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.
6
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
Q UA R T E R T H R E E / 2 0 2 0
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
20
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