Coldwell Banker Bain 2021 Annual Report | Seattle Area

SEATTLE 2021 Annual MARKET REP ORT

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 34 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.

MIKE GRADY President & Chief Executive Officer of Coldwell Banker Bain “It’s been 20 months since this hyper-market started and, from a numbers perspective, no one predicted anything like what we experienced in 2021. We ended up increasing listings by 10%, closings by 8.5%, average sales price by 21.1% and ended the year surpassing $8 Billion in total closed volume.

Looking ahead at 2022, the economic news continues to be positive: interest rates, net new job formations, migration patterns all good for the Pacific Northwest. The attitudes and moods of our business leaders is positive and upbeat.

There are some concerns for 2022. The media recent focus on recent “inflationary” trends, the announced easing of mortgage-backed securities being purchased by the Federal Reserve’s lead one to be aware that home mortgage interest rates are very low today and might slightly increase in 2022. And we’re slightly concerned about a report from NAR that the percentage of first-time home buyers was below 30% in November.

But we believe the positive economic news is significantly stronger and we remain bullish on 2022 and early 2023. Yes, inventory will be a continuing challenge and yes, home prices will continue to increase as the competition for inventory continues - but neither as concerning as 2021.”

2021 ANNUAL SEATTLE AREA MARKET REPORT

3

2021 ANNUAL MARKET REPORT

TODD SHIVELY Principal Managing Broker of capitol Hill & west seattle “It was the best of times, it was the worst of times…” In 2021, Seattleites had two entirely different experiences depending on whether they were selling a home or buying a home. The market took off early in the year, fueled by low interest rates, a strong jobs market and the third ingredient: pandemic restlessness. Sellers wanted a change of scenery and buyers were desperate to pick up whatever was available. Savvy homeowners turned to their Coldwell Banker Bain brokers to help them transform their properties into HDTV-ready showcases. Contractors were kept busy staging, painting, refreshing, and polishing listing inventory. To make that possible, people usually moved out before selling. An astonishing 78% of homes were listed as vacant with approximately 20% owner occupied and less than 2% tenant occupied. Multiple offers on a listing became the rule with sales pushing to an average of 105% over the list price. Median home price soared to $845,000—a $65,000 increase over 2020 and $109,000 more than 2019! Only five Seattle homes were listed in the Northwest Multiple Listing Service as a “short sale” (homes that are worth less than the mortgaged amount) and 18 were bank-owned. For historical perspective, 10 years ago 457 homes sold for less than they owed, 951 were foreclosures and the median sales price was a cool $365,000. 2022 indicates a similar trend is likely continue, though efforts to temper inflation through interest rate increases and continued anxiety about long term pandemic impact may create some hesitation. However, some things will never change; we live in one of the most beautiful areas on the continent, attracting people from all over the world, and there’s a distinct shortage of buildable land for new homes.”

4 2021 ANNUAL SEATTLE AREA MARKET REPORT

SEATTLE area

SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY

QUEEN ANNE & MAGNOLIA | CENTRAL SEATTLE | NORTHEAST SEATTLE BALLARD & GREEN LAKE | WEST SEATTLE | SOUTHEAST SEATTLE | SODO & BEACON HILL

MEDIAN SOLD PRICE

AVERAGE DOM $1.20M

Queen Anne & Magnolia

21

$995K

Central Seattle

24 14

$935K

Northeast Seattle

13

$875K

Ballard & Greenlake West Seattle

$725K

16

$757K

20

Southeast Seattle

$696K

SODO & Beacon Hill Downtown Condos

25 51

$659K $845K

All Seattle Residential All Seattle Condos

17 41

$495K

Waterfront ($2M+ | SF)

$2.80M $2.45M

Luxury ($2M+ | SF+C) $500K

$1M

$1.5M

$2.5M

$2M

35 29

$3M

NUMBER OF SALES CLOSED 4000 3500

11,067

3000 2500

2957

2000 1500

3559

TOTAL AREA SALES CLOSED

2145

1000 500

1022

1576

1407

Central Seattle

Northeast Seattle

Ballard & Greenlake

West Seattle

Southeast Seattle

INVENTORY IN UNITS / 12.31.21

65

848

805

0

Queen Anne & Magnolia

710

564

SODO & Beacon Hill

Downtown Condos

All Seattle Condos

Area Waterfront

Area Luxury

TOTAL SEATTLE INVENTORY / 199 -68.8%

20

37

19

40

23

26

15

121

273

7

58

-74.4%

-69.9%

-74.0%

-63.6%

-75.8%

-63.9%

-75.0%

-48.3%

-56.9%

-41.7%

-44.2%

Queen Anne & Magnolia

Central Seattle

Northeast Seattle

Ballard & Greenlake

West Seattle

Southeast Seattle

SODO & Beacon Hill

Downtown Condos

All Seattle Condos

Area Waterfront

Area Luxury

2021 ANNUAL SEATTLE AREA MARKET REPORT

5

SEATTLE area TOTAL SEATTLE AREA

2021

2020

CHANGE

TOTAL HOMES SOLD

11,067

9,256

+19.6%

MEDIAN SOLD PRICE

$845K

$780K

+8.3%

17

24

-29.2%

103%

100%

+3.0%

2021

2020

CHANGE

TOTAL HOMES SOLD

3,559

2,774

+28.3%

MEDIAN SOLD PRICE

$495K

$485K

+2.1%

41

38

+7.9%

98%

97%

+1.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$845K

MEDIAN SOLD PRICE UP +10.1% from 2020

CONDOS

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

6 2021 ANNUAL SEATTLE AREA MARKET REPORT

$495K

MEDIAN SOLD PRICE UP +2.1% from 2020

WATERFRONT

2021

2020

CHANGE

TOTAL HOMES SOLD

65

41

+58.5%

MEDIAN SOLD PRICE

$2.7M

$3.67M

-23.7%

35

76

-53.9%

98%

93%

+5.4%

2021

2020

CHANGE

TOTAL HOMES SOLD

710

368

+92.9%

MEDIAN SOLD PRICE

$2.45M

$2.4M

+2.1%

29

49

-40.8%

101%

96%

+5.2%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$2.80M

MEDIAN SOLD PRICE DOWN -23.7% from 2020

LUXURY

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$2.45M MEDIAN SOLD PRICE UP +2.1% from 2020

2021 ANNUAL SEATTLE AREA MARKET REPORT

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SEATTLE area QUEEN ANNE & MAGNOLIA

2021

2020

CHANGE

TOTAL HOMES SOLD

1,022

840

+27.1%

MEDIAN SOLD PRICE

$1.25M

$1.09M

+10.1%

21

24

-12.5%

102%

99%

+3.0%

2021

2020

CHANGE

TOTAL HOMES SOLD

1,407

1,075

+14.6%

MEDIAN SOLD PRICE

$995K

$960K

+3.6%

24

29

-17.2%

101%

99%

+2.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$1.20M MEDIAN SOLD PRICE UP +10.1% from 2020

CENTRAL SEATTLE

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

8 2021 ANNUAL SEATTLE AREA MARKET REPORT

$995K

MEDIAN SOLD PRICE UP +3.6% from 2020

NORTHEAST SEATTLE

2021

2020

CHANGE

TOTAL HOMES SOLD

1,576

1,331

+11.3%

MEDIAN SOLD PRICE

$935K

$850K

+10.0%

14

20

-30.0%

106%

100%

+6.0%

2021

2020

CHANGE

TOTAL HOMES SOLD

2,957

2,459

+20.3%

MEDIAN SOLD PRICE

$875K

$806K

+8.6%

13

19

-31.6%

105%

101%

+4.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$935K

MEDIAN SOLD PRICE UP +10.0% from 2020

BALLARD & GREENLAKE

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$875K

MEDIAN SOLD PRICE UP +8.6% from 2020

2021 ANNUAL SEATTLE AREA MARKET REPORT

9

SEATTLE area WEST SEATTLE

2021

2020

CHANGE

TOTAL HOMES SOLD

2,145

1,789

+19.9%

MEDIAN SOLD PRICE

$725K

$675K

+7.4%

16

25

-36.0%

104%

99%

+5.1%

2021

2020

CHANGE

TOTAL HOMES SOLD

805

724

+11.2%

MEDIAN SOLD PRICE

$757K

$685K

+10.5%

20

27

-25.9%

104%

101%

+3.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$725K

MEDIAN SOLD PRICE UP +7.4% from 2020

SOUTHEAST SEATTLE

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

10 2021 ANNUAL SEATTLE AREA MARKET REPORT

$757K

MEDIAN SOLD PRICE UP +10.5% from 2020

SODO & BEACON HILL

2021

2020

CHANGE

TOTAL HOMES SOLD

564

474

+19.0%

MEDIAN SOLD PRICE

$696K

$650K

+7.1%

25

31

-19.4%

103%

100%

+3.0%

2021

2020

CHANGE

TOTAL HOMES SOLD

848

694

+22.2%

MEDIAN SOLD PRICE

$659K

$640K

+3.0%

51

34

+50.0%

98%

97%

+1.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$696K MEDIAN SOLD PRICE UP +7.1% from 2020

DOWNTOWN CONDOS

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$659K

MEDIAN SOLD PRICE UP +3.0% from 2020

2021 ANNUAL SEATTLE AREA 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.