PACIFIC NORTHWEST Q2 2017 MARKET REPORT www.vdbestates.com
Puget Sound Southwest Washington Portland Oregon
VDB Estates : Advantage in the Marketplace Mark von der Burg is highly regarded as one of the most qualified experts in residential real estate in the Pacific Northwest. For more than twenty-eight years, Mark has built his reputation representing Luxury Estates, Urban Homes, and Waterfront Properties. With sales over $110,000,000 in 2016, he is once again in the top 0.5% of agents nationwide, the second leading Realtor in the Northwest, and Coldwell Banker Bain’s #1 Realtor.
As the founder of VDB Estates, Mark has assembled an extremely capable team of talented professionals who work tirelessly providing exceptional client services. Skilled in their field, they constantly review, adjust, and redevelop various aspects of the business to get the best results. Specialties include Photography, Cinematography, Creative Writing, Staging, Graphic Design, Marketing, Social Media, International Business, Listing/Transaction Management, and Escrow. The team’s success is attributed to expertise, powerful resources and a well-executed, structured plan. Performing from a position of strength, VDB Estates continues to be Coldwell Banker Bain’s #1 Team year after year.
Mark von der Burg | Luxury Division Director
ABOUT COLDWELL BANKER BAIN
Coldwell Banker Bain is the 17th largest real estate company in the country, helping people buy and sell homes in the Pacific Northwest since 1972. With 1000+ brokers in 31 offices throughout Washington and Oregon, the company provides the full spectrum of services to buyers and sellers, with special expertise in the luxury realm. Additionally, the company has once again earned the national Coldwell Banker Chairman’s Circle designation for outstanding performance in volume for 2016, ranking as a number one
network affiliate out of 3,000 offices in 49 countries. The company operates as Coldwell Banker Bain in Western Washington and in the Portland/Vancouver metropolitan area, also providing services in property management, commercial real estate and real estate investment, and relocation management. Coldwell Banker Bain consistently ranks among the Top 20 Real Estate Companies in the nation as cited by Real Trends and RIS Media’s Real Estate. For more information, visit: www.coldwellbankerbain.com
PACIFIC NORTHWEST SECOND QUARTER MARKET REPORT - 2017
SECOND QUARTER NUMBERS
Seattle, Wash (July 14, 2017) – Coldwell Banker Bain, a leading Pacific Northwest real estate market brokerage, releases its second quarter market report providing a variety of statistics for the sale of homes in neighborhoods and counties throughout the Puget Sound region, as well as for segments including luxury and condos. The second quarter report reflects activity between April 1, 2017 and June 30, 2017*. Observations by principal managing brokers working in each major market are also included. Reflecting on the second quarter numbers, Mike Grady, CB Bain President and COO, pointed out the hot spots: “Ballard/Green Lake is hot!! Compared to same quarter last year the inventory shrank almost 33%, with currently only 9 days of active inventory.” He continued, “Redmond is also hot… leading the way with a misery index of -41%, which is inventory that is 41% smaller than the same in the 2nd quarter in 2016.” Grady went onto say, “The King County Condo market has only 13 days of inventory in Seattle and 18 days on the
Eastside. Demand is high and inventories continue to shrink precipitously (-45.1% in Seattle and -29% on the Eastside) compared to the 2nd quarter of 2016.” He also added that, “The average price for a single family detached home on Mercer Island and in Magnolia now exceeds $1.8M, and $1.3M in Bellevue, Capitol Hill and Madison Park! The disparity between these areas compared to those areas to the north and to the south in the Puget Sound region continues to grow: Lynnwood (below $500K) and Everett (approx. $400K) to the North and Tacoma ($359K) and Puyallup ($332K) to the south are just not keeping up with the price increases in these King County markets. Although the distance between these communities remains the same as 30 years ago when prices diverged only 25% – 30%, commute times have separated these communities and affected the demand causing unusually incongruent pricing for such a close geography.” View Full PDF Report here.
PACIFIC NORTHWEST SECOND QUARTER MARKET REPORT - 2017
EASTSIDE AREA Bellevue Bothell Duvall/Carnation Kirkland Issaquah/Sammamish Mercer Island Redmond Woodinville
2017 SECOND QUARTER MARKET REPORT
SINGLE FAMILY & CONDO
Average Sold Price (Nearest $000) “In the second quarter we saw multiple offers, aggressive buyer tactics, short market times and rapidly rising prices. Home and condo sales were hot, as reflected here: All Eastside communities in this report ended the quarter $1,316,000 with less inventory than they had at the end of Q2 2016. We are still playing $644,000 catch-up, despite more listings having come on the market in June and early July. Homes in good condition in highly desirable neighborhoods still receive $651,000 multiple offers, but only if they are priced right. If they are overpriced - or in poor condition - they may well meet the opposite fate. We advise our sellers $990,000 to be prudent with home prep and pricing given the increased competition. At $977,000 the same time, we advise our buyers - some of whom may have ducked out of the spring market due to fatigue or frustration - to $1,802,000 consider jumping back in while there are a few more choices. $953,000 Even with rising home prices, the third quarter may well be the best time for buyers to finally have a chance at owning a piece $893,000 of the Eastside.”
Total Eastside Area
$907,000
Bellevue Bothell Duvall | Carnation Kirkland Issaquah | Sammamish Mercer Island Redmond Woodinville Area Condos
$488,000
–Thadine Bak, Principal Managing Broker Broker of CB Bain’s Bellevue office
$1,902,000
Area Waterfront (SF Only) Area Luxury ($2+M | SF + Condo)
$3,021,000
$0k
$500k
$1000k
$1500k
$2000k
$2500k
$3000k
$3500k
Number of Sales Closed
1000
2174
800
863
Total East Side Sales Closed
600 400
366
200 0
37
527
500 410
117
110
329
90
175
165
Bellevue
Bothell
Duvall | Carnation
Kirkland
Issaquah | Sammamish
Mercer Island
Redmond
Woodinville
Area Condos Only
Area Waterfront (SF only)
Area Luxury ($2+M | SF+C)
17
18
19
16
30
32
12
18
19
68
62
Average Days on Market Current Inventory in Units
Total Eastside Area
1041
154
120
57
124
196
67
65
67
176
1041
227
-20.4%
-13.0%
-22.1%
-25.0%
-12.7%
-11.3%
-13.0%
-41.4%
-14.1%
-29.0%
-19.9%
-3.0%
Change from 2016
PACIFIC NORTHWEST SECOND QUARTER MARKET REPORT - 2017
SEATTLE AREA Ballard | Green Lake Capitol Hill Madison Park Magnolia NE Seattle Seattle Central South Lake Union | Queen Anne West Seattle
2017 SECOND QUARTER MARKET REPORT
SINGLE FAMILY & CONDO
Average Sold Price (Nearest $000) $934,000
Seattle Area
$1,235,000
Capitol Hill
$1,347,000
Madison Park
$1,854,000
Magnolia
$898,000
NE Seattle
$848,000
Seattle Central
$1,119,000
So. Lake Union | Queen Anne
$826,000
West Seattle Area Condos
“We are feeling the volume of new listings being added to inventory and wondering if this is a normal seasonal increase or if it signals a change in the market. We have observed a few properties hitting their offer review date with no offers in hand. Also, we are seeing an increasing number of price reductions on properties with no activity. Sellers are pushing prices up as the result of previous bidding wars creating comparable sales in their locale but the buyer demand is still high and multiple offers still dominate the market.”
$847,000
Ballard | Green Lake
– John Deely, Principal Managing Broker for CB Bain’s Lake Union office
$489,000 $1,677,000
Area Waterfront (SF Only)
$2,570,000
Area Luxury ($2+M | SF + Condo)
$0K
$500K
$1000K
$1500K
$2000K
1570
500
546
375
200 82
100
14
Total Seattle Sales Closed
448
300
0
$3000K
Number of Sales Closed
600 400
$2500K
252
127
39
119
128
18
50
Ballard | Green Lake
Capitol Hill
Madison Park
Magnolia
NE Seattle
Seattle Central
S. Lake Union | Queen Anne
West Seattle
Area Condos Only
Area Waterfront (SF Only)
Area Luxury ($2+M | SF+C)
9
10
22
18
12
18
15
19
12
34
46
25
79
28
75
7.7%
17.2%
Average Days on Market Current Inventory in Units
Total Seattle Area
355
45
-10.6%
-32.9%
18
30
48
77
50.0%
0.0%
-30.2% 18.8%
76
31
-2.6%
-27.9%
-45.1% 28.6%
Change from 2016
PACIFIC NORTHWEST SECOND QUARTER MARKET REPORT - 2017
SOUTH SOUND AREA Gig Harbor | Key Peninsula North Tacoma | Lakewood | University Place Puyallup | Graham SE King County SW King County Bainbridge Island Silverdale
2017 SECOND QUARTER MARKET REPORT
SINGLE FAMILY & CONDO
Average Sold Price (Nearest $000) $386,000
South King, Pierce & Kitsap Areas
$506,000
Gig Harbor/Key Peninsula North Tacoma | University Place Lakewood
$359,000 $332,000
Puyallup | Graham
$451,000
SE King County
$427,000
SW King County Bainbridge Island
$370,000
SIlverdale So. King, Pierce & Kitsap County Condos
“Pierce County home prices showed another increase as we entered the summer months and have now eclipsed the all-time highs of 2007. With high demand and low inventory, this looks like the beginning of a sustained period of home price increases, with buyers still not showing any price reluctance. Buyers from more expensive markets up north continue to reevaluate their commutes to consider Pierce County’s relatively low prices. All buyers are focusing on new listings, though there are potential good values among listings that haven’t sold. Toward the end of this quarter, listing inventory made some headway against sales and grew to an eight-month high with 2,215 homes for sale. This is still below the June 2016 figure of 2,322, but is a welcome relief for buyers who are seeing a few more choices with each listing tour. Sales numbers decreased just slightly to 2009 levels, which is still $965,000 a new record for June. Well-priced new listings continue to experience a market frenzy.” – Stephanie Callen CB Bain Puyallup office
$247,000
So. King & Pierce County Waterfront (SF Only)
$758,000
So. King, Pierce & Kitsap County Luxury ($1+M | SF+Condo)
$1,418,000
$0K
$300K
$600K
$900K
$1200K
Number of Sales Closed
2000
8312
1500
South King, Pierce & Kitsap Area Sales Closed
1648
1000 847
500
1052
962
459
0
30
$1500K
892 297
149
91
137
Gig Harbor | Key Peninsula
N. Tacoma | University Place | Lakewood
Puyallup | Graham
SE King County
SW King County
Bainbridge Island
Silverdale
So. King, Pierce & Kitsap County Condos
So. King, Pierce & Kitsap County Waterfront (SF Only)
So. King, Pierce & Kitsap County Luxury ($1+M | SF+C)
67
24
27
23
24
43
40
23
75
108
54
303
421
293
-3.6%
-22.5%
-9.1%
Average Days on Market Current Inventory in Units
Total South King, Pierce & Kitsap Areas
3960
385
385
-11.2%
-4.2%
-14.8%
465
579
447
-26.6%
-21.6%
5.7%
94 0.0%
3.5%
Change from 2016
PACIFIC NORTHWEST SECOND QUARTER REPORT - 2017
NORTH SOUND AREA (Snohomish, Skagit, Whatcom) Anacortes Bellingham Edmonds Everett Lynnwood Marysville
2017 SECOND QUARTER MARKET REPORT
SINGLE FAMILY & CONDO
Average Sold Price (Nearest $000) $450,000
North Sound Area
“We continue to see very low inventory, multiple offers and buyer fatigue. However, buyers this year are not giving up easily. They are doggedly determined to find their home and win their bid without giving up their protective rights, like inspections, financing, etc. Once again, we are experiencing low appraisals. We recently had a situation with a $30K undervalued appraisal on new construction. Our agent challenged the appraisal by doing a lot of research. Ultimately, the new appraisal value was raised $30K to the agreedupon sale amount. It took a lot of extra work but the lesson is, do the work and you have a far better chance of getting the value where it should be. Our Snohomish County economy remains strong and all indicators tell us this is not likely to change anytime soon.”
$487,000
Anacortes
$430,000
Bellingham
$669,000
Edmonds
$401,000
Everett
$498,000
Lynnwood
$350,000
Marysville
$295,000
3-County Area Condos 3-County Area Waterfront (SF Only)
– Diedre Haines, Principal Managing Broker of CB Bain Lynnwood and Edmonds
$557,000
3-County Area Luxury ($1+M | SF+C)
$1,380,000
$0K
$300K
$600K
$900K
500 498
Total North Sound Sales Closed
435
300
347
200
24
1906
576
400
0
$1500K
Number of Sales Closed
600
100
$1200K
272
230
65
124
6
Anacortes
Bellingham
Edmonds
Everett
Lynnwood
Marysville
3-County Area Condos
3-County Area Waterfront (SF Only)
3-County Area Luxury ($1+M | SF+C)
65
31
22
15
12
25
17
50
65
139
184
90
33
-14.2%
-7.5%
-15.1%
Average Days on Market Current Inventory in Units
Total North Sound Area
907
127
260
74
-8.7%
-6.6%
-20.0%
-23.7%
185
122
12.1%
13.0%
6.5%
Change from 2016
PACIFIC NORTHWEST SECOND QUARTER REPORT - 2017
PUGET SOUND AREA COUNTIES Island King Kitsap Pierce Skagit Snohomish Whatcom
2017 SECOND QUARTER MARKET REPORT
SINGLE FAMILY & CONDO
Average Sold Price (Nearest $000) Island
$407,000
King
$760,000
Kitsap
$404,000
Pierce
$347,000
Skagit
$354,000
Snohomish
$481,000 $371,000
Whatcom
$0K 8000 7000 6000 5000 4000 3000 2000 1000 0
$100K
$200K
$300K
$400K
$500K
$600K
$700K
$800K
Number of Sales Closed 7853
4339
1273
526
603
3272
924
Island
King
Kitsap
Pierce
Skagit
Snohomish
Whatcom
50
19
37
33
46
22
46
Average Days on Market Current Inventory in Units 444
2619
738
2196
416
1366
730
-9.9%
-19.2%
-4.2%
-5.7%
-19.1%
-8.6%
-16.7%
Change from 2016
PACIFIC NORTHWEST SECOND QUARTER REPORT - 2017
SOUTHWEST WASHINGTON East Clark County North Clark County West Clark County
2017 SECOND QUARTER MARKET REPORT
SINGLE FAMILY & CONDO
Average Sold Price East Clark County
North Clark County
West Clark County
(Nearest $000)
$363,000
$378,000
$357,000
$201,000
Area Condos
$1,718,000
Area Luxury ($1+M | SF+C)
$0K
$500K
$1000K
$1500K
$2000K
Number of Sales Closed
1200 1000 800
1067
600 400
619 105
200 0
343
7
East Clark County
North Clark County
West Clark County
Area Condos
Area Luxury ($1+M | SF+C)
39
35
34
35
199
56
64
9.8%
3.2%
Average Days on Market Current Inventory in Units 578
280
337
-15.5%
-3.1%
-0.6% Change from 2016
PACIFIC NORTHWEST SECOND QUARTER REPORT - 2017
SOUTHWEST WASHINGTON COUNTIES Clark County Cowlitz County
2017 SECOND QUARTER MARKET REPORT
SINGLE FAMILY & CONDO
Average Sold Price (Nearest $000)
Clark County
$377,000
Cowlitz County
$227,000
$0K
$50K
$100K
$150K
$200K
$250K
$300K
$350K
$400K
Number of Sales Closed
2000 1500 1000
1981 389
500 0 Clark County
Cowlitz County
34
35
Average Days on Market Current Inventory in Units 1159
228
-8.1%
-16.8% Change over first quarter 2017
PACIFIC NORTHWEST SECOND QUARTER REPORT - 2017
PORTLAND OREGON REGION
Portland, Oregon (July 14, 2017) – Coldwell Banker Bain, a leading Northwest real estate market brokerage, releases its second quarter market report providing a variety of statistics for the sale of homes in neighborhoods and counties in SW Washington and Oregon, as well as for segments including luxury and condos. This second quarter report reflects activity between April 1, 2017and June 30, 2017*.
Reflecting on the second quarter numbers, David Sly, Principal Managing Broker of the Portland Uptown and Lake Oswego office, pointed to interesting data trends: “Lake Oswego… at 144 days of inventory, it is the “fullest” inventory marketplace of those areas reported throughout the Northwest. Oregon market Inventories have been expanding, increasing from 12% (West Portland) to 44% (NE Portland) compared to the 2nd quarter of last year. Remarkably, across the river in Vancouver inventories are shrinking more like the Puget Sound area with some areas (East Clark County) down by almost 16%.
The condo market in both the SW Washington and Portland markets has experienced rising inventories of 10% and 29%, respectively, with 925 sales reported in the quarter in the 3-county Portland region.” View Full PDF Report here. — David Sly, Principle Managing Broker of Portland Uptown and the Lake Oswego CB Bain Office
PORTLAND OREGON REGION Beaverton | Aloha Lake Oswego | West Linn Milwaukie | Happy Valley North Portland Northeast Portland Southeast Portland West Portland | Raleigh Hills
2017 SECOND QUARTER MARKET REPORT
SINGLE FAMILY & CONDO
Average Sold Price (Nearest $000) $435,000
North Portland
$479,000
Northeast Portland
$425,000
Southeast Portland
$703,000
West Portland | Raleigh Hills
$736,000
Lake Oswego | West Linn Milwaukie | Gladstone | Happy Valley
$437,000 $417,000
Beaverton | Aloha
$323,000
Portland Metro (Tri-County) Area Condos Portland Metro Area Luxury ($1+M | SF+C)
$1,455,000
$0K
$300K
800
$1200K
$1500K
925
880
600
673
400
0
$900K
Number of Sales Closed
1000
200
$600K
616
533
538
351
291
185 North Portland
Northeast Portland
Southeast Portland
West Portland | Raleigh Hills
Lake Oswego | West Linn
Milwaukie | Gladstone | Happy Valley
Beaverton | Aloha
Portland Metro (Tri-County) Area Condos
Portland Metro Area Luxury ($1+M | SF+C)
17
19
20
28
39
34
20
26
71
Average Days on Market Current Inventory in Units 120
355
455
441
16.5%
44.3%
17.9%
12.2%
405
405
246
464
484
14.1%
0.2%
26.8%
28.5%
14.2%
Change from 2016
PACIFIC NORTHWEST SECOND QUARTER REPORT - 2017
OREGON REGION COUNTIES Clackamas Multnomah Yamhill Washington
2017 SECOND QUARTER MARKET REPORT
SINGLE FAMILY & CONDO
Average Sold Price
(Nearest $000)
Clackamas County
$496,000
Multnomah County
$479,000
$464,000
Washington County
$341,000
Yamhill County
$0K
$100K
$200K
$300K
$400K
$500K
Number of Sales Closed
3000 2500 2000
2594
1500 1000
2036 1617
396
500 0
Clackamas County
Multnomah County
Washington County
Yamhill County
38
23
25
48
Average Days on Market Current Inventory in Units 1251
1512
1112
0.8%
21.0%
18.3%
286 -10.3%
Change over first quarter 2017
PACIFIC NORTHWEST SECOND QUARTER REPORT - 2017
SECOND QUARTER MARKET REPORT - 2017
*Information and statistics derived by CB Bain from the Northwest Multiple Listing Service (NWMLS) each quarter. Statistics not compiled or published by the NWMLS.