NORTH 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 NORTH SOUND AREA MARKET REPORT
3
2021 ANNUAL MARKET REPORT
SCOTT DICKINSON, JD Principal Managing Broker of edmonds & lynnwood “The year 2021 can be summed up in a single word: inventory. It was a hotbed of competition for all types of properties, from vacant land and single-family homes, to condos and the luxury market. One third less homes were listed for sale in the North Sound in 2021, as compared to 2020 (31.1% to be exact), which lead to dramatic spikes in sale price. With the median sales price up 22.2% for the region, home buyers were draining their bank accounts for the American Dream of homeownership. Some cities were impacted even greater: Snohomish and Bothell both saw the median sale price grow by more than 25%. This left many sellers with bank accounts full of equity, while leaving many first-time homebuyers disillusioned and discouraged. One area of relief found in the North Sound was the availability of luxury homes and the flatline of value year over year. Due to a dramatic increase in the number of homes listed for over $1M, prices remained steady for this segment of the market.”
4 2021 ANNUAL NORTH SOUND AREA MARKET REPORT
north sound area
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
ANACORTES | ARLINGTON | BELLINGHAM | BOTHELL | EDMONDS EVERETT | LYNNWOOD MEDIAN SOLD PRICE
AVERAGE DOM
North Sound Area
11
$675K
22
$638K
Anacortes
13
$563K
Arlington
14
$600K
Bellingham Bothell
$905K
5
Edmonds
$851K
11
Everett
9
$605K
Lynnwood
8
$720K $200K
$400K
$600K
$800K
$1.0M
NUMBER OF SALES CLOSED 2000
12,096
1500
1000
1986
1828
TOTAL SALES CLOSED
1485
404
500
1023
779
794
0
Anacortes
Arlington
Bellingham
Bothell
INVENTORY IN UNITS / 12.31.21
Edmonds
Everett
TOTAL NORTH SOUND INVENTORY / 193
Lynnwood -31.1%
18
23
48
25
7
16
6
-47.1%
-8.0%
+4.3%
+25.0%
-65.0%
-55.6%
-40.0%
Anacortes
Arlington
Bellingham
Bothell
3000
Edmonds
Everett
Lynnwood
2021 ANNUAL NORTH SOUND AREA MARKET REPORT
5
north sound area
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
MARYSVILLE | MILL CREEK | MOUNT VERNON | SNOHOMISH 2000
MEDIAN SOLD PRICE 1500
AVERAGE DOM $550K
Marysville
10
1000
$916K
Mill Creek 500
7
$513K
Mount Vernon
17
0
$813K
Snohomish
11
$430K
Condos
12 $799K
Waterfront
20
(SF Only)
$1.2M
Luxury
(SF Only)
$200K
$400K
$600K
$800K
$1.0M
14
$1.2M
NUMBER OF SALES CLOSED 3000
12,096
2500 2000
TOTAL SALES CLOSED
1500
2947
751
1000
1396
292
Marysville
Mill Creek
500
430
1358
1901
0
Mount Vernon
INVENTORY IN UNITS / 09.30.21
Snohomish
Condos
Waterfront
TOTAL NORTH SOUND INVENTORY / 588
Luxury -9.1%
12
0
23
15
28
17
72
-29.4%
-100%
-41.0%
-53.1%
-64.6%
-34.6
+1.4%
Marysville
Mill Creek
Mount Vernon
Snohomish
Condos
Waterfront
Luxury
6 2021 ANNUAL NORTH SOUND AREA MARKET REPORT
north sound area TOTAL NORTH SOUND AREA
2021
2020
CHANGE
TOTAL HOMES SOLD
12,096
11,453
+5.6%
MEDIAN SOLD PRICE
$675K
$550K
+22.7%
11
24
-54.2%
106%
100%
+6.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
2,947
2,673
+10.3%
MEDIAN SOLD PRICE
$430K
$370K
+16.2%
12
25
-52.0%
105%
100%
+5.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$675K
MEDIAN SOLD PRICE UP +22.7% from 2020
CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$430K MEDIAN SOLD PRICE UP 16.2% from 2020
2021 ANNUAL NORTH SOUND AREA MARKET REPORT
7
north sound area WATERFRONT 2021
2020
CHANGE
TOTAL HOMES SOLD
430
381
+12.9%
MEDIAN SOLD PRICE
$799K
$750K
+6.5%
20
49
-59.2%
102%
97%
+5.2%
2021
2020
CHANGE
TOTAL HOMES SOLD
1,901
651
+192.0%
MEDIAN SOLD PRICE
$1.20M
$1.201M
-0.1%
14
52
-73.1%
MEDIAN SOLD PRICE
107%
98%
+9.2%
DOWN -0.1% from 2020
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$799K
MEDIAN SOLD PRICE UP +6.5% from 2020
LUXURY AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2021 ANNUAL NORTH SOUND AREA MARKET REPORT
$1.20M
ANACORTES
2021
2020
CHANGE
TOTAL HOMES SOLD
404
440
-8.2%
MEDIAN SOLD PRICE
$638K
$550K
+16.0%
22
41
-46.3%
100%
97%
+3.1%
2021
2020
CHANGE
TOTAL HOMES SOLD
794
672
+18.2%
MEDIAN SOLD PRICE
$563K
$477K
+18.0%
13
26
-50.0%
103%
100%
+3.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$638K
MEDIAN SOLD PRICE UP +16.0% from 2020
ARLINGTON
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$563K
MEDIAN SOLD PRICE UP +18.0% from 2020
2021 ANNUAL NORTH SOUND AREA MARKET REPORT
9
north sound area BELLINGHAM 2021
2020
CHANGE
TOTAL HOMES SOLD
1,485
1,416
+4.9%
MEDIAN SOLD PRICE
$600K
$488K
+23.0%
14
30
-53.3%
103%
99%
+4.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
1,828
1,706
+7.2%
MEDIAN SOLD PRICE
$905K
$715K
+26.6%
5
3
-66.7%
115%
103%
+11.7%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$600K MEDIAN SOLD PRICE UP +23.0% from 2020
BOTHELL AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2021 ANNUAL NORTH SOUND AREA MARKET REPORT
$905K
MEDIAN SOLD PRICE UP +26.6% from 2020
EDMONDS
2021
2020
CHANGE
TOTAL HOMES SOLD
779
733
+6.3%
MEDIAN SOLD PRICE
$851K
$715K
+19.0%
11
20
-45.0%
106%
100%
+6.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
1,986
1,759
+12.9%
MEDIAN SOLD PRICE
$605K
$500K
+21.0%
9
15
-40.0%
106%
101%
+5.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$851K
MEDIAN SOLD PRICE UP +19.0% from 2020
EVERETT
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$605K MEDIAN SOLD PRICE UP +21.0% from 2020
2021 ANNUAL NORTH SOUND AREA MARKET REPORT 11
north sound area LYNNWOOD 2021
2020
CHANGE
TOTAL HOMES SOLD
1,023
1,006
+1.7%
MEDIAN SOLD PRICE
$720K
$580K
+24.1%
8
22
-63.6%
107%
101%
+5.9%
2021
2020
CHANGE
TOTAL HOMES SOLD
1,396
1,462
-4.5%
MEDIAN SOLD PRICE
$550K
$455K
+20.9%
10
21
-52.4%
105%
101%
+4.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$720K MEDIAN SOLD PRICE UP +24.1% from 2020
MARYSVILLE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
12 2021 ANNUAL NORTH SOUND AREA MARKET REPORT
$550K MEDIAN SOLD PRICE UP +20.9% from 2020
MILL CREEK
2021
2020
CHANGE
TOTAL HOMES SOLD
292
281
+3.9%
MEDIAN SOLD PRICE
$916K
$745K
+23.0%
7
16
-56.3%
108%
101%
+6.9%
2021
2020
CHANGE
TOTAL HOMES SOLD
751
790
-4.9%
MEDIAN SOLD PRICE
$513K
$424K
+21.0%
17
34
-50.0%
102%
100%
+2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$916K
MEDIAN SOLD PRICE UP +23.0% from 2020
MOUNT VERNON
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$513K
MEDIAN SOLD PRICE UP +21.0% from 2020
2021 ANNUAL NORTH SOUND AREA MARKET REPORT 13
north sound area SNOHOMISH 2021
2020
CHANGE
TOTAL HOMES SOLD
1,358
1,188
+14.3%
MEDIAN SOLD PRICE
$813K
$649K
+25.3%
11
28
-60.7%
106%
100%
+6.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
14 2021 ANNUAL NORTH SOUND AREA MARKET REPORT
$813K
MEDIAN SOLD PRICE UP +25.3% 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.