2018 Third Quarter Market Trends

Realogics Sotheby’s International Realty presents a look at the housing market trends for the third quarter of 2018, from the shores of Bainbridge Island’s waterfront homes and in-city living opportunities to the Eastside’s most distinguished residences.

Seattle  |  Single-Family Homes

Inventory continues to remain at the center of real estate conversations in Seattle, as the frenetic market of recent years has given way to a more balanced one that reflects typical seasonal trends. In Q3-2018 we saw 2.7 months of inventory, up nearly 75% compared to last quarter (at 1.2 months) and a staggering 156.5% on a yearly basis. View report>>

 

Eastside  |  Single-Family Homes

Record-breaking home price growth for single-family homes on the Eastside moderated from Q3-2017 to Q3-2018 with a 7.11% gain, a stark difference from last year’s report, which showed a 14.80% increase in median home prices from Q3-2016 to Q3-2017. View report >>

Bainbridge Island  |  Single-Family Homes

While Seattle and the Eastside saw slight decreases in the average median sales price from the second to third quarter of 2018, home prices on Bainbridge Island increased on a quarter-by-quarter basis, from $865,000 in Q2 to $912,000 in Q2, representing a 5.4 percent increase (larger than the 2.3% year-over-year gain). View report >>

Seattle  |  Condominiums

As was the case in Seattle’s single-family market, the number of homes available for sale is dominating real estate discussions, as the condominium market in Seattle saw 2.7 months of inventory in the third quarter of 2018, the highest number reported since the third quarter of 2012, when we nearly reached a balanced market at 2.9 months. Since that time, inventory has continued to dip, maintaining numbers well below 1 month in every quarter since the start of 2015. View report >>

2018 Second Quarter Market Trends

Realogics Sotheby’s International Realty presents a look at the housing market trends for the second quarter of 2018, from the shores of Bainbridge Island’s waterfront homes and in-city living opportunities to the Eastside’s most distinguished residences.

Seattle  |  Single-Family Homes

Seattle continues its red-hot housing market streak, as the median sales price of a single-family home hit $857K, up 13.1% compared to Q2-2017, which averaged $758K. View report>>

 

Eastside  |  Single-Family Homes

Home prices on the Eastside continued their upward climb, increasing 12% year-over-year, while days on market decreased to just over two weeks. View report >>

Bainbridge Island  |  Single-Family Homes

Though other areas experienced increased inventory, Bainbridge Island saw a decrease of homes for sale with just 1.8 months of inventory, as the days on market fell 40%. View report >>

Seattle  |  Condominiums

Condominiums in Seattle continue to draw buyers, as the average days on market in Q2-2018 was 14 days and the average sales price reached $514,000. View report >>

REALOGICS SOTHEBY’S INTERNATIONAL REALTY & BURRARD GROUP ANNOUNCE A MAJOR MILESTONE IN THE DEVELOPMENT OF NEXUS CONDOMINIUM TOWER; ENCORE RELEASE OF 16 CITY SUITES ON 11/18

Market Experts Array Pent Up Demand for In-City Homeownership; Downtown Seattle Condo Prices Surge 33% 

Representatives of Realogics Sotheby’s International Realty and Burrard Group announced a major milestone in the development of the 41-story NEXUS Condominium Tower today as it begins a vertical ascent towards completion in fall 2019. With excavation now complete, SKANSKA, the general contractor for NEXUS, has poured the foundation mat, which comprised of 3,900 cubic yards of concrete and measures up to twelve feet thick. 

“The entire development and construction team is excited to shift the focus from digging down to building upward and constructing this iconic tower,” said Chad Mathis, Senior Development Manager with Burrard. 

After analyzing market demand, Burrard also announced a change in the final product offering. The final construction documents include a revision to the floor plates in the “third cube” between levels 28 and 35 where a larger one bedroom and den floor plan will now be built as two independent and efficiently-scaled residences called City Suites – a 484-sq. ft. studio and a 503-sq. ft. urban one bedroom. Conversely, a penthouse home assembled two units to create a 4 bedroom plus den offering nearly 3,200-sq. ft.  These revisions increased NEXUS Condominiums by 8 residences to 389 units. 

“We took this opportunity to optimize the product offering based on market demands,” added Mathis, who acknowledged the flexibility to assemble and disassemble floor plans. 

“This design update presents an encore sales release of new homes priced from the mid-$500,000s to mid-$600,000s, a price range that was previously sold out at NEXUS,” said Dean Jones, President and CEO of Realogics Sotheby’s International Realty. “There’s a lack of attainably priced homes in downtown Seattle. Consumers can afford to live in less space but they can’t always afford the cost of new condominiums. We’re facing a condo crunch as more and more apartment dwellers desire homeownership but there are few options available in the market.” 

Jones points to RSIR research showing that 78-percent of the 496 new condominiums being built in downtown Seattle are currently presold with virtually all remaining homes priced above $700,000. Consumers will find little relief in the resale marketplace as according to the NWMLS, there are only 11 homes listed for sale priced below $700,000. Meanwhile, RSIR reports the median price of resale condominiums sold in October 2017 was $649,500, an increase of 33-percent over the prior year. A preference for newer condominiums was also noted at the recently completed Insignia Condominiums. This presale development was delivered in 2015 and 2016 and experienced four resales last month – all within days of hitting the market, several escalating above asking price and exhibiting an average of 25-percent increases from presale to resale values. Market wide, S&P/Case-Shiller tracked 13.2-percent median home price increases making the Seattle metro area the fastest-rising housing market in the US for the past 12 months. 

Citing pent up demand, market pundits anticipate the latest sales release at NEXUS will sell out quickly upon listing on November 18th. Recently, the Urban Land Institute heralded Seattle as the #1 investment market in the US as part of their “2018 Emerging Trends in Real Estate” report. However, the opportunity for individual home ownership has been challenging given the dearth of for-sale housing being built. Research by RSIR and O’Connor Consulting Group confirms that no new condominiums will be delivered in 2017 and it’s estimated that 94-percent of the 27,000+ new multifamily housing units to be built in downtown Seattle’s urban center for the current decade will be for rent and not for sale. 

Mathis says more new condominiums are on the horizon but suspects most developers will want to retain their inventory as income property because the market is appreciating. 

“Land and construction costs are rising rapidly,” claims Mathis. “The reality is future deliveries will cost more to build and developers will need to charge more to make new developments pencil.” 

Original source on RSIR

Realogics SIR Honored Among Washington's Fastest-Growing Private Companies by PSBJ

Washington’s Largest Affiliate Makes “Hall of Fame” for Fifth Year; Cites “Change Agent” Status for Growth

Realogics Sotheby’s International Realty was recognized by The Puget Sound Business Journal among the top 100 “Fastest Growing Private Companies” in Washington State, according to their 2016 Book of Lists.   RSIR is ranked 46th on revenues of $20.66 million in 2015 posting an increase of 125.62-percent compared with 2013.  The firm was previously ranked 71st in 2015, 91st in 2014, 24th in 2013, and 2nd in 2012.  The list was compiled by companies headquartered in Washington State that posted corporate revenues of ate least $500,000 in 2013 compared with 2015.  The sold out event was held at Century Link Field on October 21st complete with photo opportunities on the play field, an inspirational speech by former Seahawks Quarterback Jim Zorn and a performance by the Seahawks “Blue Thunder” drum team.

“We are challenging the status-quo in our industry and this is best demonstrated by the company we keep, the properties we represent and the results we create,” said Stacy Jones, Owner and Vice President of RSIR.  “Since we first launched with Sotheby’s International Realty in 2010, it’s been a meteoric rise for our company and for our brokers.  There’s plenty more growth ahead with new branch offices and our ever expanding roster of leading sales associates.”

Jones points to a similar growth rate for the global network that now boasts nearly 19,000 real estate professionals and 800+ branch offices in 63 countries and territories.  In addition to its global footprint, Sotheby’s International Realty Affiliates’ new SIR.com website now garners more than 1.25 million unique visitors per month and half of this traffic is now being derived outside the US.  Worldwide, the SIR network exclusively represents approximately 50,000 of the world’s most significant properties for sale.

Read the Full Article here >> 

New Listing! Redmond Traditional

A tree lined drive welcomes you to this sprawling yet private 6,990 square foot, 5.2 acre estate. This floor plan was meant for entertaining as one room flows seamlessly into the next. The beautiful finishes and grand scale of the house are complemented by the outdoor area where your own private resort awaits you. With a heated salt water pool, lighted tennis court and terrace with fireplace, activities abound in your own paradise.

18025 NE 136th Street | Redmond, Washington
Offered at $2,988,000

Explore Property >>

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Realogics SIR Collaborates to Host "Legacy Home Tour" of Luxury Properties in the San Juan Island Archipelago

High Profile Event Attracts Lifestyle Sponsors as New Report Compares San Juan Islands to New York’s Long Island; Targets Brokers and Prospective Buyers

Realogics Sotheby’s International Realty announced today a progressive tour of legacy homes in the San Juan Island archipelago from October 4-9, which is scheduled during the Savor the San Juans initiative managed by the San Juan Islands Visitors Bureau. A matchless collection of up to ten properties ranging from below $2,000,0000 to $17,000,000 will be available to preview for registered brokers on October 4th and 5th followed by open house viewings, by invitation, with prospective homebuyers on October 8th and 9th (by appointment). Participating lifestyle sponsors include Windermere Real Estate / Orcas Island, Kenmore Air, Rosario Resort, Seattle Magazine, Sea Magazine, Puget Sound Business Journal,Sundance Yachts, and GeekWire.

“This is a matchless opportunity to experience some of the most extraordinary legacy homes available for purchase in the San Juan Islands and beyond,” said Dean Jones, President and CEO of RSIR. “Attending brokers and their clients will discover why this storybook lifestyle is such a well-kept secret and a relative value compared with our East Coast peer group. They will also discover considerable value being offered with these move-in ready estates.”

Among the properties on tour is Friday Harbor Estate, which is currently owned by Rock and Roll Hall of Fame legend Steve Miller.

Jones recently commissioned a research study, the “Legacy Home Report” to explore property values with the San Juan Islands compared to New York’s Long Island. He concluded that not only are the homes in the Pacific Northwest a fraction of property prices in popular harbinger markets like the Hamptons but, in fact, several are being offered below replacement costs – but perhaps not for much longer.

“As the Seattle/Bellevue metro area continues to prosper as the next global city on the rise, so, too will the concept of legacy home acquisitions in the destination communities that surround this booming economy,” adds Wally Gudgell of Windermere Real Estate and longtime resident of Orcas Island. “Our property tour and the Savor the San Juans promotion will provide a convenient and seamless lifestyle experience for locals and newcomers alike.”

Gudgell says island living spans a broad spectrum of lifestyles from modest farmers and craftsmen to Hollywood A-listers and tech titans, which helps create the diverse and dynamic culture scene supporting demand for all property types and price points. An enviable lifestyle and a lack of a state income tax in Washington have encouraged many to seek residency in the San Juan Islands for the majority of the year while traveling the world or enjoying a second home in warmer climates during the winter months.

The Legacy Home Tour will officially commence on October 4th where attending brokers will arrive to Rosario Resort and enjoy a wine tasting reception at a nearby listing for sale. On October 5th a series of shuttles will tour an Orcas Island estate before returning to the marina where guests will board a collection of yachts to visit or float by waterfront estates on San Juan Island, Shaw Island and Reef Island. The flotilla will return to Orcas Island where chartered flights operated by Kenmore Air will return guests to Seattle while others will stay to enjoy other festivities. Along the way, event sponsors promise to stimulate the senses with the sights, sounds, smells, tastes and touch that is unique to the region. John Spear, Director of Custom Publishing and Associate Publisher at Large for Tiger Oak Publishing, owner of Seattle Magazine will attend the festivities to document the experience for his readers.

During the weekend on October 8th and 9th the properties will be available for private showings by appointment with qualified homebuyers. Guests are encouraged to enjoy commercial flights operated by Kenmore Air and stay at the famous Rosario Resort, which was once a legacy home built by philanthropist Robert Moran that was later converted to a hotel and is featured in the report.

“We welcome guests to experience the natural wonder that we live in every day,” said Lance Evans, Director of Orcas Island Chamber of Commerce. “Most people think of our community as a destination resort but the islands are home to full time residents with year-round services and amenities, renowned schools, and a robust cultural scene.”

The Savor the San Juans campaign spans seven weeks from September 22nd through November 12th, which promotes food, farm and film experiences throughout the three main islands that comprise San Juan County – Lopez, Orcas and San Juan. The program includes an abundance of wine tastings, harvest dinners, farmers’ markets, film festivals and cultural experiences, www.VisitSanJuans.com/Savor.

Properties showcased during the Legacy Home Tour include:

• Cormorant Bay Estate | Orcas Island | $17,000,000 presented by RSIR
• Friday Harbor Estate | San Juan Island | $16,800,000 presented by RSIR
• Madroneagle Estate | Orcas Island | $10,000,000 presented by Windermere & RSIR
• Langdon Road Estate | Orcas Island | $6,200,000 presented by Windermere
• Private Waterfront Residences | Orcas Island | Undisclosed presented by Windermere
• Crane Island Estate | Crane Island | $3,200,000 presented by Windermere
• Reef Island Property | Reef Island | $5,000,000 presented by Windermere
• Spring Hill Lodge | Orcas Island | $1,880,000 presented by RSIR
• Braveheart Estate | Orcas Island | $1,895,000 presented by RSIR
• Lopez Island Estate | Lopez Island | $1,229,000 presented by RSIR

A lifestyle video has been created by Realogics Sotheby’s International Realty to showcase several of the properties and a marketing campaign has been launched to build awareness for the Legacy Home Tour. For more information, visit www.LifeintheSanJuans.com.

Realogics SIR Ranks Among the Top 10 Largest Residential Real Estate Brands in Washington

I am proud to share that Realogics Sotheby’s International Realty ranked among the top ten largest real estate brands in Washington State according to a recent report by Trendgraphix as of May 2016 based upon the trailing 12 months of total sales volume. The data suggests that amongst its peer group of established brokerage firms, RSIR is the fastest-growing, increasing its unit volume and gross sales volume by 25-percent and 53-percent, respectively year-to-date (May 2016) compared with 2015. Also noteworthy, RSIR consistently maintains the highest average listing and buyer side sales values and the greatest production on a per broker basis compared with its peers. As an independently owned and operated franchise, RSIR does not aggregate or report the sales activity of other affiliates in Washington.

“These statistics further validate the power of our brand, our marketing prowess and the hard work of our dedicated real estate professionals. Our agents have earned the trust of our valued clients by acting as industry change agents proudly serving all property types and price points,” said Jennifer Johnsen, Vice President of Brand Development. “When combined, all these factors are having the intended effect in our industry.”

Top 10 Largest Residential Real Estate Brokerages in Washington State - 2016
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Realogics SIR Appoints 25 Year Real Estate Veteran Joe Galindo to Vice President of Operations

Executives of Realogics Sotheby’s International Realty announced today the appointment of Joe Galindo as Vice President of Operations within the expanding global brokerage network. Galindo will provide direct management over the company’s Eastside branch offices in Kirkland and Issaquah, which comprise of 80+ brokers and employees, while also offering companywide operational support as the fast-growing firm expands throughout central Puget Sound.

“We are very fortunate to welcome Joe to our growing team of industry professionals,” said Dean Jones, President and CEO of RSIR. “As our company has expanded so has the need for his proven operational leadership.”

Offering more than 25 years in real estate experience, Galindo has earned the respect of the local real estate community having operated as a successful broker, a franchise owner and a branch manager. In addition to providing regional Eastside branch management from the flagship Kirkland offices, Galindo will also participate in a committee for strategic growth alongside Jennifer Johnsen, Vice President of Brand Development, who joined RSIR earlier this year.

“I’m excited to join Realogics Sotheby’s International Realty,” said Galindo. “For many years I have witnessed the evolution of RSIR locally and that of the Brand worldwide. Now I’m in a position to help resource this growth from within, applying my passions and my talents in building better brokers and attracting new talent to the team.”

Above: Joe Galindo is a 25 year veteran of the local real estate industry with experience as a broker, franchise owner and branch manager.

Consistently ranked by the Puget Sound Business Journal among the top ten largest real estate firms in Washington, RSIR has distinguished itself as a market leader in new construction project marketing and continues to grow its robust resale division generating among the highest average production on a per agent basis. According to Trendgraphix research, RSIR has surpassed its direct peer group with leading annual growth rates of unit sales and gross home sale dollar volumes, expanding 16-percent and 45-percent, respectively. The company is entrusted with many of Washington’s most valuable property listings but proudly serves all property types and price points.

“Together we are building the next generation real estate company,” added Galindo.

Realogics Sotheby's International Realty's Newest Branch Office at "The Park House" Receives Media Attention

As Patti Payne of the Puget Sound Business Journal announced on March 28th, “Realogics Sotheby’s International Realty is expanding into Seattle’s Madison Park” with its fifth branch office location. The latest addition to the growing global real estate brand “will consist of two sites across from each other: The Park House, a boutique real estate store front at 4031 Madison St.; and administrative offices in the building across the street.”

“Jones sees growing and sustained demand in the Madison Park area because of local job growth and traffic congestions. ‘I believe this is a point of inflection,’ he said, ‘and the Park House and our new brokers will be timely additions to our regional network as these trends play out.” Jones also alluded to future office locations in Seattle and the Eastside in areas “to be determined.”

For more information on “The Park House” branch office, Read the Press Release >>