Compass Q2 Report

PA C I F I C N O R T H W E S T

Greater Seattle –Q2 2021 Market Report

Q UA R T E R T W O / 2 0 2 1

Neighborhood Expertise– By the numbers

The market trends show that Washington State has persevered through the unexpected. Home prices have stayed consistent from last year and increased on the Eastside. Sales have bounced back and are outperforming the same

C O M PA S S X P N W

time period in 2020. A strong third quarter is expected for the remainder of the year for Seattle and the Eastside. Compass brokers continue to guide new families to find their place here in the Pacific Northwest.

2

*All data sourced via Trendgraphix, Single Family & Condo, Q2 2020 vs Q2 2021

Q UA R T E R T W O / 2 0 2 1

R E S U LT S O R I E N T E D Since its arrival in the Evergreen State in 2018, Compass Washington has garnered a distinguished track record of success as King County’s primary luxury brokerage.

Twelve

800+

$16.1B+

No. 1

16K+

$37.5M

Offices

Transactions since launching Compass Washington*

C O M PA S S X P N W

Closed transactions since launching Compass Washington*

*Source via Trendgraphix May 2018-January 2020 **Source via Trendgraphix, $3m+, 2020

4

Compass PNW Brokers

Brokerage in King County for high-end listings**

Number one sale in NWMLS history

Q UA R T E R T W O / 2 0 2 1

A Letter to Our Clients

parents from afar. Parts of our lives will be forever changed. However, one thing that hasn’t changed is our commitment to helping

“Stay-at-home.” It’s a phrase that was at

our friends and neighbors find their place in

the top of our minds and all over the news

the world. For us, our place in the world is

for the past several months. With more time

right here, in the Greater Seattle area, and

spent on video calls in our home offices, more

there’s nowhere else we’d rather call home.

meals cooked in our kitchens, and more walks around our neighborhoods, our homes have

This report is designed to help you feel more

taken on new importance and our desire to

informed about the state of the Greater

feel at home has multiplied.

Seattle Area real estate market. We’re here

C O M PA S S X P N W

to help you map out plans for the future, At Compass, we are in the home buying and

guiding you with perspective honed by years

selling business. It’s who we are. It inspires

of experience. Our goal is simple: to equip

us, invigorates us, and helps us invest in our

you to make a more informed decision as to

families, and yours. We are parents, friends,

where you call, “Home.”

and caretakers too— homeschooling our kids in between virtual meetings, celebrating

View comprehensive neighborhood guides at

birthdays on front lawns, and visiting with

compass.com/neighborhood-guides/seattle.

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Q2 2020

PIERCE COUNT Y

New Solds

KING COUNT Y 8

631 Q2 2020

Q2 2021

SNOHOMISH COUNT Y

Q2 2020

668

5,388

4,051

1,120

1,377 Q2 2021

W H AT C O M COUNT Y

Q2 2020

Q2 2021

PIERCE COUNT Y

Q2 2021

SK AGIT COUNT Y

Q2 2021

W H AT C O M COUNT Y

513 Q2 2020

Q2 2021

SNOHOMISH COUNT Y

Q2 2020

549

4,470

3,186 Q2 2020

1,098

807

3,569 Q2 2021

Q2 2020

I N G R E AT E R S E AT T L E C O U N T I E S

11,741

7,318

C O M PA S S X P N W

Q2 2020

Q2 2021

4,895

Q2 2021

KING COUNT Y

15,000 12,500 10,000 7,500 5,000 2,500 0

5,720

4,335

Q2 2020

I N G R E AT E R S E AT T L E C O U N T I E S

13,959

10,480

15,000 12,500 10,000 7,500 5,000 2,500 0

Q UA R T E R T W O / 2 0 2 1

New Listings

Q2 2021

SK AGIT COUNT Y

Q UA R T E R T W O / 2 0 2 1

County Overview The Greater Seattle Area had an exceptional Q2.

KING COUNT Y

C O M PA S S X P N W

PIERCE COUNT Y

W H AT C O M COUNT Y

$775K

13

107.03%

Median Sales Price

Average DOM

Sold to List Price %

$500K

11

104.97%

Median Sales Price

Average DOM

Sold to List Price %

$4509K

21

103.72%

Median Sales Price

Average DOM

Sold to List Price %

SNOHOMISH COUNT Y

SK AGIT COUNT Y

10

$650K

12

106.89%

Median Sales Price

Average DOM

Sold to List Price %

$485K

17

103.28%

Median Sales Price

Average DOM

Sold to List Price %

Q UA R T E R T W O / 2 0 2 1

Fannie Mae U.S. Home Sales Forecast Experts believe that the housing market will rebound faster than previously forecasted and upgraded its forecast for 2022 annual growth from 4.2% to 3.1% decrease from 2020.

7,000 6,000 5,000 4,000 3,000

12

7,077

7,582

7,225

6,610

6,489

6,608

6,545

6,524

6,513

6,515

0

5,092

C O M PA S S X P N W

1,000

6,190

2,000

Q1 2020

Q2 2020

Q2 2020

Q4 2020

Q1 2021

Q2 2021

Q2 2021

Q4 2021

Q1 2021

Q2 2021

Q2 2021

Q4 2021

M A C C E N T WA L L S

As we move forward, combining classical and

Wood-paneled accent walls in the living or

modern design elements will transform any

dining areas are making a comeback in chic

space with a new and fresh look. If we are

and modern ways. Look for stripes, textures,

working and living at home, why not look for

wood finishes, subtle or bold paint colors, and

ways to make our home more meaningful?

even wallpaper that looks like works of art.

N AT U R A L E L E M E N T S

Home Design Trends 2021

As consumers connect more with nature, we will continue to see greenery, macrame, and Scandinavian-style furnishings and decorative

The moment a prospective buyer steps into a

styles that bring softness into our living

home, they begin to imagine it as their own.

spaces.

So it’s no surprise that beautifully-designed and decorated houses sell faster. Whether

D E C O R AT I V E L I G H T I N G

you’re getting ready to prepare your home for

C O M PA S S X P N W

the market, or just want to make it a place

Unique and artful lighting is stealing the

that you can enjoy while spending more time

scene in living rooms, dining areas, and even

there, here are 5 design trends for 2021 from

in the bedroom. We will continue to see a mix

the National Association of Realtors.

of materials, finishes, and styles of lighting that are expanding our point of view.

14

F L E X S PA C E S Families are rethinking the purpose of rooms and transforming them into multifunctional spaces. Flexible spaces are being given a true purpose as the trend of remote work continues in 2021.

Q UA R T E R T W O / 2 0 2 1

A L AID-BACK LIFEST YLE

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MONTHLY SUPPLY An estimated time it would take to sell all

Glossary

current active listings based on the trailing

CLOSED SALES

% LIST PRICE TO CLOSED PRICE

Figures for the current quarter are

Also known as the “Sale-to-List Ratio”. This

based on known closings recorded at

is the ratio of the final sale price of a home

the time the report is prepared.

to its list price or asking price. The ratio is an

12-month sales rate.

indication of whether homes are selling above, AVERAGE SALE PRICE The sum of all prices divided by the total number of properties.

MEDIAN PRICE The middle price of a given data set.

a simple two-step process: Divide the selling price by the asking price. Multiply the result by 100 to make it a percentage.

QUARTERS 1Q

January 1 – March 31

Calculated by how many properties

2Q

April 1 – June 30

entered contract during the quarter

3Q

July 1 – September 30

in the given period.

4Q

October 1 – December 31

AVERAGE DAYS ON MARKET C O M PA S S X P N W

at or below list prices. Figuring out this ratio is

16

Q UA R T E R T H R E E / 2 0 2 0

C O S M E T I C R E N O VAT I O N S F R E S H PA I N T

Maximize the value of your home.

Compass Concierge helps you sell your home faster and for a higher price. From painting to flooring, Concierge transforms your home with zero upfront costs and no interest.

S T R AT E G I C S TAG I N G

C O M PA S S X P N W

Get started at compass.com/concierge

U P DAT E D F LO O R I N G

18

Q UA R T E R T H R E E / 2 0 2 0

Virtual Agent Services OFFERINGS INCLUDE Virtual Open Houses Interactive Home Tours Virtual Neighborhood Tour Video Mail Digital Listing Brochures Live Postcards Digital Insights C O M PA S S X P N W

Enhanced 3D Staging

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COMPASS IS A LICENSED REAL ESTATE BROKER AND ABIDES BY EQUAL HOUSING OPPORTUNITY LAWS.

At Compass, the health and safety of our agents, clients, staff, and the communities where they live, play, and work is our #1 priority. By pairing the industry’s top agent talent with technology, we’re able to make the home buying and selling experience intelligent and seamless. We are pleased to offer Compass VAS (virtual agent services) – an exclusive suite of marketing and transactional services available to all Compass clients.

Q UA R T E R T H R E E / 2 0 2 0

TA B L E O F CONTENTS

2 3 BAINBRIDGE

5 1 EVERETT

7 5 LYNNWOOD

1 0 3 BALLARD

1 1 7 FREMONT

1 2 9 MAGNOLIA

1 4 3 WALLINGFORD

2 7 BELLEVUE

7 9 MAPLE VALLEY

1 0 5 BEACON HILL

1 1 9 LAURELHURST

1 3 1 MAPLE LEAF

1 4 5 WEST SEATTLE

3 1 BELLINGHAM

5 5 FALL CITY + SNOQUALMIE

8 3 MERCER ISLAND

1 0 7 CAPITOL HILL

1 47 SNOHOMISH

8 7 REDMOND

1 3 5 PHINNEY RIDGE

1 5 1 TACOMA

3 9 BURIEN

6 3 KENMORE

1 0 9 CENTRAL AREA

1 2 1 GREEN LAKE + GREENWOOD

1 3 3 NORMANDY PARK

3 5 BOTHELL

5 9 ISSAQUAH

1 3 7 QUEEN ANNE

1 5 5 WOODINVILLE

4 3 DUVALL

67 KENT & RENTON

47 EDMONDS

7 1 KIRKLAND

9 1 SAMMAMISH 9 5 SEATTLE 1 0 1 ALKI

1 1 1 DENNY TRIANGLE

1 2 3 LESCHI

1 1 3 DOWNTOWN + BELLTOWN

1 2 5 MADISON PARK

C O M PA S S X P N W

1 1 5 EASTLAKE + SLU

22

1 2 7 MADRONA

1 3 9 RAINIER BEACH 1 41 SHORELINE

Q UA R T E R T W O / 2 0 2 1

47. 6 47 3

-122.5448

C O M PA S S X P N W

Bainbridge– Breathtaking Puget Sound and Olympics views

24

Close transactions are up from the same quarter last year as buyers from the Greater Seattle neighborhoods move to the Island.

With large lot sizes and community feel, Bainbridge is thriving coming out of COVID-19.

POPULATION

MEDIAN INCOME

SCHOOL DISTRICT

Growing housing market with

25,298

$115,230

Bainbridge Island

Q UA R T E R T W O / 2 0 2 1

BAINBRIDGE INSIGHTS

soaring home values.

124

Q2 2020 Sales

152

Q2 2021 Sales

% Change

$856,000

$1,157,500

36

↓50.0%

Q2 2020 Median Sales Price

C O M PA S S X P N W

↑22.6%

Q2 2020 DOM

18

Q2 2021 DOM

Q2 2021 Median Sales Price

↑35.2% % Change

% Change

26

Q UA R T E R T W O / 2 0 2 1

47. 6 0 9 6

- 1 2 2 .1 962

Bellevue– Heart of the Eastside, home to booming tech

Bellevue inventory had a slight increase, driving median home sales prices up slightly, as homeowners saw a rise in demand and future home values. With Expedia’s departure, Amazon and Facebook have quickly found new homes in Bellevue, bringing their employees

C O M PA S S X P N W

with them.

28

POPULATION

MEDIAN INCOME

SCHOOL DISTRICT

Remains a strong sought after

147,599

$112,283

Bellevue

Q UA R T E R T W O / 2 0 2 1

BELLEVUE INSIGHTS

market with consistent growth in home values.

381

Q2 2020 Sales

691

Q2 2021 Sales

% Change

$962,000

$1,215,000 ↑26.3%

18

↓22.2%

Q2 2020 Median Sales Price

C O M PA S S X P N W

↑81.4%

Q2 2020 DOM

14

Q2 2021 DOM

Q2 2021 Median Sales Price

% Change

% Change

30

Q UA R T E R T W O / 2 0 2 1

4 8 .75 2 3

- 1 2 2 . 47 9 5

C O M PA S S X P N W

Bellingham– Abundant scenery from the Salish Sea to Mt. Baker

32

Year over year home sales have increased in the second quarter in Bellingham, while median home prices continue to rise. Continued home value appreciation paired with consistent buyer demand sets the stage for strong market performance for the remainder of 2021.

POPULATION

MEDIAN INCOME

SCHOOL DISTRICT

Significant strength in sales was

90,665

$50,844

Bellingham

Q UA R T E R T W O / 2 0 2 1

BELLINGHAM INSIGHTS

seen among single-family homes in Bellingham.

396

Q2 2020 Sales

515

Q2 2021 Sales

% Change

$425,000

$555,000

26

↓53.8%

Q2 2020 Median Sales Price

C O M PA S S X P N W

↑30.1%

Q2 2020 DOM

12

Q2 2021 DOM

Q2 2021 Median Sales Price

↑30.6% % Change

% Change

34

Q UA R T E R T W O / 2 0 2 1

47. 7 5 9 9

-122.2046

Bothell– Popular suburban neighborhood with excellent schools

Bothell continues to be a desirable relocation community.

The community saw an increase in sales, as well as a significant bump in the median home sales price this last quarter. The area saw a significant drop in average days on market, indicating buyer

C O M PA S S X P N W

demand is staying consistent.

36

POPULATION

MEDIAN INCOME

SCHOOL DISTRICT

The area continues to prove it’s

46,657

$94,986

Northshore

Q UA R T E R T W O / 2 0 2 1

B OT H E L L I N S I G H T S

desirability with consumers.

455

Q2 2020 Sales

717

Q2 2021 Sales

% Change

$675,000

$840,000 ↑24.4%

16

↓53.6%

Q2 2020 Median Sales Price

C O M PA S S X P N W

↑57.6%

Q2 2020 DOM

7

Q2 2021 DOM

Q2 2021 Median Sales Price

% Change

% Change

38

Q UA R T E R T W O / 2 0 2 1

47. 4 6 6 6

- 1 2 2 . 3 41 2

C O M PA S S X P N W

Burien– A treasured community with a rich heritage

40

All signs point towards a real estate market rebound in the Burien area, with new buyer demand. The number of transactions increased from 2020,with a jump in the median sales price and an increase in NWMLS search of the Burien the area.

POPULATION

MEDIAN INCOME

SCHOOL DISTRICT

Strong strength in transactions

51,908

$62,315

Highline

Q UA R T E R T W O / 2 0 2 1

BURIEN INSIGHTS

and demand, with a large jump in home values

103

Q2 2020 Sales

188

Q2 2021 Sales

% Change

$511,000

$577,500

20

↓25.0%

Q2 2020 Median Sales Price

C O M PA S S X P N W

↑85.2%

Q2 2020 DOM

15

Q2 2021 DOM

Q2 2021 Median Sales Price

↑13.0% % Change

% Change

42

Q UA R T E R T W O / 2 0 2 1

47. 74 2 2

- 1 2 1 .9 8 5 5

Duvall– Close-knit community at the banks of the Snoqualmie River

Duvall was one of the least impacted areas with home closings remaining steady during the COVID-19 market changes. Median sales prices increased with a significant decrease in days on market. Inventory moved significantly quicker in Duvall compared to last year, with homes

C O M PA S S X P N W

selling above asking price.

44

POPULATION

MEDIAN INCOME

SCHOOL DISTRICT

Dramatic decrease in days on

8,061

$156,205

Riverview

Q UA R T E R T W O / 2 0 2 1

D U VA L L I N S I G H T S

market with low inventory.

70

Q2 2020 Sales

122

Q2 2021 Sales

% Change

$692,500

$825,000

22

↓54.5%

Q2 2020 Median Sales Price

C O M PA S S X P N W

↑74.3%

Q2 2020 DOM

10

Q2 2021 DOM

Q2 2021 Median Sales Price

↑19.1% % Change

% Change

46

Q UA R T E R T W O / 2 0 2 1

47. 8 0 5 9 - 1 2 2 . 3 6 8 5

C O M PA S S X P N W

Edmonds– Convenientely located near water with a small town vibe

48

Edmonds continues to be a desirable location with niche shopping and restaurants, and proximity to the water. Median sales prices increased from the same quarter last year and homes continue to move very quickly, with fewer days on market.

POPULATION

MEDIAN INCOME

SCHOOL DISTRICT

Strong home values with dramatic

42,605

$87,693

Edmonds

Q UA R T E R T W O / 2 0 2 1

EDMONDS INSIGHTS

decrease in days on market.

195

Q2 2020 Sales

335 ↑71.8% Q2 2021 Sales

$625,000

$810,000

16

↓43.8%

Q2 2020 Median Sales Price

C O M PA S S X P N W

% Change

Q2 2020 DOM

9

Q2 2021 DOM

Q2 2021 Median Sales Price

↑29.6% % Change

% Change

50

Q UA R T E R T W O / 2 0 2 1

47. 9 7 8 9

- 1 2 2 . 2 0 74

Everett– A blend of rich traditions and strong community ties

Everett continues to show it is a robust real estate market with a significant increase in the median sales price. The city saw one of the largest decreases of days on market in the entire county and is expected to see a significant increase in transactions while median sales

C O M PA S S X P N W

prices continue to rise.

52

POPULATION

MEDIAN INCOME

SCHOOL DISTRICT

Momentous increase in median

111,262

$57,205

Everett

Q UA R T E R T W O / 2 0 2 1

EVERETT INSIGHTS

sales price.

497

Q2 2020 Sales

755

Q2 2021 Sales

↑51.9% % Change

$450,000 $570,000 ↑26.7% C O M PA S S X P N W

Q2 2020 Median Sales Price

17

Q2 2020 DOM

Q2 2021 Median Sales Price

7

Q2 2021 DOM

% Change

↓58.8% % Change

54

Q UA R T E R T W O / 2 0 2 1

47. 5 67 3

-121.890

C O M PA S S X P N W

Fall City & Snoqualmie– Mountain views and rich preserved community

56

Fall City and Snoqualmie real estate market remained stable with an increase in transactions from the year prior. Due to a lack of inventory, sellers are seeking top value and price for their homes leading to a surge in prices. Located near an abundance of skiing, hiking, and biking - the area continues to be a nature lovers oasis.

POPULATION

MEDIAN INCOME

SCHOOL DISTRICT

Strength in top value for homes

13,752

$144,148

Snoqualmie Valley

Q UA R T E R T W O / 2 0 2 1

FA L L C I T Y & S N O QUA L M I E I N S I G H TS

while inventory remaines low.

109

Q2 2020 Sales

165

Q2 2021 Sales

% Change

$823,195

$978,750

24

↓54.2%

Q2 2020 Median Sales Price

C O M PA S S X P N W

↑51.4%

Q2 2020 DOM

11

Q2 2021 DOM

Q2 2021 Median Sales Price

↑18.9% % Change

% Change

58

Q UA R T E R T W O / 2 0 2 1

47. 5 2 9 6

-122.0326

Issaquah– The cultural center of the Eastside, alive with art and music

As the Eastside continues to flourish from the growth of major tech companies, Issaquah has benefited from economic growth.

With an increase in transactions and a dramatic increase in the median sales price, the area experienced a significant decrease

C O M PA S S X P N W

in days on market.

60

POPULATION

MEDIAN INCOME

SCHOOL DISTRICT

Powerful increase in sales and

39,378

$101,508

Issaquah

Q UA R T E R T W O / 2 0 2 1

I S S AQUA H I N S I G H TS

home values that continues to remain strong.

205

Q2 2020 Sales

310

Q2 2021 Sales

% Change

$800,000

$910,000

30

↓73.3%

Q2 2020 Median Sales Price

C O M PA S S X P N W

↑51.2%

Q2 2020 DOM

8

Q2 2021 DOM

Q2 2021 Median Sales Price

↑13.8% % Change

% Change

62

Q UA R T E R T W O / 2 0 2 1

47. 7 5 8 0

-122.2481

Kenmore– Conveniently located, rich in historical roots of Seattle

Kenmore continues to soar like the seaplanes as the city, and nearby Bothell, continue urban development with desirable shops and restaurants.

The area proves to be a hotspot for buyers looking to relocate out of the city, with transactions going up with median sales price, and a drop on days

C O M PA S S X P N W

on market.

64

POPULATION

MEDIAN INCOME

SCHOOL DISTRICT

Highly sought after with strong

23,093

$105,007

Northshore

Q UA R T E R T W O / 2 0 2 1

KENMORE INSIGHTS

sales prices.

82

Q2 2020 Sales

127

Q2 2021 Sales

% Change

$774,500

$875,000

17

↓29.4%

Q2 2020 Median Sales Price

C O M PA S S X P N W

↑54.9%

Q2 2020 DOM

12

Q2 2021 DOM

Q2 2021 Median Sales Price

↑13.0% % Change

% Change

66

Q UA R T E R T W O / 2 0 2 1

47. 3 7 9 6

- 1 2 2 . 2 3 47

C O M PA S S X P N W

Kent & Renton– Forward thinking communities built on aviation, connection and agriculture

68

While inventory remains stable in the area, median home sales prices have risen significantly. Properties move quickly and a dramatic drop in days on market indicates that those moving to the area are serious buyers seeking new construction, desirable shopping at The Landing and proximity to Seattle.

POPULATION

MEDIAN INCOME

SCHOOL DISTRICT

Dramatic buyer demand leading to

231,771

$71,818

Kent, Renton, and Issaquah

Q UA R T E R T W O / 2 0 2 1

K E N T & R E N TO N I N S I G H T S

relocation opportunities from locals

815

Q2 2020 Sales

1,223 ↑50.1% Q2 2021 Sales

% Change

$486,000 $620,000 ↑27.6% C O M PA S S X P N W

Q2 2020 Median Sales Price

18

Q2 2020 DOM

Q2 2021 Median Sales Price

10

Q2 2021 DOM

% Change

↓47.2% % Change

70

Q UA R T E R T W O / 2 0 2 1

47. 3 7 9 6

- 1 2 2 . 2 3 47

C O M PA S S X P N W

Kirkland– Your charming waterfront oasis with a lovely neighborhood feel

72

Home sales rose for the second quarter compared to 2020, while the median sales price continues to rise with more tech jobs moving to the Eastside. With a large jump in closings and popular community reputation, Kirkland’s home values will only continue to soar while moving quickly.

POPULATION

MEDIAN INCOME

SCHOOL DISTRICT

Soaring home values and an

89,557

$109,715

Lake Washington

Q UA R T E R T W O / 2 0 2 1

KIRKLAND INSIGHTS

ever evolving community.

362

Q2 2020 Sales

634 ↑75.1% Q2 2021 Sales

$860,000

$1,050,000 ↑22.1%

16

↓31.1%

Q2 2020 Median Sales Price

C O M PA S S X P N W

% Change

Q2 2020 DOM

11

Q2 2021 DOM

Q2 2021 Median Sales Price

% Change

% Change

74

Q UA R T E R T W O / 2 0 2 1

47. 8 2 0 8

-122.3155

Lynnwood– Suburban hub with abundant community amenities

With the expansion of Seattle’s Light Rail system and transit center, Lynwood is quickly becoming a market much like its surrounding neighbors. Despite the effects of COVID-19, Lynnwood saw a dramatic decrease in Days on Market and a significant increase in

C O M PA S S X P N W

the median sales price.

76

POPULATION

MEDIAN INCOME

SCHOOL DISTRICT

Continued positive market trends

38,511

$59,416

Edmonds

Q UA R T E R T W O / 2 0 2 1

LY N N W O O D I N S I G H T S

driving high buyer demand.

312

Q2 2020 Sales

459 ↑47.1% Q2 2021 Sales

$519,995

$675,000 ↑29.8%

22

↓72.7%

Q2 2020 Median Sales Price

C O M PA S S X P N W

% Change

Q2 2020 DOM

6

Q2 2021 DOM

Q2 2021 Median Sales Price

% Change

% Change

78

Q UA R T E R T W O / 2 0 2 1

47. 3 9 0 3

-122.0446

Maple Valley– Award-winning suburban destination for growing families

With an increase of new construction in the area, transactions increased slightly, driving median sales prices up in the second quarter. This has been a trend in Maple Valley year over year. Days on market decreased as inventory from new construction

C O M PA S S X P N W

was quickly purchased.

80

POPULATION

MEDIAN INCOME

SCHOOL DISTRICT

Growing sought after community

27,114

$107,299

Tahoma

Q UA R T E R T W O / 2 0 2 1

M A P L E VA L L E Y I N S I G H T S

with new construction on the rise.

188

Q2 2020 Sales

278 ↑47.9% Q2 2021 Sales

$575,000

$722,095

36

↓77.8%

Q2 2020 Median Sales Price

C O M PA S S X P N W

% Change

Q2 2020 DOM

8

Q2 2021 DOM

Q2 2021 Median Sales Price

↑25.6% % Change

% Change

82

Q UA R T E R T W O / 2 0 2 1

47. 5 7 0 4

-122.2198

Mercer Island– Islander life just outside the city

Mercer Island continued to persevere in the second quarter of 2021 compared to 2020, with a significant increase in sales. Home values continue to soar across waterfront and non-waterfront listings in the highly sought after community in

C O M PA S S X P N W

Greater Seattle.

84

POPULATION

MEDIAN INCOME

SCHOOL DISTRICT

Persevering market that shows

25,976

$142,413

Mercer Island

Q UA R T E R T W O / 2 0 2 1

MERCER ISLAND INSIGHTS

strong promise to quickly grow in Q2.

81

Q2 2020 Sales

126

Q2 2021 Sales

↑55.6% % Change

$1,480,000 $1,975,000 ↑33.4% C O M PA S S X P N W

Q2 2020 Median Sales Price

23

Q2 2020 DOM

Q2 2021 Median Sales Price

15

Q2 2021 DOM

% Change

↑34.8% % Change

86

Q UA R T E R T W O / 2 0 2 1

47. 67 3 4

- 1 2 2 .1 2 0 2

Redmond– Connected through education, tech, and inclusivity

With tech startups continuing to pop up in Redmond and its convenient location near booming Bellevue tech, Redmond showed promising numbers despite the COVID-19 disruptions. Home prices remained stable while inventory went quickly, with a significant decrease in days

C O M PA S S X P N W

on market.

88

POPULATION

MEDIAN INCOME

SCHOOL DISTRICT

Promising and proven market

67,678

$123,449

Lake Washington

Q UA R T E R T W O / 2 0 2 1

REDMOND INSIGHTS

that continues remain strong.

265

Q2 2020 Sales

460 ↑73.6% Q2 2021 Sales

$870,000

$1,155,000 ↑32.8%

19

↓68.4%

Q2 2020 Median Sales Price

C O M PA S S X P N W

% Change

Q2 2020 DOM

6

Q2 2021 DOM

Q2 2021 Median Sales Price

% Change

% Change

90

Q UA R T E R T W O / 2 0 2 1

47. 61 6 8

-122.0333

C O M PA S S X P N W

Sammamish– Thriving community fueled by connection, education and nature

92

Sammamish home prices continue to soar with new inventory coming to market. As pent-up demand for the area remains high, buyers are aggressive and abundant. A short commute to Bellevue and located near popular outdoor recreation, Sammamish continues to grow and thrive due to COVID-19 relocation conditions.

POPULATION

MEDIAN INCOME

SCHOOL DISTRICT

Growing market with proven

65,733

$165,318

Lake Washington and Issaquah

Q UA R T E R T W O / 2 0 2 1

SAM MAMISH INSIGHTS

results that continues to remain strong and persevere.

257

Q2 2020 Sales

428 ↑66.5% Q2 2021 Sales

% Change

$1,070,000 $1,384,000 ↑31.8% C O M PA S S X P N W

Q2 2020 Median Sales Price

26

Q2 2020 DOM

Q2 2021 Median Sales Price

6

Q2 2021 DOM

% Change

↓76.9% % Change

94

Q UA R T E R T W O / 2 0 2 1

47. 6 0 6 0

-122.3351

C O M PA S S X P N W

Seattle– Metropolitan oasis emerged in the abundant Puget Sound

96

With the growth of Amazon and other major tech companies in Seattle, sales prices remained stable. As more relocation buyers continue to find their home in Seattle, the city continues to have strong buyer demand and inventory continues to rise as Seattle re emerges from COVID-19.

POPULATION

MEDIAN INCOME

SCHOOL DISTRICT

Dramatic rise in transactions

744,955

$85,562

Seattle

Q UA R T E R T W O / 2 0 2 1

S E AT T L E I N S I G H T S

and stagnate home values.

2,537 Q2 2020 Sales

4,290 ↑69.1% Q2 2021 Sales

$725,000

$795,656 ↑9.7%

19

↓5.3%

Q2 2020 Median Sales Price

C O M PA S S X P N W

% Change

Q2 2020 DOM

18

Q2 2021 DOM

Q2 2021 Median Sales Price

% Change

% Change

98

Q UA R T E R T H R E E / 2 0 2 0

Inter-Seattle Neighborhoods

The market trends show that the outlying Seattle neighborhoods have persevered through the unexpected. Home prices have stayed consistent from last year and primarily rose or slightly decreased. Though sales

C O M PA S S X P N W

have bounced back from this time last year with current conditions, a healthy return to new sales is forecasted for the charming neighborhoods around Seattle.

100

22

Q2 2020 Sales

60

Q2 2021 Sales

C O M PA S S X P N W

Even with the closing of the West Seattle Bridge, homes are still selling and sales prices are relatively stable as buyers continue their desire to call this tight knit beachfront community home.

↑172.7% % Change

$859,999

$836,000 ↓2.8%

19

↑89.5%

Q2 2020 Median Sales Price

Q2 2020 DOM

36

Q2 2021 DOM

Q UA R T E R T W O / 2 0 2 1

Alki–The best of Seattle’s beachfront living

Q2 2021 Median Sales Price

% Change

% Change

102

151

Q2 2020 Sales

258

Q2 2021 Sales

C O M PA S S X P N W

The median sales price increased slightly in Ballard since last year, but demand remains high in this popular neighborhood, particularly in new construction condos and townhomes for first time home buyers.

↑70.9% % Change

$739,950

$810,000 ↑9.5%

12

↑41.7%

Q2 2020 Median Sales Price

Q2 2020 DOM

17

Q2 2021 DOM

Q UA R T E R T W O / 2 0 2 1

Ballard–Trendy neighborhood with maritime history

Q2 2021 Median Sales Price

% Change

% Change

104

90

Q2 2020 Sales

159

Q2 2021 Sales

C O M PA S S X P N W

With a significant decrease in days on market, sales prices have risen with a new development boom in this largely residential area, South of the city.

↑76.7% % Change

$631,829

$715,507

29

↓29.5%

Q2 2020 Median Sales Price

Q2 2020 DOM

20

Q2 2021 DOM

Q UA R T E R T W O / 2 0 2 1

Beacon Hill–A Seattle community with relaxed pace

Q2 2021 Median Sales Price

↑13.2% % Change

% Change

106

103

Q2 2020 Sales

240

Q2 2021 Sales

C O M PA S S X P N W

Bustling with Seattle’s top rated restaurants, nightlightlife and boutique shopping, the Capitol Hill market has stayed robust with buyer demand for apartments and condos. Inventory remains low and prices are expected to continue to increase going into 2021.

↑133.0% % Change

$701,142

$763,958 ↑9.0%

21

↑26.3%

Q2 2020 Median Sales Price

Q2 2020 DOM

26

Q2 2021 DOM

Q UA R T E R T W O / 2 0 2 1

Capitol Hill– Vibrant with style all its own

Q2 2021 Median Sales Price

% Change

% Change

108

39

Q2 2020 Sales

62

Q2 2021 Sales

C O M PA S S X P N W

Prices have remained stable since last year, but time on market has dropped as buyers flock to Seattle’s oldest surviving residential area. With increased new construction inventory, highly-funded community improvement projects and an increased single-family home inventory, buyers are considering Central Area as an option.

↑59.0% % Change

$710,000

$732,500 ↑3.2%

21

↓42.9%

Q2 2020 Median Sales Price

Q2 2020 DOM

12

Q2 2021 DOM

Q UA R T E R T W O / 2 0 2 1

Central Area– Residential with perks of city life

Q2 2021 Median Sales Price

% Change

% Change

110

112

Q2 2020 Sales

38

Q2 2021 Sales

C O M PA S S X P N W

With an abundance of new high-rise condos last year and amenities, closed transactions are down in the Denny Triangle neighborhood. Home prices remain stable and units are moving slower due to lack of inventory from a year ago.

↓66.1% % Change

$680,000

$658,000 ↓3.2%

10

↑250.0%

Q2 2020 Median Sales Price

Q2 2020 DOM

35

Q2 2021 DOM

Q UA R T E R T W O / 2 0 2 1

Denny Triangle— Close to enough to walk to downtown

Q2 2021 Median Sales Price

% Change

% Change

112

33

Q2 2020 Sales

100

Q2 2021 Sales

C O M PA S S X P N W

In the heart of the hustle and bustle of downtown Seattle, closings saw a significant increase as the city bounces back from COVID-19. Median sales prices decreased slightly while it is still highly sought after real estate.

↑203.0% % Change

$645,000

$559,975 ↓13.2%

16

↑200.0%

Q2 2020 Median Sales Price

Q2 2020 DOM

48

Q2 2021 DOM

Q UA R T E R T W O / 2 0 2 1

Downtown & Belltown—The heart of the city

Q2 2021 Median Sales Price

% Change

% Change

114

33

Q2 2020 Sales

47

Q2 2021 Sales

C O M PA S S X P N W

In the heart of the hustle and bustle of downtown Seattle, closings saw a significant increase due to social justice factors and COVID-19. Median sales prices jumped slightly as it is still highly sought after real estate.

↑42.4% % Change

$620,950

$695,000 ↑11.9%

31

↓21.2%

Q2 2020 Median Sales Price

Q2 2020 DOM

24

Q2 2021 DOM

Q UA R T E R T W O / 2 0 2 1

Eastlake & SLU— Surrounded by tech, connected to nature

Q2 2021 Median Sales Price

% Change

% Change

116

43

Q2 2020 Sales

76

Q2 2021 Sales

C O M PA S S X P N W

While prices are up in 2021, Fremont remains an in-demand neighborhood with a variety of living options. The inventory does not last long in Fremont, with a significant drop in days on market for listings.

↑76.6% % Change

$720,000

$866,000 ↑20.3%

16

↓18.8%

Q2 2020 Median Sales Price

Q2 2020 DOM

13

Q2 2021 DOM

Q UA R T E R T W O / 2 0 2 1

Fremont— Eccentric, soughtafter neighborhood

Q2 2021 Median Sales Price

% Change

% Change

118

22

Q2 2020 Sales

28

Q2 2021 Sales

C O M PA S S X P N W

The average home price is up significantly in this upscale waterfront community, with an increase in inventory and even larger drop in a listing’s time on the market. Laurelhurst remains a highly demanded community in Seattle.

↓27.3% % Change

$1,287,500

$1,497,500 ↑16.3%

29

↓65.5%

Q2 2020 Median Sales Price

Q2 2020 DOM

10

Q2 2021 DOM

Q UA R T E R T W O / 2 0 2 1

Laurelhurst—Luxury location with prime waterfront views

Q2 2021 Median Sales Price

% Change

% Change

120

Q UA R T E R T W O / 2 0 2 1

Green Lake & Greenwood— Relaxed, family-friendly neighborhoods

These coveted neighborhoods remained more affordable in comparison to other Seattle neighborhoods during this quarter, with home prices staying consistent and inventory being available.

138

Q2 2020 Sales

245

Q2 2021 Sales

% Change

$745,875

$773,688 ↑3.7%

13

↓32.0%

Q2 2020 Median Sales Price

C O M PA S S X P N W

↑77.5%

Q2 2020 DOM

9

Q2 2021 DOM

Q2 2021 Median Sales Price

% Change

% Change

122

21

Q2 2020 Sales

31

Q2 2021 Sales

C O M PA S S X P N W

The median sales price in Leschi has risen slightly in the past year, with a variety of comfortable dwellings available from lakeside condos to charming bungalows.

↑47.6% % Change

$930,000

$1,038,065 ↑11.6%

37

↓70.3%

Q2 2020 Median Sales Price

Q2 2020 DOM

11

Q2 2021 DOM

Q UA R T E R T W O / 2 0 2 1

Leschi—Seattle’s quintessential lakeside community

Q2 2021 Median Sales Price

% Change

% Change

1 24

44

Q2 2020 Sales

80

Q2 2021 Sales

C O M PA S S X P N W

A huge spike in inventory became available in the second quarter of 2021, driving a slight increase in the median sales price and slightly increasing days on market as Madison Valley continues to be a highly sought after community.

↑81.8% % Change

$1,092,136

$1,260,438 ↑15.4%

17

↑14.5%

Q2 2020 Median Sales Price

Q2 2020 DOM

20

Q2 2021 DOM

Q UA R T E R T W O / 2 0 2 1

Madison Park + Valley—Picturesque shores of Lake

Q2 2021 Median Sales Price

% Change

% Change

126

26

Q2 2020 Sales

54

Q2 2021 Sales

C O M PA S S X P N W

Sales have increased dramatically in this quiet neighborhood on the shore of Lake Washington, with a large reduction of the time new listings are on the market and increased median sales price.

↑107.7% % Change

$1,132,500

$1,132,500 ↑19.1%

27

↓59.3%

Q2 2020 Median Sales Price

Q2 2020 DOM

11

Q2 2021 DOM

Q UA R T E R T W O / 2 0 2 1

Madrona— An oasis of quiet and comfort

Q2 2021 Median Sales Price

% Change

% Change

128

109

Q2 2020 Sales

167

Q2 2021 Sales

C O M PA S S X P N W

Featuring some of the most stunning real estate and scenery in Seattle, Magnolia remains an oasis in the city. Inventory and sales prices are up as buyers seek a quieter and slower pace of life.

↑53.2% % Change

$1,015,000

$1,075,000 ↑5.9%

23

↓43.5%

Q2 2020 Median Sales Price

Q2 2020 DOM

13

Q2 2021 DOM

Q UA R T E R T W O / 2 0 2 1

Magnolia—Traquil neighborhood that enjoys solutiude

Q2 2021 Median Sales Price

% Change

% Change

130

50

Q2 2020 Sales

64

Q2 2021 Sales

C O M PA S S X P N W

Single-family bungalows and classic midcentury modern homes dominate this residential community. 2021 has brought stable inventory and higher sales prices, with time on market slightly increasing.

↑28.0% % Change

$811,975

$886,000 ↑9.1%

5

↑60.0%

Q2 2020 Median Sales Price

Q2 2020 DOM

8

Q2 2021 DOM

Q UA R T E R T W O / 2 0 2 1

Maple Leaf—A quaint and tight-knit community

Q2 2021 Median Sales Price

% Change

% Change

132

28

Q2 2020 Sales

36

Q2 2021 Sales

C O M PA S S X P N W

This waterfront community continues to be a popular choice for families and retirees desiring to live south of Seattle. Home prices have soared since last year, and average days on market have dropped significantly.

↑28.6% % Change

$865,000

$912,500 ↑5.5%

22

↓40.9%

Q2 2020 Median Sales Price

Q2 2020 DOM

13

Q2 2021 DOM

Q UA R T E R T W O / 2 0 2 1

Normandy Park— Waterfront community with ample greenery

Q2 2021 Median Sales Price

% Change

% Change

134

35

Q2 2020 Sales

58

Q2 2021 Sales

Q UA R T E R T W O / 2 0 2 1

Phinney Ridge— Family-friendly on a perch over the city

Inventory has increased and moves rapidly as buyers seek a mix of urban and suburban in Phinney Ridge, particularly among young first time home buyers looking for extra space near the city.

↑66.7% % Change

$909,000 $1,030,000 ↑13.3% C O M PA S S X P N W

Q2 2020 Median Sales Price

11

Q2 2020 DOM

Q2 2021 Median Sales Price

14

Q2 2021 DOM

% Change

↑27.3% % Change

136

126

Q2 2020 Sales

260

Q2 2021 Sales

C O M PA S S X P N W

As rated a top ten neighborhood in Seattle, its no surprise homebuyers continue to flock to the classic single-family homes in Queen Anne. With a slight increase in the median sales price, demand and sales is expected to continue through 2021.

↑106.3% % Change

$847,500

$950,000 ↑12.1%

21

↑14.3%

Q2 2020 Median Sales Price

Q2 2020 DOM

24

Q2 2021 DOM

Q UA R T E R T W O / 2 0 2 1

Queen Anne— Picturesque with some of Seattle’s best views

Q2 2021 Median Sales Price

% Change

% Change

138

44

Q2 2020 Sales

34

Q2 2021 Sales

C O M PA S S X P N W

Sales are slightly down since last year for the primarily single-family homes of Rainier Beach.

Prices have increased as well with a sharp decline in days on market, proving that this area provides excellent home value to interested buyers.

↓22.7% % Change

$544,205

$652,471 ↑19.9%

21

↓40.7%

Q2 2020 Median Sales Price

Q2 2020 DOM

13

Q2 2021 DOM

Q UA R T E R T W O / 2 0 2 1

Rainier Beach— A community with pride in its diversity

Q2 2021 Median Sales Price

% Change

% Change

140

77

Q2 2020 Sales

119

Q2 2021 Sales

C O M PA S S X P N W

Prices are on the rise with lowered days on market as Shoreline continues to be a highly attractive community to live in, especially as Seattle’s cost of living and home prices continue to skyrocket.

↑54.5% % Change

$595,519

$784,605 ↑31.8%

18

↓21.0%

Q2 2020 Median Sales Price

Q2 2020 DOM

14

Q2 2021 DOM

Q UA R T E R T W O / 2 0 2 1

Shoreline­­—Classic and convenient suburban living

Q2 2021 Median Sales Price

% Change

% Change

142

48

Q2 2020 Sales

90

Q2 2021 Sales

C O M PA S S X P N W

Though average days on market has increased slightly, prices and sales have remained relatively steady in this laid-back neighborhood with popularparks, boutique shops and convenient proximity to Seattle.

↑87.5% % Change

$860,000

$900,000 ↑4.7%

25

↑12.0%

Q2 2020 Median Sales Price

Q2 2020 DOM

28

Q2 2021 DOM

Q UA R T E R T W O / 2 0 2 1

Wallingford— Small-town vibes with big-city perks

Q2 2021 Median Sales Price

% Change

% Change

144

Q UA R T E R T W O / 2 0 2 1

West Seattle— Laid-back restaurants and city views

Likely due to buyer uncertainty based around the West Seattle Bridge, prices remain on the rise though days on market are lower. However, many people still consider West Seattle’s self-sufficient attitude is an attractive draw for the community.

76

Q2 2020 Sales

124

Q2 2021 Sales

% Change

$563,401

$639,312 ↑13.5%

23

↓17.7%

Q2 2020 Median Sales Price

C O M PA S S X P N W

↑63.2%

Q2 2020 DOM

19

Q2 2021 DOM

Q2 2021 Median Sales Price

% Change

% Change

146

Q UA R T E R T W O / 2 0 2 1

47. 9 1 2 7

-122.0962

C O M PA S S X P N W

Snohomish– A close community amongst beaches, rolling hills and rich farmlands

148

The area continues to show strong market trends with its affordability and privacy. With a strong sense of community, Snohomish proves to be a sought after area in Greater Seattle as sales continues to rise with median sales pricing following suite.

POPULATION

MEDIAN INCOME

SCHOOL DISTRICT

Stable market with high growth

10,185

$66,209

Snohomish

Q UA R T E R T W O / 2 0 2 1

SNOHOMISH INSIGHTS

for buyer demand.

312

Q2 2020 Sales

391

Q2 2021 Sales

% Change

$637,400

$637,400 ↑24.1%

36

↓77.8%

Q2 2020 Median Sales Price

C O M PA S S X P N W

↑25.3%

Q2 2020 DOM

8

Q2 2021 DOM

Q2 2021 Median Sales Price

% Change

% Change

150

Q UA R T E R T W O / 2 0 2 1

47. 2 5 3 8

- 1 2 2 . 4 4 61

C O M PA S S X P N W

Tacoma– A vibrant and growing city on the banks of the Puget Sound

152

Tacoma proves to be a hotspot for seeking buyers with low inventory, drop in days on market and rising median home prices. The pent up buyer demand is expected to continue as Seattle dwellers seek highly amenitized surrounding cities with water views.

POPULATION

MEDIAN INCOME

SCHOOL DISTRICT

Pent up buyer demand with

216,279

$58,617

Tahoma

Q UA R T E R T W O / 2 0 2 1

TA C O M A I N S I G H T S

homes moving quickly and multiple offer situations.

1,060 1,461 ↑37.8% Q2 2020 Sales

Q2 2021 Sales

$352,250

$450,000 ↑27.8%

16

↓43.8%

Q2 2020 Median Sales Price

C O M PA S S X P N W

% Change

Q2 2020 DOM

9

Q2 2021 DOM

Q2 2021 Median Sales Price

% Change

% Change

154

Q UA R T E R T W O / 2 0 2 1

47. 7 5 4 2

- 1 2 2 .1 61 9

C O M PA S S X P N W

Woodinville– Unique wine country community in armsreach of the city

156

Homeowners are flocking to Woodinville as home sales continue to rise, with booming home values for the highly coveted neighborhoods that offer an abundant lifestyle and close community feel.

POPULATION

MEDIAN INCOME

SCHOOL DISTRICT

Strength in stability and

12,815

$100,306

Northshore

Q UA R T E R T W O / 2 0 2 1

WOODINVILLE INSIGHTS

opportunity for an increase in buyer demand.

134

Q2 2020 Sales

213

Q2 2021 Sales

% Change

$845,000

$1,117,000

24

↓62.5%

Q2 2020 Median Sales Price

C O M PA S S X P N W

↑59.0%

Q2 2020 DOM

9

Q2 2021 DOM

Q2 2021 Median Sales Price

↑32.2% % Change

% Change

158

Q UA R T E R T W O / 2 0 2 1

Now that you’ve seen all the data and the projected forecast for 2021, what do you think? We know, it’s a lot to take in. But we’re here to help. Hopefully, this begins to answer some of the questions you’ve had and reassures you about the strength of the

Final Word

market in the PNW. We believe in the importance of home.

Because where you call “Home” is more important than ever. And while the world around us doesn’t quite look the same - our job description looks just as it did before this season. It’s the job we signed up for, and in a time when jobs are precious, we take ours

C O M PA S S X P N W

seriously. At Compass, our purpose is to help everyone find their place in the world. The place in this world we proudly call, “Home”

160

C O M PA S S X P N W

BELLEVUE

•

FREMONT

•

I SS AQUA H

•

UNIVERSIT Y VILL AGE

•

M A D I S O N PA R K

•

C A P I TO L H I L L

•

BELLINGHAM

•

W E S T S E AT T L E