EASTSIDE 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 EASTSIDE MARKET REPORT
3
2021 ANNUAL MARKET REPORT
MIKE WINKLER
Principal Managing Broker of mercer island “Reduced Eastside inventory resulted in multiple offers, historic sold price escalations, and significantly reduced market time. Now, what will 2022 bring? According to January’s NWMLS press release, forecasters expect the local market to see continued strong buyer demand, multiple offers, and premium pricing. The Puget Sound is in dire need of more housing units, which would function to slow price growth of the area’s existing housing. However, costs continue to limit building activity, and that is unlikely to change significantly this year, while the Federal Reserve System is signaling interest rate increases will cause some sellers to be more aggressive in getting their homes sold. Whether you are a buyer or a seller, the relevant question is “what do you want to do for housing in 2022?” The responsible answer is to first seek the counsel of a licensed broker with knowledge of the Eastside. As the statistics demonstrate there are many elements between pricing and negotiating various contingencies prior to the final outcome at closing: the experience, skill, and knowledge of the broker is key. This market is dynamic, and will sustain many changes due to inventory, interest rates, and unforeseen challenges encountered during the transaction process.”
4 2021 ANNUAL EASTSIDE MARKET REPORT
eastside area
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
BELLEVUE | BOTHELL | CARNATION | CLYDE HILL | DUVALL | ISSAQUAH KIRKLAND | MEDINA | MERCER ISLAND
MEDIAN SOLD PRICE (NEAREST $000) Eastside Area
AVERAGE DOM 11
$1.350M
Bellevue
11
$1.575M
Bothell
$905K
8
Carnation
$880K
14
Clyde Hill
23
$3.80M
Duvall
12
$830K
Issaquah
12
$1.26M
Kirkland
$1.35M
11
Medina
47
$4.20M
12
$2.20M
Mercer Island $1M
$2M
$3M
$4M
$5M
NUMBER OF SALES CLOSED 2000
8,548 | TOTAL SALES CLOSED
1500
1828
(TOTAL EASTSIDE AREA)
1460
1000
1355 161
500
298
69
368 63
611
0
Bellevue
Bothell
3500 INVENTORY
Carnation
Clyde Hill
Duvall
IN UNITS / 12.31.21
Issaquah
Kirkland
Medina
TOTAL EASTSIDE INVENTORY / 59
Mercer Island -71.4%
3000
8
25
4
1
6
4
4
3
1
-77.8%
+25.0%
+33.3%
-90.0%
+100%
-78.9%
-88.9%
-70.0%
-91.7%
1500Bellevue
Bothell
Carnation
Clyde Hill
Duvall
Issaquah
Kirkland
Medina
Mercer Island
2500 2000
1000 500
2021 ANNUAL EASTSIDE MARKET REPORT
5
eastside area
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
NEWCASTLE | NORTH BEND | RENTON | REDMOND | SAMMAMISH SNOQUALMIE | WOODINVILLE
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
$1.355M
Newcastle
7
$925K
North Bend
15
$1.355M
Redmond
10
$720K
Renton
13
2000
Sammamish
$1.462M
10
$1.0M
Snoqualmie 1500
6
$1.20M
Woodinville 1000
Condos
9
$550K
19
Waterfront
$4.75M
500 ($2M + SF Only)
$2.60M
Luxury ($2M + SF + Condo) 0
$1M
$2M
$3M
37 19
$4M
$5M
$6M
NUMBER OF SALES CLOSED 3500 3000
8,548 | TOTAL SALES CLOSED
2500
(TOTAL EASTSIDE AREA)
3182
2000 1500
1918
1000
440
183
500
1164
1098
1798
645 321
148
0
Newcastle
North Bend
Redmond
Renton
Sammamish Snoqualmie
iNVENTORY IN UNITS / 12.31.21
Woodinville
Condos
Waterfront
TOTAL EASTSIDE INVENTORY / 59
Luxury -71.4%
2
2
5
23
0
2
3
16
8
29
-71.4%
-71.4%
-68.8%
-47.7%
-100%
-50.0%
-75.0%
-92.8%
-65.2%
-74.8%
Newcastle
North Bend
Redmond
Renton
Sammamish
Snoqualmie
Woodinville
Condos
Waterfront
Luxury
6 2021 ANNUAL EASTSIDE MARKET REPORT
eastside area TOTAL EASTSIDE AREA
2021
2020
CHANGE
TOTAL HOMES SOLD
8,548
7,718
+10.8%
MEDIAN SOLD PRICE
$1.35M
$1.02M
+32.4%
11
27
-59.3%
107%
100%
+7.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
3182
2679
+18.8%
MEDIAN SOLD PRICE
$550K
$525K
+4.8%
19
26
-26.9%
102%
99%
+3.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.35M
MEDIAN SOLD PRICE UP +32.4% from 2020
CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$550K MEDIAN SOLD PRICE UP +4.8% from 2020
eastside area WATERFRONT
2021
2020
CHANGE
TOTAL HOMES SOLD
148
130
+13.8%
MEDIAN SOLD PRICE
$4.75M
$3.975M
+19.5%
37
71
-47.9%
100%
97%
+3.1%
2021
2020
CHANGE
TOTAL HOMES SOLD
1798
851
+111.3%
MEDIAN SOLD PRICE
$2.6M
$2.659M
-2.2%
19
53
-64.2%
104%
97%
+7.2%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$4.75M MEDIAN SOLD PRICE UP +19.5% from 2020
LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2021 ANNUAL EASTSIDE MARKET REPORT
$2.60M MEDIAN SOLD PRICE DOWN -2.2% from 2020
BELLEVUE
2021
2020
CHANGE
TOTAL HOMES SOLD
1460
1301
+12.2%
MEDIAN SOLD PRICE
$1.575M
$1.21M
+30.2%
11
25
-56.0%
107%
100%
+7.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
1828
1706
+7.2%
MEDIAN SOLD PRICE
$905K
$715K
+26.6%
8
20
-60.0%
109%
101%
+7.9%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.57M
MEDIAN SOLD PRICE UP +30.2% from 2020
BOTHELL
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$905K
MEDIAN SOLD PRICE UP +26.6% from 2020
2021 ANNUAL EASTSIDE MARKET REPORT
9
eastside area CARNATION
2021
2020
CHANGE
TOTAL HOMES SOLD
161
172
-6.4%
MEDIAN SOLD PRICE
$880K
$750K
+17.3%
14
37
-62.2%
104%
99%
+5.1%
2021
2020
CHANGE
TOTAL HOMES SOLD
69
55
+25.5%
MEDIAN SOLD PRICE
$3.80M
$2.61M
+45.6%
23
51
-54.9%
103%
97%
+6.2%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$880K
MEDIAN SOLD PRICE UP +17.3% from 2020
CLYDE HILL
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2021 ANNUAL EASTSIDE MARKET REPORT
$3.8M
MEDIAN SOLD PRICE UP +45.6% from 2020
DUVALL
2021
2020
CHANGE
TOTAL HOMES SOLD
298
247
+20.6%
MEDIAN SOLD PRICE
$8306K
$685K
+21.2%
12
21
-42.9%
108%
100%
+8.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
611
623
-1.9%
MEDIAN SOLD PRICE
$1.26M
$923K
+36.5%
12
26
-53.8%
108%
100%
+8.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$830K
MEDIAN SOLD PRICE UP +21.2% from 2020
ISSAQUAH
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.26M MEDIAN SOLD PRICE UP +36.5% from 2020
2021 ANNUAL EASTSIDE MARKET REPORT 11
eastside area KIRKLAND
2021
2020
CHANGE
TOTAL HOMES SOLD
1,355
1,244
+8.9%
MEDIAN SOLD PRICE
$1.35M
$1.05M
+28.6%
11
23
-52.2%
106%
100%
+6.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
63
63
+0.0%
MEDIAN SOLD PRICE
$4.20M
$3.865M
+8.7%
47
68
-30.9%
98%
95%
+3.2%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.35M
MEDIAN SOLD PRICE UP +28.6% from 2020
MEDINA
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
12 2021 ANNUAL EASTSIDE MARKET REPORT
$4.20M MEDIAN SOLD PRICE UP +8.7% from 2020
MERCER ISLAND
2021
2020
CHANGE
TOTAL HOMES SOLD
368
336
+9.5%
MEDIAN SOLD PRICE
$2.20M
$1.701M
+29.3%
12
52
-76.9%
105%
98%
+7.1%
2021
2020
CHANGE
TOTAL HOMES SOLD
183
169
+8.3%
MEDIAN SOLD PRICE
$1.355M
$1.03M
+31.6%
7
33
-78.8%
108%
99%
+9.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$2.20M MEDIAN SOLD PRICE UP +29.3% from 2020
NEWCASTLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.35M
MEDIAN SOLD PRICE UP +31.6% from 2020
2021 ANNUAL EASTSIDE MARKET REPORT 13
eastside area NORTH BEND
2021
2020
CHANGE
TOTAL HOMES SOLD
440
398
+10.6%
MEDIAN SOLD PRICE
$925K
$783K
+18.1%
15
31
-51.6%
108%
103%
+4.9%
2021
2020
CHANGE
TOTAL HOMES SOLD
1,098
936
+17.3%
MEDIAN SOLD PRICE
$1.355M
$1.0M
+35.5%
10
23
-56.5%
110%
101%
+8.9%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$925K
MEDIAN SOLD PRICE UP +18.1% from 2020
REDMOND
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
14 2021 ANNUAL EASTSIDE MARKET REPORT
$1.35M
MEDIAN SOLD PRICE UP +35.5% from 2020
RENTON
2021
2020
CHANGE
TOTAL HOMES SOLD
1,918
1,620
+18.4%
MEDIAN SOLD PRICE
$720K
$590K
+22.0%
13
24
-45.8%
106%
101%
+5.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
1,164
1,049
+11.0%
MEDIAN SOLD PRICE
$1.462M
$1.15M
+27.1%
10
25
-60.0%
110%
101%
+8.9%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$720K
MEDIAN SOLD PRICE UP +22.0% from 2020
SAMMAMISH
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.46M MEDIAN SOLD PRICE UP +27.1% from 2020
2021 ANNUAL EASTSIDE MARKET REPORT 15
eastside area SNOQUALMIE
2021
2020
CHANGE
TOTAL HOMES SOLD
321
300
+7.0%
MEDIAN SOLD PRICE
$1.0M
$805K
+24.2%
6
18
-66.7%
108%
101%
+6.9%
2021
2020
CHANGE
TOTAL HOMES SOLD
645
556
+16.0%
MEDIAN SOLD PRICE
$1.20M
$935K
+28.3%
9
23
-60.9%
108%
100%
+8.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.0M
MEDIAN SOLD PRICE UP +24.2% from 2020
WOODINVILLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
16 2021 ANNUAL EASTSIDE MARKET REPORT
$1.20M MEDIAN SOLD PRICE UP +28.3% from 2020
*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.