SOUTH SOUND 2021 Q3 MARKET REPORT
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.
JOHN DEELY executive VP of Operations Reflecting on the third-quarter numbers, John Deely, Coldwell Banker Bain Executive Vice President of Operations, said, “The third quarter was really amazing related to price appreciations, very limited inventory and time on market, but as outlined by our Coldwell Banker Bain brokers below, we are seeing a bit of change - and not just in the weather. Reports of buyer fatigue, resulting from multiple offer situations that further drove up prices, seem to have impacted activity a bit, which finally provides a positive bit of news for them. With legislation in the queue on the national front that could cause an increase to capital gains rates, many sellers who have been on the fence about selling are now concerned they could lose profit in their homes to taxes if they wait until next year. Coupled with the annual trend of the market slowing as we move into the holiday season, we believe this is a great opportunity for those buyers to return to the market. Prices are now leveling out a bit, and homeowners who are selling in the last quarter of the year always tend to be highly motivated. Buyers will also find less competition this time of year, due to inclement weather and holiday travel.”
2021 Q3 SOUTH SOUND MARKET REPORT
3
Q3 2021 MARKET REPORT
STEPHANIE CALLEN broker FOR coldwell banker bain puyallup “In the third quarter of 2021, the median closed home sale price in Pierce County has dropped from the previous quarter but is still substantially higher (18%) this quarter than the third quarter of 2020,” said Stephanie Callen, a Broker in the Coldwell Banker Bain of Puyallup office. “The median sale price is also still over half a million at $560,000. Inventory is still tight, but prices are starting to level out, and most sellers are becoming more realistic. Pierce County has done well again this third quarter. Home prices are up 18.6% from this time last year, and the number of homes sold is up 7.3%. Consecutive days on the market have been cut in half from this time last year and are now at only 13 days. Current home inventory is finally up 14.8% from 876 homes to 1,006 homes on the market. Gig Harbor and the Key Peninsula still astound with an increase of nearly 18% in their median prices—now up to $739,000. Homes are selling at 4% over list price and the average time on the market is 14 days. There are currently only 20 homes available. This is down 31% from this time last year. The waterfront market price in Pierce County is up 17%. Inventory is up 20% in the University Place area, where 379 homes were sold in Q3, and the median (continued on page 6) price is up over 11% to $525,000.
4 2021 Q3 SOUTH SOUND AREA MARKET REPORT
SOUTH SOUND
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
AUBURN | BURIEN & NORMANDY PARK | DES MOINES | FEDERAL WAY GIG HARBOR & KEY PENINSULA | KENT | LAKE TAPPS & BONNEY LAKE
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
S. King & Pierce Area
$560K
11
Auburn
$563K
10
Burien & Normandy Park
15
$615K
Des Moines
13
$558K
Federal Way
9
$570K
Gig Harbor & Key Peninsula
14
$739K
Kent Lake Tapps & Bonney Lake
$100K
$200K
$300K
$400K
$500K
$605K
11
$615K
10
$600K
$700K
$800K
NUMBER OF SALES CLOSED 800 700 600
4,433 | TOTAL SALES CLOSED
500
(TOTAL SOUTH SOUND AREA)
605
400 300 200 100
466
168 306
336
Auburn
Burien & Normandy Park
280
122
0
Des Moines
Federal Way
INVENTORY IN UNITS / 06.30.21
Gig Harbor & Key Peninsula
Kent
TOTAL SOUTH SOUND INVENTORY / 711
Lake Tapps & Bonney Lake -34.3%
50
86
32
54
20
102
110
-24.2%
-30.6%
-27.3%
+31.7%
-31.0%
+24.4%
-18.5%
Burien & Normandy Park
Des Moines
Federal Way
Kent
Lake Tapps & Bonney Lake
1000
Auburn
800
Gig Harbor & Key Peninsula
600
2021 Q3 SOUTH SOUND MARKET REPORT
5
Q3 2021 MARKET REPORT Tacoma’s median price is $440,000, with an average DOM of 11 and only 201 homes available. A total of 912 homes closed in the third quarter in Tacoma—up 8% from last year. Puyallup sees an 18% increase in its median price from $445,000 in the third quarter of 2020 to $525,000 this last quarter. The current inventory is up nearly 21%, with only 138 homes currently on the market. A similar story in the Bonney Lake/Lake Tapps market—median price is up 20% from last year to $615,000, and current inventory at 110 homes on the market, down 18% from last year. The luxury market has remained mostly the same in Pierce County. The median sold price is down 1.6% to $1,250,000, and the number of homes closed is up 1% year over year. Average DOM is down 57% from 47 days to 20 days from this time last year. This includes single-family homes and condos in the luxury market. As we move away from the summer heat and enjoy the cooler fall days, we expect the market to slow slightly, and prices may come down a tad. With buyer fatigue in some areas, inflated prices are lowering, and more price reductions are expected. Buyers will still be making healthy offers and waiving all their protections on the ‘hot homes.’ Appraisers have been in high demand, and closing times take 30–45 days on some loans. Quite a lot of highdensity apartments are popping up throughout Pierce County, and this may start to influence the infrastructure and residential real estate sales in the area.”
6 2021 Q3 SOUTH SOUND AREA MARKET REPORT
SOUTH SOUND
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
OLYMPIA | PUYALLUP | TACOMA | UNIVERSITY PLACE, LAKEWOOD & TILLICUM 800 MEDIAN SOLD PRICE (NEAREST $000) 700
AVERAGE DOM 10
$500K
Olympia
600
500 Puyallup
10
$525K
400
Tacoma
10
$440K
300
University Place, 200
$525K
Lakewood &
100 Tillicum
11
$325K
0 Condos
13
Waterfront (SF Only)
$826K
20
Luxury ($2+M | SF+C)
$1.25M $300K
$600K
$900K
$1.2M
24
$1.5M
NUMBER OF SALES CLOSED 1000
4,433 | TOTAL SALES CLOSED
800
912
600
200
737
700
400
(TOTAL SOUTH SOUND AREA)
2936 253
377
379
301
0
Olympia
Puyallup
Tacoma
University Place, Lakewood & Tillicum
INVENTORY IN UNITS / 06.30.21
Condos
Waterfront (SF Only)
Luxury ($2+M | SF+C)
TOTAL SOUTH SOUND INVENTORY / 711
-66.9%
81
138
201
92
153
92
176
+47.3%
+21.1%
+64.8%
+19.5%
-37.6%
-11.5%
+1.1%
Olympia
Puyallup
Tacoma
University Place, Lakewood & Tillicum
Condos
Waterfront (SF Only)
Luxury ($2+M | SF+C)
2021 Q3 SOUTH SOUND MARKET REPORT
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South sound area TOTAL SOUTH SOUND AREA
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
4,433
4,222
+5.0%
MEDIAN SOLD PRICE
$560K
$475K
+17.9%
11
22
-50.0%
103%
100%
+3.0%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
737
697
+5.7%
MEDIAN SOLD PRICE
$325K
$282K
+14.8%
13
26
-50.0%
102%
100%
+2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$560K MEDIAN SOLD PRICE UP +17.9% from 2020
CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2021 Q3 SOUTH SOUND AREA MARKET REPORT
$325K
MEDIAN SOLD PRICE UP +14.8% from 2020
WATERFRONT
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
253
269
-5.9%
MEDIAN SOLD PRICE
$826K
$705K
+17.2%
20
47
-57.4%
101%
96%
+5.2%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
301
163
+84.7%
MEDIAN SOLD PRICE
$1.25M
$1.27M
-1.6%
24
53
-54.7%
102%
95%
+7.4%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$826K
MEDIAN SOLD PRICE UP +17.2% from 2020
LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.25M
MEDIAN SOLD PRICE DOWN -1.6%% from 2020
2021 Q3 SOUTH SOUND MARKET REPORT
9
South sound area AUBURN
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
306
317
-3.5%
MEDIAN SOLD PRICE
$563K
$480K
+17.3%
10
18
-44.4%
105%
101%
+4.0%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
336
374
-10.2%
MEDIAN SOLD PRICE
$615K
$531K
+15.8%
15
20
-25.0%
104%
100%
+4.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$563K
MEDIAN SOLD PRICE UP +17.3% from 2020
BURIEN & NORMANY PARK
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2021 Q3 SOUTH SOUND AREA MARKET REPORT
$615K
MEDIAN SOLD PRICE UP +15.8% from 2020
DES MOINES
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
168
201
-16.4%
MEDIAN SOLD PRICE
$558K
$475K
+17.5%
13
23
-43.5%
103%
100%
+3.0%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
280
287
-2.4%
MEDIAN SOLD PRICE
$570K
$457K
+24.7%
9
17
-47.1%
104%
101%
+3.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$558K
MEDIAN SOLD PRICE UP +17.5% from 2020
FEDERAL WAY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$570K
MEDIAN SOLD PRICE UP +24.7% from 2020
2021 Q3 SOUTH SOUND MARKET REPORT 11
South sound area GIG HARBOR & KEY PENINSULA
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
122
139
-12.2%
MEDIAN SOLD PRICE
$739K
$628K
+17.7%
14
35
-60.0%
103%
99%
+4.0%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
466
368
+26.6%
MEDIAN SOLD PRICE
$605K
$520K
+16.3%
11
27
-84.2%
104%
101%
+3.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$739K
MEDIAN SOLD PRICE UP +17.7% from 2020
KENT
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
12 2021 Q3 SOUTH SOUND AREA MARKET REPORT
$605K MEDIAN SOLD PRICE UP +16.3% from 2020
LAKE TAPPS & BONNEY LAKE
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
605
531
+13.9%
MEDIAN SOLD PRICE
$615K
$509K
+20.8%
10
31
-67.7%
102%
101%
+1.0%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
377
341
+10.6%
MEDIAN SOLD PRICE
$500K
$410K
+22.0%
10
17
42.1%
103%
100%
+3.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$615K
MEDIAN SOLD PRICE UP +20.8% from 2020
OLYMPIA
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$500K MEDIAN SOLD PRICE UP +22.0% from 2020
2021 Q3 SOUTH SOUND MARKET REPORT 13
South sound area PUYALLUP
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
700
669
+4.6%
MEDIAN SOLD PRICE
$525K
$445K
+18.0%
10
21
-52.4%
102%
101%
+1.0%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
912
844
+8.1%
MEDIAN SOLD PRICE
$440K
$370K
+18.9%
10
12
-16.7%
103%
102%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$525K
MEDIAN SOLD PRICE UP +18.0% from 2020
TACOMA
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
14 2021 Q3 SOUTH SOUND AREA MARKET REPORT
$440K MEDIAN SOLD PRICE UP +18.9% from 2020
UNIVERSITY PLACE, LAKEWOOD & TILLICUM
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
379
348
+8.9%
MEDIAN SOLD PRICE
$537K
$425K
+10.4%
11
20
-45.0%
102%
100%
+2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$525K
MEDIAN SOLD PRICE UP +10.4% from 2020
2021 Q3 SOUTH SOUND MARKET REPORT 15
*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.