NORTH SOUND 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 NORTH SOUND AREA MARKET REPORT
3
Q3 2021 MARKET REPORT
CHRISTOPHER DANTZSCHER Principal Managing Broker of Everett & DUVALL Said Christopher Dantzscher, Principal Managing Broker of the Coldwell Banker Bain Everett and Duvall offices, “The third quarter is showing some signs of taking the foot off the gas pedal, although we’re still moving along. There has been some buyer relief as compared to the previous quarter. It appears that buyers now have a bit more time to contemplate their desired purchase, but the strength of the market continues so, hasn’t provided a conclusive indication that the tide has turned. The third quarter in Snohomish County showed that homes for sale have been essentially flat, with an average inventory of nearly 6,600 per month. But the total homes for sale is down over 3,700 units compared to the same quarter of last year. This has contributed to the prevailing seller’s market. Meanwhile, the DOM for the county ranges between 12-14 days for this quarter, less than half of the DOM from a year ago. 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 Q3 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
11
$685K
22
$620K
Anacortes
12
$564K
Arlington
12
$605K
Bellingham Bothell
$933K
10
$810K
Edmonds Everett
10
$610K
Lynnwood
10
9
$700K $200K
$400K
$600K
$800K
$1.0M
NUMBER OF SALES CLOSED
3,700 TOTAL SALES CLOSED
463
99
Arlington
336
235
234 Anacortes
602
578
Bellingham
Bothell
INVENTORY IN UNITS / 09.30.21
Edmonds
Everett
TOTAL NORTH SOUND INVENTORY / 588
Lynnwood -9.1%
36
43
100
58
27
86
37
-33.3%
-23.2%
-1.0%
+13.7%
-57.8%
+4.9%
-7.5%
Anacortes
Arlington
Bellingham
Bothell
Edmonds
Everett
Lynnwood
2021 Q3 NORTH SOUND AREA MARKET REPORT
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Q3 2021 MARKET REPORT
RYAN LARSSON Principal Managing Broker of bellingham According to Ryan Larsson, Principal Managing Broker at Coldwell Banker Bain of Bellingham, “The market remained hot in the third quarter in the Bellingham/Whatcom County area. Prices rose about 20 percent over the same period last year. The primary driver has been very low inventory levels which continued to hover around all-time lows. The average selling price in the third quarter was over list price, which usually occurs in multiple offer situations. The number of buyers out shopping for homes dipped somewhat from earlier in the year. Many would-be home buyers voiced frustration at not being able to secure a house to buy. This frustration turned to fatigue for some potential buyers, and they decided to hold off on purchasing for the time being. With fewer buyers out shopping, those that remained in the market to buy a house faced a little less competition than they saw earlier in the year. Although multiple offers were still commonplace, a house that may have received five or ten offers earlier in the year started receiving two or three this summer. The real estate market typically slows down in the fall and winter. In 2020 the typical seasonal slowdown never really occurred, however. There were some signs of traditional cooling in late August and through September, which may indicate that this fall and winter will follow a more typical pattern.”
6 2021 Q3 NORTH SOUND AREA MARKET REPORT
north sound area
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
MARYSVILLE | MILL CREEK | MOUNT VERNON | SNOHOMISH
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM $550K
Marysville
10 $980K
Mill Creek
8
$540K
Mount Vernon
14 $834K
Snohomish
10
$450K
Condos
10 $758K
Waterfront
17
(SF Only)
$1.2M
Luxury
(SF Only)
$200K
$400K
$600K
$800K
$1.0M
12
$1.2M
NUMBER OF SALES CLOSED
3,700 TOTAL SALES CLOSED
831 225
93
425 Marysville
Mill Creek
136
410 Mount Vernon
Snohomish
INVENTORY IN UNITS / 09.30.21
Condos
Waterfront
TOTAL NORTH SOUND INVENTORY / 588
582
Luxury -9.1%
66
9
50
76
88
44
139
+17.9%
+0.0%
-27.5%
+16.9%
-61.9%
+0.0
+17.8%
Marysville
Mill Creek
Mount Vernon
Snohomish
Condos
Waterfront
Luxury
2021 Q3 NORTH SOUND AREA MARKET REPORT
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north sound area TOTAL NORTH SOUND AREA Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
3,700
3,683
+0.5%
MEDIAN SOLD PRICE
$685K
$560K
+22.3%
11
22
-50.0%
105%
101%
+4.0%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
831
831
+0.0%
MEDIAN SOLD PRICE
$450K
$371K
+21.3%
10
26
-61.5%
104%
100%
+4.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$685K
MEDIAN SOLD PRICE UP +22.3% from 2020
CONDOS AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2021 Q3 NORTH SOUND AREA MARKET REPORT
$450K MEDIAN SOLD PRICE UP +21.3% from 2020
WATERFRONT
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
136
124
+9.7%
MEDIAN SOLD PRICE
$758K
$803K
-5.6%
17
37
-54.1%
103%
97%
+6.2%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
582
227
+156.4%
MEDIAN SOLD PRICE
$1.209M
$1.20M
+0.0%
12
38
-68.4%
MEDIAN SOLD PRICE
106%
98%
+8.2%
UP +0.0% from 2020
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$758K
MEDIAN SOLD PRICE DOWN -5.6% from 2020
LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.20M
2021 Q3 NORTH SOUND AREA MARKET REPORT
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north sound area ANACORTES Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
99
135
-26.7%
MEDIAN SOLD PRICE
$620K
$620K
+0.0%
22
37
-40.5%
100%
97%
+3.1%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
234
215
+8.8%
MEDIAN SOLD PRICE
$564K
$482K
+17.0%
12
22
-45.5%
103%
101%
+2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$620K
MEDIAN SOLD PRICE UP +0.0% from 2020
ARLINGTON AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2021 Q3 NORTH SOUND AREA MARKET REPORT
$564K
MEDIAN SOLD PRICE UP +17.0% from 2020
BELLINGHAM
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
463
497
-6.8%
MEDIAN SOLD PRICE
$605K
$505K
+19.8%
12
29
-58.6%
103%
99%
+4.0%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
578
551
+4.9%
MEDIAN SOLD PRICE
$933K
$720K
+29.6%
10
17
-41.2%
107%
101%
+5.9%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$605K MEDIAN SOLD PRICE UP +19.8% from 2020
BOTHELL
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$933K
MEDIAN SOLD PRICE UP +29.6% from 2020
2021 Q3 NORTH SOUND AREA MARKET REPORT 11
north sound area EDMONDS Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
235
249
-5.6%
MEDIAN SOLD PRICE
$810K
$720K
+12.5%
10
16
-37.5%
105%
100%
+5.0%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
602
586
+2.7%
MEDIAN SOLD PRICE
$610K
$525K
+16.29%
10
17
-41.2%
105%
101%
+4.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$810K
MEDIAN SOLD PRICE UP +12.5% from 2020
EVERETT AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
12 2021 Q3 NORTH SOUND AREA MARKET REPORT
$610K
MEDIAN SOLD PRICE UP +16.2% from 2020
LYNNWOOD
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
336
309
+8.7%
MEDIAN SOLD PRICE
$700K
$585K
+19.7%
9
22
-59.1%
105%
100%
+5.0%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
425
418
+1.7%
MEDIAN SOLD PRICE
$550K
$461K
+19.3%
10
21
-52.4%
104%
102%
+2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$700K MEDIAN SOLD PRICE UP +19.7% from 2020
MARYSVILLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$550K MEDIAN SOLD PRICE UP +19.3% from 2020
2021 Q3 NORTH SOUND AREA MARKET REPORT 13
north sound area MILL CREEK Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
93
90
+3.3%
MEDIAN SOLD PRICE
$980K
$750K
+30.7%
8
17
-52.9%
108%
101%
+6.9%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
225
262
-14.6%
MEDIAN SOLD PRICE
$540K
$433K
+24.7%
14
35
-60.0%
101%
100%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$980K MEDIAN SOLD PRICE UP +30.7% from 2020
MOUNT VERNON AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
14 2021 Q3 NORTH SOUND AREA MARKET REPORT
$540K MEDIAN SOLD PRICE UP +24.7% from 2020
SNOHOMISH
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
410
371
+10.5%
MEDIAN SOLD PRICE
$834K
$655K
+27.3%
10
22
-54.5%
105%
100%
+5.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$834K
MEDIAN SOLD PRICE UP +27.3% from 2020
2021 Q3 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.