SOUTH 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 SOUTH SOUND MARKET REPORT
3
Q1 2021 MARKET REPORT
CRISTIAN KOCH PRINCIPAL managing broker FOR bainbridge island “Kitsap County has enjoyed a blockbuster first quarter with a 16.8 percent median price increase over last year,” said Cristian Koch, Principal Managing Broker of the Coldwell Banker Bain of Bainbridge Island office. “Bainbridge Island has seen especially strong buyer demand with a 10.6 percent increase in first-quarter sales while experiencing a 71.9 percent decrease in the number of available homes. These market conditions have continued to present unique challenges to buyers and competition is fierce. Most properties are experiencing multiple offers resulting in a drop in the number of days on market, of 68.6 percent to just 24 days. The luxury home market in the South Sound areas of Kitsap, South King, and Pierce Counties for homes selling for over $1 million saw an amazing increase from 92 homes last year to 216 homes, an increase of 134.8 percent. The expectation for the second quarter is that more buyers will continue to pursue significantly, lower inventory levels as we enter the spring market, with unusually low absorption rates. All excellent reasons for buyers and their real estate brokers to give a seller certainty by preparing a financial purchase strategy that enables them to act quickly once a home is identified.”
4 2021 Q1 SOUTH SOUND AREA MARKET REPORT
SOUTH SOUND
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
BAINBRIDGE ISLAND / SILVERDALE / GIG HARBOR & KEY PENINSULA / NORTH TACOMA, LAKEWOOD & UNIVERSITY PLACE / PUYALLUP & GRAHAM
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
South Sound Area
18
$543K
Bainbridge Island
$1.1M
24
$467K
Silverdale Gig Harbor & Key Peninsula
31
$660K
N. Tacoma, Lkwd. & Univ. Pl.
21
$475K
Puyallup & Graham
15
$455K $200K
$400K
14
$600K
$800K
$1.0M
$1.2M
NUMBER OF SALES CLOSED
3,798 | TOTAL SALES CLOSED
800 700
(TOTAL SOUTH SOUND AREA)
600 500
262
400
Lake Tapps & 300 Bonney Lake 200
SE King 100 County
73
518
57
0
SW King County
638
$562K
Bainbridge Island
Silverdale
$602K $548K
Gig Harbor & Key Peninsula
N. Tacoma, Lkwd. & Univ. Pl.
$293K
Condos
INVENTORY IN UNITS / 12.31.2021 Waterfront
TOTAL SOUTH SOUND INVENTORY / 503
$885K
(SF Only)
Luxury
($2+M | SF+C
Puyallup & Graham
16 -71.9%
$200K
11
$400K
-45.0%
51
$600K
$800K
-72.7%
$1.0M
74
$1.30M
$1.2M
-66.9%
61
-56.2%
-70.1%
N. Tacoma, Lkwd. & Univ. Pl.
Puyallup & Graham
7000 6000 5000 4000 3000
Bainbridge Island
Gig Harbor & Key Peninsula
Silverdale
2021 Q1 SOUTH SOUND MARKET REPORT
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Q1 2021 MARKET REPORT
GREGG WHITE PRINCIPAL MANAGING BROKER FOR VANCOUVER West Said Gregg White, Principal Managing Broker of the Coldwell Banker Bain of Vancouver West office, “The Clark County market continues to labor underneath a tremendous shortage of available homes on the market. As of the end of the first quarter 2021 affordable homes are almost nonexistent, with less than 40 homes priced under $350,000, and this includes attached and detached homes, as well as condominiums. The feeding frenzy continues as home prices continually climb as inventory dwindles. A buyer’s ability to be creative with their offers seem to get the upper hand in most negotiations and helping them to ‘win the bid.’ We are seeing less and less, contingencies included in offers, making it more attractive to sellers who can consider options that pose less of a risk. On the bright side, new homes, and new developments are in a constant growth pattern in most areas of Clark County, giving buyers the ability to purchase and take advantage of historically, lowinterest rates.”
6 2021 Q1 SOUTH SOUND AREA MARKET REPORT
Puyallup & Graham
$455K $200K
$400K
$600K
SOUTH SOUND
$800K
$1.0M
$1.2M
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
LAKE TAPPS & BONNEY LAKE / SE KING COUNTY / SW KING COUNTY
AVERAGE DOM
MEDIAN SOLD PRICE (NEAREST $000) 800 700
Lake Tapps & 600 Bonney Lake
26
$562K
500
$602K
SE King 400 County
17
300
SW King County200
$548K
17
100
Condos
$293K
0
20
Waterfront
$885K
(SF Only)
42
Luxury
$1.30M
($2+M | SF+C $200K
$400K
$600K
$800K
$1.0M
37
$1.2M
NUMBER OF SALES CLOSED
3,798 | TOTAL SALES CLOSED
7000
6000
(TOTAL SOUTH SOUND AREA)
5000
541
4000 3000
1108
338
2936 94
631
2000
92
1000 0
Lake Tapps & Bonney Lake TappsLake &
SE King County SE King
Bonney Lake
County
SW King County SW King County
INVENTORY IN UNITS / 12.31.2021
Condos Condos
Waterfront (SF Only) Waterfront (SF Only)
Luxury ($2+M Luxury | SF+C)
($2+M | SF+C)
TOTAL SOUTH SOUND INVENTORY / 503
-66.9%
50
156
84
124
35
116
-71.9%
-66.9%
-66.0%
-42.1%
-70.0%
-47.0%
SW King County
Condos
Lake Tapps & Bonney Lake
SE King County
Waterfront (SF Only)
Luxury ($2+M | SF+C)
2021 Q1 SOUTH SOUND MARKET REPORT
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South sound area TOTAL SOUTH SOUND AREA
2021
2020
CHANGE
TOTAL HOMES SOLD
3,798
3,585
+5.9%
MEDIAN SOLD PRICE
$543K
$465K
+16.8%
18
38
-52.6%
104%
99%
+5.1%
2021
2020
CHANGE
TOTAL HOMES SOLD
631
514
+13.3%
MEDIAN SOLD PRICE
$293K
$275K
+6.5%
20
32
-37.5%
101%
99%
+2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$543K
MEDIAN SOLD PRICE UP +16.8% from 2020
CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2021 Q1 SOUTH SOUND AREA MARKET REPORT
$293K
MEDIAN SOLD PRICE UP +6.5% from 2020
WATERFRONT
2021
2020
CHANGE
TOTAL HOMES SOLD
90
94
-4.3%
MEDIAN SOLD PRICE
$885K
$788K
+12.3%
42
79
-46.8%
97%
92%
+5.4%
2021
2020
CHANGE
TOTAL HOMES SOLD
216
92
+134.8%
MEDIAN SOLD PRICE
$1.30M
$1.20M
+8.3%
37
107
-65.4%
100%
93%
+7.5%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$885K
MEDIAN SOLD PRICE UP +12.3% from 2020
LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.30M MEDIAN SOLD PRICE UP +8.3% from 2020
2021 Q1 SOUTH SOUND MARKET REPORT
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South sound area BAINBRIDGE ISLAND
2021
2020
CHANGE
TOTAL HOMES SOLD
73
66
+10.6%
MEDIAN SOLD PRICE
$1.10M
$943K
+16.6%
24
77
-68.6%
100%
93%
+7.5%
2021
2020
CHANGE
TOTAL HOMES SOLD
57
58
-1.7%
MEDIAN SOLD PRICE
$467K
$438K
+6.6%
31
31
-41.2%
103%
100%
+0.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.10M MEDIAN SOLD PRICE UP +9.7% from 2020
SILVERDALE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2021 Q1 SOUTH SOUND AREA MARKET REPORT
$467K
MEDIAN SOLD PRICE UP +6.6% from 2020
GIG HARBOR & KEY PENINSULA
2021
2020
CHANGE
TOTAL HOMES SOLD
262
289
-9.3%
MEDIAN SOLD PRICE
$660K
$536K
+23.1%
21
66
-68.2%
101%
97%
+4.1%
2021
2020
CHANGE
TOTAL HOMES SOLD
518
474
+9.3%
MEDIAN SOLD PRICE
$475K
$403K
+17.9%
15
25
-40.0%
103%
100%
+3.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$660K MEDIAN SOLD PRICE UP +23.1% from 2020
N. TACOMA, LAKEWOOD & UNIVERSITY PLACE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$475K
MEDIAN SOLD PRICE UP +17.9% from 2020
2021 Q1 SOUTH SOUND MARKET REPORT 11
South sound area PUYALLUP & GRAHAM
2021
2020
CHANGE
TOTAL HOMES SOLD
638
621
+2.7%
MEDIAN SOLD PRICE
$455K
$399K
+14.0%
14
32
-56.2%
104%
101%
+3.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
386
388
+14.2%
MEDIAN SOLD PRICE
$562K
$483K
+16.4%
26
41
-36.6%
104%
101%
+3.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$455K
MEDIAN SOLD PRICE UP +14.0% from 2020
LAKE TAPPS & BONNEY LAKE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
12 2021 Q1 SOUTH SOUND AREA MARKET REPORT
$562K
MEDIAN SOLD PRICE UP +16.4% from 2020
SE KING COUNTY
2021
2020
CHANGE
TOTAL HOMES SOLD
1186
1108
+7.0%
MEDIAN SOLD PRICE
$602K
$509K
+18.3%
17
38
-53.3%
105%
100%
+5.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
678
631
+7.4%
MEDIAN SOLD PRICE
$548K
$478K
+14.6%
17
39
-56.4%
104%
99%
+5.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$602K MEDIAN SOLD PRICE UP +18.3% from 2020
SW KING COUNTY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$548K
MEDIAN SOLD PRICE UP +14.6% from 2020
2021 Q1 SOUTH SOUND MARKET REPORT 13
SEAN DABNEY REALTOR® Coldwell Banker Bain | TACOMA 3633 Market Place W, Suite 9 | Tacoma, WA 98466 Cell: (253) 255.3407 Office: (253) 752-7777 SEANDABNEY.COLDWELLBANKERBAIN.com
*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.