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SEATTLE 2021 Q1 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 Vice President of operations “Optimism abounds in the Puget Sound region as businesses continue to open back up, more residents become vaccinated, and we all look forward to getting back to a more ’normal’ way of life. And with local and national economists across the board forecasting a strong rebound going forward, we believe this trend to continue. The single-family numbers are truly astounding related to price appreciation and inventory, with double-digit increases in appreciation and very limited inventory on hand due to high demand. Buyers will continue to be challenged, with one bright spot being in the condo market. When looking at the numbers specific to residential activity on its own and condo activity on its own, there are opportunities throughout the region for condos. They are more reasonably priced and there is more inventory than residential homes. With interest rates still low, buyers should consider condos as an ownership opportunity and a way to build equity—especially if they are currently renting. In all cases, they will need to bring their patience, a qualified and experienced broker, and a realistic outlook on the financial implications of this market to their home search for the foreseeable future.”

2021 Q1 SEATTLE MARKET REPORT

3


Q1 2021 MARKET REPORT

LAURIE WAY Principal Managing Broker of LAKE union Laurie Way, Principal Managing Broker of Coldwell Banker Bain of Lake Union, Madison Park and Magnolia, said, “We have not seen any slow-down in the market as we are heading down the ladder of Phases for the greater Seattle area. In fact, we are seeing multiple offers on almost every single-family listing unless severely overpriced. Those multiple offers are turning into price escalations, some several hundred thousand dollars over list price. During this time the number of sales for downtown condos dropped 37 percent but still brought a 4.2 percent price increase over last year. The luxury market (over $2 million) category was up 161.1 percent with 115 sales. The waterfront single-family, category, was up 6 percent in price and had 17 sales. Prices in the Seattle area were up across the board with an average for single-family homes at 6.3 percent. The high demand is reflected most in the dramatic change in the time it took to sell the standing inventory (days on market). The days on market were cut 29.7 percent to 26 days from the 37 days it took to sell in 2020, with the Ballard/Greenlake area leading the pack with an average market time of only 17 days. The Seattle real estate market in the first quarter was a solid sellers’ market, for single-family homes, while the condo market saw an increase in inventory and stagnant price increases. The downtown condo market will be climbing back up from the slight negative trends we experienced last year. When people were not commuting into work downtown and all the great things about living downtown were closed, we saw a decline. However, employers are bringing people back to the offices, and restaurants are opening with larger capacities, so that magnet of living downtown will begin its pull again.”

4 2021 Q1 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 (NEAREST $000)

AVERAGE DOM 33

$1.10M

Queen Anne & Magnolia

$910K

Central Seattle

35 22

$860K

Northeast Seattle

17

$827K

Ballard & Greenlake

$655K

West Seattle

26 31

$733K

Southeast Seattle SODO & Beacon Hill

$625K

42

Downtown Condos

$641K

72

$808K

All Seattle Residential All Seattle Condos

26 60

$495K

Waterfront (SF Only)

$1.325M

59

Luxury ($2+M | SF+C)

$2.45M $500K

$1M

$2M

$1.5M

$2.5M

44

NUMBER OF SALES CLOSED 800 700

2,071

600

552

400 300

459

200

257

258

Queen Anne & Magnolia

Central Seattle

100

670

TOTAL AREA SALES CLOSED

500

126

292

127

172 115 17

0

Northeast Seattle

Ballard & Greenlake

West Seattle

Southeast Seattle

INVENTORY IN UNITS / 03.31.2021

SODO & Beacon Hill

Downtown Condos

All Seattle Condos

Area Waterfront

TOTAL SEATTLE INVENTORY / 516

Area Luxury

-15.1%

48

113

63

106

84

62

40

195

516

26

83

-39.2%

-1.7%

-22.2%

-17.2%

-15.2%

-7.5%

+2.6%

+40.3%

-15.1%

+0.0%

-5.7%

Northeast Seattle

Ballard & Greenlake

West Seattle

Southeast Seattle

SODO & Beacon Hill

Downtown Condos

All Seattle Condos

Area Waterfront

Area Luxury

Queen Anne & Magnolia

Central Seattle

2021 Q1 SEATTLE MARKET REPORT

5


SEATTLE area TOTAL SEATTLE AREA

2021

2020

CHANGE

TOTAL HOMES SOLD

2071

1540

+34.5%

MEDIAN SOLD PRICE

$808K

$760K

+6.3%

26

37

-29.7%

101%

100%

+1.0%

2021

2020

CHANGE

TOTAL HOMES SOLD

670

729

-8.1%

MEDIAN SOLD PRICE

$495K

$495K

+0.0%

60

48

+25.0%

97%

98%

-1.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$808K MEDIAN SOLD PRICE UP +6.3% from 2020

CONDOS

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

6 2021 Q1 SEATTLE AREA MARKET REPORT

$495K

MEDIAN SOLD PRICE UP +0.0% from 2020


WATERFRONT

2021

2020

CHANGE

TOTAL HOMES SOLD

17

17

+0.0%

MEDIAN SOLD PRICE

$1.325M

$1.25M

+6.0%

59

82

-28.0%

90%

95%

-5.3%

2021

2020

CHANGE

TOTAL HOMES SOLD

115

44

+161.4%

MEDIAN SOLD PRICE

$2.45M

$2.378M

+3.0%

44

75

-41.3%

98%

98%

+0.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$1.32M MEDIAN SOLD PRICE UP +6.0% from 2020

LUXURY

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$2.45M MEDIAN SOLD PRICE UP +3.0% from 2020

2021 Q1 SEATTLE MARKET REPORT

7


SEATTLE area QUEEN ANNE & MAGNOLIA

2021

2020

CHANGE

TOTAL HOMES SOLD

257

1436

+79.7%

MEDIAN SOLD PRICE

$1.10M

$1.052M

+4.6%

33

33

+0.0%

99%

99%

+0.0%

2021

2020

CHANGE

TOTAL HOMES SOLD

258

204

+26.5%

MEDIAN SOLD PRICE

$910K

$850K

+7.1%

35

32

+9.4%

99%

100%

-1.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$1.10M

MEDIAN SOLD PRICE UP +4.6% from 2020

CENTRAL SEATTLE

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

8 2021 Q1 SEATTLE AREA MARKET REPORT

$910K

MEDIAN SOLD PRICE UP +7.1% from 2020


NORTHEAST SEATTLE

2021

2020

CHANGE

TOTAL HOMES SOLD

292

217

+36.4%

MEDIAN SOLD PRICE

$860K

$821K

+4.8%

221

40

-45.0%

104%

101%

+3.0%

2021

2020

CHANGE

TOTAL HOMES SOLD

552

425

+29.9%

MEDIAN SOLD PRICE

$827K

$780K

+6.0%

17

32

-46.7%

105%

101%

+4.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$860K MEDIAN SOLD PRICE UP +4.8% from 2020

BALLARD & GREENLAKE

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$827K

MEDIAN SOLD PRICE UP +6.0% from 2020

2021 Q1 SEATTLE MARKET REPORT

9


SEATTLE area WEST SEATTLE

2021

2020

CHANGE

TOTAL HOMES SOLD

459

320

+43.3%

MEDIAN SOLD PRICE

$655K

$661K

+0.9%

26

41

-36.6%

102%

99%

+3.0%

2021

2020

CHANGE

TOTAL HOMES SOLD

126

117

+7.7%

MEDIAN SOLD PRICE

$733K

$628K

+8.6%

31

42

-26.2%

103%

99%

+4.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$655K

MEDIAN SOLD PRICE UP +0.9% from 2020

SOUTHEAST SEATTLE

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

10 2021 Q1 SEATTLE AREA MARKET REPORT

$733K

MEDIAN SOLD PRICE UP +16.7% from 2020


SODO & BEACON HILL

2021

2020

CHANGE

TOTAL HOMES SOLD

477

438

+8.9%

MEDIAN SOLD PRICE

$650K

$606K

+7.3%

31

41

-24.4%

100%

CHANGE

+2.0%

2021

2020

CHANGE

TOTAL HOMES SOLD

172

273

-37.0%

MEDIAN SOLD PRICE

$641K

$615K

+4.2%

72

37

-8.7%

96%

98%

-2.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$625K

MEDIAN SOLD PRICE UP +3.5% from 2020

DOWNTOWN CONDOS

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$641K

MEDIAN SOLD PRICE UP +4.2% from 2020

2021 Q1 SEATTLE 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.

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Coldwell Banker Bain 2021 Q1 Market Report | Seattle Area  

Coldwell Banker Bain 2021 Q1 Market Report | Seattle Area  

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