Central Sound | Coldwell Banker Bain 2021 Q2 Market Report

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CENTRAL SOUND 2021 Q2 MARKET REPORT

coldwellbankerbain.com


Helping people buy and sell homes in the Pacific Northwest since 1972, Coldwell Banker Bain is an undisputed market leader, posting nearly $6 billion in sales in 2020. With 32 offices and more than 1,300 brokers in Washington and Oregon, plus a global reach that extends to 92,000 brokers in 43 countries, we’re not only one of the largest Coldwell Banker affiliates in the world, we’re also the most accomplished real estate company in the Northwest. Our commitment to knowledge, expertise and market insights consistently undergirds our reputation for excellence and service. An emphasis on global access in the luxury realm, combined with the power, reach and recognition of the Coldwell Banker brand, allows us to outsell and outperform our rivals, as we elevate the standard for marketing premier properties in the Puget Sound area and the Pacific Northwest. As important to us as business success— we also provide services in property management, commercial real estate, real estate investment and relocation management— is the understanding that real estate is more than just a transaction; it’s a key part of building safe, happy and prosperous lives for our clients, our brokers and their families.


JOHN DEELY executive VP of Operations Reflecting on the second-quarter numbers, John Deely, Coldwell Banker Bain Executive Vice President of Operations, said, “We continue on a trajectory that will keep the Puget Sound region at the top of national lists for one of the hottest housing markets. Prices continue their climb with double digit increases in most of our markets, and inventory on hand at about two weeks in the larger areas. While we’re experiencing a bit of moderating activity in June, rather than that being an indication of a flattening of the market, we believe this is a result of our extreme heat events, a typical summer slowdown as schools let out and people start vacationing, and this year, the reopening of the country and discontinuation of COVID restrictions. The dramatic increase in prices and low inventory just continues in such a way that although we have more inventory coming on the market, it is immediately absorbed because of a demand that simply cannot be met. Affordability, especially for first-time homebuyers, continues to be a concern, and given indications from tech companies like Amazon and Microsoft to leasing large office spaces and hiring thousands of employees going forward in our region, drawing people from higher-priced markets like Silicon Valley who have a lot of money to spend, we don’t see much change in this scenario for buyers in the short term. Additionally, with national data of new household formations showing a shortage of more than 500,000 new homes per year for the entire decade, we have a nationwide shortfall of five million new homes. Without regulatory changes, we will not be able to quickly build our way out of this kind of shortfall. It’s a situation major cities and regions across the country will need to address going forward to ensure availability and affordability of homes.”

2021 Q2 CENTRAL SOUND MARKET REPORT

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4 2021 Q2 CENTRAL SOUND MARKET REPORT


central sound

SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY

BAINBRIDGE ISLAND | BREMERTON | KINGSTON | PORT ORCHARD POULSBO & FINN HILL | SEABECK | SILVERDALE

MEDIAN SOLD PRICE (NEAREST $000)

AVERAGE DOM

$498K

Central Sound

12

Bainbridge Island

$1.25M

Bremerton

18 18

$405K

Kingston

6

$638K

Port Orchard

$480K

Poulsbo & Finn Hill

10 8

$600K

Seabeck

$530K

Silverdale

6

$478K

Condos

10

$330K

8

Waterfront

$838K

(SF Only)

20

Luxury

16

$1.36M

($2+M | SF+C)

$300K

$600K

$1.2M

$900K

$1.5M

NUMBER OF SALES CLOSED 500

1,245

400

300

421

TOTAL AREA SALES CLOSED

200

247

53

32

100

237

72

78

126

129

127

0

Bainbridge Island

Bremerton

Kingston

Port Orchard

INVENTORY IN UNITS / 06.30.2021

Poulsbo & Finn Hill

Seabeck

Silverdale

All Kitsap Condos

Area Waterfront

TOTAL CENTRAL SOUND INVENTORY / 242

Area Luxury -33.5%

20

71

14

76

17

7

37

31

23

36

-63.0%

-15.5%

+55.6%

-38.2%

-32.0%

-46.2%

-33.9%

0.0%

-52.1%

-34.5%

Bainbridge Island

Bremerton

Kingston

Port Orchard

Poulsbo & Finn Hill

Seabeck

Silverdale

All Kitsap Condos

Area Waterfront

Area Luxury

2021 Q2 CENTRAL SOUND MARKET REPORT

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central sound TOTAL CENTRAL SOUND AREA

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

1245

908

+37.1%

MEDIAN SOLD PRICE

$498K

$402K

+23.9%

12

24

-50.0%

107%

99%

+8.1%

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

72

59

+22.0%

MEDIAN SOLD PRICE

$330K

$248K

+33.1%

8

30

-73.3%

102%

99%

+3.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$498K

MEDIAN SOLD PRICE UP +23.9% from 2020

CONDOS

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

6 2021 Q2 CENTRAL SOUND MARKET REPORT

$330K

MEDIAN SOLD PRICE UP +33.1% from 2020


WATERFRONT

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

78

60

+30.0%

MEDIAN SOLD PRICE

$838K

$650K

+28.9%

20

52

-61.5%

104%

96%

+8.3%

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

127

55

+130.9%

MEDIAN SOLD PRICE

$1.36M

$1.40M

-2.9%

16

56

-71.4%

108%

96%

+12.5%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$838K

MEDIAN SOLD PRICE UP +28.9% from 2020

LUXURY

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$1.36M MEDIAN SOLD PRICE UP -2.9% from 2020

2021 Q2 CENTRAL SOUND MARKET REPORT

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central sound BAINBRIDGE ISLAND

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

129

100

+29.0%

MEDIAN SOLD PRICE

$1.25M

$909K

+37.5%

18

40

-55.0%

108%

99%

+10.2%

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

247

149

+65.8%

MEDIAN SOLD PRICE

$405K

$333K

+21.6%

18

21

-14.3%

105%

101%

+4.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$1.25M

MEDIAN SOLD PRICE UP +37.5% from 2020

BREMERTON

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

8 2021 Q2 CENTRAL SOUND MARKET REPORT

$405K MEDIAN SOLD PRICE UP +21.6% from 2020


KINGSTON

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

32

26

+23.1%

MEDIAN SOLD PRICE

$638K

$470K

+35.7%

6

46

-87.0%

110%

99%

+11.1%

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

421

312

+34.9%

MEDIAN SOLD PRICE

$480K

$389K

+23.4%

10

21

-52.4%

106%

100%

+6.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$638K

MEDIAN SOLD PRICE UP +35.7% from 2020

PORT ORCHARD

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$480K MEDIAN SOLD PRICE UP +23.4% from 2020

2021 Q2 CENTRAL SOUND MARKET REPORT

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central sound POULSBO/FINN HILL

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

126

79

+59.5%

MEDIAN SOLD PRICE

$600K

$459K

+30.7%

8

17

-52.9%

106%

100%

+6.0%

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

53

39

+35.9%

MEDIAN SOLD PRICE

$530K

$424K

+25.0%

6

20

-70.0%

105%

100%

+5.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$600K MEDIAN SOLD PRICE UP +30.7% from 2020

SEABECK

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

10 2021 Q2 CENTRAL SOUND MARKET REPORT

$530K

MEDIAN SOLD PRICE UP +25.0% from 2020


SILVERDALE

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

237

203

+16.7%

MEDIAN SOLD PRICE

$478K

$405K

+18.0%

10

25

-60.0%

107%

101%

+5.9%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$478K

MEDIAN SOLD PRICE UP +18.0% from 2020

2021 Q2 CENTRAL SOUND MARKET REPORT 11


*Information and statistics derived by CB Bain from the Northwest Multiple Listing Service (NWMLS), Regional Multiple Listing Service (RMLS) and the Multiple Listing Service of Central Oregon (MLSCO) each quarter. Statistics not compiled or published by the NWMLS, RMLS or MLSCO.