Coldwell Banker Bain Releases 2016 Pacific Northwest Market Annual Report Hottest Year on Record; Pockets of Opportunity in Certain Areas

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1 FOR IMMEDIATE RELEASE Coldwell Banker Bain Releases Pacific Northwest Annual Report Hottest on Record; Pockets of Opportunity in Certain Areas Seattle, Wash (January 20, 2017) Coldwell Banker Bain, a leading Pacific Northwest real estate market brokerage, releases its market annual 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 annual report reflects activity between January 1, and December 31, *. Observations by principal managing brokers working in each major market are also included. Reflecting on the numbers, Mike Grady, CB Bain President and COO, said, Well, the data clearly shows why the Puget Sound region is the hottest real estate market in the nation. And we expect 2017 to continue this trend, based on projected population and job growth numbers. He continued, However, we also see certain pockets of optimism for home buyers, if not related to price increases at least in inventory. Areas including Mercer Island, Magnolia, Seattle Central, West Seattle and Kitsap provide some hope for inventory, and there is growth in available condos in Seattle as well. The biggest pain points continue to be in outlying counties given the movement of people to these areas as a result of more affordability. Eastside Area: % Bellevue 1, % Bothell % Duvall/Carnation % Kirkland % Issaquah/Sammamish % Mercer Island 1, % Redmond % Woodinville % Eastside Area Condos % Eastside Area Waterfront (SF Only) 1, % Eastside Area Luxury ($2+M SF + Condo) 2, %

2 Coldwell Banker Bain Releases Annual Report Seattle Area: % Ballard/Greenlake (98103, 98107, 98117) % Capitol Hill (98102) 1, % Madison Park (98112) 1, % Magnolia (98199) % NE Seattle (98105, 98115, 98125) % Seattle Central (98122, 98144) % So. Lake Union/Queen Anne (98109, 98119) 1, % West Seattle (98116) % Eastside: Thadine Bak, Principal Managing Broker of CB Bain s Bellevue office, said, Even though we kept lamenting the lack of single family homes and condos for sale, Bellevue s real estate market actually performed quite well in. We saw more units sold last year than in. This was despite the tough conditions buyers confronted in the first five months of the year: too much competition for too little inventory. But the frenetic pace eased a bit starting in June as more sellers listed their homes. Buyers remained both active and aggressive right up to the year s ending bell. In December, my office had a number of listings receiving multiple offers, and brokers were writing offers throughout the holidays. As a result of all this buyer activity, prices on Bellevue single-family homes rose 10.6% last year and the average sale came in 1.7% over asking price. With home buyers still coveting Bellevue s proximity to employers, schools and amenities, we expect these trends to continue in Seattle: Area Condos % Area Waterfront (SF Only) 1, % Area Luxury ($2+M SF + Condo) 2, % According to John Deely, Principal Managing Broker of CB Bain s Lake Union office, The market velocity in Seattle is unique in that a large magnitude of properties are moving through the market at an unusually fast pace. The market continued an upward climb in with residential closed sales representing a 2% increase over. The last time the annual sales in Seattle eclipsed this number was a decade earlier in In 2006 we had approximately 12,200 listings come to market compared with a little over 9,700 in. This represents a decrease of over 20% in available inventory but with nearly the same volume of closed sales. The last time Seattle had over a months worth of residential inventory was in December of Page 2

3 Coldwell Banker Bain Releases Annual Report and in Seattle stayed below a one-month supply of listings for the entire year. In the median price for Seattle residential properties increased 12.72% to a new record of $619,990 (single family detached and condo combined) and since 2012 we have experienced a 46.77% cumulative increase. South Sound Area: % Gig Harbor/Key Peninsula % North Tacoma/University Place/Lakewood % Puyallup/Graham % SE King County % SW King County % Kitsap Area: % Bainbridge Island % Silverdale % South King & Pierce County Condos % South King & Pierce County Waterfront (SF Only) % So. King & Pierce County Luxury ($1+M SF + Condo) 1, % North Sound Area (Snohomish, Skagit, Whatcom): % Anacortes % Bellingham % Edmonds % Everett % Lynnwood % Marysville % 3-County Area Condos % 3-County Area Waterfront (SF Only) % 3-County Area Luxury ($1+M SF + Condo) 1, % [more stats on next page] Page 3

4 Coldwell Banker Bain Releases Annual Report Counties: Island % King % Kitsap % Pierce % Skagit % Snohomish % Whatcom % North Sound: According to Diedre Haines, Principal Managing Broker of CB Bain s Lynnwood and Edmonds offices, In we saw modest increases in all measurable categories, i.e. closed transactions, sales pending, and increased inventory. In South Snohomish, I expect 2017 to be similar. There is not only a need to increase inventory but the demand and fast absorption rate makes it much more than a need. We should see an increase in new construction with Mountlake Terrace becoming the new hot spot. Hopefully this will help somewhat but we are already seeing new construction pre-sales (new homes that never get listed or become a part of the market) in increasing numbers. The Shoreline area will also bring an increase in new construction, but, as the market moves northward, it obviously creates more buyers and competition. South Sound: Mike Flynn, Broker in CB Bain s Tacoma office, said, -end inventory is once again smaller in Pierce County. What connects North Tacoma, University Place and Lakewood is that they are mature communities having almost no bare land for new subdivisions. New homes are not the whole story. Another type of seller is often absent from the market these days. For a while it looked as though retirees could reach escape velocity with their home values having risen with the market. The trouble now is that their next-home choices have moved up as well. So far up that a right-sizing move has become too expensive, and the decision to stay put is often judged the best. Those choices not to sell, plus too few new homes, leave many sub-markets with home supply far below demand. Kitsap: Sales activity on Bainbridge Island has been a challenge all year, says Stacia Smith, Principal Managing Broker of CB Bain s Bainbridge Island office. There simply wasn t enough inventory for the demand. Therefore, several homes went under contract quickly with multiple offers further frustrating incoming buyers trying to purchase homes and condos. market and closed sales are relatively the same as. However, the average sold price has increased about 8% since Dec.. We are expecting an early spring buying season to kick at the end of February as sellers are already preparing their homes for sale. *Information and statistics derived from the Northwest Multiple Listing Service (NWMLS). Statistics not compiled or published by the Northwest Multiple Listing Service. About Coldwell Banker Bain Seal Coldwell Banker Bain Seal is the 17 th largest real estate company in the country, helping people buy and sell homes in the Pacific Northwest since With brokers in 31 offices throughout Washington and Oregon, the company provides the full spectrum of services to buyers and sellers, with special Page 4

5 Coldwell Banker Bain Releases Annual Report 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, 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 Coldwell Banker Seal 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 Seal 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 ### Press Contact: Leslie Larson, leslie@larsonmarcom.com, Page 5