EASTSIDE 2021 Q1 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 Vice President of operations “Optimism abounds in the Puget Sound region as businesses continue to open back up, more residents become vaccinated, and we all look forward to getting back to a more ’normal’ way of life. And with local and national economists across the board forecasting a strong rebound going forward, we believe this trend to continue. The single-family numbers are truly astounding related to price appreciation and inventory, with double-digit increases in appreciation and very limited inventory on hand due to high demand. Buyers will continue to be challenged, with one bright spot being in the condo market. When looking at the numbers specific to residential activity on its own and condo activity on its own, there are opportunities throughout the region for condos. They are more reasonably priced and there is more inventory than residential homes. With interest rates still low, buyers should consider condos as an ownership opportunity and a way to build equity—especially if they are currently renting. In all cases, they will need to bring their patience, a qualified and experienced broker, and a realistic outlook on the financial implications of this market to their home search for the foreseeable future.”
2021 Q1 EASTSIDE AREA MARKET REPORT
3
Q1 2021 MARKET REPORT
EJ BOWLDS
Principal Managing Broker of BELLEVUE “The first quarter of 2021 on Seattle’s Eastside was a continuation of our very dynamic 2020 market,” said EJ Bowlds, Principal Managing Broker of Coldwell Banker Bain of Bellevue. “While last year’s real estate market flourished in spite of the COVID-19 outbreak, early 2021 found us having reached a détente with the virus. With the advent of COVID vaccines and the opening of the states’ businesses into phase 3 the real estate market continued to outpace and outperform most predictions. The underlying Puget Sound economy continues to thrive—especially the technology sector. We see no slowdown in the growth of the area’s signature tech firms and given unemployment is hovering around 7% with King County unemployment at 5.3%, this is a positive indicator that our region has stayed healthy even given the job displacement caused by the pandemic. Perhaps the one surprise of this first quarter has been the continuing and rapid growth in appreciation. The normally conservative Case-Shiller index pegged the area’s appreciation rate for February (the latest available report) at 14.3%, second only Phoenix (15%) for the highest appreciation in the country. Last fall appreciation was running around 9%, so the growth is notable. Interest rates have risen about a half percent and are now just under 3 percent. While experts predict more rate hikes later this year, recent history would suggest we could be in this rate- friendly environment for the foreseeable future. Low standing inventory is old news and the first quarter numbers showed no relief on that front with Eastside listings down 71% from the same time last year. By the numbers: The total number of homes closed by the end of March was up 9.3% from the end of the first quarter last year. So even with fewer homes available, the velocity of the market is increasing. The median sales price was up 28% over the same time last year. The average days on the market on the Eastside in 2020 was 44 days and this year the average home is selling in only 19 days, another indicator of the velocity of the market. And the average sale on the Eastside is going for 106% of the list price, up from 100.6% in the first quarter of 2020. In the luxury market ($2 million+), median prices on the Eastside were up only 1 percent, while median Eastside waterfront prices were up over 50 percent. That number is high due to the small number of waterfront homes (48) that closed in the first quarter.
4 2021 Q1 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 19
$1.062M
Bellevue
27
$1.45M
8
$864K
Bothell Carnation
27
$900K
Clyde Hill
54
$4.567M
Duvall
31
$734K
Issaquah
22
$1.17M
Kirkland
$1.358M
20
Medina
112
$3.968M
17
$1.93M
Mercer Island $1M
$2M
$3M
$4M
$5M
NUMBER OF SALES CLOSED 300 250 200 150
1,991 | TOTAL SALES CLOSED
298
(TOTAL EASTSIDE AREA)
258
237 87
100 50
64
39
23
15
11
0
Bellevue 1000 INVENTORY
Bothell
Carnation
Clyde Hill
Duvall
Issaquah
Kirkland
Medina
Mercer Island
IN UNITS / 03.31.2021
TOTAL EASTSIDE INVENTORY / 264
31
3
2
3
20
33
8
10
600 -67.0%
-70.8%
-78.6%
-84.6%
-88.9%
-53.5%
-74.2%
-52.9%
-76.7%
Bellevue
Bothell
Carnation
Clyde Hill
Duvall
Issaquah
Kirkland
Medina
Mercer Island
-71.0%
800
35 400
200
2021 Q1 EASTSIDE AREA MARKET REPORT
5
Q1 2021 MARKET REPORT
MIKE WINKLER
Principal Managing Broker of mercer island Said Mike Winkler, Principal Managing Broker of Coldwell Banker Bain of Mercer Island, “While one might say you can’t make a fair comparison between the first quarter of 2020 and 2021, it’s irrelevant, as any seller with a ‘sold’ sign will tell you. Here is why: they sold their home for record prices—22 percent or more than they would have in the previous year, well over their list price and 75 percent faster. This is true up for homes listed for up to $3 million. In the $3 million to $5 million luxury market, homes were garnering 98 percent of the list price and that too is a remarkable feat. Commercial real estate reports show that the Seattle/Bellevue area ranks #1 in technology office space leases, greater than the former tech-central area of San Francisco, with no signs of letting up. Mercer Island is a direct beneficiary of this and other job sector growth; these employees want to live here. Buyers recognize what we have always known, Mercer Island is an oasis of wonderful community-minded folks with the highest-ranking schools, sports programs, beautiful homes, and easy commutes. Brokers report an abundance of buyers. In fact, Mercer Island homes for sale received three to 25 offers with the competition creating more value for the seller. The issue today is inventory—as of March 31, 2021, Mercer Island had only 11 active listings, maintaining the trend from the last few years of historic low inventory. Sellers report a desire to sell, but no clear path to do so. In other words, ‘where will I go’ is a common refrain.”
6 2021 Q1 EASTSIDE AREA MARKET REPORT
eastside area
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
NEWCASTLE / NORTH BEND / RENTON / REDMOND / SAMMAMISH / SNOQUALMIE / WOODINVILLE
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM $1.469M
Newcastle
16
$900K
North Bend
24 $1.231M
Redmond
22
$682K
Renton
24
300
Sammamish
$1.40M
10
250
$991K
Snoqualmie 200
4
$1.183M
Woodinville
150
Condos
12
$510K
28
100 Waterfront
$1.357M
(SF Only)
49
50
$2.50M
Luxury
(SF Only) 0
$500K
$1M
$1.5M
$2M
39
$2.5M
NUMBER OF SALES CLOSED 1000
1,991 | TOTAL SALES CLOSED
800
(TOTAL EASTSIDE AREA)
881
600
327 400
209
172 200
73
26
263
88
64
48
0
Newcastle
North Bend
Redmond
Renton
Sammamish Snoqualmie
iNVENTORY IN UNITS / 03.31.2021
Woodinville
Condos
Waterfront
TOTAL EASTSIDE INVENTORY / 264
Luxury -71.0%
4
7
25
32
32
5
14
187
25
83
-63.6%
-82.1%
-66.7%
-77.8%
-60.0%
-76.2%
-66.7%
-23.0%
-54.5%
-54.1%
Newcastle
North Bend
Redmond
Renton
Sammamish
Snoqualmie
Woodinville
Condos
Waterfront
Luxury
2021 Q1 EASTSIDE AREA MARKET REPORT
7
eastside area TOTAL EASTSIDE AREA
2021
2020
CHANGE
TOTAL HOMES SOLD
1,991
1,822
+9.3%
MEDIAN SOLD PRICE
$1.062M
$830K
+28.0%
19
44
-56.8%
106%
99%
+7.1%
2021
2020
CHANGE
TOTAL HOMES SOLD
881
695
+26.8%
MEDIAN SOLD PRICE
$510K
$462K
+10.4%
28
32
-12.5%
101%
100%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.06M MEDIAN SOLD PRICE UP +28.0% from 2020
CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2021 Q1 EASTSIDE AREA MARKET REPORT
$510K
MEDIAN SOLD PRICE UP +10.4% from 2020
WATERFRONT
2021
2020
CHANGE
TOTAL HOMES SOLD
48
41
+17.1%
MEDIAN SOLD PRICE
$1.357M
$875K
+55.1%
49
69
-29.0%
97%
95%
+2.1%
2021
2020
CHANGE
TOTAL HOMES SOLD
263
121
+117.4%
MEDIAN SOLD PRICE
$2.50M
$2.48M
+0.8%
39
89
-56.2%
101%
96%
+5.2%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.35M MEDIAN SOLD PRICE UP +55.1% from 2020
LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$2.50M MEDIAN SOLD PRICE UP +0.8% from 2020
2021 Q1 EASTSIDE AREA MARKET REPORT
9
eastside area BELLEVUE
2021
2020
CHANGE
TOTAL HOMES SOLD
258
210
+22.9%
MEDIAN SOLD PRICE
$1.45M
$1.228M
+18.1%
27
46
-41.3%
104%
98%
+6.1%
2021
2020
CHANGE
TOTAL HOMES SOLD
298
313
-4.8%
MEDIAN SOLD PRICE
$864K
$671K
+28.8%
8
40
-80.0%
109%
100%
+9.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.45M
MEDIAN SOLD PRICE UP +18.1% from 2020
BOTHELL
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2021 Q1 EASTSIDE AREA MARKET REPORT
$864K
MEDIAN SOLD PRICE UP +28.8% from 2020
CARNATION
2021
2020
CHANGE
TOTAL HOMES SOLD
23
32
-28.1%
MEDIAN SOLD PRICE
$900K
$742K
+21.3%
27
103
-73.8%
102%
95%
+7.4%
2021
2020
CHANGE
TOTAL HOMES SOLD
15
11
+36.4%
MEDIAN SOLD PRICE
$4.576M
$2.6M
+75.7%
54
49
+10.2%
101%
98%
+3.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$900K MEDIAN SOLD PRICE UP +21.3% from 2020
CLYDE HILL
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$2.61M MEDIAN SOLD PRICE UP +75.7% from 2020
2021 Q1 EASTSIDE AREA MARKET REPORT 11
eastside area DUVALL
2021
2020
CHANGE
TOTAL HOMES SOLD
39
31
+25.8%
MEDIAN SOLD PRICE
$734K
$651K
+12.7%
31
34
-8.8%
106%
98%
+8.2%
2021
2020
CHANGE
TOTAL HOMES SOLD
87
92
-5.4%
MEDIAN SOLD PRICE
$1.17M
$882K
+32.7%
22
38
-42.1%
108%
100%
+8.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$734K
MEDIAN SOLD PRICE UP +12.7% from 2020
ISSAQUAH
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
12 2021 Q1 EASTSIDE AREA MARKET REPORT
$1.17M
MEDIAN SOLD PRICE UP +32.7% from 2020
KIRKLAND
2021
2020
CHANGE
TOTAL HOMES SOLD
237
196
+20.9%
MEDIAN SOLD PRICE
$1.358M
$1.135M
+19.6%
20
32
-37.5%
105%
100%
+5.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
11
9
+22.2%
MEDIAN SOLD PRICE
$3.968M
$3.55M
+11.8%
AVERAGE DAYS ON MARKET
112
51
+119.6%
SOLD/LIST PRICE%
92%
99%
-7.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.35M
MEDIAN SOLD PRICE UP +19.6% from 2020
MEDINA
$3.96M MEDIAN SOLD PRICE UP +11.8% from 2020
2021 Q1 EASTSIDE AREA MARKET REPORT 13
eastside area MERCER ISLAND
2021
2020
CHANGE
TOTAL HOMES SOLD
64
57
+12.3%
MEDIAN SOLD PRICE
$1.93M
$1.63M
18.4%
17
108
-84.3%
104%
96%
+8.3%
2021
2020
CHANGE
TOTAL HOMES SOLD
26
28
-7.1%
MEDIAN SOLD PRICE
$1.469M
$1.163M
+26.3%
16
69
-76.8%
103%
99%
+4.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.93M
MEDIAN SOLD PRICE UP +18.4% from 2020
NEWCASTLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
14 2021 Q1 EASTSIDE AREA MARKET REPORT
$1.46M MEDIAN SOLD PRICE UP +26.3% from 2020
NORTH BEND
2021
2020
CHANGE
TOTAL HOMES SOLD
73
66
+10.6%
MEDIAN SOLD PRICE
$900K
$717K
+25.5%
24
60
-60.0%
108%
100%
+8.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
172
148
+16.2%
MEDIAN SOLD PRICE
$1.230M
$969K
+27.0%
22
35
-37.1%
108%
101%
+6.9%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$900K MEDIAN SOLD PRICE UP +25.5% from 2020
REDMOND
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.23M
MEDIAN SOLD PRICE UP +27.0% from 2020
2021 Q1 EASTSIDE AREA MARKET REPORT 15
eastside area RENTON
2021
2020
CHANGE
TOTAL HOMES SOLD
327
316
+3.5%
MEDIAN SOLD PRICE
$682K
$565K
+20.7%
24
39
-38.5%
107%
100%
+7.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
209
183
+14.2%
MEDIAN SOLD PRICE
$1.40M
$1.10M
+27.3%
10
48
-79.2%
108%
99%
+9.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$682K
MEDIAN SOLD PRICE UP +20.7% from 2020
SAMMAMISH
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
16 2021 Q1 EASTSIDE AREA MARKET REPORT
$1.40M MEDIAN SOLD PRICE UP +27.3% from 2020
SNOQUALMIE
2021
2020
CHANGE
TOTAL HOMES SOLD
64
47
+36.2%
MEDIAN SOLD PRICE
$991K
$730K
+35.8%
4
16
-75.0%
110%
100%
+10.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
88
83
+6.0%
MEDIAN SOLD PRICE
$1.183M
$850K
+39.2%
12
42
-74.1%
107%
98%
+9.2%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$991K
MEDIAN SOLD PRICE UP +35.8% from 2020
WOODINVILLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.18M
MEDIAN SOLD PRICE UP +39.2% from 2020
2021 Q1 EASTSIDE AREA MARKET REPORT 17
*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.