NORTH SOUND 2021 Q2 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 VP of Operations Reflecting on the second-quarter numbers, John Deely, Coldwell Banker Bain Executive Vice President of Operations, said, “We continue on a trajectory that will keep the Puget Sound region at the top of national lists for one of the hottest housing markets. Prices continue their climb with double digit increases in most of our markets, and inventory on hand at about two weeks in the larger areas. While we’re experiencing a bit of moderating activity in June, rather than that being an indication of a flattening of the market, we believe this is a result of our extreme heat events, a typical summer slowdown as schools let out and people start vacationing, and this year, the reopening of the country and discontinuation of COVID restrictions. The dramatic increase in prices and low inventory just continues in such a way that although we have more inventory coming on the market, it is immediately absorbed because of a demand that simply cannot be met. Affordability, especially for first-time homebuyers, continues to be a concern, and given indications from tech companies like Amazon and Microsoft to leasing large office spaces and hiring thousands of employees going forward in our region, drawing people from higher-priced markets like Silicon Valley who have a lot of money to spend, we don’t see much change in this scenario for buyers in the short term. Additionally, with national data of new household formations showing a shortage of more than 500,000 new homes per year for the entire decade, we have a nationwide shortfall of five million new homes. Without regulatory changes, we will not be able to quickly build our way out of this kind of shortfall. It’s a situation major cities and regions across the country will need to address going forward to ensure availability and affordability of homes.”
2021 Q2 NORTH SOUND AREA MARKET REPORT
3
Q2 2021 MARKET REPORT
SCOTT DICKINSON, JD Principal Managing Broker of LYNNWOOD & EDMONDS Said Scott Dickinson, Principal Managing Broker of Coldwell Banker Bain of Lynnwood and Edmonds, “The strength of the real estate market, which is controlled today by the steady (if not unrelenting) buyer demand has continued through the first half of 2021. In the second quarter, the North Sound has seen the number of homes sold, as compared to last year, grow significantly, at 33.8 percent. Buyers are pouncing on new listings with the vigor and focus of a lion tracking its prey. Led by the skill and expertise of their real estate broker, buyers are winning offers by escalating above list price on almost every sale, with the typical home selling for more than 10 percent above the list price. In this market, that can mean an extra $70,000 in the seller’s bank account at the end of the transaction. To realize these gains, it is paramount for sellers to work with trained and knowledgeable real estate brokers who have the experience and market insight to capitalize on the right opportunity. The competition between buyers has led to a median price increase of 31.6 percent over 2020. Even with a third more homes sold this year compared to last, home values have continued to increase at historic levels. The amount of time a home is exposed to the market (what we call days on market), has been slashed by more than half, leaving inventory levels of homes available to buyers extremely low. The driving force behind who wins and who loses in a multiple offer situation is the structure of the offer, and we can’t overstate how paramount it is for buyers to consider this as well and work with a trained professional.”
4 2021 Q2 NORTH SOUND AREA MARKET REPORT
north sound area
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
ANACORTES | ARLINGTON | BELLINGHAM | BOTHELL | EDMONDS EVERETT | LYNNWOOD MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
North Sound Area
9
$691K
20
$707K
Anacortes
9
$573K
Arlington
12
$594K
Bellingham Bothell
$900K $874K
Edmonds Everett
5
$750K $200K
$400K
$600K
8 6
$614K
Lynnwood
7
$800K
$1.0M
NUMBER OF SALES CLOSED
3,390
600 500
TOTAL SALES CLOSED
400 300
427
104
200 100
586
555
244
214
256
0
Anacortes
Arlington
Bellingham
Bothell
INVENTORY IN UNITS / 06.30.21
Edmonds
Everett
TOTAL NORTH SOUND INVENTORY / 512
Lynnwood -43.7%
33
45
85
61
40
67
53
-55.4%
-6.2%
-46.5%
-41.3%
-32.2%
-30.9%
-37.6%
Anacortes
Arlington
Bellingham
Bothell
Edmonds
Everett
Lynnwood
1000
2021 Q2 NORTH SOUND AREA MARKET REPORT
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Q2 2021 MARKET REPORT
LANA THOMPSON Principal Managing Broker of anacortes Lana Thompson, Principal Managing Broker of Coldwell Banker Bain of Anacortes, said, “Anacortes has seen an increase of nearly 31 percent in the median sold price of homes over the same time last year. With the average days on market down 33 percent as well it’s a scramble for buyers to find a home they want considering their dollars will buy less than they would a year ago. Pair that with the inventory being down a huge 55.4 percent, it makes for a very challenging market for buyers. The good news is mortgage rates are still low which brings some balance to the picture. The attractive lifestyle our beautiful area offers will no doubt continue to fuel the unrelenting demand for homes and sellers will continue to see increasing prices and multiple offers. With only 33 homes on the market at the end of the second quarter as opposed to 74 at the same time in 2020, it’s a great time to list for sellers.”
6 2021 Q2 NORTH SOUND AREA MARKET REPORT
north sound area
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
MARYSVILLE | MILL CREEK | MOUNT VERNON | SNOHOMISH 600 500
MEDIAN SOLD PRICE (NEAREST $000) 400
AVERAGE DOM $550K
Marysville
7
300
$925K
Mill 200Creek
4
$488K
100 Vernon Mount
13
0
$811K
Snohomish
10
$442K
Condos
8 $800K
Waterfront
18
(SF Only)
$1.19M
Luxury
(SF Only)
$200K
$400K
$600K
$800K
$1.0M
11
$1.2M
NUMBER OF SALES CLOSED 1000 800
3,390
600
TOTAL SALES CLOSED
855
400 200
192
95
355
120
362
555
0
Marysville
Mill Creek
Mount Vernon
Snohomish
INVENTORY IN UNITS / 06.30.21
Condos
Waterfront
TOTAL NORTH SOUND INVENTORY / 512
Luxury -43.7%
42
7
41
38
124
35
128
-55.3%
-50.0%
-45.3%
-62.4%
-51.4%
-34.0%
-15.2%
Marysville
Mill Creek
Mount Vernon
Snohomish
Condos
Waterfront
Luxury
2021 Q2 NORTH SOUND AREA MARKET REPORT
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north sound area TOTAL NORTH SOUND AREA Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
3,390
2,533
+33.8%
MEDIAN SOLD PRICE
$691K
$525K
+31.6%
9
22
-59.1%
109%
99%
+10.1%
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
855
511
+67.3%
MEDIAN SOLD PRICE
$442K
$364K
+21.4%
8
22
-63.6%
106%
100%
+6.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$691K
MEDIAN SOLD PRICE UP +31.6% from 2020
CONDOS AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2021 Q2 NORTH SOUND AREA MARKET REPORT
$442K MEDIAN SOLD PRICE UP +21.4% from 2020
WATERFRONT
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
120
80
+50.0%
MEDIAN SOLD PRICE
$800K
$620K
+29.0%
18
46
-60.9%
104%
98%
+6.1%
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
555
109
+409.2%
MEDIAN SOLD PRICE
$1.19M
$1.23M
-3.3%
11
65
-60.9%
MEDIAN SOLD PRICE
111%
98%
+13.3%
DOWN -0.3% from 2020
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$800K MEDIAN SOLD PRICE UP +29.0% from 2020
LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.19M
2021 Q2 NORTH SOUND AREA MARKET REPORT
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north sound area ANACORTES Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
104
96
+8.3%
MEDIAN SOLD PRICE
$707K
$540K
+30.9%
20
30
-33.3%
102%
98%
+4.1%
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
214
159
+34.6%
MEDIAN SOLD PRICE
$573K
$460K
+24.6%
9
27
-66.7%
105%
99%
+6.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$707K MEDIAN SOLD PRICE UP +30.9% from 2020
ARLINGTON AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2021 Q2 NORTH SOUND AREA MARKET REPORT
$573K
MEDIAN SOLD PRICE UP +24.6% from 2020
BELLINGHAM
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
427
323
+32.2%
MEDIAN SOLD PRICE
$594K
$450K
+32.0%
12
27
-55.6%
MEDIAN SOLD PRICE
105%
979%
+6.1%
UP +32.0% from 2020
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
555
392
+41.6%
MEDIAN SOLD PRICE
$900K
$687K
+31.0%
7
14
-50.0%
112%
99%
+13.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$594K
BOTHELL
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$900K
MEDIAN SOLD PRICE UP +31.0% from 2020
2021 Q2 NORTH SOUND AREA MARKET REPORT 11
north sound area EDMONDS Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
244
138
+76.8%
MEDIAN SOLD PRICE
$874K
$675K
+29.5%
8
14
-42.9%
109%
100%
+9.0%
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
586
378
+55.0%
MEDIAN SOLD PRICE
$614K
$480K
+27.9%
6
15
-60.0%
110%
100%
+10.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$874K
MEDIAN SOLD PRICE UP +29.5% from 2020
EVERETT AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
12 2021 Q2 NORTH SOUND AREA MARKET REPORT
$614K
MEDIAN SOLD PRICE UP +27.9% from 2020
LYNNWOOD
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
256
200
+28.0%
MEDIAN SOLD PRICE
$750K
$550K
+36.4%
5
19
-73.7%
111%
101%
+9.9%
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
355
317
+12.0%
MEDIAN SOLD PRICE
$550K
$440K
+25.0%
7
17
-58.8%
107%
101%
+5.9%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$750K MEDIAN SOLD PRICE UP +36.4% from 2020
MARYSVILLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$550K MEDIAN SOLD PRICE UP +25.0% from 2020
2021 Q2 NORTH SOUND AREA MARKET REPORT 13
north sound area MILL CREEK Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
95
62
+53.2%
MEDIAN SOLD PRICE
$925K
$695K
+33.1%
4
23
-82.6%
110%
100%
+10.0%
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
192
174
+10.3%
MEDIAN SOLD PRICE
$488K
$404K
+20.8%
13
41
-68.3%
105%
99%
+6.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$925K
MEDIAN SOLD PRICE UP +33.1% from 2020
MOUNT VERNON AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
14 2021 Q2 NORTH SOUND AREA MARKET REPORT
$488K
MEDIAN SOLD PRICE UP +20.8% from 2020
SNOHOMISH
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
362
294
+23.1%
MEDIAN SOLD PRICE
$811K
$650K
+24.8%
10
32
-68.7%
110%
99%
+11.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$811K
MEDIAN SOLD PRICE UP +24.8% from 2020
2021 Q2 NORTH SOUND AREA MARKET REPORT 15
*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.