CENTRAL SOUND 2021 Q2 MARKET REPORT
coldwellbankerbain.com
Helping people buy and sell homes in the Pacific Northwest since 1972, Coldwell Banker Bain is an undisputed market leader, posting nearly $6 billion in sales in 2020. With 32 offices and more than 1,300 brokers in Washington and Oregon, plus a global reach that extends to 92,000 brokers in 43 countries, we’re not only one of the largest Coldwell Banker affiliates in the world, we’re also the most accomplished real estate company in the Northwest. Our commitment to knowledge, expertise and market insights consistently undergirds our reputation for excellence and service. An emphasis on global access in the luxury realm, combined with the power, reach and recognition of the Coldwell Banker brand, allows us to outsell and outperform our rivals, as we elevate the standard for marketing premier properties in the Puget Sound area and the Pacific Northwest. As important to us as business success— we also provide services in property management, commercial real estate, real estate investment and relocation management— is the understanding that real estate is more than just a transaction; it’s a key part of building safe, happy and prosperous lives for our clients, our brokers and their families.
JOHN DEELY executive VP of Operations Reflecting on the second-quarter numbers, John Deely, Coldwell Banker Bain Executive Vice President of Operations, said, “We continue on a trajectory that will keep the Puget Sound region at the top of national lists for one of the hottest housing markets. Prices continue their climb with double digit increases in most of our markets, and inventory on hand at about two weeks in the larger areas. While we’re experiencing a bit of moderating activity in June, rather than that being an indication of a flattening of the market, we believe this is a result of our extreme heat events, a typical summer slowdown as schools let out and people start vacationing, and this year, the reopening of the country and discontinuation of COVID restrictions. The dramatic increase in prices and low inventory just continues in such a way that although we have more inventory coming on the market, it is immediately absorbed because of a demand that simply cannot be met. Affordability, especially for first-time homebuyers, continues to be a concern, and given indications from tech companies like Amazon and Microsoft to leasing large office spaces and hiring thousands of employees going forward in our region, drawing people from higher-priced markets like Silicon Valley who have a lot of money to spend, we don’t see much change in this scenario for buyers in the short term. Additionally, with national data of new household formations showing a shortage of more than 500,000 new homes per year for the entire decade, we have a nationwide shortfall of five million new homes. Without regulatory changes, we will not be able to quickly build our way out of this kind of shortfall. It’s a situation major cities and regions across the country will need to address going forward to ensure availability and affordability of homes.”
2021 Q2 CENTRAL SOUND MARKET REPORT
3
4 2021 Q2 CENTRAL SOUND MARKET REPORT
central sound
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
BAINBRIDGE ISLAND | BREMERTON | KINGSTON | PORT ORCHARD POULSBO & FINN HILL | SEABECK | SILVERDALE
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
$498K
Central Sound
12
Bainbridge Island
$1.25M
Bremerton
18 18
$405K
Kingston
6
$638K
Port Orchard
$480K
Poulsbo & Finn Hill
10 8
$600K
Seabeck
$530K
Silverdale
6
$478K
Condos
10
$330K
8
Waterfront
$838K
(SF Only)
20
Luxury
16
$1.36M
($2+M | SF+C)
$300K
$600K
$1.2M
$900K
$1.5M
NUMBER OF SALES CLOSED 500
1,245
400
300
421
TOTAL AREA SALES CLOSED
200
247
53
32
100
237
72
78
126
129
127
0
Bainbridge Island
Bremerton
Kingston
Port Orchard
INVENTORY IN UNITS / 06.30.2021
Poulsbo & Finn Hill
Seabeck
Silverdale
All Kitsap Condos
Area Waterfront
TOTAL CENTRAL SOUND INVENTORY / 242
Area Luxury -33.5%
20
71
14
76
17
7
37
31
23
36
-63.0%
-15.5%
+55.6%
-38.2%
-32.0%
-46.2%
-33.9%
0.0%
-52.1%
-34.5%
Bainbridge Island
Bremerton
Kingston
Port Orchard
Poulsbo & Finn Hill
Seabeck
Silverdale
All Kitsap Condos
Area Waterfront
Area Luxury
2021 Q2 CENTRAL SOUND MARKET REPORT
5
central sound TOTAL CENTRAL SOUND AREA
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
1245
908
+37.1%
MEDIAN SOLD PRICE
$498K
$402K
+23.9%
12
24
-50.0%
107%
99%
+8.1%
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
72
59
+22.0%
MEDIAN SOLD PRICE
$330K
$248K
+33.1%
8
30
-73.3%
102%
99%
+3.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$498K
MEDIAN SOLD PRICE UP +23.9% from 2020
CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
6 2021 Q2 CENTRAL SOUND MARKET REPORT
$330K
MEDIAN SOLD PRICE UP +33.1% from 2020
WATERFRONT
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
78
60
+30.0%
MEDIAN SOLD PRICE
$838K
$650K
+28.9%
20
52
-61.5%
104%
96%
+8.3%
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
127
55
+130.9%
MEDIAN SOLD PRICE
$1.36M
$1.40M
-2.9%
16
56
-71.4%
108%
96%
+12.5%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$838K
MEDIAN SOLD PRICE UP +28.9% from 2020
LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.36M MEDIAN SOLD PRICE UP -2.9% from 2020
2021 Q2 CENTRAL SOUND MARKET REPORT
7
central sound BAINBRIDGE ISLAND
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
129
100
+29.0%
MEDIAN SOLD PRICE
$1.25M
$909K
+37.5%
18
40
-55.0%
108%
99%
+10.2%
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
247
149
+65.8%
MEDIAN SOLD PRICE
$405K
$333K
+21.6%
18
21
-14.3%
105%
101%
+4.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.25M
MEDIAN SOLD PRICE UP +37.5% from 2020
BREMERTON
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2021 Q2 CENTRAL SOUND MARKET REPORT
$405K MEDIAN SOLD PRICE UP +21.6% from 2020
KINGSTON
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
32
26
+23.1%
MEDIAN SOLD PRICE
$638K
$470K
+35.7%
6
46
-87.0%
110%
99%
+11.1%
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
421
312
+34.9%
MEDIAN SOLD PRICE
$480K
$389K
+23.4%
10
21
-52.4%
106%
100%
+6.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$638K
MEDIAN SOLD PRICE UP +35.7% from 2020
PORT ORCHARD
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$480K MEDIAN SOLD PRICE UP +23.4% from 2020
2021 Q2 CENTRAL SOUND MARKET REPORT
9
central sound POULSBO/FINN HILL
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
126
79
+59.5%
MEDIAN SOLD PRICE
$600K
$459K
+30.7%
8
17
-52.9%
106%
100%
+6.0%
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
53
39
+35.9%
MEDIAN SOLD PRICE
$530K
$424K
+25.0%
6
20
-70.0%
105%
100%
+5.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$600K MEDIAN SOLD PRICE UP +30.7% from 2020
SEABECK
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2021 Q2 CENTRAL SOUND MARKET REPORT
$530K
MEDIAN SOLD PRICE UP +25.0% from 2020
SILVERDALE
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
237
203
+16.7%
MEDIAN SOLD PRICE
$478K
$405K
+18.0%
10
25
-60.0%
107%
101%
+5.9%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$478K
MEDIAN SOLD PRICE UP +18.0% from 2020
2021 Q2 CENTRAL SOUND MARKET REPORT 11
*Information and statistics derived by CB Bain from the Northwest Multiple Listing Service (NWMLS), Regional Multiple Listing Service (RMLS) and the Multiple Listing Service of Central Oregon (MLSCO) each quarter. Statistics not compiled or published by the NWMLS, RMLS or MLSCO.