The First 100 Days - Article in “Seattle Real Producers” Magazine
Wow this year has flown by, it’s already May! Pacific Northwest Luxury Real Estate sales has once again bent the typical market seasonality of slower winter months, with our first 100 days of the year yeilding 101 closed sales $2.5M and higher. That’s almost exactly one $2.5M plus unit closings each day. What sold? Is there anything we can learn about these sales to prep us for our Spring and Summer season?
Let’s dig deeper into the stats.
Of the 101 closings:
Average Closed Price: $3,756,665
Average Original List Price: $3,815,597
Average Days on Market: 104
Average Size: 5,119 sq. ft.
Average Price per Square Foot: $748
Of the sales, the highest priced listing was $26,750,000 which is about 3 times higher than the
next highest priced property. When analyzing stats, I like establishing averages by leaving out any outliers in order to have a clearer interpretation of the numbers. However, when I dropped the $26M listing, the stats don’t change much, the average sales price shifts to right around $3.5M and the remaining average only shift slightly, if at all.
Let’s dig into what sold. Of the 101 listings, 45 of them
were in West Bellevue. Here is how the sales break
down by area:
140 - West Seattle - 3 Units
170 - Bainbridge Island - 2 Units
380 - Southeast Seattle - 2 Units
390 - Central Seattle - 9 Units
5 - Fox Island - 1 Unit
500 - East Side/South - 6 Units
510 - Mercer Island - 17 Units
520 - West Bellevue - 45 Units
530 - East of Lake Sammamish - 2 Units
550 - Redmond/Carnation - 1 Unit
560 - Kirkland/Bridle Trails - 9 Units
700 - Queen Anne/Magnolia - 5 Units
701 - Belltown/Downtown - 5 Units
710 - North East Seattle - 2 Units
715 - Richmond Beach/Shoreline - 2 Units
730 - Southwest Snohomish -1 Unit
770 - Northwest Snohomish - 1 Unit
885 - Lynden - 1 Unit
901 - Orcas, Obstruction, Crane Island - 2 Units
What these numbers indicate is that there is opportunity for luxury sales spread out throughout the Pacific Northwest, particularly in the close-in neighborhoods. What this means for agents operating in the luxury markets or looking to, is that luxury properties are moving even in the classically less desirable marketing times. The average days on market, at 104 days, is a very favorable number for sellers and I predict that number ratchets down in the coming months when there is more daylight and landscapes are in bloom. What we can glean from these numbers is since market times are low, every showing counts. Make sure your clients home is perfect from the outset of your listing. Have a great selling season!