PUGET 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 PUGET SOUND COUNTIES MARKET REPORT
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Q2 2021 MARKET REPORT
RYAN LARSON Principal Managing Broker of bellingham According to Ryan Larsson, Principal Managing Broker at Coldwell Banker Bain of Bellingham, “The second quarter of 2021 saw a continuation of the real estate market's blistering pace. High demand coupled with record low inventory levels left buyers scrambling to find homes. Throughout the North Sound region, the average home sold for 9 percent over asking price and it became the new normal for homes to receive multiple offers and routinely selling for $50,000, $100,000 and even more over asking price. In the region, the average home sat on the market for only nine days. This demonstrates the rapid pace the market achieved in the second quarter. From 2020 levels, the inventory levels were down over 40 percent. A lack of new construction and available land for building is one of the primary factors pushing the red-hot market as homes are not being built fast enough to meet the demand for housing in the area.”
4 2021 Q2 PUGET SOUND COUNTIES MARKET REPORT
puget sound
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
KING | ISLAND | KITSAP | PIERCE | SKAGIT | SNOHOMISH | THURSTON | WHATCOM
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
King
$863K
Island
11 9
$550K
Kitsap
$500K
12
Pierce
$510K
9
Skagit
19
$493K
Snohomish
8
$685K
Thurston
9
$450K
Whatcom
24
$545K $100K
$200K
$300K
$400K
$500K
$600K
$700K
$800K
NUMBER OF SALES CLOSED 10,000 8000 6000
9,214
4000
522
1,339
2000
4,554
512
1,568 3,601
926
0
King
Island
Kitsap
Pierce
Skagit
Snohomish
Thurston
Whatcom
INVENTORY IN UNITS / 03.31.21
1537
114
259
765
133
526
227
260
-39.3%
-30.9%
-31.5%
-27.6%
-44.4%
-40.4%
-12.4%
-46.6%
King
Island
Kitsap
Pierce
Skagit
Snohomish
Thurston
Whatcom
2021 Q2 PUGET SOUND COUNTIES MARKET REPORT
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puget sound area KING
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
9214
5928
+55.4%
MEDIAN SOLD PRICE
$863K
$715K
+20.7%
11
19
-42.1%
108%
100%
+8.0%
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
522
400
+30.5%
MEDIAN SOLD PRICE
$550K
$413K
+33.2%
9
40
-77.5%
104%
97%
+7.2%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$863K
MEDIAN SOLD PRICE UP +20.7% from 2020
ISLAND
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
6 2021 Q2 PUGET SOUND COUNTIES MARKET REPORT
$550K MEDIAN SOLD PRICE UP +33.2% from 2020
KITSAP
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
1339
984
+36.1%
MEDIAN SOLD PRICE
$500K
$405K
+23.5%
12
25
-52.0%
107%
100%
+7.0%
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
4554
3339
+36.4%
MEDIAN SOLD PRICE
$510K
$402K
+26.9%
9
20
-55.0%
105%
100%
+5.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$500K MEDIAN SOLD PRICE UP +23.5% from 2020
PIERCE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$510K
MEDIAN SOLD PRICE UP +26.9% from 2020
2021 Q2 PUGET SOUND COUNTIES MARKET REPORT
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puget sound area SKAGIT
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
512
491
+4.3%
MEDIAN SOLD PRICE
$493K
$401K
+22.9%
19
43
-55.8%
103%
99%
+4.0%
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
3601
2690
+33.9%
MEDIAN SOLD PRICE
$685K
$528K
+29.7%
8
20
-60.0%
109%
100%
+9.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$493K
MEDIAN SOLD PRICE UP +22.9% from 2020
SNOHOMISH
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2021 Q2 PUGET SOUND COUNTIES MARKET REPORT
$685K
MEDIAN SOLD PRICE UP +29.7% from 2020
THURSTON
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
1568
1134
+38.3%
MEDIAN SOLD PRICE
$450K
$365K
+23.3%
9
16
-43.7%
106%
99%
+7.1%
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
926
690
+34.2%
MEDIAN SOLD PRICE
$545K
$425K
+28.2%
24
35
-31.4%
103%
99%
+4.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$450K MEDIAN SOLD PRICE UP +23.3% from 2020
WHATCOM
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$545K
MEDIAN SOLD PRICE UP +28.2% from 2020
2021 Q2 PUGET SOUND COUNTIES MARKET REPORT
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*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.