Waterfront Counties | Coldwell Banker Bain 2021 Q2 Market Report

Page 1

WATERFRONT 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 WATERFRONT COUNTIES MARKET REPORT

3


4 2021 Q2 WATERFRONT COUNTIES MARKET REPORT


waterfront

SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY

KING | ISLAND | KITSAP | PIERCE | SKAGIT | SNOHOMISH | THURSTON | WHATCOM

MEDIAN SOLD PRICE (NEAREST $000)

AVERAGE DOM

King

$1.413M

22

Island

$976K

11

Kitsap

$950K

21

Pierce

19

$900K

Skagit

10

$950K

Snohomish

18

$673K

Thurston

20

$683K

Whatcom

45

$792K $300K

$600K

$1.2M

$900K

$1.5M

NUMBER OF SALES CLOSED 300 250 200 150

252

100

91

64

50

143

34

124

Pierce

Skagit

Snohomish

50

73

0

King

Island

Kitsap

Thurston

Whatcom

INVENTORY IN UNITS / 03.31.21

93

25

26

49

21

46

25

23

-41.9%

-19.4%

-50.0%

-34.7%

-12.5%

-13.2%

-3.8%

-62.3%

King

Island

Kitsap

Pierce

Skagit

Snohomish

Thurston

Whatcom

2021 Q2 WATERFRONT COUNTIES MARKET REPORT

5


waterfront KING

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

252

156

+61.5%

MEDIAN SOLD PRICE

$1.413M

$930K

+51.9%

22

35

-37.1%

103%

96%

+7.3%

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

64

46

+39.1%

MEDIAN SOLD PRICE

$976K

$796K

+22.6%

11

109

-89.9%

103%

91%

+13.2%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$1.41M

MEDIAN SOLD PRICE UP +51.9% from 2020

ISLAND

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

6 2021 Q2 WATERFRONT COUNTIES MARKET REPORT

$976K

MEDIAN SOLD PRICE UP +22.6% from 2020


KITSAP

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

91

68

+33.8%

MEDIAN SOLD PRICE

$950K

$701K

+35.5%

21

41

-48.8%

105%

96%

+9.4%

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

143

97

+47.4%

MEDIAN SOLD PRICE

$900K

$700K

+28.6%

19

63

-69.8%

101%

95%

+6.3%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$950K MEDIAN SOLD PRICE UP +35.5% from 2020

PIERCE

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$900K MEDIAN SOLD PRICE UP +28.6% from 2020

2021 Q2 WATERFRONT COUNTIES MARKET REPORT

7


waterfront SKAGIT

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

34

30

+13.3%

MEDIAN SOLD PRICE

$950K

$575K

+1.6%

10

51

-80.4%

105%

97%

+8.2%

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

124

90

+37.8%

MEDIAN SOLD PRICE

$673K

$592K

+13.7%

18

30

-40.0%

104%

98%

+6.1%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$950K MEDIAN SOLD PRICE UP +65.2% from 2020

SNOHOMISH

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

8 2021 Q2 WATERFRONT COUNTIES MARKET REPORT

$673K

MEDIAN SOLD PRICE UP +13.7% from 2020


THURSTON

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

50

62

-19.4%

MEDIAN SOLD PRICE

$683K

$518K

+31.9%

20

27

-25.9%

103%

100%

+3.0%

Q2 2021

Q2 2020

CHANGE

TOTAL HOMES SOLD

73

35

+108.68%

MEDIAN SOLD PRICE

$792K

$565K

+40.2%

45

72

-37.5%

102%

96%

+6.3%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$683K

MEDIAN SOLD PRICE UP +31.9% from 2020

WHATCOM

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$792K

MEDIAN SOLD PRICE UP +40.2% from 2020

2021 Q2 WATERFRONT COUNTIES MARKET REPORT

9


*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.