Cathy Baujan | Q1 2021 Market Report

SOUTH SOUND 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 SOUTH SOUND MARKET REPORT

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Q1 2021 MARKET REPORT

CRISTIAN KOCH PRINCIPAL managing broker FOR bainbridge island “Kitsap County has enjoyed a blockbuster first quarter with a 16.8 percent median price increase over last year,” said Cristian Koch, Principal Managing Broker of the Coldwell Banker Bain of Bainbridge Island office. “Bainbridge Island has seen especially strong buyer demand with a 10.6 percent increase in first-quarter sales while experiencing a 71.9 percent decrease in the number of available homes. These market conditions have continued to present unique challenges to buyers and competition is fierce. Most properties are experiencing multiple offers resulting in a drop in the number of days on market, of 68.6 percent to just 24 days.

The luxury home market in the South Sound areas of Kitsap, South King, and Pierce Counties for homes selling for over $1 million saw an amazing increase from 92 homes last year to 216 homes, an increase of 134.8 percent.

The expectation for the second quarter is that more buyers will continue to pursue significantly, lower inventory levels as we enter the spring market, with unusually low absorption rates. All excellent reasons for buyers and their real estate brokers to give a seller certainty by preparing a financial purchase strategy that enables them to act quickly once a home is identified.”

4 2021 Q1 SOUTH SOUND AREA MARKET REPORT

SOUTH SOUND

SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY

BAINBRIDGE ISLAND / SILVERDALE / GIG HARBOR & KEY PENINSULA / NORTH TACOMA, LAKEWOOD & UNIVERSITY PLACE / PUYALLUP & GRAHAM

MEDIAN SOLD PRICE (NEAREST $000)

AVERAGE DOM

South Sound Area

18

$543K

Bainbridge Island

$1.1M

24

$467K

Silverdale Gig Harbor & Key Peninsula

31

$660K

N. Tacoma, Lkwd. & Univ. Pl.

21

$475K

Puyallup & Graham

15

$455K $200K

$400K

14

$600K

$800K

$1.0M

$1.2M

NUMBER OF SALES CLOSED

3,798 | TOTAL SALES CLOSED

800 700

(TOTAL SOUTH SOUND AREA)

600 500

262

400

Lake Tapps & 300 Bonney Lake 200

SE King 100 County

73

518

57

0

SW King County

638

$562K

Bainbridge Island

Silverdale

$602K $548K

Gig Harbor & Key Peninsula

N. Tacoma, Lkwd. & Univ. Pl.

$293K

Condos

INVENTORY IN UNITS / 12.31.2021 Waterfront

TOTAL SOUTH SOUND INVENTORY / 503

$885K

(SF Only)

Luxury

($2+M | SF+C

Puyallup & Graham

16 -71.9%

$200K

11

$400K

-45.0%

51

$600K

$800K

-72.7%

$1.0M

74

$1.30M

$1.2M

-66.9%

61

-56.2%

-70.1%

N. Tacoma, Lkwd. & Univ. Pl.

Puyallup & Graham

7000 6000 5000 4000 3000

Bainbridge Island

Gig Harbor & Key Peninsula

Silverdale

2021 Q1 SOUTH SOUND MARKET REPORT

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Q1 2021 MARKET REPORT

GREGG WHITE PRINCIPAL MANAGING BROKER FOR VANCOUVER West Said Gregg White, Principal Managing Broker of the Coldwell Banker Bain of Vancouver West office, “The Clark County market continues to labor underneath a tremendous shortage of available homes on the market. As of the end of the first quarter 2021 affordable homes are almost nonexistent, with less than 40 homes priced under $350,000, and this includes attached and detached homes, as well as condominiums.

The feeding frenzy continues as home prices continually climb as inventory dwindles. A buyer’s ability to be creative with their offers seem to get the upper hand in most negotiations and helping them to ‘win the bid.’ We are seeing less and less, contingencies included in offers, making it more attractive to sellers who can consider options that pose less of a risk.

On the bright side, new homes, and new developments are in a constant growth pattern in most areas of Clark County, giving buyers the ability to purchase and take advantage of historically, lowinterest rates.”

6 2021 Q1 SOUTH SOUND AREA MARKET REPORT

Puyallup & Graham

$455K $200K

$400K

$600K

SOUTH SOUND

$800K

$1.0M

$1.2M

SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY

LAKE TAPPS & BONNEY LAKE / SE KING COUNTY / SW KING COUNTY

AVERAGE DOM

MEDIAN SOLD PRICE (NEAREST $000) 800 700

Lake Tapps & 600 Bonney Lake

26

$562K

500

$602K

SE King 400 County

17

300

SW King County200

$548K

17

100

Condos

$293K

0

20

Waterfront

$885K

(SF Only)

42

Luxury

$1.30M

($2+M | SF+C $200K

$400K

$600K

$800K

$1.0M

37

$1.2M

NUMBER OF SALES CLOSED

3,798 | TOTAL SALES CLOSED

7000

6000

(TOTAL SOUTH SOUND AREA)

5000

541

4000 3000

1108

338

2936 94

631

2000

92

1000 0

Lake Tapps & Bonney Lake TappsLake &

SE King County SE King

Bonney Lake

County

SW King County SW King County

INVENTORY IN UNITS / 12.31.2021

Condos Condos

Waterfront (SF Only) Waterfront (SF Only)

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

($2+M | SF+C)

TOTAL SOUTH SOUND INVENTORY / 503

-66.9%

50

156

84

124

35

116

-71.9%

-66.9%

-66.0%

-42.1%

-70.0%

-47.0%

SW King County

Condos

Lake Tapps & Bonney Lake

SE King County

Waterfront (SF Only)

Luxury ($2+M | SF+C)

2021 Q1 SOUTH SOUND MARKET REPORT

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South sound area TOTAL SOUTH SOUND AREA

2021

2020

CHANGE

TOTAL HOMES SOLD

3,798

3,585

+5.9%

MEDIAN SOLD PRICE

$543K

$465K

+16.8%

18

38

-52.6%

104%

99%

+5.1%

2021

2020

CHANGE

TOTAL HOMES SOLD

631

514

+13.3%

MEDIAN SOLD PRICE

$293K

$275K

+6.5%

20

32

-37.5%

101%

99%

+2.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$543K

MEDIAN SOLD PRICE UP +16.8% from 2020

CONDOS

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

8 2021 Q1 SOUTH SOUND AREA MARKET REPORT

$293K

MEDIAN SOLD PRICE UP +6.5% from 2020

WATERFRONT

2021

2020

CHANGE

TOTAL HOMES SOLD

90

94

-4.3%

MEDIAN SOLD PRICE

$885K

$788K

+12.3%

42

79

-46.8%

97%

92%

+5.4%

2021

2020

CHANGE

TOTAL HOMES SOLD

216

92

+134.8%

MEDIAN SOLD PRICE

$1.30M

$1.20M

+8.3%

37

107

-65.4%

100%

93%

+7.5%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$885K

MEDIAN SOLD PRICE UP +12.3% from 2020

LUXURY

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$1.30M MEDIAN SOLD PRICE UP +8.3% from 2020

2021 Q1 SOUTH SOUND MARKET REPORT

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South sound area BAINBRIDGE ISLAND

2021

2020

CHANGE

TOTAL HOMES SOLD

73

66

+10.6%

MEDIAN SOLD PRICE

$1.10M

$943K

+16.6%

24

77

-68.6%

100%

93%

+7.5%

2021

2020

CHANGE

TOTAL HOMES SOLD

57

58

-1.7%

MEDIAN SOLD PRICE

$467K

$438K

+6.6%

31

31

-41.2%

103%

100%

+0.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$1.10M MEDIAN SOLD PRICE UP +9.7% from 2020

SILVERDALE

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

10 2021 Q1 SOUTH SOUND AREA MARKET REPORT

$467K

MEDIAN SOLD PRICE UP +6.6% from 2020

GIG HARBOR & KEY PENINSULA

2021

2020

CHANGE

TOTAL HOMES SOLD

262

289

-9.3%

MEDIAN SOLD PRICE

$660K

$536K

+23.1%

21

66

-68.2%

101%

97%

+4.1%

2021

2020

CHANGE

TOTAL HOMES SOLD

518

474

+9.3%

MEDIAN SOLD PRICE

$475K

$403K

+17.9%

15

25

-40.0%

103%

100%

+3.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$660K MEDIAN SOLD PRICE UP +23.1% from 2020

N. TACOMA, LAKEWOOD & UNIVERSITY PLACE

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$475K

MEDIAN SOLD PRICE UP +17.9% from 2020

2021 Q1 SOUTH SOUND MARKET REPORT 11

South sound area PUYALLUP & GRAHAM

2021

2020

CHANGE

TOTAL HOMES SOLD

638

621

+2.7%

MEDIAN SOLD PRICE

$455K

$399K

+14.0%

14

32

-56.2%

104%

101%

+3.0%

2021

2020

CHANGE

TOTAL HOMES SOLD

386

388

+14.2%

MEDIAN SOLD PRICE

$562K

$483K

+16.4%

26

41

-36.6%

104%

101%

+3.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$455K

MEDIAN SOLD PRICE UP +14.0% from 2020

LAKE TAPPS & BONNEY LAKE

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

12 2021 Q1 SOUTH SOUND AREA MARKET REPORT

$562K

MEDIAN SOLD PRICE UP +16.4% from 2020

SE KING COUNTY

2021

2020

CHANGE

TOTAL HOMES SOLD

1186

1108

+7.0%

MEDIAN SOLD PRICE

$602K

$509K

+18.3%

17

38

-53.3%

105%

100%

+5.0%

2021

2020

CHANGE

TOTAL HOMES SOLD

678

631

+7.4%

MEDIAN SOLD PRICE

$548K

$478K

+14.6%

17

39

-56.4%

104%

99%

+5.1%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$602K MEDIAN SOLD PRICE UP +18.3% from 2020

SW KING COUNTY

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$548K

MEDIAN SOLD PRICE UP +14.6% from 2020

2021 Q1 SOUTH SOUND MARKET REPORT 13

CATHY BAUJAN REALTOR® Coldwell Banker Bain | TACOMA 2714 N Proctor St #103 | Tacoma Wa 98407

Cell: (253) 381.5278 Office: (253) 752-7777 CathyBaujan.com

*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.