A Note From Dean Jones, President of RSIR
At this year’s end, we look back on the significant events that defined our industry and our company. We are thankful for our family, friends and colleagues that give our shared journey through life and business a special meaning and inspire us to drive forward.
For the first time in 2016, we crested past the $1 billion marker in home sales and joined an esteemed and established peer group of the largest real estate brands in Washington State. We also enjoyed a number of other industry leading accolades along the way.
Not surprisingly, our local housing market has become the fastest-growing in the US, according to the Case-Shiller Home Price Index. We have become a top prospect for international home buyers as heralded by global media and due, in no small part, to the recent adverse taxes on foreign buyers in Vancouver, BC.
The Dow Jones Industrial Average is almost at the 20,000 milestone – a meteoric recovery since the Q1-2009 depths of the Great Recession. Looking back, this rather bleak event actually sparked our entry into the market as we transitioned from new construction to resale operations. This fateful leap has allowed RSIR to become Washington’s largest affiliate within the Sotheby’s International Realty franchise network.
Glancing forward to 2017, we’ll have a new US President, higher interest rates and, finally, new construction of (for sale) housing making a comeback. RSIR is proud to be again representing leading developers in both high-rise condominiums and single-family homes – returning to our roots as a new construction specialist while also maintaining our industry-leading growth in the resale segment.
The noted trends of a tech-driven economy, foreign investment, and immigration are now comfortable differentiators for our brokers and our clients alike. RSIR’s exclusive relationships with Geekwire, Puget Sound Business Journal, Seattle Magazine, publisher of our all-Mandarin “Seattle Luxury Living” magazine, and Wechat allow us the local and international reach that these trends demand.
Congratulations to our more than 200 licensed brokers and employees that comprise Realogics Sotheby’s International Realty on your success in 2016! It is because of your hard work and dedication that we were honored on December 23, 2016 by INMAN News. To read the full article, please visit: RSIR | INMAN Article Details RSIR’s Unique Approach, Market Differentiation, and Record Breaking 2016 Sales
RSIR Market Report: 2016 By The Numbers
Preliminary estimates of sales in 2016 reveal substantial growth in both total sales volume and reach for brokers at Realogics Sotheby’s International Realty (RSIR). More than 1,160 sales were closed grossing in excess of $1.15 billion in total, of which on a gross sales volume basis 78.5-percent was residential single-family, 19.6-percent was condominium and 1.8-percent was land or commercial property. Remarkably, RSIR brokers represented both the buyer and the seller as dual agency on 6.7-percent of the transactions. The average sales price of listings closed by RSIR was $968,801 and the average sales price of buyer transactions closed by RSIR was $832,055. The total sales volume by city largely follows RSIR’s growth by office led by Seattle (362) and followed by Bainbridge Island (87), Kirkland (77) and Bellevue (69). The following heat map indicates the greatest concentration of regional sales activity in the Central Puget Sound area:
Most notably, RSIR brokers participated in 84 closings valued in excess of $2 million and on five of those occasions represented both sides of the transaction. For transactions valued in between $1 million and $2 million, RSIR participated in 215 closings of which 21 of those were also dual agency.
Seasonal sales built up throughout the year spiking in September after an active summer and the noted 15-percent foreign buyer tax that was imposed in Vancouver, BC that spurred additional international home sales in the Seattle/Bellevue region.
Waterfront home sales were robust and both King and Kitsap Counties volleyed all year for dominance in RSIR’s portfolio.
For a complete view of all RSIR’s sales in 2016 visit the interactive Tableau link here: RSIR 2016 Sales
*NOTE: Information obtained from NWMLS and may not include off market transactions or international or interstate referrals sourced by RSIR brokers.