CENTRAL SOUND 2021 Annual MARKET REP ORT
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.
MIKE GRADY President & Chief Executive Officer of Coldwell Banker Bain “It’s been 20 months since this hyper-market started and, from a numbers perspective, no one predicted anything like what we experienced in 2021. We ended up increasing listings by 10%, closings by 8.5%, average sales price by 21.1% and ended the year surpassing $8 Billion in total closed volume. Looking ahead at 2022, the economic news continues to be positive: interest rates, net new job formations, migration patterns all good for the Pacific Northwest. The attitudes and moods of our business leaders is positive and upbeat. There are some concerns for 2022. The media recent focus on recent “inflationary” trends, the announced easing of mortgage-backed securities being purchased by the Federal Reserve’s lead one to be aware that home mortgage interest rates are very low today and might slightly increase in 2022. And we’re slightly concerned about a report from NAR that the percentage of first-time home buyers was below 30% in November. But we believe the positive economic news is significantly stronger and we remain bullish on 2022 and early 2023. Yes, inventory will be a continuing challenge and yes, home prices will continue to increase as the competition for inventory continues - but neither as concerning as 2021.”
2021 ANNUAL CENTRAL SOUND MARKET REPORT
3
2021 ANNUAL MARKET REPORT
CRISTIAN KOCH Principal Managing Broker of bainbridge island “During 2021, the realities of supply and demand continued to dictate the real estate market in Kitsap County, and especially noted on Bainbridge Island where inventory was down by 60% from 2020. The number of sales dropped by 10% simply due to the lack of available homes, as the average sales price on Bainbridge finished the year at $1,250,000, a whopping 24% increase over 2020, and the average days on market dropped by almost 50% to only 18 days. Our prediction for 2022 is one of very limited supply and increasing buyer demand. Buyers must be ready to preview with short notice once a property goes on market, and little time to evaluate and ponder as they compete with other seemingly desperate buyers. The activity will be governed by how the interest rates perform, but the transition to a hybrid work environment will continue to push the buying surge.”
4 2021 ANNUAL CENTRAL SOUND MARKET REPORT
central sound
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
BAINBRIDGE ISLAND | BREMERTON | KINGSTON | PORT ORCHARD POULSBO & FINN HILL | SEABECK | SILVERDALE | SUQUAMISH
MEDIAN SOLD PRICE
AVERAGE DOM 17
$490K
Central Sound
18
$1.25M
Bainbridge Island
23
$415K
Bremerton
13
$670K
Kingston
13
$450K
Port Orchard
10
$585K
Poulsbo & Finn Hill
13
$524K
Seabeck Silverdale Condos
$475K
13
$460K
13
$315K
Waterfront
18 20
$926K
(SF Only)
Luxury
17
$1.40M
($2+M | SF+C)
$300K
$600K
$1.2M
$900K
$1.5M
NUMBER OF SALES CLOSED 1200 1000
5,053
1065
800
TOTAL AREA SALES CLOSED
915
600 400
596 153
426
200
185
395
73
454 295
315
0
Bainbridge Island
Bremerton
Kingston
Port Orchard
Poulsbo & Finn Hill
INVENTORY IN UNITS / 12.31.2021
Seabeck
Silverdale
Suquamish
All Kitsap Condos
Area Waterfront
TOTAL CENTRAL SOUND INVENTORY / 144
Area Luxury
-18.2%
9
30
6
11
4
6
29
5
28
12
32
-60.9%
-26.8%
-53.8%
-39.9%
-66.7%
+20.0%
-6.5%
+66.7%
+40.0%
−42.9%
+18.51%
Bainbridge Island
Bremerton
Poulsbo & Finn Hill
Seabeck
Silverdale
Suquamish
All Kitsap Condos
Area Waterfront
Kingston
Port Orchard
Area Luxury
2021 ANNUAL CENTRAL SOUND MARKET REPORT
5
central sound TOTAL KITSAP COUNTY AREA
2021
2020
CHANGE
TOTAL HOMES SOLD
5,053
4,570
+10.6%
MEDIAN SOLD PRICE
$490K
$419K
+16.9%
17
26
-34.6%
104%
100%
+4.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
295
260
+13.5%
MEDIAN SOLD PRICE
$315K
$260K
+21.2%
18
31
-41.9%
101%
98%
+3.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$490K MEDIAN SOLD PRICE UP +16.9% from 2020
CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
6 2021 ANNUAL CENTRAL SOUND MARKET REPORT
$315K
MEDIAN SOLD PRICE UP +21.2% from 2020
WATERFRONT
2021
2020
CHANGE
TOTAL HOMES SOLD
315
327
-3.7%
MEDIAN SOLD PRICE
$926K
$803K
+15.3%
20
57
-64.9%
103%
96%
+7.3%
2021
2020
CHANGE
TOTAL HOMES SOLD
454
329
+38.0%
MEDIAN SOLD PRICE
$1.40M
$1.377M
+1.7%
17
44
-61.4%
106%
98%
+8.2%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$926K
MEDIAN SOLD PRICE UP +15.3% from 2020
LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.40M MEDIAN SOLD PRICE UP +1.7% from 2020
2021 ANNUAL CENTRAL SOUND MARKET REPORT
7
central sound BAINBRIDGE ISLAND
2021
2020
CHANGE
TOTAL HOMES SOLD
426
476
-10.50%
MEDIAN SOLD PRICE
$1.25M
$1.009M
+23.9%
18
35
-48.6%
106%
99%
+7.1%
2021
2020
CHANGE
TOTAL HOMES SOLD
1,065
830
+28.3%
MEDIAN SOLD PRICE
$415K
$349K
+18.9%
23
24
-4.2%
103%
101%
+2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.25M MEDIAN SOLD PRICE UP +23.9% from 2020
BREMERTON
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2021 ANNUAL CENTRAL SOUND MARKET REPORT
$415K
MEDIAN SOLD PRICE UP +18.9% from 2020
KINGSTON
2021
2020
CHANGE
TOTAL HOMES SOLD
153
138
+10.9%
MEDIAN SOLD PRICE
$670K
$538K
+24.5%
13
41
-68.3%
105%
99%
+6.1%
2021
2020
CHANGE
TOTAL HOMES SOLD
596
520
+14.6%
MEDIAN SOLD PRICE
$450K
$380K
+18.4%
13
17
-23.5%
104%
101%
+3.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$670K
MEDIAN SOLD PRICE UP +24.5% from 2020
PORT ORCHARD
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$450K MEDIAN SOLD PRICE UP +18.4% from 2020
2021 ANNUAL CENTRAL SOUND MARKET REPORT
9
central sound POULSBO/FINN HILL
2021
2020
CHANGE
TOTAL HOMES SOLD
395
366
+7.9%
MEDIAN SOLD PRICE
$585K
$495K
+18.2%
10
22
-54.5%
104%
100%
+4.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
185
168
+10.1%
MEDIAN SOLD PRICE
$524K
$429K
+22.1%
13
30
-56.7%
102%
99%
+3.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$585K
MEDIAN SOLD PRICE UP +18.2% from 2020
SEABECK
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2021 ANNUAL CENTRAL SOUND MARKET REPORT
$524K
MEDIAN SOLD PRICE UP +22.1% from 2020
SILVERDALE
2021
2020
CHANGE
TOTAL HOMES SOLD
915
817
+12.0%
MEDIAN SOLD PRICE
$475K
$410K
+15.9%
13
24
-45.8%
104%
101%
+ 3.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
73
77
-5.2%
MEDIAN SOLD PRICE
$460K
$380K
+21.1%
13
23
-43.5%
105%
100%
+5.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$475K
MEDIAN SOLD PRICE UP +15.9% from 2020
SUQUAMISH
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$460K MEDIAN SOLD PRICE UP +21.1% from 2020
2021 ANNUAL 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.