PNW Quarterly Update

PAC I F I C NORTHWE ST

Seattle and Eastside– 2020 Market Report

Neighborhood Expertise– By the numbers

The market trends show that Washington State has persevered through the unexpected. Home prices have stayed consistent from last year and even slightly increased on the Eastside. Though sales have expectedly decreased with current conditions, a healthy return to new sales is forecasted for Seattle and the Eastside. Compass brokers continue to guide new families to finding their place here in the Pacific Northwest.

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*All data sourced via Trendgraphix, Single Family & Condo, Q1 2019 vs Q1 2020

*Source via Trendgraphix May 2018-January 2019 **Source via Trendgraphix, $3m+, 2019

R E SULTS OR I ENT ED

Since its arrival in the Evergreen State in 2018, Compass Washington has garnered a distinguished track record of success as King County’s primary luxury broker.

Offices Compass PNW Brokers Eleven 440+

$5.6B+ No. 1

Transactions since launching Compass Washington*

Brokerage in King County for high-end listings**

5,600+ $37.5M

Closed transactions since launching Compass Washington*

Number one sale in NWMLS history

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MONTHLY SUPPLY An estimated time it would take to sell all current active listings based on the trailing 12-month sales rate. % LIST PRICE TO CLOSED PRICE Also known as the “Sale-to-List Ratio”. This is the ratio of the final sale price of a home to its list price or asking price. The ratio is an indication of whether homes are selling above, at or below list prices. Figuring out this ratio is a simple two-step process: Divide the selling price by the asking price. Multiply the result by 100 to make it a percentage.

Glossary

CLOSED SALES Figures for the current quarter are based on known closings recorded at the time the report is prepared. AVERAGE SALE PRICE The sum of all prices divided by the total number of properties.

MEDIAN PRICE The middle price of a given data set.

QUARTERS 1 Q January 1 – March 31 2Q April 1 – June 30 3Q July 1 – September 30 4Q October 1 – December 31

AVERAGE DAYS ON MARKET Calculated by how many properties entered contract during the quarter in the given period.

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COSMET I C RENOVAT I ONS

FRESH PA I NT

STRATEG I C STAG I NG

UPDATED F LOOR I NG

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Introducing Virtual Agent Services

At Compass, the health and safety of our agents, clients, staff, and the communities where they live, play, and work is our #1 priority. By pairing the industry’s top agent talent with technology, we’re able to make the home buying and selling experience intelligent and seamless. Today, we are pleased to offer Compass VAS (virtual agent services) – an exclusive suite of marketing and transactional services available to all Compass clients.

OFFERINGS INCLUDE Virtual Open Houses Interactive Home Tours Virtual Neighborhood Tour Video Mail Digital Listing Brochures

Live Postcards Digital Insights Enhanced 3D Staging

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COMPASS IS A LICENSED REAL ESTATE BROKER AND ABIDES BY EQUAL HOUSING OPPORTUNITY LAWS.

TAB L E OF CONT ENTS

07 1 1 1 5

1 9 2 3 2 7

3 1

BELLEVUE BELLINGHAM BOTHELL

BURIEN DUVALL EVERETT

FALL CITY & SNOQUALMIE ISSAQUAH

3 5

39 4 3 47

KENMORE KENT & RENTON KIRKLAND

5 1 5 5 59

LYNNWOOD MAPLE VALLEY MERCER ISLAND

63 67 7 1

REDMOND SAMMAMISH SEATTLE

75 79 8 3

SNOHOMISH TACOMA WOODINVILLE

1 2

47. 6 0 96 - 1 2 2 . 1 962

Bellevue– Heart of the Eastside, home to booming tech

Bellevue inventory remained stable with a slight increase in sales and median home sales prices as home owners see a rise in demand and future home values. With Expedia’s departure, Amazon and Facebook have quickly found new homes in Bellevue, brining their employees with them.

1 4

B E L L EVUE I NS I GHTS Remains a strong, sought after market with consistent growth in home values.

POPULATION 147,599

MEDIAN INCOME $112,283

SCHOOL DISTRICT Bellevue

Q1 2019 Sales % Change 339 345 ↑1.8% Q1 2020 Sales

$905,000

↑5.1%

$861,300

Q1 2019 Median Sales Price

Q1 2020 Median Sales Price

% Change

39

32

↓17.9%

Q1 2019 DOM

Q1 2020 DOM

% Change

1 6

4 8 . 75 2 3 - 1 2 2 . 4795

Bellingham– Abundant scenery from the Salish Sea to Mt. Baker

While year over year home sales have decreased in the first quarter, median house prices have increased. Continued home value appreciation paired with consistent buyer demand sets the stage for strong market performance for the remainder of 2020.

1 8

B E L L I NGHAM I NS I GHTS Single-family homes are in high demand in Bellingham.

POPULATION 90,665

MEDIAN INCOME $50,844

SCHOOL DISTRICT Bellingham

Q1 2019 Sales % Change 325 274 ↓17.5% Q1 2020 Sales

$436,500

↑7.4%

$406,500

Q1 2019 Median Sales Price

Q1 2020 Median Sales Price

% Change

48

46

↓4.2%

Q1 2019 DOM

Q1 2020 DOM

% Change

2 0

47. 759 9 - 1 2 2 . 2 04 6

Bothell– Popular suburban neighborhood with excellent schools

Despite a drop in sales and median home sales price, Bothell continues to prove itself as a desirable relocation community. The area saw a significant drop in average days on market, indicating buyer demand is still strong.

2 2

BOTHE L L I NS I GHTS The area continues to prove its desirability with consumers.

POPULATION 46,657

MEDIAN INCOME $94,986

SCHOOL DISTRICT Northshore

Q1 2019 Sales % Change 433 403 ↓6.9% Q1 2020 Sales

$612,000

↓8.5%

$669,000

Q1 2019 Median Sales Price

Q1 2020 Median Sales Price

% Change

54

42

↓22.2%

Q1 2019 DOM

Q1 2020 DOM

% Change

24

47. 4 6 6 6 - 1 2 2 . 3 41 2

Burien– A treasured community with a rich heritage

All signs point towards a booming Burien area where number of transactions grew from the same quarter in 2019 despite COVID-19 Stay at Home orders and proves demand continues to remain strong as an attractive area to move to. Median sales price saw a dramatic jump while buyers are looking to move quickly to their purchases.

26

BUR I EN I NS I GHTS Slight increase in transactions and demand with a large jump in home values.

POPULATION 51,908

MEDIAN INCOME $62,315

SCHOOL DISTRICT Highline

70 71

↑1.4%

Q1 2019 Sales

Q1 2020 Sales

% Change

$495,000

↑15.8%

$427,500

Q1 2019 Median Sales Price

Q1 2020 Median Sales Price

% Change

50

46

↓8%

Q1 2019 DOM

Q1 2020 DOM

% Change

2 8

47. 74 2 2 - 1 2 1 . 98 5 5

Duvall– Close-knit community at the banks of the Snoqualmie River

Home sales may have dropped, but median sales price is up with a significant decrease in days on market. This shows that when inventory does come on, it moves quickly and goes above asking price.

3 0

DUVAL L I NS I GHTS Dramatic decrease in days on market with low inventory.

POPULATION 8,061

MEDIAN INCOME $156,205

SCHOOL DISTRICT Riverview

Q1 2019 Sales % Change 40 32 ↓20% Q1 2020 Sales

$648,000

↑3.3%

$627,500

Q1 2019 Median Sales Price

Q1 2020 Median Sales Price

% Change

49

39

↓20.4%

Q1 2019 DOM

Q1 2020 DOM

% Change

3 2

47. 9789 - 1 2 2 . 2 074

Everett– A blend of rich traditions and strong community ties

Everett continues to show it is a strong real estate market with a slight drop in transactions but a significant increase in median sales price. The city saw one of the largest decreases of days on market in the entire county, and is expected to see a significant increase in transactions while median sales prices continue to rise.

3 4

EVE R E T T I NS I GHTS Momentous increase in median sales price.

POPULATION 111,262

MEDIAN INCOME $57,205

SCHOOL DISTRICT Everett

Q1 2019 Sales % Change 468 397 ↓15.2% Q1 2020 Sales

$415,000

↑6.4%

$390,000

Q1 2019 Median Sales Price

Q1 2020 Median Sales Price

% Change

41

22

↓46.3%

Q1 2019 DOM

Q1 2020 DOM

% Change

3 6

47. 5 67 3 - 1 2 1 . 89 0

Fall City & Snoqualmie– Mountain views and rich preserved community

Fall City and Snoqualmie real estate market remained stable with just one more transaction from the year prior. Due to a lack of inventory, sellers are seeking top value and price for their homes leading to a rise of days on market in the area. Located near an abundance of skiing, hiking, and biking - the area continues to be a nature lovers oasis.

3 8

FALL CI TY & SNOQUALMI E INS IGHTS Top value for homes while inventory remains low.

POPULATION 13,752

MEDIAN INCOME $144,148

SCHOOL DISTRICT Snoqualmie Valley

61

62 ↑1.6%

Q1 2019 Sales

Q1 2020 Sales

% Change

$752,000

↑2.9%

$730,750

Q1 2019 Median Sales Price

Q1 2020 Median Sales Price

% Change

42

59

↑40.4%

Q1 2019 DOM

Q1 2020 DOM

% Change

4 0

47. 5 2 96 - 1 2 2 . 03 2 6

Issaquah– The cultural center of the Eastside, alive with art and music

As the Eastside continues to flourish from the growth of major tech companies, Issaquah has benefited from the economic growth as much as any city. With an increase in transactions and median sales price, the area experienced a significant decrease in days on market proving that as we crawl out of the effects of COVID-19, the Issaquah market will remain strong and better than ever.

4 2

I S SAQUAH I NS I GHTS Powerful increase in sales and home values that continue to remain strong.

POPULATION 39,378

MEDIAN INCOME $101,508

SCHOOL DISTRICT Issaquah

Q1 2019 Sales % Change 179 185 ↑3.4% Q1 2020 Sales

$680,000

↑2.3%

$665,000

Q1 2019 Median Sales Price

Q1 2020 Median Sales Price

% Change

56

35

↓37.5%

Q1 2019 DOM

Q1 2020 DOM

% Change

4 4

47. 75 8 0 - 1 2 2 . 2 4 8 1

Kenmore– Conveniently located,

Kenmore continues to soar like the seaplanes as the city and nearby Bothell continue their urban development footprint with more shops and restaurants. The area proves to be a sound investment with transactions going up with median sales price, and a dramatic drop on days on market showing that this is a hot spot for buyers looking to relocate out of the city.

rich in historical roots of Seattle

4 6

K ENMOR E I NS I GHTS Highly sought after with strong sales prices.

POPULATION 23,093

MEDIAN INCOME $105,007

SCHOOL DISTRICT Northshore

Q1 2019 Sales % Change 73 84 ↑15.1% Q1 2020 Sales

$695,500

↑2.2%

$645,000

Q1 2019 Median Sales Price

Q1 2020 Median Sales Price

% Change

50

34

↓32%

Q1 2019 DOM

Q1 2020 DOM

% Change

4 8

47. 3 796

- 1 2 2 . 2 3 47

Kent & Renton– Forward thinking

While inventory remains stable in the area, median home sales prices have risen slightly with properties moving quickly and a dramatic drop in days on market indicating that those moving to the area are serious buyers.

communities built on aviation, connection and agriculture

5 0

K ENT & R ENTON I NS I GHTS Increased demand from serious relocation buyers.

POPULATION 231,771

MEDIAN INCOME $71,818

SCHOOL DISTRICT Kent, Renton, and Issaquah

Q1 2019 Sales % Change 706 702 ↓.5% Q1 2020 Sales

$485,000

↑5%

$461,900

Q1 2019 Median Sales Price

Q1 2020 Median Sales Price

% Change

48

33

↓30.9%

Q1 2019 DOM

Q1 2020 DOM

% Change

5 2

47. 3 796

- 1 2 2 . 2 3 47

Kirkland– Your charming waterfront oasis with a lovely neighborhood feel

Although sales remained stagnant for the first quarter compared to 2019, the median sales price continues to rise as more tech jobs move to the Eastside. With a phenomenal price per square foot in a sought after community, Kirkland’s home values will only continue to soar.

5 4

K I RKL AND I NS I GHTS Soaring home values in an ever evolving community.

POPULATION 89,557

MEDIAN INCOME $109,715

SCHOOL DISTRICT Lake Washington

Q1 2019 Sales % Change 314 314 0% Q1 2020 Sales

$830,100

↑6.9%

$776,500

Q1 2019 Median Sales Price

Q1 2020 Median Sales Price

% Change

45

30

↓33.3%

Q1 2019 DOM

Q1 2020 DOM

% Change

5 6

47. 8 2 0 8 - 1 2 2 . 3 1 5 5

Lynnwood– Suburban hub with abundant community amenities

With the expansion of Seattle’s Light Rail system creating a massive transit center in Lynnwood, it is quickly becoming a market much like its surrounding neighbors. Despite the affects of COVID-19 precautions, Lynnwood saw a rise in home sales, a decrease in days on market, and a significant increase in median sales price.

5 8

LYNNWOOD I NS I GHTS Continued positive market trends driving high buyer demand.

POPULATION 38,511

MEDIAN INCOME $59,416

SCHOOL DISTRICT Edmonds

Q1 2019 Sales % Change 313 318 ↑1.6% Q1 2020 Sales

$552,000

↑16.2%

$475,000

Q1 2019 Median Sales Price

Q1 2020 Median Sales Price

% Change

45

42

% Change ↓6

Q1 2019 DOM

Q1 2020 DOM

6 0

47. 39 03 - 1 2 2 . 04 4 6

Maple Valley– Award-winning

With an increase of new construction in the area, transactions are on the move driving median sales prices up Q1 year over year. Days on market remained relatively stable as inventory from new construction gave buyers more options than ever before.

suburban destination for growing families

62

MAP L E VAL L EY I NS I GHTS Growing sought after community with new construction on the rise.

POPULATION 27,114

MEDIAN INCOME $107,299

SCHOOL DISTRICT Tahoma

Q1 2019 Sales % Change 145 161 ↑11% Q1 2020 Sales

$585,000

↑23.2%

$475,000

Q1 2019 Median Sales Price

Q1 2020 Median Sales Price

% Change

58

56

↓3.4%

Q1 2019 DOM

Q1 2020 DOM

% Change

6 4

47. 5704 - 1 2 2 . 2 1 98

Mercer Island– Islander life just outside the city

Mercer Island continued to persevere in the first quarter of 2020 compared to that of 2019 with an increase in transactions. Even with the dip in median sales prices due to less Waterfront inventory, the Island continues to maintain strong home values.

6 6

ME RCE R I S L AND I NS I GHTS Persevering market that shows strong promise to quickly grow in Q3.

POPULATION 25,976

MEDIAN INCOME $142,413

SCHOOL DISTRICT Mercer Island

Q1 2019 Sales % Change 65 74 ↑13.8% Q1 2020 Sales

$1,420,000

↓5.3%

$1,500,000

Q1 2019 Median Sales Price

Q1 2020 Median Sales Price

% Change

48

64

↑33.3%

Q1 2019 DOM

Q1 2020 DOM

% Change

6 8

47. 67 3 4 - 1 2 2 . 1 2 0 2

Redmond– Connected through education, tech, and inclusivity

With more and more tech start- ups popping up in Redmond every day and just a quick shot over to Bellevue with its tech expansion, Redmond showed promising numbers despite the COVID-19 disruptions. An increases in sales and median sales price culminates in a hot buyer market driving home values up and days on market down.

70

R EDMOND I NS I GHTS Promising and proven market that to remain strong.

POPULATION 67,678

MEDIAN INCOME $123,449

SCHOOL DISTRICT Lake Washington

Q1 2019 Sales % Change 206 220 ↑6.8% Q1 2020 Sales

$840,800

↑8%

$778,800

Q1 2019 Median Sales Price

Q1 2020 Median Sales Price

% Change

39

35

↓10.3%

Q1 2019 DOM

Q1 2020 DOM

% Change

7 2

47. 61 6 8 - 1 2 2 . 03 3 3

Sammamish– Thriving community fueled by connection, education and nature

Sammamish home prices continue to soar surpassing the one million dollar median sales price with new inventory coming to market. As pent up demand to live in the area is high, buyers are aggressive and abundant. A short commute to sprawling Bellevue and located near some of the best hikes in the area, Sammamish continues to grow and thrive.

74

SAMMAM I SH I NS I GHTS Growing market with proven results that continues to remain strong and persevere.

POPULATION 65,733

MEDIAN INCOME $165,318

SCHOOL DISTRICT Lake Washington and Issaquah

Q1 2019 Sales % Change 193 214 ↑10.9% Q1 2020 Sales

$1,005,000

↑3.6%

$970,000

Q1 2019 Median Sales Price

Q1 2020 Median Sales Price

% Change

58

46

↓20.7%

Q1 2019 DOM

Q1 2020 DOM

% Change

76

47. 6 0 6 0 - 1 2 2 . 3 3 5 1

Seattle– Metropolitan oasis emerged in

With the growth of Amazon and other major tech companies in Seattle, home sales rose dramatically from the first quarter in 2019 while sales prices remained stable. As more and more relocations occur for the booming Seattle Economy, the city continues to have plenty of buyer demand as inventory rises.

the abundant Puget Sound

7 8

S EAT T L E I NS I GHTS Dramatic rise in transactions and stagnant home values.

POPULATION 744,955

MEDIAN INCOME $85,562

SCHOOL DISTRICT Seattle

Q1 2019 Sales % Change 1,933 2,366 ↑22.4% Q1 2020 Sales

$680,000

↑2.6%

$662,500

Q1 2019 Median Sales Price

Q1 2020 Median Sales Price

% Change

41

38

↓20.7%

Q1 2019 DOM

Q1 2020 DOM

% Change

8 0

47. 9 1 2 7 - 1 2 2 . 0 962

Snohomish– A close community amongst beaches, rolling hills and rich farmlands

The area continues to show strong market trends with it’s afford-ability and privacy. With a strong sense of community, Snohomish proves to be a sought after area in Greater Seattle as sales continue to rise and median sales prices remain stable.

8 2

SNOHOM I SH I NS I GHTS Stable market with high growth for buyer demand.

POPULATION 10,185

MEDIAN INCOME $66,209

SCHOOL DISTRICT Snohomish

Q1 2019 Sales % Change 200 223 ↑11.5% Q1 2020 Sales

$585,000

↑3.1%

$567,300

Q1 2019 Median Sales Price

Q1 2020 Median Sales Price

% Change

61

50

↓18%

Q1 2019 DOM

Q1 2020 DOM

% Change

8 4

47. 2 5 3 8 - 1 2 2 . 4 4 61

Tacoma– A vibrant and growing city on the banks of the Puget Sound

Tacoma proves to be a hot spot for seeking buyers with low inventory – sales dropped in the area while median sale price rose. With pent up buyer demand Tacoma saw one of the largest drops in days on market in the entire Greater Seattle area.

8 6

TACOMA I NS I GHTS Pent up buyer demand with homes moving quickly and multiple offer situations.

POPULATION 216,279

MEDIAN INCOME $58,617

SCHOOL DISTRICT Tahoma

Q1 2019 Sales % Change 949 823 ↓13.3% Q1 2020 Sales

$340,000

↑9.7%

$310,000

Q1 2019 Median Sales Price

Q1 2020 Median Sales Price

% Change

39

26

↓33.3%

Q1 2019 DOM

Q1 2020 DOM

% Change

8 8

47. 75 4 2 - 1 2 2 . 1 61 9

Woodinville– Unique wine country community in arms- reach of the city

Home owners continue to stay put as home sales drop with the median sales price and days on market remain stable for the highly coveted neighborhoods that provide an abundance of value uniquely located near central downtown Woodinville and the surrounding area.

9 0

WOOD I NV I L L E I NS I GHTS Strength in stability and opportunity for an increase in buyer demand.

POPULATION 12,815

MEDIAN INCOME $100,306

SCHOOL DISTRICT Northshore

Q1 2019 Sales % Change 122 93 ↓23.8% Q1 2020 Sales

$825,000

↓6%

$877,500

Q1 2019 Median Sales Price

Q1 2020 Median Sales Price

% Change

47

50

↑6.4%

Q1 2019 DOM

Q1 2020 DOM

% Change

92

B E L L E VU E • SOUTH L AK E UN I ON • I S SAQUAH • UN I VE R S I T Y V I L L AG E • MAD I SON PAR K • CAP I TOL H I L L • B E L L I NGHAM

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