217 PA C I F I C N O R T H W E S T SECOND QUARTER MARKET REPORT PORTLAND OREGON PUGET SOUND SOUTHWEST WASHINGTON
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 1+ 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 216, ranking as a number one network affiliate out of 3, 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 2 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 - 217
PORTLAND OREGON REGION Portland, Oregon (July 14, 217) 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, 217and June 3, 217*. 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 1% 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 217 SECOND QUARTER MARKET REPORT Beaverton Aloha Lake Oswego West Linn Milwaukie Happy Valley North Portland Northeast Portland Southeast Portland West Portland Raleigh Hills Average Sold Price (Nearest $) North Portland Northeast Portland Southeast Portland $435, $479, $425, West Portland Raleigh Hills Lake Oswego West Linn $73, $736, Milwaukie Gladstone Happy Valley Beaverton Aloha Portland Metro (Tri-County) Area Condos $323, $437, $417, Portland Metro Area Luxury ($1+M SF+C) $1,455, 1 $K $3K $6K $9K $12K $15K 8 88 925 6 4 673 533 616 538 2 291 North Portland Northeast Portland Southeast Portland West Portland Raleigh Hills 351 Lake Oswego West Linn Milwaukie Gladstone Happy Valley Beaverton Aloha Portland Metro (Tri-County) Area Condos 185 Portland Metro Area Luxury ($1+M SF+C) 17 19 2 28 39 34 2 26 71 12 355 455 441 45 45 246 464 484 16.5% 44.3% 17.9% 12.2% 14.1%.2% 26.8% 28.5% 14.2% Change from 216 PACIFIC NORTHWEST SECOND QUARTER REPORT - 217
OREGON REGION COUNTIES Clackamas Multnomah Yamhill Washington 217 SECOND QUARTER MARKET REPORT Average Sold Price (Nearest $) Clackamas County $496, Multnomah County $479, Washington County $464, Yamhill County $341, 3 25 2 15 1 5 $K $1K $2K $3K $4K $5K 2594 236 1617 396 Clackamas County Multnomah County Washington County Yamhill County 38 23 25 48 1251 1512 1112 286.8% 21.% 18.3% -1.3% Change over first quarter 217 PACIFIC NORTHWEST SECOND QUARTER REPORT - 217
SECOND QUARTER NUMBERS Seattle, Wash (July 14, 217) 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, 217 and June 3, 217*. 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 216. 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 216. 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 $5K) and Everett (approx. $4K) 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 3 years ago when prices diverged only 25% 3%, 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 - 217
EASTSIDE AREA 217 SECOND QUARTER MARKET REPORT Bellevue Bothell Duvall/Carnation Kirkland Issaquah/Sammamish Mercer Island Redmond Woodinville Total Eastside Area Bellevue Bothell Duvall Carnation Kirkland Issaquah Sammamish Mercer Island Redmond Woodinville Area Condos Area Waterfront (SF Only) Area Luxury ($2+M SF + Condo) Average Sold Price (Nearest $) $97, In the second quarter we saw multiple offers, aggressive buyer tactics, short market times and rapidly rising prices. Home and condo sales were hot, $1,316, as reflected here: All Eastside communities in this report ended the quarter with less inventory than they had at the end of Q2 216. We are still playing $644, catch-up, despite more listings having come on the market in June and early $651, July. Homes in good condition in highly desirable neighborhoods still receive multiple offers, but only if they are priced right. If they are overpriced - or in $99, poor condition - they may well meet the opposite fate. We advise our sellers $977, to be prudent with home prep and pricing given the increased competition. At the same time, we advise our buyers - some of whom may have $1,82, ducked out of the spring market due to fatigue or frustration - to consider jumping back in while there are a few more choices. $953, Even with rising home prices, the third quarter may well be the $893, best time for buyers to finally have a chance at owning a piece of the Eastside. $488, Thadine Bak, Principal Managing Broker Broker of CB Bain s Bellevue office $1,92, $3,21, $k $5k $1k $15k $2k $25k $3k $35k 1 8 6 863 2174 Total East Side Sales Closed 4 2 41 Bellevue 5 Bothell 11 Duvall Carnation 366 Kirkland 527 Issaquah Sammamish 117 Mercer Island 329 Redmond 175 Woodinville Area Condos Only 9 Area Waterfront (SF only) 165 Area Luxury ($2+M SF+C) 37 17 18 19 16 3 32 12 18 19 68 62 Total Eastside Area 141 154 12 57 124 196 67 65 67 176 141 227-2.4% -13.% -22.1% -25.% -12.7% -11.3% -13.% -41.4% -14.1% -29.% -19.9% -3.% Change from 216 PACIFIC NORTHWEST SECOND QUARTER MARKET REPORT - 217
SEATTLE AREA 217 SECOND QUARTER MARKET REPORT Ballard Green Lake Capitol Hill Madison Park Magnolia NE Seattle Seattle Central South Lake Union Queen Anne West Seattle 6 5 4 3 2 1 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) 448 Ballard Green Lake Seattle Area 39 Capitol Hill $489, $847, $898, $848, $826, Average Sold Price (Nearest $) $1,235, $1,119, $1,347, $1,854, $1,677, $2,57, $K $5K $1K $15K $2K $25K $3K 82 Madison Park $934, 127 Magnolia 375 NE Seattle 252 Seattle Central 119 128 S. Lake Union Queen Anne 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. John Deely, Principal Managing Broker for CB Bain s Lake Union office West Seattle 546 Area Condos Only 18 Area Waterfront (SF Only) 157 Total Seattle Sales Closed 5 Area Luxury ($2+M SF+C) 14 Total Seattle Area 355 9 1 22 18 12 18 15 19 12 34 46 45 18 3 48 77 76 31 25 79 28 75-1.6% -32.9% 18.8% -3.2% -2.6% -27.9% 5.%.% -45.1% 28.6% 7.7% 17.2% Change from 216 PACIFIC NORTHWEST SECOND QUARTER MARKET REPORT - 217
SOUTH SOUND AREA 217 SECOND QUARTER MARKET REPORT 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 2 15 1 5 Gig Harbor/Key Peninsula North Tacoma University Place Lakewood Puyallup Graham SE King County SW King County Bainbridge Island So. King, Pierce & Kitsap County Condos So. King & Pierce County Waterfront (SF Only) So. King, Pierce & Kitsap County Luxury ($1+M SF+Condo) 459 Gig Harbor Key Peninsula SIlverdale 847 N. Tacoma University Place Lakewood $332, $247, $386, $359, $37, Average Sold Price (Nearest $) $56, $451, $427, $758, $1,418, $K $3K $6K $9K $12K $15K 962 Puyallup Graham 1648 SE King County Pierce County home prices showed another increase as we entered the summer months and have now eclipsed the all-time highs of 27. 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 216 figure of 2,322, but is a welcome relief for buyers who are seeing a few more choices $965, with each listing tour. Sales numbers decreased just slightly to 29 levels, which is still a new record for June. Well-priced new listings continue to experience a market frenzy. 152 SW King County 149 Bainbridge Island Stephanie Callen CB Bain Puyallup office 91 Silverdale 892 So. King, Pierce & Kitsap County Condos 297 So. King, Pierce & Kitsap County Waterfront (SF Only) 8312 South King, Pierce & Kitsap Area Sales Closed 137 So. King, Pierce & Kitsap County Luxury ($1+M SF+C) 3 Total South King, Pierce & Kitsap Areas 396 67 24 27 23 24 43 4 23 75 18 385 385 465 579 447 94 54 33 421 293-11.2% -4.2% -14.8% 5.7% -26.6% -21.6% -3.6% -22.5% -9.1%.% 3.5% Change from 216 PACIFIC NORTHWEST SECOND QUARTER REPORT - 217
NORTH SOUND AREA (Snohomish, Skagit, Whatcom) 217 SECOND QUARTER MARKET REPORT Anacortes Bellingham Edmonds Everett Lynnwood Marysville 6 5 4 3 2 1 North Sound Area Anacortes Bellingham Edmonds Everett Lynnwood Marysville 3-County Area Condos 3-County Area Waterfront (SF Only) 3-County Area Luxury ($1+M SF+C) 124 $K $3K $6K $9K $12K $15K 435 Average Sold Price (Nearest $) $43, $35, $295, $45, $41, 23 $487, $498, $557, $669, 498 272 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 $3K undervalued appraisal on new construction. Our agent challenged the appraisal by doing a lot of research. Ultimately, the new appraisal value was raised $3K to the agreed-upon 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. Diedre Haines, Principal Managing Broker of CB Bain Lynnwood and Edmonds $1,38, Anacortes Bellingham Edmonds Everett Lynnwood Marysville 3-County 3-County Area Area Condos Waterfront (SF Only) 347 576 65 196 Total North Sound Sales Closed 6 3-County Area Luxury ($1+M SF+C) 24 65 31 22 15 12 25 17 5 65 Total North Sound Area 97 127 26 74 185 122 139 184 9 33-8.7% -6.6% -2.% -23.7% 12.1% 13.% -14.2% -7.5% -15.1% 6.5% Change from 216 PACIFIC NORTHWEST SECOND QUARTER REPORT - 217
PUGET SOUND AREA COUNTIES 217 SECOND QUARTER MARKET REPORT Island King Kitsap Pierce Skagit Snohomish Whatcom Average Sold Price (Nearest $) Island $47, King $76, Kitsap $44, Pierce $347, Skagit $354, Snohomish $481, 8 7 6 5 4 3 2 1 526 Island Whatcom $K $1K $2K $3K $4K $5K $6K $7K $8K 7853 King $371, 1273 Kitsap 4339 Pierce 3272 63 924 Skagit Snohomish Whatcom 5 19 37 33 46 22 46 444 2619 738 2196 416 1366 73-9.9% -19.2% -4.2% -5.7% -19.1% -8.6% -16.7% Change from 216 PACIFIC NORTHWEST SECOND QUARTER REPORT - 217
SOUTHWEST WASHINGTON East Clark County North Clark County West Clark County 217 SECOND QUARTER MARKET REPORT Average Sold Price (Nearest $) East Clark County $363, North Clark County $378, West Clark County $357, Area Condos $21, Area Luxury ($1+M SF+C) $1,718, $K $5K $1K $15K $2K 12 1 8 167 6 4 2 East Clark County 343 North Clark County 619 West Clark County 15 Area Condos 7 Area Luxury ($1+M SF+C) 39 35 34 35 199 578 28 337 56 64-15.5% -3.1% -.6% 9.8% 3.2% Change from 216 PACIFIC NORTHWEST SECOND QUARTER REPORT - 217
SOUTHWEST WASHINGTON COUNTIES Clark County Cowlitz County 217 SECOND QUARTER MARKET REPORT Average Sold Price (Nearest $) Clark County $377, Cowlitz County $227, 2 $K $5K $1K $15K $2K $25K $3K $35K $4K 15 1 5 1981 389 Clark County Cowlitz County 34 35 1159 228-8.1% -16.8% Change over first quarter 217 PACIFIC NORTHWEST SECOND QUARTER REPORT - 217
SECOND QUARTER MARKET REPORT - 217 *Information and statistics derived by CB Bain from the Northwest Multiple Listing Service (NWMLS) each quarter. Statistics not compiled or published by the NWMLS.