CENTRAL SOUND 2021 Q3 MARKET REPORT
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 34 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 third-quarter numbers, John Deely, Coldwell Banker Bain Executive Vice President of Operations, said, “The third quarter was really amazing related to price appreciations, very limited inventory and time on market, but as outlined by our Coldwell Banker Bain brokers below, we are seeing a bit of change - and not just in the weather. Reports of buyer fatigue, resulting from multiple offer situations that further drove up prices, seem to have impacted activity a bit, which finally provides a positive bit of news for them. With legislation in the queue on the national front that could cause an increase to capital gains rates, many sellers who have been on the fence about selling are now concerned they could lose profit in their homes to taxes if they wait until next year. Coupled with the annual trend of the market slowing as we move into the holiday season, we believe this is a great opportunity for those buyers to return to the market. Prices are now leveling out a bit, and homeowners who are selling in the last quarter of the year always tend to be highly motivated. Buyers will also find less competition this time of year, due to inclement weather and holiday travel.”
2021 Q3 CENTRAL SOUND MARKET REPORT
3
Q3 2021 MARKET REPORT
LAURIE WAY Principal Managing Broker of LAKE union Laurie Way, Principal Managing Broker of Coldwell Banker Bain of Lake Union, Madison Park and Magnolia, said, “The market is still very active in Seattle. Buyers are well-prepared and ready to buy. The inventory shortage is worse than ever shown by the fact that we had 635 single-family homes on the market at the end of September this year vs. last year when we had 1,154, for a loss of 45 percent. A similar story for the Days on Market figures - last year at this time the average DOM was 20 and this year it’s at 14. This means homes are selling 30 percent faster. Buyers need to be ready to go and know what it takes to secure a home in this marketplace. Their broker must prepare them by showing how much over list price homes are selling for in their area of interest, contingencies that buyers are waiving and the risks of doing so. The dip we saw in downtown condo sales was just a blip on the radar as sales are up 79.3 percent from 140 last year to 251 this year. However, current inventory on downtown condos is down with only 165 available vs. 367 at the same time last year. Inventory for luxury market of homes and condos priced over $2 million was down 48.9 percent. Again, this is in context of an already tight market in 2020. Days on Market for luxury homes was down 48.8 percent to 22 days this year. There is just not enough inventory in this category which caused a $101,000 increase in average sales price. The waterfront single-family category (over $2 million), although a much smaller category, was up 92.9 percent in units at 27 sales. Additionally, the Days on Market was down 56.1 percent from 57 to 25.”
4 2021 Q3 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 12
$503K
Central Sound Bainbridge Island
11
$1.278M
Bremerton
10
$408K
Kingston
9
$710K
Port Orchard
$461K
Poulsbo & Finn Hill
9 8
$600K
Seabeck
$512K
Silverdale
8 21
$570K
Condos
14
$347K
Waterfront
$998K
(SF Only)
14
Luxury
11
$1.475M
($2+M | SF+C)
$300K
$600K
$1.2M
$900K
$1.5M
NUMBER OF SALES CLOSED 200
1,546
150
TOTAL AREA SALES CLOSED
167 136
100
102
84
89
50
50
49
141 100
47
0
Bainbridge Island
Bremerton
Kingston
Port Orchard
INVENTORY IN UNITS / 09.30.2021
Poulsbo & Finn Hill
Seabeck
Silverdale
All Kitsap Condos
Area Waterfront
TOTAL CENTRAL SOUND INVENTORY / 313
Area Luxury -0.3%
18
27
14
27
32
15
17
32
27
40
-63.3%
+8.0%
+16.7%
+58.8%
+88.2%
+50.0%
-5.6%
+33.3%
-43.7%
-11.1%
Bainbridge Island
Bremerton
Kingston
Port Orchard
Poulsbo & Finn Hill
Seabeck
Silverdale
All Kitsap Condos
Area Waterfront
Area Luxury
2021 Q3 CENTRAL SOUND MARKET REPORT
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central sound TOTAL CENTRAL SOUND AREA
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
1,546
1,456
+6.2%
MEDIAN SOLD PRICE
$503K
$430K
+17.0%
12
20
-45.5%
104%
100%
+4.0%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
84
78
+7.7%
MEDIAN SOLD PRICE
$347K
$283K
+22.6%
14
26
-46.2%
101%
99%
+2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$503K
MEDIAN SOLD PRICE UP +17.0% from 2020
CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
6 2021 Q3 CENTRAL SOUND MARKET REPORT
$347K
MEDIAN SOLD PRICE UP +22.6% from 2020
WATERFRONT
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
100
110
-9.1%
MEDIAN SOLD PRICE
$998K
$885K
+28.9%
14
55
-74.5%
103%
97%
+6.2%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
141
128
+10.2%
MEDIAN SOLD PRICE
$1.475M
$1.325M
+11.3%
11
37
-70.3%
106%
99%
+7.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$998K
MEDIAN SOLD PRICE UP +12.89% from 2020
LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.47M MEDIAN SOLD PRICE UP +11.3% from 2020
2021 Q3 CENTRAL SOUND MARKET REPORT
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central sound BAINBRIDGE ISLAND
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
136
168
-19.0%
MEDIAN SOLD PRICE
$1.278M
$1.049M
+21.8%
11
34
-67.6%
107%
99%
+8.1%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
89
97
-8.2%
MEDIAN SOLD PRICE
$408K
$335K
+21.8%
10
21
-52.4%
101%
101%
+0.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.27M MEDIAN SOLD PRICE UP +21.8% from 2020
BREMERTON
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2021 Q3 CENTRAL SOUND MARKET REPORT
$408K MEDIAN SOLD PRICE UP +21.8% from 2020
KINGSTON
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
49
38
+28.9%
MEDIAN SOLD PRICE
$710K
$559K
+27.0%
9
57
-84.2%
105%
97%
+8.2%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
167
145
+15.2%
MEDIAN SOLD PRICE
$461K
$385K
+19.7%
9
17
-47.1%
104%
100%
+4.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$710K
MEDIAN SOLD PRICE UP +27.0% from 2020
PORT ORCHARD
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$461K
MEDIAN SOLD PRICE UP +19.7% from 2020
2021 Q3 CENTRAL SOUND MARKET REPORT
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central sound POULSBO/FINN HILL
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
102
121
-15.7%
MEDIAN SOLD PRICE
$600K
$521K
+15.2%
8
19
-57.9%
105%
101%
+4.0%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
50
59
-15.3%
MEDIAN SOLD PRICE
$512K
$425K
+20.5%
8
30
-73.3%
101%
100%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$600K MEDIAN SOLD PRICE UP +15.2% from 2020
SEABECK
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2021 Q3 CENTRAL SOUND MARKET REPORT
$512K
MEDIAN SOLD PRICE UP +20.5% from 2020
SILVERDALE
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
47
42
+11.9%
MEDIAN SOLD PRICE
$570K
$494K
+15.4%
21
28
-25.0%
103%
102%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$570K
MEDIAN SOLD PRICE UP +15.4% from 2020
2021 Q3 CENTRAL SOUND MARKET REPORT 11
KIMBERLY SCHWEITZER BROKER Coldwell Banker Bain | Silverdale 3637 NW Byron Street, Suite 201 | Silverdale, WA 98383 Cell: (360) 900-8295 kimberlyschweitzer@cbbain.com WWW,kimberlyschweitzer.coldwellbankerbain.com
*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.