The First 100 Days - Article in “Seattle Real Producers” Magazine

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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!

Britt Wibmer