SEATTLE 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 SEATTLE AREA MARKET REPORT
3
2021 ANNUAL MARKET REPORT
TODD SHIVELY Principal Managing Broker of capitol Hill & west seattle “It was the best of times, it was the worst of times…” In 2021, Seattleites had two entirely different experiences depending on whether they were selling a home or buying a home. The market took off early in the year, fueled by low interest rates, a strong jobs market and the third ingredient: pandemic restlessness. Sellers wanted a change of scenery and buyers were desperate to pick up whatever was available. Savvy homeowners turned to their Coldwell Banker Bain brokers to help them transform their properties into HDTV-ready showcases. Contractors were kept busy staging, painting, refreshing, and polishing listing inventory. To make that possible, people usually moved out before selling. An astonishing 78% of homes were listed as vacant with approximately 20% owner occupied and less than 2% tenant occupied. Multiple offers on a listing became the rule with sales pushing to an average of 105% over the list price. Median home price soared to $845,000—a $65,000 increase over 2020 and $109,000 more than 2019! Only five Seattle homes were listed in the Northwest Multiple Listing Service as a “short sale” (homes that are worth less than the mortgaged amount) and 18 were bank-owned. For historical perspective, 10 years ago 457 homes sold for less than they owed, 951 were foreclosures and the median sales price was a cool $365,000. 2022 indicates a similar trend is likely continue, though efforts to temper inflation through interest rate increases and continued anxiety about long term pandemic impact may create some hesitation. However, some things will never change; we live in one of the most beautiful areas on the continent, attracting people from all over the world, and there’s a distinct shortage of buildable land for new homes.”
4 2021 ANNUAL SEATTLE AREA MARKET REPORT
SEATTLE area
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
QUEEN ANNE & MAGNOLIA | CENTRAL SEATTLE | NORTHEAST SEATTLE BALLARD & GREEN LAKE | WEST SEATTLE | SOUTHEAST SEATTLE | SODO & BEACON HILL
MEDIAN SOLD PRICE
AVERAGE DOM $1.20M
Queen Anne & Magnolia
21
$995K
Central Seattle
24 14
$935K
Northeast Seattle
13
$875K
Ballard & Greenlake West Seattle
$725K
16
$757K
20
Southeast Seattle
$696K
SODO & Beacon Hill Downtown Condos
25 51
$659K $845K
All Seattle Residential All Seattle Condos
17 41
$495K
Waterfront ($2M+ | SF)
$2.80M $2.45M
Luxury ($2M+ | SF+C) $500K
$1M
$1.5M
$2.5M
$2M
35 29
$3M
NUMBER OF SALES CLOSED 4000 3500
11,067
3000 2500
2957
2000 1500
3559
TOTAL AREA SALES CLOSED
2145
1000 500
1022
1576
1407
Central Seattle
Northeast Seattle
Ballard & Greenlake
West Seattle
Southeast Seattle
INVENTORY IN UNITS / 12.31.21
65
848
805
0
Queen Anne & Magnolia
710
564
SODO & Beacon Hill
Downtown Condos
All Seattle Condos
Area Waterfront
Area Luxury
TOTAL SEATTLE INVENTORY / 199 -68.8%
20
37
19
40
23
26
15
121
273
7
58
-74.4%
-69.9%
-74.0%
-63.6%
-75.8%
-63.9%
-75.0%
-48.3%
-56.9%
-41.7%
-44.2%
Queen Anne & Magnolia
Central Seattle
Northeast Seattle
Ballard & Greenlake
West Seattle
Southeast Seattle
SODO & Beacon Hill
Downtown Condos
All Seattle Condos
Area Waterfront
Area Luxury
2021 ANNUAL SEATTLE AREA MARKET REPORT
5
SEATTLE area TOTAL SEATTLE AREA
2021
2020
CHANGE
TOTAL HOMES SOLD
11,067
9,256
+19.6%
MEDIAN SOLD PRICE
$845K
$780K
+8.3%
17
24
-29.2%
103%
100%
+3.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
3,559
2,774
+28.3%
MEDIAN SOLD PRICE
$495K
$485K
+2.1%
41
38
+7.9%
98%
97%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$845K
MEDIAN SOLD PRICE UP +10.1% from 2020
CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
6 2021 ANNUAL SEATTLE AREA MARKET REPORT
$495K
MEDIAN SOLD PRICE UP +2.1% from 2020
WATERFRONT
2021
2020
CHANGE
TOTAL HOMES SOLD
65
41
+58.5%
MEDIAN SOLD PRICE
$2.7M
$3.67M
-23.7%
35
76
-53.9%
98%
93%
+5.4%
2021
2020
CHANGE
TOTAL HOMES SOLD
710
368
+92.9%
MEDIAN SOLD PRICE
$2.45M
$2.4M
+2.1%
29
49
-40.8%
101%
96%
+5.2%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$2.80M
MEDIAN SOLD PRICE DOWN -23.7% from 2020
LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$2.45M MEDIAN SOLD PRICE UP +2.1% from 2020
2021 ANNUAL SEATTLE AREA MARKET REPORT
7
SEATTLE area QUEEN ANNE & MAGNOLIA
2021
2020
CHANGE
TOTAL HOMES SOLD
1,022
840
+27.1%
MEDIAN SOLD PRICE
$1.25M
$1.09M
+10.1%
21
24
-12.5%
102%
99%
+3.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
1,407
1,075
+14.6%
MEDIAN SOLD PRICE
$995K
$960K
+3.6%
24
29
-17.2%
101%
99%
+2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.20M MEDIAN SOLD PRICE UP +10.1% from 2020
CENTRAL SEATTLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2021 ANNUAL SEATTLE AREA MARKET REPORT
$995K
MEDIAN SOLD PRICE UP +3.6% from 2020
NORTHEAST SEATTLE
2021
2020
CHANGE
TOTAL HOMES SOLD
1,576
1,331
+11.3%
MEDIAN SOLD PRICE
$935K
$850K
+10.0%
14
20
-30.0%
106%
100%
+6.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
2,957
2,459
+20.3%
MEDIAN SOLD PRICE
$875K
$806K
+8.6%
13
19
-31.6%
105%
101%
+4.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$935K
MEDIAN SOLD PRICE UP +10.0% from 2020
BALLARD & GREENLAKE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$875K
MEDIAN SOLD PRICE UP +8.6% from 2020
2021 ANNUAL SEATTLE AREA MARKET REPORT
9
SEATTLE area WEST SEATTLE
2021
2020
CHANGE
TOTAL HOMES SOLD
2,145
1,789
+19.9%
MEDIAN SOLD PRICE
$725K
$675K
+7.4%
16
25
-36.0%
104%
99%
+5.1%
2021
2020
CHANGE
TOTAL HOMES SOLD
805
724
+11.2%
MEDIAN SOLD PRICE
$757K
$685K
+10.5%
20
27
-25.9%
104%
101%
+3.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$725K
MEDIAN SOLD PRICE UP +7.4% from 2020
SOUTHEAST SEATTLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2021 ANNUAL SEATTLE AREA MARKET REPORT
$757K
MEDIAN SOLD PRICE UP +10.5% from 2020
SODO & BEACON HILL
2021
2020
CHANGE
TOTAL HOMES SOLD
564
474
+19.0%
MEDIAN SOLD PRICE
$696K
$650K
+7.1%
25
31
-19.4%
103%
100%
+3.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
848
694
+22.2%
MEDIAN SOLD PRICE
$659K
$640K
+3.0%
51
34
+50.0%
98%
97%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$696K MEDIAN SOLD PRICE UP +7.1% from 2020
DOWNTOWN CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$659K
MEDIAN SOLD PRICE UP +3.0% from 2020
2021 ANNUAL SEATTLE AREA MARKET REPORT 11
*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.