NORTH SOUND 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 NORTH SOUND AREA MARKET REPORT
3
Q1 2021 MARKET REPORT
SCOTT DICKINSON Principal Managing Broker of LYNNWOOD & EDMONDS Said Scott Dickinson, Principal Managing Broker of Coldwell Banker Bain of Lynnwood and Edmonds, “The first quarter of this year has demonstrated what so many of us in the real estate industry already know - the demand for housing is unrelenting. A perpetual flow of buyers are forcing home values into uncharted territory with the median sales price in Snohomish County up 19.6 percent. Bothell alone is up 28.8 percent, a striking increase. This leap, in sale prices, is a result of buyers seeking refuge from a year of pandemic living, with the ideal, of finding more square footage for learning and working from home while taking advantage of continuing low interest rates. Such a market is not for the faint of heart and many buyers are making offers on multiple homes before securing one. This has resulted in many buyers offering large sums above the list price, to try and beat out the competition. Bothell and Mill Creek are good examples of where buyers need to be armed with additional buying power in order to win with the final sale price up 9 percent and 8 percent above the list price respectively. Waterfront homes, ideal for outdoor living and entertaining, continue to outpace the market, in general, and buyers are paying a 25.4 percent premium over what they would have paid last year at this time. The number of homes trading hands is relatively equal to last year with slightly more homes sold this quarter, however, the average days on market has been slashed by 62.5 percent forcing buyers to make quick decisions once a new home hits the market. How the market will adjust and adapt to the loosening of pandemic-related restrictions is anyone’s guess. If demand for homes continues to be strong, sellers will continue to have the upper hand.”
4 2021 Q1 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
$602K
15
Anacortes
$600K
27 16
$515K
Arlington
22
$550K
Bellingham Bothell
$864K $772K
Edmonds Everett
19 11
$550K
Lynnwood
10
$710K $200K
$400K
8
$600K
$800K
$1.0M
NUMBER OF SALES CLOSED 350
2,064
300
1971
TOTAL SALES CLOSED
250 200
141
150
87
100
298 234
282
186
Everett
Lynnwood
135
50 0
Anacortes
Arlington
Bellingham
Bothell
INVENTORY IN UNITS / 03.31.2021
Edmonds
TOTAL NORTH SOUND INVENTORY / 290
-67.7%
22
23
54
31
15
30
21
-68.1%
-58.9%
-66.5%
-70.8%
-64.3%
-63.0%
-74.1%
Anacortes
Arlington
Bellingham
Bothell
Edmonds
Everett
Lynnwood
2021 Q1 NORTH SOUND AREA MARKET REPORT
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Q1 2021 MARKET REPORT
DEAN ULRICH Principal Managing Broker of BELLINGHAM “The story at the conclusion of the first quarter concerning buying and selling real estate in Bellingham and Whatcom County is the story of historic low inventory,” said Dean Ulrich, Principal Managing Broker of Coldwell Banker Bain of Bellingham. “The difference between the amount of inventory this year compared to last could be considered shocking to people in the industry. For example, last year at the end of the first quarter there were 161 homes for sale in Bellingham, this year it is 54, a 66 percent drop in the number of homes for buyers to consider. In Whatcom County as a whole, it was 473 last year and now at 209, that is a 55 percent drop. This has led to a significant decrease in the number of average days a home is on the market prior to pending - as an example, it is currently 22 days in Bellingham compared to 52 days on the market last year. And the best locations are being snapped up in just days. Homes are not only selling above list price but significantly over list price in many instances. This is something that traditionally happens in the Seattle/Eastside markets, but not traditionally here. The principles of Supply and Demand, dictate that this shortage leads to increased pricing and this certainly is the case. Bellingham & Whatcom County experienced an unprecedented increase in the average sale price approaching 18 percent year over year. The question is what will happen as we now enter normally what are our highest inventory months; will inventory rebound with less concerns about the virus? Will interest rates slightly creeping up contribute to that, and what other factors are contributing to this new low in inventory and how long will this all last? All questions regarding that will likely be answered in the second quarter. The bottom line is that it is an excellent time to list a home, it may be the best time ever.”
6 2021 Q1 NORTH SOUND AREA MARKET REPORT
north sound area
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
350
MARYSVILLE / MILL CREEK / MOUNT VERNON / SNOHOMISH / 300 250
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
200
Marysville
11
$525K
150
8
$810K
100 Mill Creek 50
24
$460K
Mount Vernon 0
14
$710K
Snohomish Condos
23
$380K $760K
Waterfront (SF Only)
Luxury
31 $1.20M
(SF Only) $200K
$400K
$600K
$800K
$1.0M
23 $1.2M
NUMBER OF SALES CLOSED 600 500
2,064
400
TOTAL SALES CLOSED
300
588 165
200
41
235
100
67
219
226
0
Marysville
Mill Creek
Mount Vernon
Snohomish
INVENTORY IN UNITS / 03.31.2021
Condos
Waterfront
TOTAL NORTH SOUND INVENTORY / 290
Luxury -67.7%
33
2
30
29
65
24
65
-70.8%
-88.9%
-60.0%
-69.8%
-66.7%
-52.9%
-51.9%
Marysville
Mill Creek
Mount Vernon
Snohomish
Condos
Waterfront
Luxury
2021 Q1 NORTH SOUND AREA MARKET REPORT
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north sound area TOTAL NORTH SOUND AREA 2021
2020
CHANGE
TOTAL HOMES SOLD
2064
1954
+5.6%
MEDIAN SOLD PRICE
$602K
$513K
+20.0%
15
40
-62.5%
106%
99%
+7.1%
2021
2020
CHANGE
TOTAL HOMES SOLD
588
530
+10.9%
MEDIAN SOLD PRICE
$380K
$382K
-0.5%
23
35
-34.3%
104%
100%
+4.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$602K MEDIAN SOLD PRICE UP +20.0% from 2020
CONDOS AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2021 Q1 NORTH SOUND AREA MARKET REPORT
$380K MEDIAN SOLD PRICE
DOWN -0.5% from 2020
WATERFRONT
2021
2020
CHANGE
TOTAL HOMES SOLD
67
66
+1.5%
MEDIAN SOLD PRICE
$760K
$606K
+25.4%
31
89
-62.5%
102%
95%
+7.4%
2021
2020
CHANGE
TOTAL HOMES SOLD
226
85
+169.5%
MEDIAN SOLD PRICE
$1.20M
$1.197M
+0.3%
23
80
-71.2%
MEDIAN SOLD PRICE
106%
97%
+9.3%
UP +0.3% from 2020
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$760K MEDIAN SOLD PRICE UP +25.4% from 2020
LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.20M
2021 Q1 NORTH SOUND AREA MARKET REPORT
9
north sound area ANACORTES 2021
2020
CHANGE
TOTAL HOMES SOLD
87
80
+8.8%
MEDIAN SOLD PRICE
$600K
$513K
+17.0%
27
67
-59.7%
100%
96%
+4.2%
2021
2020
CHANGE
TOTAL HOMES SOLD
141
100
+41.0%
MEDIAN SOLD PRICE
$515K
$450K
+14.4%
16
41
-61.0%
103%
99%
+4.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$600K MEDIAN SOLD PRICE UP +17.0% from 2020
ARLINGTON AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2021 Q1 NORTH SOUND AREA MARKET REPORT
$515K
MEDIAN SOLD PRICE UP +14.4% from 2020
BELLINGHAM
2021
2020
CHANGE
TOTAL HOMES SOLD
234
228
+2.6%
MEDIAN SOLD PRICE
$550K
$466K
+18.0%
22
52
-57.7%
102%
97%
+5.2%
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%
$550K MEDIAN SOLD PRICE UP +18.0% from 2020
BOTHELL
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$864K
MEDIAN SOLD PRICE UP +28.8% from 2020
2021 Q1 NORTH SOUND AREA MARKET REPORT 11
north sound area EDMONDS 2021
2020
CHANGE
TOTAL HOMES SOLD
135
102
+32.4%
MEDIAN SOLD PRICE
$772K
$683K
+13.0%
19
35
-45.7%
105%
99%
+6.1%
2021
2020
CHANGE
TOTAL HOMES SOLD
346
282
+22.7%
MEDIAN SOLD PRICE
$550K
$457K
+20.4%
11
20
-45.0%
107%
101%
+5.9%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$772K
MEDIAN SOLD PRICE UP +13.0% from 2020
EVERETT AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
12 2021 Q1 NORTH SOUND AREA MARKET REPORT
$550K MEDIAN SOLD PRICE UP +20.4% from 2020
LYNNWOOD
2021
2020
CHANGE
TOTAL HOMES SOLD
163
186
-12.4%
MEDIAN SOLD PRICE
$710K
$565K
+25.7%
10
46
-78.3%
108%
99%
+9.1%
2021
2020
CHANGE
TOTAL HOMES SOLD
235
280
-16.1%
MEDIAN SOLD PRICE
$525K
$439K
+19.6%
11
28
-60.7%
105%
101%
+4.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$710K
MEDIAN SOLD PRICE UP +25.7% from 2020
MARYSVILLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$525K
MEDIAN SOLD PRICE UP +19.6% from 2020
2021 Q1 NORTH SOUND AREA MARKET REPORT 13
north sound area MILL CREEK 2021
2020
CHANGE
TOTAL HOMES SOLD
41
40
+2.5%
MEDIAN SOLD PRICE
$810K
$732K
+10.7%
8
27
-70.4%
108%
100%
+8.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
165
140
+17.9%
MEDIAN SOLD PRICE
$460K
$398K
+15.6%
24
57
-57.9%
101%
99%
+2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$810K
MEDIAN SOLD PRICE UP +10.7% from 2020
MOUNT VERNON AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
14 2021 Q1 NORTH SOUND AREA MARKET REPORT
$460K MEDIAN SOLD PRICE UP +15.6% from 2020
SNOHOMISH
2021
2020
CHANGE
TOTAL HOMES SOLD
219
203
+7.9%
MEDIAN SOLD PRICE
$710K
$600K
+18.3%
14
52
-73.1%
105%
98%
+7.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$710K
MEDIAN SOLD PRICE UP +18.3% from 2020
2021 Q1 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.