issaquah. Unlike other franchise networks surveyed, RSIR statistics do not incorporate the production from other Sotheby’s International Realty affiliates in Washington State.