SEATTLE 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 SEATTLE MARKET REPORT
3
Q3 2021 MARKET REPORT
LAURIE WAY Principal Managing Broker of LAKE union Laurie Way, Principal Managing Broker of Coldwell Banker Bain of Lake Union, Madison Park and Magnolia, said, “The market is still very active in Seattle. Buyers are well-prepared and ready to buy. The inventory shortage is worse than ever shown by the fact that we had 635 single-family homes on the market at the end of September this year vs. last year when we had 1,154, for a loss of 45 percent. A similar story for the Days on Market figures - last year at this time the average DOM was 20 and this year it’s at 14. This means homes are selling 30 percent faster. Buyers need to be ready to go and know what it takes to secure a home in this marketplace. Their broker must prepare them by showing how much over list price homes are selling for in their area of interest, contingencies that buyers are waiving and the risks of doing so. The dip we saw in downtown condo sales was just a blip on the radar as sales are up 79.3 percent from 140 last year to 251 this year. However, current inventory on downtown condos is down with only 165 available vs. 367 at the same time last year. Inventory for luxury market of homes and condos priced over $2 million was down 48.9 percent. Again, this is in context of an already tight market in 2020. Days on Market for luxury homes was down 48.8 percent to 22 days this year. There is just not enough inventory in this category which caused a $101,000 increase in average sales price. The waterfront single-family category (over $2 million), although a much smaller category, was up 92.9 percent in units at 27 sales. Additionally, the Days on Market was down 56.1 percent from 57 to 25.”
4 2021 Q3 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 (NEAREST $000)
AVERAGE DOM
$1.25M
Queen Anne & Magnolia
19
$990K
Central Seattle
22 11
$960K
Northeast Seattle Ballard & Greenlake
$875K
13
West Seattle
$750K
13
Southeast Seattle
$802K
15
$690K
SODO & Beacon Hill Downtown Condos
16 51
$650K $875K
All Seattle Residential All Seattle Condos
14 37
$499K
Waterfront ($2M+ | SF)
$2.7M
25
$2.466M
Luxury ($2M+ | SF+C) $500K
$1M
$1.5M
$2.5M
$2M
22
$3M
NUMBER OF SALES CLOSED 1000
2,854
800
797
600
TOTAL AREA SALES CLOSED
582
400
462
384
200
999
134
280
251
215
27
204
Area Waterfront
Area Luxury
0
Queen Anne & Magnolia
Central Seattle
Northeast Seattle
Ballard & Greenlake
West Seattle
Southeast Seattle
INVENTORY IN UNITS / 09.30.21
SODO & Beacon Hill
Downtown Condos
All Seattle Condos
TOTAL SEATTLE INVENTORY / 635 -45.0%
58
113
75
153
121
66
49
165
519
12
91
-61.3%
-52.3%
-38.5%
-34.9%
-49.2%
-21.4%
-44.3%
-55.0%
-48.8%
-60.0%
-48.9%
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 Q3 SEATTLE MARKET REPORT
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SEATTLE area TOTAL SEATTLE AREA
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
2,854
2,756
+3.6%
MEDIAN SOLD PRICE
$875K
$815K
+7.4%
14
20
-30.0%
103%
101%
+2.0%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
999
765
+30.6%
MEDIAN SOLD PRICE
$499K
$495K
+0.8%
37
33
+12.1%
99%
97%
+2.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$875K
MEDIAN SOLD PRICE UP +7.4% from 2020
CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
6 2021 Q3 SEATTLE AREA MARKET REPORT
$499K MEDIAN SOLD PRICE UP +0.8% from 2020
WATERFRONT
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
27
14
+92.9%
MEDIAN SOLD PRICE
$2.7M
$3.963M
-31.9%
25
57
-56.1%
99%
97%
+2.1%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
204
143
+42.7%
MEDIAN SOLD PRICE
$2.7M
$3.963M
-31.9%
22
43
-48.8%
102%
97%
+5.2%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$2.70M
MEDIAN SOLD PRICE DOWN -31.9% from 2020
LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$2.46M
MEDIAN SOLD PRICE DOWN 31.9% from 2020
2021 Q3 SEATTLE MARKET REPORT
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SEATTLE area QUEEN ANNE & MAGNOLIA
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
280
289
-3.1%
MEDIAN SOLD PRICE
$1.25M
$1.125M
+11.1%
19
23
-17.4%
102%
99%
+3.0%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
384
335
+14.6%
MEDIAN SOLD PRICE
$990K
$975K
+1.5%
22
29
-24.1%
101%
99%
+2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.25M
MEDIAN SOLD PRICE UP +11.1% from 2020
CENTRAL SEATTLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2021 Q3 SEATTLE AREA MARKET REPORT
$990K MEDIAN SOLD PRICE UP +1.5% from 2020
NORTHEAST SEATTLE
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
462
415
+11.3%
MEDIAN SOLD PRICE
$960K
$875K
+9.7%
11
15
-26.7%
106%
102%
+3.9%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
797
780
+2.2%
MEDIAN SOLD PRICE
$875K
$830K
+5.4%
13
16
-18.7%
104%
103%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$960K MEDIAN SOLD PRICE UP +9.7% from 2020
BALLARD & GREENLAKE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$875K
MEDIAN SOLD PRICE UP +5.4% from 2020
2021 Q3 SEATTLE MARKET REPORT
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SEATTLE area WEST SEATTLE
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
582
572
+1.7%
MEDIAN SOLD PRICE
$750K
$680K
+10.3%
13
21
-38.1%
103%
100%
+3.0%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
215
230
-6.5%
MEDIAN SOLD PRICE
$802K
$725K
+10.6%
15
25
-40.0%
105%
102%
+2.9%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$750K
MEDIAN SOLD PRICE UP +10.3% from 2020
SOUTHEAST SEATTLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2021 Q3 SEATTLE AREA MARKET REPORT
$802K MEDIAN SOLD PRICE UP +10.6% from 2020
SODO & BEACON HILL
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
134
135
+0.7%
MEDIAN SOLD PRICE
$690K
$660K
+4.5%
16
17
-5.9%
103%
101%
+2.0%
Q3 2021
Q3 2020
CHANGE
TOTAL HOMES SOLD
251
140
+79.3%
MEDIAN SOLD PRICE
$650K
$643K
+1.1%
51
40
+7.5%
98%
94%
+4.3%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$690K MEDIAN SOLD PRICE UP +4.5% from 2020
DOWNTOWN CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$650K MEDIAN SOLD PRICE UP +1.1% from 2020
2021 Q3 SEATTLE 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.