PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT PUGET SOUND SOUTHWEST WASHINGTON PORTLAND OREGON
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1 2017 PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT PUGET SOUND SOUTHWEST WASHINGTON PORTLAND OREGON
2 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 a 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 No.1 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:
3 FIRST QUARTER NUMBERS Seattle, Wash. (April 17, 2017) Coldwell Banker Bain, a leading Pacific Northwest real estate brokerage, releases its first quarter market report providing a variety of statistics for the sale of homes in neighborhoods and counties throughout the Puget Sound, Southwest Washington and Oregon regions as well as for the luxury & condo segments. The first-quarter report reflects activity between Jan. 1, 2017 and March 31, 2017.* Observations by principal managing brokers working in each major market are also included. Reflecting on the first-quarter numbers, Mike Grady, CB Bain President and COO, said, It s all about inventory. We continue to see a downturn in inventory percentages many areas in double digits over this same time last year, which makes it imperative that buyers be ready when an opportunity arises. He continued, One of our Seattle brokers is reporting success with being patient and looking for the great homes others have missed. He reports this approach is paying off for his clients, and has not yet had one client get into a bidding war where they paid more than the asking price for the home. This shows why it s so important to have a broker working with both buyers and sellers to help navigate facilitating the best offer on a home for sellers, and assisting buyers to avoid overpaying if possible. Grady added, Affordability in King County also continues to be an issue. Our King County brokers are reporting that their buyer clients, seeking properties under $500,000, are looking outside the county. The new Kitsap County fast ferry that launches in July from Bremerton, Kingston and Port Orchard will open up a lot of affordable property and cuts the commute time to King County by half, so we expect to see increased activity in that area. Many are also looking in north Snohomish County.
4 EASTSIDE AREA Bellevue Bothell Duvall/Carnation Kirkland Issaquah/Sammamish Mercer Island Redmond Woodinville EASTSIDE UPDATE Despite low inventory and poor weather, Bellevue s real estate market performed exceptionally well in the first quarter. Our average single-family home price of $1,251,100 was up an incredible 16.3% over first quarter last year, and Bellevue s average sold price was 3.3% above the asking price. Clyde Hill and Medina also showed strong activity: Clyde Hill s average home price was up 7.4% to $2,265,800, with an average market time of only 21 days. Medina saw unit sales increase 62.5% in the first quarter with an average sold price of $2,428,800, up 11% over first quarter last year. With better weather lately, we ve seen buyer traffic and offers go through the roof. It s a good time to be a seller, but we re encouraging our sellers to list their homes quickly. Why? Because in the past few years late May has seen a much higher supply of homes and a concurrent seasonal slowing in buyer traffic. Plus, with mortgage rates predicted to keep rising, sellers want to be on the market before buyers lose any more buying power. Either way, we expect the second quarter to end much like the first: with home sales and prices rising and market times falling. Thadine Bak, Principal Managing Broker of CB Bain Bellevue
5 EASTSIDE AREA Bellevue Bothell Duvall/Carnation Kirkland Issaquah/Sammamish Mercer Island Redmond Woodinville Average Sold Price (Nearest $000) Total Eastside Area Bellevue Bothell Duvall Carnation Kirkland Issaquah Sammamish Mercer Island Redmond Woodinville Area Condos $980,000 $1,251,000 $618,000 $591,000 $938,000 $923,000 $909,000 $879,000 $479,000 $2,162,000 Area Waterfront (SF Only) Area Luxury ($2+M SF + Condo) $2,079,000 $3,144, Bellevue 336 Bothell $0k $500k $1000k $1500k $2000k $2500k $3000k 73 Duvall Carnation Number of Sales Closed 240 Kirkland 274 Issaquah Sammamish 55 Mercer Island 162 Redmond 107 Woodinville 549 Area Condos Only 60 Area Waterfront (SF only) 1422 Total East Side Sales Closed 87 Area Luxury ($2+M SF+C) 41 Total Eastside Area Average Days on Market Current Inventory in Units % 1.0% -46.5% -31.6% -17.6% -24.8% 74.3% -35.4% -31.7% -22.8% -27.0% 13.6% Change from 2016
6 SEATTLE AREA Ballard Green Lake Capitol Hill Madison Park Magnolia NE Seattle Seattle Central South Lake Union Queen Anne West Seattle SEATTLE AREA UPDATE Sales statistics for Seattle are literally off the charts for standing inventory as the volume of buyers exceeds the supply at record levels. When comparing net pending sales to standing inventory we have less than a months worth of listings in all Seattle neighborhoods. Buyers who are ready to make their bid at a moment s notice are finding that it may take several tries to successfully win. Sellers are finding it is more important than ever to work with brokers skilled in the art of managing and negotiating multiple offers. Most sellers are selecting from a multitude of offers on their properties. A few buyers have found themselves the only bidder on prime properties as the competition becomes fatigued and drops out of the market as the predetermined offer review date comes and goes. This anomaly may be due to sellers pushing the pricing envelope. John Deely, Principal Managing Broker of CB Bain Lake Union
7 SEATTLE AREA Ballard Green Lake Capitol Hill Madison Park Magnolia NE Seattle Seattle Central South Lake Union Queen Anne West Seattle Seattle Area Ballard Green Lake Capitol Hill Madison Park Magnolia NE Seattle Seattle Central So. Lake Union Queen Anne West Seattle Area Condos Area Waterfront (SF Only) Area Luxury ($2+M SF + Condo) Average Sold Price (Nearest $000) $865,000 $782,000 $1,006,000 $1,210,000 $996,000 $872,000 $749,000 $1,156,000 $730,000 $465,000 $1,578,000 $2,803, Ballard Green Lake 31 Capitol Hill $0k $500k $1000k $1500k $2000k $2500k $3000k Madison Park Magnolia Number of Sales Closed 225 NE Seattle 154 Seattle Central 65 S. Lake Union Queen Anne 70 West Seattle 351 Area Condos Only 9 Area Waterfront (SF Only) 984 Total Seattle Sales Closed 24 Area Luxury ($2+M SF+C) 26 Total Seattle Area Average Days on Market Current Inventory in Units % -45.5% -46.7% -25.8% -25.4% -3.4% -20.7% 16.7% 3.7% Change from % 5.6% 38.5%
8 SOUTH SOUND AREA Gig Harbor Key Peninsula North Tacoma Lakewood University Place Puyallup Graham SE King County SW King County Bainbridge Island Silverdale SOUTH SOUND AREA UPDATE Fortunately, Pierce County enjoys much lower pricing than our neighbors to the north. More buyers are coming south from Seattle. In fact, almost 12,000 people moved into Pierce County last year. That s more than any other county. The absence of home inventory continues to be the news headline as sellers continue to resist putting their homes on the market as they take advantage of high appreciation rates. Only 1,437 homes are available in all of Pierce County this is a record low for March. Buyers remain active with 1,806 offers accepted. It s an extremely competitive market with multiple offers common. Stephanie Callen, Broker at CB Bain Puyallup While it is true that popular areas like North Tacoma, University Place and Lakewood have shortages of properties available, it pays to keep an eye on the big picture. In some areas, more new housing is being built this year than last year and prices are, generally, lower than in job-rich King County. For example, in Puyallup and Bonney Lake, at the end of the first quarter there were 475 homes available at median prices below $400K. In Gig Harbor, there has been a 30% increase in newly constructed homes brought to market year-to-date. Nonetheless, multiple offers are now commonplace across Pierce County. Successful buyers almost always have their brokers engaged in scouting for opportunities. Mike Flynn, Broker at CB Bain Tacoma
9 SOUTH SOUND AREA Gig Harbor Key Peninsula North Tacoma Lakewood University Place Puyallup Graham SE King County SW King County Bainbridge Island Silverdale South King, Pierce & Kitsap Areas $387,000 Average Sold Price (Nearest $000) Gig Harbor/Key Peninsula North Tacoma University Place Lakewood Puyallup Graham SE King County SW King County $438,000 $333,000 $314,000 $431,000 $406,000 Bainbridge Island $880,000 SIlverdale So. King & Pierce County Condos $234,000 $358,000 So. King & Pierce County Waterfront (SF Only) So. King & Pierce County Luxury ($1+M SF+Condo) $640,000 $1,364,000 $0k $500k $1000k $1500k $2000k $2500k $3000k South King Pierce Kitsap Area Sales Closed Number of Sales Closed Gig Harbor Key Peninsula 590 N. Tacoma University Place Lakewood 705 Puyallup Graham SE King County 740 SW King County 56 Bainbridge Island 68 Silverdale 684 So. King Pierce Kitsap Co. Condos 170 So. King Pierce Kitsap Co. Waterfront (SF Only) 60 So. King Pierce Kitsap Co. Luxury ($1+M SF+C) Total South King Pierce Kitsap Areas Average Days on Market Current Inventory in Units % -9.6% -26.9% -14.2% -18.3% -29.5% 54.0% -25.6% -15.3% -15.8% 0.0% Change from 2016
10 NORTH SOUND AREA (Snohomish, Skagit, Whatcom) Anacortes Bellingham Edmonds Everett Lynnwood Marysville NORTH SOUND AREA UPDATE Things continue to hop in Snohomish County not just with residential customers but also investors. In the first four months of 2017, we ve seen more 1,031 exchange offers than we saw all of last year an indication that real estate is a sound investment. Diedre Haines, Principal Managing Broker of CB Bain Lynnwood and Edmonds
11 NORTH SOUND AREA (Snohomish, Skagit, Whatcom) Anacortes Bellingham Edmonds Everett Lynnwood Marysville Average Sold Price (Nearest $000) North Sound Area Anacortes Bellingham Edmonds Everett Lynnwood Marysville 3-County Area Condos 3-County Area Waterfront (SF Only) $415,000 $443,000 $421,000 $611,000 $371,000 $468,000 $331,000 $270,000 $575,000 3-County Area Luxury ($1+M SF+C) $1,304, Number of Sales Closed Total North Sound Sales Closed Anacortes Bellingham 128 Edmonds Everett 174 Lynnwood Marysville 3-County Area Condos County Area Waterfront (SF Only) 3-County Area Luxury ($1+M SF+C) Total North Sound Area Average Days on Market Current Inventory in Units % -21.5% -45.4% -26.4% -27.9% -28.2% -38.7% -37.4% -41.2% -16.4% Change from 2016
12 PUGET SOUND AREA COUNTIES Island King Kitsap Pierce Skagit Snohomish Whatcom WHATCOM COUNTY UPDATE The first quarter of 2017 has demonstrated the continuation of a strong seller s market. It seems the Seattle and Eastside trends are making their way to Bellingham and Whatcom County regarding multiple offers being commonplace not only in Bellingham but also in the outlying communities. Since this trend continues in other markets, I expect it will here as well. Although we have a strong local economy we do not have the same diverse employment opportunities as in King County and this is making it difficult for first-time buyers to find homes they can afford, particularly in Bellingham. Dean Ulrich, Office Manager of CB Bain Bellingham
13 PUGET SOUND AREA COUNTIES Island King Kitsap Pierce Skagit Snohomish Whatcom Average Sold Price (Nearest $000) Island $374,000 King $689,000 Kitsap $335,000 Pierce $312,000 Skagit $335,000 Snohomish $447,000 Whatcom $368, Island $0K $100K $200K $300K $400K $500K $600K $700K $800K Number of Sales Closed King Kitsap Pierce Skagit Snohomish Whatcom Average Days on Market Current Inventory in Units % -19.6% -8.4% -17.7% -28.7% -28.4% -37.8% Change from 2016
14 SOUTHWEST WASHINGTON East Clark County North Clark County West Clark County Average Sold Price (Nearest $000) East Clark County $349,000 North Clark County $361,000 West Clark County $324,000 Area Condos $209,000 Area Luxury ($1+M SF+C) $1,499, $0K $300K $600K $900K $1200K $1500K Number of Sales Closed East Clark County 290 North Clark County West Clark County 81 Area Condos 9 Area Luxury ($1+M SF+C) Average Days on Market Current Inventory in Units % -26.2% -2.6% 2.5% 6.4% Change from 2016
15 SOUTHWEST WASHINGTON COUNTIES Clark County Cowlitz County Average Sold Price (Nearest $000) Clark County $343,000 Cowlitz County $229, $0K $50K $100K $150K $200K $250K $300K $350K Number of Sales Closed Clark County Cowlitz County Average Days on Market Current Inventory in Units % -14.9% Change over first quarter 2016
16 PORTLAND OREGON REGION Portland, Ore. (April 17, 2017) Coldwell Banker Seal, a leading Northwest real estate brokerage, releases its first-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 the luxury and condo segments. This first quarter report reflects activity between Janu. 1, 2017 and March 31, 2017.* As the prices and inventory reflect, we have had bidding wars with as many as 10 buyers bidding on the same property. We have had homes sell in less than one hour on the open market. At some point prices will rise more than people are willing to pay, but for now if the consumer is borrowing money it is time to step up because when mortgage rates go up that same consumer will take a step back. For now, supply is tight, but interest rates are still low. Don Gladson, Regional Area Manager for CB Seal and Principal Managing Broker of Portland Uptown New listing inventory is still the big topic of discussion throughout the county where are all the new listings? is the cry from many brokers in Clark County. New listing inventory is down by more than 13.6% over 2016 according to the RMLS Market Action report. If a home is well-priced, clean and ready to sell, there are multiple offers on new listings even at a price of $500,000. New construction homes are being built at a breakneck pace, but will fall far short of the needed inventory to satisfy new buyers. Sellers are reluctant to place their current home on the market to sell for fear of not finding a new one to purchase. David Knode, Principal Managing Broker of CB Seal Vancouver East
17 PORTLAND OREGON REGION Beaverton Aloha Lake Oswego West Linn Milwaukie Happy Valley North Portland Northeast Portland Southeast Portland West Portland Raleigh Hills Average Sold Price (Nearest $000) 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 $386,000 $429,000 $373,000 $612,000 $679,000 $382,000 $348,000 $377,000 Portland Metro Area Luxury ($1+M SF+C) $1,570, North Portland 536 Northeast Portland $0K $500K $1000K $1500K $2000K 727 Southeast Portland Number of Sales Closed 688 West Portland Raleigh Hills 282 Lake Oswego West Linn 498 Milwaukie Gladstone Happy Valley 525 Beaverton Aloha 763 Portland Metro (Tri-County) Area Condos 150 Portland Metro Area Luxury ($1+M SF+C) Average Days on Market Current Inventory in Units % 30.6% 10.3% 22.0% -6.1% 1.6% 21.3% 31.4% -0.3% Change from 2016
18 OREGON REGION COUNTIES Clackamas Multnomah Yamhill Washington Average Sold Price (Nearest $000) Clackamas County $446,000 Multnomah County $441,000 Washington County $397,000 Yamhill County $325, $0K $100K $200K $300K $400K $500K Number of Sales Closed Clackamas County Multnomah County Washington County Yamhill County Average Days on Market Current Inventory in Units % 12.8% 15.7% -15.4% Change over first quarter 2016
19 *Information and statistics derived by CB Bain from the Northwest Multiple Listing Service (NWMLS) and Regional Multiple Listing Service (RMLS) each quarter. Statistics not compiled or published by the NWMLS or RMLS.
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