SEATTLE 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 SEATTLE MARKET REPORT
3
Q2 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 vibrant in Seattle! People are out visiting open houses and ready to buy. We still have a shortage of inventory but I’m looking forward to the second part of the year as we’re already seeing more and more homes coming on the market in the past few weeks. For single-family homes, the city is up 67 percent over last year in unit sales. Some buyers are dropping out of the market due to buyer fatigue, but I highly recommend they come back in given the additional listings coming on. Many people are traveling with the vaccination rate up, travel restrictions lifted, and the children are out of school so there is less competition. We’ve seen a decrease in downtown condos over the past year but this is already turning around as many employees find that working from home may not be a permanent policy, with many employers starting to require 2-5 days a week in the office sometime before the end of the year. The second quarter has seen an increase of 24.7 percent in downtown condo sales. The luxury market (condos and homes over $2 million) category was up 202.5 percent with 239 units. The waterfront single-family category (over $2 million), although a much smaller category, was up 50 percent in units at 18 sales!”
4 2021 Q2 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 $1.308M
Queen Anne & Magnolia
13
$1.10M
Central Seattle
21 12
$982K
Northeast Seattle
10
$900K
Ballard & Greenlake West Seattle
$750K
12
Southeast Seattle
$735K
20
$715K
SODO & Beacon Hill Downtown Condos
18 51
$648K $895K
All Seattle Residential All Seattle Condos
14 39
$495K
Waterfront ($2M+ | SF)
$2.49M $2.40M
Luxury ($2M+ | SF+C) $500K
$1M
$2M
$1.5M
$2.5M
40 29
NUMBER OF SALES CLOSED 1000
3,099
800
890
600
TOTAL AREA SALES CLOSED
625
400
460
437
200
995
167
296
224
217
18
239
Area Waterfront
Area Luxury
0
Queen Anne & Magnolia
Central Seattle
Northeast Seattle
Ballard & Greenlake
West Seattle
Southeast Seattle
INVENTORY IN UNITS / 06.30.21
SODO & Beacon Hill
Downtown Condos
All Seattle Condos
TOTAL SEATTLE INVENTORY / 689 -20.9%
85
132
71
166
125
67
43
160
578
18
95
-16.7%
-4.3%
-31.1%
-15.3%
-37.2%
-9.5%
-27.1%
-31.0%
-7.8%
+0.0%
-26.9%
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 Q2 SEATTLE MARKET REPORT
5
SEATTLE area TOTAL SEATTLE AREA
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
3099
1855
+67.1%
MEDIAN SOLD PRICE
$895K
$800K
+11.9%
14
19
-26.3%
105%
100%
+5.0%
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
995
532
+87.0%
MEDIAN SOLD PRICE
$495K
$499K
+0.0%
39
25
+56.0%
99%
99%
+0.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$895K
MEDIAN SOLD PRICE UP +11.9% from 2020
CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
6 2021 Q2 SEATTLE AREA MARKET REPORT
$495K
MEDIAN SOLD PRICE DOWN -0.8% from 2020
WATERFRONT
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
18
12
+50.0%
MEDIAN SOLD PRICE
$2.49M
$3.088M
-19.4%
40
124
-67.7%
98%
90%
+8.9%
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
239
79
+202.5%
MEDIAN SOLD PRICE
$2.45M
$2.42M
-0.8%
29
50
-42.0%
102%
96%
+6.3%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$2.49M
MEDIAN SOLD PRICE DOWN -19.4% from 2020
LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$2.40M MEDIAN SOLD PRICE DOWN -0.8% from 2020
2021 Q2 SEATTLE MARKET REPORT
7
SEATTLE area QUEEN ANNE & MAGNOLIA
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
296
179
+65.4%
MEDIAN SOLD PRICE
$1.308M
$1.125M
+16.3%
13
18
-27.8%
104%
99%
+5.1%
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
437
216
+102.3%
MEDIAN SOLD PRICE
$1.10M
$994K
+10.7%
21
27
-22.2%
102%
100%
+2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.30M MEDIAN SOLD PRICE UP +16.3% from 2020
CENTRAL SEATTLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2021 Q2 SEATTLE AREA MARKET REPORT
$1.10M
MEDIAN SOLD PRICE UP +10.7% from 2020
NORTHEAST SEATTLE
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
460
317
+45.1%
MEDIAN SOLD PRICE
$982K
$837K
+17.3%
12
15
-20.0%
109%
99%
+10.1%
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
890
538
+65.4%
MEDIAN SOLD PRICE
$900K
$789K
+14.1%
10
13
-23.1%
107%
101%
+5.9%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$982K
MEDIAN SOLD PRICE UP +17.3% from 2020
BALLARD & GREENLAKE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$900K MEDIAN SOLD PRICE UP +14.1% from 2020
2021 Q2 SEATTLE MARKET REPORT
9
SEATTLE area WEST SEATTLE
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
625
342
+82.7%
MEDIAN SOLD PRICE
$750K
$675K
+11.1%
12
18
-33.3%
106%
100%
+6.0%
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
224
155
+44.5%
MEDIAN SOLD PRICE
$735K
$690K
+6.5%
20
25
-20.0%
106%
99%
+7.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$750K
MEDIAN SOLD PRICE UP +11.1% from 2020
SOUTHEAST SEATTLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2021 Q2 SEATTLE AREA MARKET REPORT
$735K
MEDIAN SOLD PRICE UP +6.5% from 2020
SODO & BEACON HILL
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
167
108
+54.6%
MEDIAN SOLD PRICE
$715K
$650K
+10.0%
18
29
-37.9%
106%
98%
+8.2%
Q2 2021
Q2 2020
CHANGE
TOTAL HOMES SOLD
217
174
+24.7%
MEDIAN SOLD PRICE
$648K
$680K
-4.7%
51
15
+240.0%
98%
99%
-1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$715K
MEDIAN SOLD PRICE UP +3.5% from 2020
DOWNTOWN CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$648K
MEDIAN SOLD PRICE DOWN -4.7% from 2020
2021 Q2 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.