SEATTLE 2021 Q1 MARKET REPORT
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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
3
Q1 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, “We have not seen any slow-down in the market as we are heading down the ladder of Phases for the greater Seattle area. In fact, we are seeing multiple offers on almost every single-family listing unless severely overpriced. Those multiple offers are turning into price escalations, some several hundred thousand dollars over list price. During this time the number of sales for downtown condos dropped 37 percent but still brought a 4.2 percent price increase over last year. The luxury market (over $2 million) category was up 161.1 percent with 115 sales. The waterfront single-family, category, was up 6 percent in price and had 17 sales. Prices in the Seattle area were up across the board with an average for single-family homes at 6.3 percent. The high demand is reflected most in the dramatic change in the time it took to sell the standing inventory (days on market). The days on market were cut 29.7 percent to 26 days from the 37 days it took to sell in 2020, with the Ballard/Greenlake area leading the pack with an average market time of only 17 days. The Seattle real estate market in the first quarter was a solid sellers’ market, for single-family homes, while the condo market saw an increase in inventory and stagnant price increases. The downtown condo market will be climbing back up from the slight negative trends we experienced last year. When people were not commuting into work downtown and all the great things about living downtown were closed, we saw a decline. However, employers are bringing people back to the offices, and restaurants are opening with larger capacities, so that magnet of living downtown will begin its pull again.”
4 2021 Q1 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 33
$1.10M
Queen Anne & Magnolia
$910K
Central Seattle
35 22
$860K
Northeast Seattle
17
$827K
Ballard & Greenlake
$655K
West Seattle
26 31
$733K
Southeast Seattle SODO & Beacon Hill
$625K
42
Downtown Condos
$641K
72
$808K
All Seattle Residential All Seattle Condos
26 60
$495K
Waterfront (SF Only)
$1.325M
59
Luxury ($2+M | SF+C)
$2.45M $500K
$1M
$2M
$1.5M
$2.5M
44
NUMBER OF SALES CLOSED 800 700
2,071
600
552
400 300
459
200
257
258
Queen Anne & Magnolia
Central Seattle
100
670
TOTAL AREA SALES CLOSED
500
126
292
127
172 115 17
0
Northeast Seattle
Ballard & Greenlake
West Seattle
Southeast Seattle
INVENTORY IN UNITS / 03.31.2021
SODO & Beacon Hill
Downtown Condos
All Seattle Condos
Area Waterfront
TOTAL SEATTLE INVENTORY / 516
Area Luxury
-15.1%
48
113
63
106
84
62
40
195
516
26
83
-39.2%
-1.7%
-22.2%
-17.2%
-15.2%
-7.5%
+2.6%
+40.3%
-15.1%
+0.0%
-5.7%
Northeast Seattle
Ballard & Greenlake
West Seattle
Southeast Seattle
SODO & Beacon Hill
Downtown Condos
All Seattle Condos
Area Waterfront
Area Luxury
Queen Anne & Magnolia
Central Seattle
2021 Q1 SEATTLE MARKET REPORT
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SEATTLE area TOTAL SEATTLE AREA
2021
2020
CHANGE
TOTAL HOMES SOLD
2071
1540
+34.5%
MEDIAN SOLD PRICE
$808K
$760K
+6.3%
26
37
-29.7%
101%
100%
+1.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
670
729
-8.1%
MEDIAN SOLD PRICE
$495K
$495K
+0.0%
60
48
+25.0%
97%
98%
-1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$808K MEDIAN SOLD PRICE UP +6.3% from 2020
CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
6 2021 Q1 SEATTLE AREA MARKET REPORT
$495K
MEDIAN SOLD PRICE UP +0.0% from 2020
WATERFRONT
2021
2020
CHANGE
TOTAL HOMES SOLD
17
17
+0.0%
MEDIAN SOLD PRICE
$1.325M
$1.25M
+6.0%
59
82
-28.0%
90%
95%
-5.3%
2021
2020
CHANGE
TOTAL HOMES SOLD
115
44
+161.4%
MEDIAN SOLD PRICE
$2.45M
$2.378M
+3.0%
44
75
-41.3%
98%
98%
+0.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.32M MEDIAN SOLD PRICE UP +6.0% from 2020
LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$2.45M MEDIAN SOLD PRICE UP +3.0% from 2020
2021 Q1 SEATTLE MARKET REPORT
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SEATTLE area QUEEN ANNE & MAGNOLIA
2021
2020
CHANGE
TOTAL HOMES SOLD
257
1436
+79.7%
MEDIAN SOLD PRICE
$1.10M
$1.052M
+4.6%
33
33
+0.0%
99%
99%
+0.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
258
204
+26.5%
MEDIAN SOLD PRICE
$910K
$850K
+7.1%
35
32
+9.4%
99%
100%
-1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.10M
MEDIAN SOLD PRICE UP +4.6% from 2020
CENTRAL SEATTLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2021 Q1 SEATTLE AREA MARKET REPORT
$910K
MEDIAN SOLD PRICE UP +7.1% from 2020
NORTHEAST SEATTLE
2021
2020
CHANGE
TOTAL HOMES SOLD
292
217
+36.4%
MEDIAN SOLD PRICE
$860K
$821K
+4.8%
221
40
-45.0%
104%
101%
+3.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
552
425
+29.9%
MEDIAN SOLD PRICE
$827K
$780K
+6.0%
17
32
-46.7%
105%
101%
+4.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$860K MEDIAN SOLD PRICE UP +4.8% from 2020
BALLARD & GREENLAKE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$827K
MEDIAN SOLD PRICE UP +6.0% from 2020
2021 Q1 SEATTLE MARKET REPORT
9
SEATTLE area WEST SEATTLE
2021
2020
CHANGE
TOTAL HOMES SOLD
459
320
+43.3%
MEDIAN SOLD PRICE
$655K
$661K
+0.9%
26
41
-36.6%
102%
99%
+3.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
126
117
+7.7%
MEDIAN SOLD PRICE
$733K
$628K
+8.6%
31
42
-26.2%
103%
99%
+4.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$655K
MEDIAN SOLD PRICE UP +0.9% from 2020
SOUTHEAST SEATTLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2021 Q1 SEATTLE AREA MARKET REPORT
$733K
MEDIAN SOLD PRICE UP +16.7% from 2020
SODO & BEACON HILL
2021
2020
CHANGE
TOTAL HOMES SOLD
477
438
+8.9%
MEDIAN SOLD PRICE
$650K
$606K
+7.3%
31
41
-24.4%
100%
CHANGE
+2.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
172
273
-37.0%
MEDIAN SOLD PRICE
$641K
$615K
+4.2%
72
37
-8.7%
96%
98%
-2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$625K
MEDIAN SOLD PRICE UP +3.5% from 2020
DOWNTOWN CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$641K
MEDIAN SOLD PRICE UP +4.2% from 2020
2021 Q1 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.