WATERFRONT 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 WATERFRONT COUNTIES MARKET REPORT
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Q1 2021 MARKET REPORT
JEN HARPER BROKER FOR COLDWELL BANKER BAIN of bellevue Jen Harper, a broker in the Coldwell Banker Bain of Bellevue office and a top broker in sales of Lake Washington waterfront homes, said, “People continue to want to make their home a more beautiful place to spend not only their evenings and weekends but workdays as well. Water views out the window feed the soul and quick access for a paddle or ski helps give balance. Inventory of King County waterfront properties is down 31.6 percent in the first quarter of 2021 to 2020—people are holding onto their waterfront lifestyle!”
4 2021 Q1 WATERFRONT COUNTIES MARKET REPORT
waterfront
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
KING / ISLAND / KITSAP / PIERCE / SKAGIT / SNOHOMISH / THURSTON / WHATCOM
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
King
43
$729K
Island
$888K
48
Kitsap
$645K
28
Pierce
$775K
37
Skagit
$640K
38
Snohomish
$612K
30
Thurston
$550K
21
$449K
67
Whatcom $200K
$400K
$800K
$600K
$1M
NUMBER OF SALES CLOSED 200
150
173 100
83
65 31
50
85
67 37
26
0
King
Island
Kitsap
Pierce
Skagit
Snohomish
Thurston
Whatcom
INVENTORY IN UNITS / 03.31.21
158
39
51
87
32
54
39
85
-31.6%
-71.8%
-58.8%
-70.1%
-59.4%
-63.0%
-74.4%
-47.1%
King
Island
Kitsap
Pierce
Skagit
Snohomish
Thurston
Whatcom
2021 Q1 WATERFRONT COUNTIES MARKET REPORT
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waterfront KING
2021
2020
CHANGE
TOTAL HOMES SOLD
173
162
+6.8%
MEDIAN SOLD PRICE
$729K
$675K
+8.0%
43
54
-20.4%
94%
95%
-1.1%
2021
2020
CHANGE
TOTAL HOMES SOLD
31
19
+63.2%
MEDIAN SOLD PRICE
$888K
$767K
+15.8%
48
95
-49.5%
100%
94%
+6.4%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$729K
MEDIAN SOLD PRICE UP +8.0% from 2020
ISLAND
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
6 2021 Q1 WATERFRONT COUNTIES MARKET REPORT
$888K
MEDIAN SOLD PRICE UP +15.8% from 2020
KITSAP
2020
CHANGE
TOTAL HOMES SOLD
65
62
+4.8%
MEDIAN SOLD PRICE
$645K
$568K
+13.6%
AVERAGE DAYS ON MARKET
5628
98
-71.4%
SOLD/LIST PRICE%
99%
89%
+11.2%
2021
2020
CHANGE
TOTAL HOMES SOLD
83
60
+38.3%
MEDIAN SOLD PRICE
$775K
$545K
+42.2%
37
60
-38.3%
97%
97%
+0.0%
$645K
MEDIAN SOLD PRICE UP +13.6% from 2020
PIERCE
2021
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$775K
MEDIAN SOLD PRICE UP +42.2% from 2020
2021 Q1 WATERFRONT COUNTIES MARKET REPORT
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waterfront SKAGIT
2021
2020
CHANGE
TOTAL HOMES SOLD
26
23
+13.0%
MEDIAN SOLD PRICE
$640K
$630K
+1.6%
38
158
-75.9%
99%
96%
+3.1%
2021
2020
CHANGE
TOTAL HOMES SOLD
85
73
+16.4%
MEDIAN SOLD PRICE
$612K
$520K
+17.7%
30
57
-47.4%
101%
96%
+5.2%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$640K MEDIAN SOLD PRICE UP +1.6% from 2020
SNOHOMISH
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2021 Q1 WATERFRONT COUNTIES MARKET REPORT
$612K
MEDIAN SOLD PRICE UP +17.7% from 2020
THURSTON
2021
2020
CHANGE
TOTAL HOMES SOLD
37
43
-14.0%
MEDIAN SOLD PRICE
$555K
$497K
+23.3%
21
63
-66.7%
98%
96%
+2.1%
2021
2020
CHANGE
TOTAL HOMES SOLD
67
52
+28.8%
MEDIAN SOLD PRICE
$449K
$405K
+10.9%
67
93
-28.0%
101%
93%
+8.6%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$555K
MEDIAN SOLD PRICE UP +23.3% from 2020
WHATCOM
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$449K
MEDIAN SOLD PRICE UP +10.9% from 2020
2021 Q1 WATERFRONT COUNTIES MARKET REPORT
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*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.