PUGET 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 SEATTLE MARKET REPORT
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Q1 2021 MARKET REPORT
LANA THOMPSON PRINCIPAL MANAGING BROKER FOR anacortes Lana Thompson, Principal Managing Broker of Coldwell Banker Bain of Anacortes, said, “For buyers looking to purchase a home in Anacortes, a lack of inventory – down 58 percent from last year - continues to be the big struggle. With only 22 homes on the market at the end of the first quarter, buyers in all price ranges are amazed at how tight our market is. Inventory in Skagit County as a whole is down nearly 63 percent. Multiple offers and cash buyers aplenty are another struggle that buyers face. Even with low interest, rates, great credit scores, and a strong down payment, buyers who can’t make an all-cash offer often find they are outbid by cash buyers in a multiple offer situation. On the bright side, home prices are still considerably lower than what you find in Seattle or the Eastside. Sellers are delighted that the median sale price in Anacortes ($600K) is up 17 percent over last year as buyers from outside our area continue to be attracted to all that the Anacortes area has to offer. Being able to work from home, now an option for so many is driving people moving to geographical areas they wouldn’t have considered a year ago. From not knowing what would happen in the real estate market a year ago to ‘how are we going to find homes for all these buyers’ have been a real challenge. With days on market down 57 percent over last year and historically low inventory, this lightning-fast market we find ourselves in shows no sign of slowing down.” 4 2021 Q1 SEATTLE AREA 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
$780K
21
Island
$447K
20
Kitsap
$442K
19
Pierce
$461K
17
Skagit
$465K
22
Snohomish
14
$617K
Thurston
15
$420K
Whatcom
32
$494K $100K
$200K
$300K
$400K
$500K
$600K
$700K
$800K
NUMBER OF SALES CLOSED 6000 5000 4000
5639
3000
838
2000
342
1000
3076
411
964 2316
621
0
King
Island
Kitsap
Pierce
Skagit
Snohomish
Thurston
Whatcom
INVENTORY IN UNITS / 03.31.21
1015
51
127
371
97
275
113
209
-52.1%
-73.7%
-66.2%
-65.6%
-63.1%
-68.8%
-64.8%
-55.8%
King
Island
Kitsap
Pierce
Skagit
Snohomish
Thurston
Whatcom
2021 Q1 SEATTLE MARKET REPORT
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puget sound area KING
2021
2020
CHANGE
TOTAL HOMES SOLD
5639
4783
+17.9%
MEDIAN SOLD PRICE
$780K
$690K
+13.0%
21
40
-47.5%
104%
99%
+5.1%
2021
2020
CHANGE
TOTAL HOMES SOLD
342
278
+23.0%
MEDIAN SOLD PRICE
$447K
$394K
+21.1%
20
61
-67.2%
101%
96%
+5.2%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$780K
MEDIAN SOLD PRICE UP +13.0% from 2020
ISLAND
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
6 2021 Q1 SEATTLE AREA MARKET REPORT
$447K
MEDIAN SOLD PRICE UP +21.1% from 2020
KITSAP
2021
2020
CHANGE
TOTAL HOMES SOLD
838
772
+8.5%
MEDIAN SOLD PRICE
$442K
$395K
+11.9%
19
39
-51.3%
102%
98%
+4.1%
2021
2020
CHANGE
TOTAL HOMES SOLD
3076
2755
+11.7%
MEDIAN SOLD PRICE
$461K
$399K
+15.5%
17
34
-50.0%
104%
100%
+4.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$442K
MEDIAN SOLD PRICE UP +11.9% from 2020
PIERCE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$461K
MEDIAN SOLD PRICE UP +15.5% from 2020
2021 Q1 SEATTLE MARKET REPORT
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puget sound area SKAGIT
2021
2020
CHANGE
TOTAL HOMES SOLD
411
367
+12.0%
MEDIAN SOLD PRICE
$465K
$387K
+20.2%
22
63
-65.1%
100%
98%
+2.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
2316
2168
+6.8%
MEDIAN SOLD PRICE
$617K
$515K
+19.8%
14
37
-62.2%
106%
99%
+7.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$465K
MEDIAN SOLD PRICE UP +20.2% from 2020
SNOHOMISH
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2021 Q1 SEATTLE AREA MARKET REPORT
$617K
MEDIAN SOLD PRICE UP +19.8% from 2020
THURSTON
2021
2020
CHANGE
TOTAL HOMES SOLD
964
949
+1.6%
MEDIAN SOLD PRICE
$420K
$356K
+18.0%
15
30
-50.0%
103%
100%
+3.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
621
550
+12.9%
MEDIAN SOLD PRICE
$494K
$421K
+17.3%
32
56
-42.9%
101%
97%
+4.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$420K MEDIAN SOLD PRICE UP +18.0% from 2020
WHATCOM
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$494K
MEDIAN SOLD PRICE UP +17.3% from 2020
2021 Q1 SEATTLE 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.