SOUTH SOUND 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 SOUTH SOUND AREA MARKET REPORT
3
2021 ANNUAL MARKET REPORT
LANCE GOODWIN principal managing broker FOR kent station “As we review the 2021 real estate market, we reflect on an astounding year of increases in price and reduction of key statistics that reflect a very strong seller’s market. The average sale price for the South King County and Pierce County areas was $535,000. Up from $450,000 in 2020, that’s an overall price increase of 18.9%. Even with the shortage of inventory, there was a 12.7% increase in the number of homes that sold. Further, those homes sold for 104% over list price. The low number of days on market, a key statistic of a seller’s market, saw houses selling in 13 days. To further illustrate how quickly homes are selling, in 2020 the average days on market was 22 days. That’s an amazing 40.9% decrease. Also, when taken into consideration that many sellers wait several days prior to reviewing offers, homes are really selling in less than a week. While at the end of year the total inventory for these areas was only down 6.1%, many areas experienced much more significant decreases in inventory. Because many homeowners choose Kent as a central King County location, Kent is a good gauge of the South King County market. At year’s end, inventory plummeted with 21.1% less homes for sale. As a result, prices increased by 17.6% and the average sale price was $600,000, up from $510,000. While both South King and Pierce County areas saw similar market occurrences, year-end inventory may show some relief for buyers. Overall, in Puyallup, prices were up and days on the market were down. However, it is notable that there was 36.1% more inventory to end the year, than at the end of 2020. It’s unlikely that this statistic is a harbinger for things to come. Rather, it is a sign that the further south you go, that more opportunities may exist for buyers. Home is more important than ever, and the residents of South King and Pierce County want to own homes. If you are looking to buy or sell, the current market provides opportunity.”
4 2021 ANNUAL SOUTH SOUND AREA MARKET REPORT
SOUTH SOUND
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
AUBURN | BURIEN & NORMANDY PARK | DES MOINES | FEDERAL WAY GIG HARBOR & KEY PENINSULA | KENT | LAKE TAPPS & BONNEY LAKE
MEDIAN SOLD PRICE
AVERAGE DOM
S. King & Pierce Area
$535K
13
Auburn
$535K
11
Burien & Normandy Park
16
$600K
Des Moines
11
$550K
Federal Way
9
$560K
Gig Harbor & Key Peninsula
16
$675K
Kent
$600K
12
Lake Tapps & Bonney Lake
$600K
15
$100K
$200K
$300K
$400K
$500K
$600K
$700K
$800K
NUMBER OF SALES CLOSED 2500 2000
16,863 | TOTAL SALES CLOSED
1500
(TOTAL SOUTH SOUND AREA)
1000 500
1593
573
1298
1093
2108
1070
965
0
Auburn
Burien & Normandy Park
Des Moines
Federal Way
INVENTORY IN UNITS / 12.31.21
Gig Harbor & Key Peninsula
Kent
TOTAL SOUTH SOUND INVENTORY / 416
Lake Tapps & Bonney Lake -6.1%
20
21
12
18
30
30
67
-20.0%
-67.7%
-36.8%
+20.0%
-25.0%
-21.1%
+6.3%
Burien & Normandy Park
Des Moines
Federal Way
Kent
Lake Tapps & Bonney Lake
3500 3000
Auburn
2500 2000 1500
Gig Harbor & Key Peninsula
2021 ANNUAL SOUTH SOUND AREA MARKET REPORT
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SOUTH SOUND
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
OLYMPIA | PUYALLUP | TACOMA | UNIVERSITY PLACE, LAKEWOOD & TILLICUM 2500 MEDIAN SOLD PRICE
AVERAGE DOM 11
$486K
Olympia 2000 Puyallup 1500
12
$515K
Tacoma 1000
11
$430K
University Place,
500 Lakewood &
$525K
14
Tillicum 0 Condos
$315K
16
Waterfront (SF Only)
$877K
23
Luxury ($2+M | SF+C)
$1.28M $300K
$600K
$900K
$1.2M
29
$1.5M
NUMBER OF SALES CLOSED 3500
16,863 | TOTAL SALES CLOSED
3000
2500
(TOTAL SOUTH SOUND AREA)
3325
2000
2371
1500
2315
1000 500
1314
1153
678
406
0
Olympia
Puyallup
Tacoma
University Place, Lakewood & Tillicum
INVENTORY IN UNITS / 06.30.21
Condos
Waterfront (SF Only)
Luxury ($2+M | SF+C)
TOTAL SOUTH SOUND INVENTORY / 711
-66.9%
37
83
56
42
59
25
70
+48.0%
+36.1%
+9.8%
+2.4%
-52.0%
-21.9%
-10.3%
Olympia
Puyallup
Tacoma
University Place, Lakewood & Tillicum
6 2021 ANNUAL SOUTH SOUND AREA MARKET REPORT
Condos
Waterfront (SF Only)
Luxury ($2+M | SF+C)
South sound area TOTAL SOUTH SOUND AREA
2021
2020
CHANGE
TOTAL HOMES SOLD
16,863
14,960
+12.7%
MEDIAN SOLD PRICE
$535K
$450K
+18.9%
13
22
-40.9%
104%
101%
+3.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
2,315
2,022
+14.5%
MEDIAN SOLD PRICE
$315K
$273K
+15.4%
16
25
-36.0%
102%
99%
+3.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$535K
MEDIAN SOLD PRICE UP +18.9% from 2020
CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$315K
MEDIAN SOLD PRICE UP +15.4% from 2020
2021 ANNUAL SOUTH SOUND AREA MARKET REPORT
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South sound area WATERFRONT
2021
2020
CHANGE
TOTAL HOMES SOLD
406
400
+1.5%
MEDIAN SOLD PRICE
$877K
$850K
+3.2%
23
52
-55.8%
100%
95%
+5.3%
2021
2020
CHANGE
TOTAL HOMES SOLD
678
336
+101.8%
MEDIAN SOLD PRICE
$1.28M
$1.25M
+2.4%
29
54
-46.3%
101%
95%
+6.3%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$877K
MEDIAN SOLD PRICE UP +3.2% from 2020
LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2021 ANNUAL SOUTH SOUND AREA MARKET REPORT
$1.28M
MEDIAN SOLD PRICE UP +2.4%% from 2020
AUBURN
2021
2020
CHANGE
TOTAL HOMES SOLD
1,093
956
+14.3%
MEDIAN SOLD PRICE
$535K
$459K
+16.6%
11
19
-42.1%
104%
101%
+3.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
1,298
1,199
+8.3%
MEDIAN SOLD PRICE
$600K
$525K
+14.3%
16
26
-38.5%
104%
99%
+5.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$535K
MEDIAN SOLD PRICE UP +16.6% from 2020
BURIEN & NORMANY PARK
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$600K MEDIAN SOLD PRICE UP +14.3% from 2020
2021 ANNUAL SOUTH SOUND AREA MARKET REPORT
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South sound area DES MOINES
2021
2020
CHANGE
TOTAL HOMES SOLD
573
650
-11.8%
MEDIAN SOLD PRICE
$550K
$480K
+14.6%
11
24
-54.2%
104%
100%
+4.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
965
855
+12.9%
MEDIAN SOLD PRICE
$560K
$455K
+23.1%
9
16
-43.8%
105%
101%
+4.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$550K MEDIAN SOLD PRICE UP +14.6% from 2020
FEDERAL WAY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2021 ANNUAL SOUTH SOUND AREA MARKET REPORT
$560K MEDIAN SOLD PRICE UP +23.1% from 2020
GIG HARBOR & KEY PENINSULA
2021
2020
CHANGE
TOTAL HOMES SOLD
1,070
1,023
+4.6%
MEDIAN SOLD PRICE
$675K
$595K
+13.4%
16
42
-61.9%
102%
98%
+4.1%
2021
2020
CHANGE
TOTAL HOMES SOLD
1,593
1,253
+27.1%
MEDIAN SOLD PRICE
$600K
$510K
+17.6%
12
20
-40.0%
105%
101%
+4.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$675K
MEDIAN SOLD PRICE UP +13.4% from 2020
KENT
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$600K MEDIAN SOLD PRICE UP +17.6% from 2020
2021 ANNUAL SOUTH SOUND AREA MARKET REPORT 11
South sound area LAKE TAPPS & BONNEY LAKE
2021
2020
CHANGE
TOTAL HOMES SOLD
2,108
1,806
+16.7%
MEDIAN SOLD PRICE
$600K
$500K
+20.0%
15
30
-50.0%
103%
101%
+2.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
1,153
980
+17.7%
MEDIAN SOLD PRICE
$486K
$400K
+21.5%
11
18
+38.9%
103%
100%
+3.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$600K MEDIAN SOLD PRICE UP +20.0% from 2020
OLYMPIA
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
12 2021 ANNUAL SOUTH SOUND AREA MARKET REPORT
$486K
MEDIAN SOLD PRICE UP +21.5% from 2020
PUYALLUP
2021
2020
CHANGE
TOTAL HOMES SOLD
2,371
2,220
+6.8%
MEDIAN SOLD PRICE
$515K
$434K
+18.7%
12
22
-45.5%
103%
101%
+2.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
3,325
2,860
+16.3%
MEDIAN SOLD PRICE
$430K
$359K
+19.8%
11
15
-26.7%
104%
102%
+2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$515K
MEDIAN SOLD PRICE UP +18.7% from 2020
TACOMA
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$430K MEDIAN SOLD PRICE UP +19.8% from 2020
2021 ANNUAL SOUTH SOUND AREA MARKET REPORT 13
South sound area UNIVERSITY PLACE, LAKEWOOD & TILLICUM
2021
2020
CHANGE
TOTAL HOMES SOLD
1,314
1,158
+13.5%
MEDIAN SOLD PRICE
$537K
$440K
+19.3%
14
20
-30.0%
102%
100%
+2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
14 2021 ANNUAL SOUTH SOUND AREA MARKET REPORT
$525K
MEDIAN SOLD PRICE UP +19.3% from 2020
JENNIFER ANDERSON REALTOR® | Manager in Development Coldwell Banker Bain | TACOMA 3633 Market Place W, Suite 9 | Tacoma, WA 98466 Cell: (253) 970.7839 Office: (253) 752-7777 Jennanderson.com | homes@jennanderson.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.