EASTSIDE 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 EASTSIDE AREA MARKET REPORT
3
Q3 2021 MARKET REPORT
MIKE WINKLER
Principal Managing Broker of mercer island Said Mike Winkler, Principal Managing Broker of Coldwell Banker Bain of Mercer Island, “There were 320 homes listed on Mercer Island in the first three quarters of this year and 326 in the first three quarters of 2020, a decrease of 1.84 percent. The number of active listings available on September 30th was also down 46.88 percent from the standing inventory at the end of the third quarter last year (17 vs 32). Standing inventory reflects the continuing market shift/trend towards a seller’s market with tight inventory. The median list price was up 5.34 percent from the prior year, with 2021’s median list price at $2,800,000, compared to the 2020 median list price of $2,658,000. The trend for low inventory and escalating prices has been especially significant on Mercer Island all year, consistent with the Puget Sound and likely to continue.” He continued, “Simply stated, the statistics demonstrate an opportune time for sellers who wish to capitalize on the strong appreciation and price increases of the last few years. Buyers who step into this market benefit as well because the gains enjoyed by sellers are built on the solid economic foundation of our local economy, and that are projected to continue through 2022 with potential increases of another 18 percent in home values. It’s been stated often, albeit true, and bears repeating, that low inventory, competing offers, favorable interest rates, and job growth in the Puget Sound region will continue to propel our housing market(s) for the foreseeable future to the benefit of home sellers and buyers on Mercer Island.”
4 2021 Q3 EASTSIDE AREA 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 10
$1.325M
Bellevue
8
$1.60M
8
$933K
Bothell Carnation
10
$840K
Clyde Hill
5
$4.25M
Duvall
10
$826K
Issaquah
$1.30M
12
Kirkland
$1.256M
11
Medina
43
$4.05M
11
$2.413M
Mercer Island $1M
$2M
$3M
$4M
$5M
NUMBER OF SALES CLOSED 600 500
2,638 | TOTAL SALES CLOSED
300
578
400
(TOTAL EASTSIDE AREA)
461
396
200
49
100
114
91 182
15
20
0
Bellevue 1000 INVENTORY
Bothell
Carnation
Clyde Hill
Duvall
IN UNITS / 09.30.21
Issaquah
Kirkland
Medina
TOTAL EASTSIDE INVENTORY / 268
Mercer Island -54.3%
800 600
41
58
12
5
12
20
39
7
17
-70.7%
+13.7%
+20.0%
-54.5%
-29.4%
-57.4%
-58.5%
-58.8%
-50.0%
Bellevue
Bothell
Carnation
Clyde Hill
Duvall
Issaquah
Kirkland
Medina
Mercer Island
400 300 200
2021 Q3 EASTSIDE AREA 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
$1.18M
Newcastle
7
$925K
North Bend
15
$1.35M
Redmond
8
$715K
Renton
10
600
Sammamish
$1.519M
500
9
$950K
Snoqualmie 400
8
$1.173M
Woodinville
300
Condos
8
$553K
15
200 Waterfront
$5.5M
($2M + SF Only) 100
38
$2.66M
Luxury
($2M + SF + Condo) 0
$1M
$2M
15
$3M
$4M
$5M
$6M
NUMBER OF SALES CLOSED 1000 800
2,638 | TOTAL SALES CLOSED
600
898
(TOTAL EASTSIDE AREA)
400
601
300 200
132
377
North Bend
Redmond
52
568
218 345
84
55
0
Newcastle
Renton
Sammamish Snoqualmie
iNVENTORY IN UNITS / 09.30.21
Woodinville
Condos
Waterfront
TOTAL EASTSIDE INVENTORY / 268
Luxury -54.3%
9
6
30
85
18
4
23
125
19
104
-40.0%
-60.0%
-52.4%
-12.4%
-67.9%
+0.0%
-25.8%
-68.4%
-54.8%
-51.9%
Newcastle
North Bend
Redmond
Renton
Sammamish
Snoqualmie
Woodinville
Condos
Waterfront
Luxury
6 2021 Q3 EASTSIDE AREA MARKET REPORT
TOTAL EASTSIDE AREA
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
2,638
2,543
+3.7%
MEDIAN SOLD PRICE
$1.325M
$1.03M
+28.6%
10
24
-58.3%
106%
99%
+7.1%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
898
797
+12.7%
MEDIAN SOLD PRICE
$553K
$510K
+8.4%
15
25
-40.0%
102%
99%
+3.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.32M
MEDIAN SOLD PRICE UP +28.6% from 2020
CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$553K
MEDIAN SOLD PRICE UP +8.4% from 2020
eastside area WATERFRONT
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
55
51
+7.8%
MEDIAN SOLD PRICE
$5.5M
$3.525M
+56%
38
93
-59.1%
98%
97%
+1.0%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
568
265
+114.3%
MEDIAN SOLD PRICE
$2.66M
$2.699M
-1.4%
15
58
-74.1%
104%
97%
+7.2%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$5.5M
MEDIAN SOLD PRICE UP +56% from 2020
LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2021 Q3 EASTSIDE AREA MARKET REPORT
$2.66M
MEDIAN SOLD PRICE DOWN -1.4% from 2020
BELLEVUE
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
461
395
+16.7%
MEDIAN SOLD PRICE
$1.6M
$1.253M
+27.7%
8
24
-66.7%
107%
99%
+8.1%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
578
551
+4.9%
MEDIAN SOLD PRICE
$933K
$720K
+29.6%
8
15
-46.7%
107%
101%
+5.9%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.60M MEDIAN SOLD PRICE UP +27.7% from 2020
BOTHELL
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$933K
MEDIAN SOLD PRICE UP +29.6% from 2020
2021 Q3 EASTSIDE AREA MARKET REPORT
9
eastside area CARNATION
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
49
51
-3.9%
MEDIAN SOLD PRICE
$840K
$770K
+9.1%
10
28
-64.3%
102%
100%
+2.0%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
15
16
-6.2%
MEDIAN SOLD PRICE
$4.25M
$2.275M
+86.8%
5
98
-94.9%
107%
96%
+11.5%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$840K MEDIAN SOLD PRICE UP +9.1% from 2020
CLYDE HILL
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2021 Q3 EASTSIDE AREA MARKET REPORT
$4.25M MEDIAN SOLD PRICE UP +86.8% from 2020
DUVALL
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
91
81
+12.3%
MEDIAN SOLD PRICE
$826K
$685K
+20.6%
10
16
-37.5%
106%
101%
+5.0%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
182
218
-16.5%
MEDIAN SOLD PRICE
$1.3M
$950K
+36.8%
12
19
-36.8%
108%
100%
+8.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$826K
MEDIAN SOLD PRICE UP +20.6% from 2020
ISSAQUAH
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.30M MEDIAN SOLD PRICE UP +36.8% from 2020
2021 Q3 EASTSIDE AREA MARKET REPORT 11
eastside area KIRKLAND
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
396
409
-3.2%
MEDIAN SOLD PRICE
$1.256M
$1.042M
+20.5%
11
25
-56.0%
106%
99%
+7.1%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
20
14
+42.9%
MEDIAN SOLD PRICE
$4.053M
$4.174M
-2.9%
43
85
-49.4%
97%
95%
+2.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.25M
MEDIAN SOLD PRICE UP +20.5% from 2020
MEDINA
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
12 2021 Q3 EASTSIDE AREA MARKET REPORT
$4.05M
MEDIAN SOLD PRICE DOWN -2.9% from 2020
MERCER ISLAND
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
114
119
-4.2%
MEDIAN SOLD PRICE
$2.413M
$1.75M
+37.9%
11
50
-78.0%
104%
98%
+6.1%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
52
55
-5.5%
MEDIAN SOLD PRICE
$1.18M
$1.06M
+11.3%
7
18
-61.1%
109%
99%
+10.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$2.41M
MEDIAN SOLD PRICE UP +37.9% from 2020
NEWCASTLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.18M
MEDIAN SOLD PRICE UP +11.3% from 2020
2021 Q3 EASTSIDE AREA MARKET REPORT 13
eastside area NORTH BEND
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
132
118
+11.9%
MEDIAN SOLD PRICE
$925K
$803K
+15.2%
15
22
-31.8%
107%
103%
+3.9%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
377
323
+16.7%
MEDIAN SOLD PRICE
$1.35M
$1.05M
+28.6%
8
20
-60.0%
109%
101%
+7.9%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$925K
MEDIAN SOLD PRICE UP +15.2% from 2020
REDMOND
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
14 2021 Q3 EASTSIDE AREA MARKET REPORT
$1.35M
MEDIAN SOLD PRICE UP +28.6% from 2020
RENTON
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
601
503
+19.5%
MEDIAN SOLD PRICE
$715K
$600K
+19.2%
10
19
-47.4%
104%
101%
+3.0%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
345
329
+4.9%
MEDIAN SOLD PRICE
$1.519M
$1.12M
+35.6%
9
17
-47.1%
110%
101%
+8.9%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$715K
MEDIAN SOLD PRICE UP +19.2% from 2020
SAMMAMISH
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.51M
MEDIAN SOLD PRICE UP +35.6% from 2020
2021 Q3 EASTSIDE AREA MARKET REPORT 15
eastside area SNOQUALMIE
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
84
109
-22.9%
MEDIAN SOLD PRICE
$950K
$839K
+13.2%
8
22
-63.6%
104%
101%
+3.0%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
218
203
+7.4%
MEDIAN SOLD PRICE
$1.173M
$940K
+24.8%
8
23
-65.2%
107%
100%
+7.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$950K MEDIAN SOLD PRICE UP +13.2% from 2020
WOODINVILLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
16 2021 Q3 EASTSIDE AREA MARKET REPORT
$1.17M
MEDIAN SOLD PRICE UP +24.8% 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.