2017
PA C I F I C N O R T H W E S T FIRST QUARTER MARKET REPORT
PUGET SOUND SOUTHWEST WASHINGTON PORTLAND OREGON
ABOUT COLDWELL BANKER BAIN | SEAL
Coldwell Banker Bain | Seal is the 17th-largest real estate company in the country, helping people buy and sell homes in the Pacific Northwest since 1972. With 1000+ brokers in 31 offices throughout Washington and Oregon, the company provides a full spectrum of services to buyers and sellers, with special expertise in the luxury realm. Additionally, the company has once again earned the national Coldwell Banker Chairman’s Circle designation for outstanding performance in volume for 2016, ranking as a No.1 network affiliate out of 3,000 offices in 49 countries. The
company operates as Coldwell Banker Bain in Western Washington and Coldwell Banker Seal in the Portland/Vancouver metropolitan area, also providing services in property management, commercial real estate and real estate investment, and relocation management. Coldwell Banker Bain | Seal consistently ranks among the Top 20 Real Estate Companies in the nation as cited by Real Trends and RIS Media’s Real Estate. For more information, visit: www.coldwellbankerbain.com www.coldwellbankerseal.com
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017
FIRST QUARTER NUMBERS
Seattle, Wash. (April 17, 2017) – Coldwell Banker Bain, a leading Pacific Northwest real estate brokerage, releases its first quarter market report providing a variety of statistics for the sale of homes in neighborhoods and counties throughout the Puget Sound, Southwest Washington and Oregon regions as well as for the luxury & condo segments. The first-quarter report reflects activity between Jan. 1, 2017 and March 31, 2017.* Observations by principal managing brokers working in each major market are also included. Reflecting on the first-quarter numbers, Mike Grady, CB Bain President and COO, said, “It’s all about inventory. We continue to see a downturn in inventory percentages – many areas in double digits – over this same time last year, which makes it imperative that buyers be ready when an opportunity arises.” He continued, “One of our Seattle brokers is reporting success with being patient and looking
for the great homes others have missed. He reports this approach is paying off for his clients, and has not yet had one client get into a bidding war where they paid more than the asking price for the home. This shows why it’s so important to have a broker working with both buyers and sellers – to help navigate facilitating the best offer on a home for sellers, and assisting buyers to avoid overpaying if possible.” Grady added, “Affordability in King County also continues to be an issue. Our King County brokers are reporting that their buyer clients, seeking properties under $500,000, are looking outside the county. The new Kitsap County fast ferry that launches in July from Bremerton, Kingston and Port Orchard will open up a lot of affordable property and cuts the commute time to King County by half, so we expect to see increased activity in that area. Many are also looking in north Snohomish County.”
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017
EASTSIDE AREA Bellevue Bothell Duvall/Carnation Kirkland Issaquah/Sammamish Mercer Island Redmond Woodinville
EASTSIDE UPDATE “Despite low inventory and poor weather, Bellevue’s real estate market performed exceptionally well in the first quarter. Our average single-family home price of $1,251,100 was up an incredible 16.3% over first quarter last year, and Bellevue’s average sold price was 3.3% above the asking price. Clyde Hill and Medina also showed strong activity: Clyde Hill’s average home price was up 7.4% to $2,265,800, with an average market time of only 21 days. Medina saw unit sales increase 62.5% in the first quarter with an average sold price of $2,428,800, up 11% over first quarter last year. With better weather lately, we’ve seen buyer traffic and offers go through
the roof. It’s a good time to be a seller, but we’re encouraging our sellers to list their homes quickly. Why? Because in the past few years late May has seen a much higher supply of homes and a concurrent seasonal slowing in buyer traffic. Plus, with mortgage rates predicted to keep rising, sellers want to be on the market before buyers lose any more buying power. Either way, we expect the second quarter to end much like the first: with home sales and prices rising and market times falling.”
Thadine Bak, Principal Managing Broker of CB Bain Bellevue
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017
EASTSIDE AREA Bellevue Bothell Duvall/Carnation Kirkland Issaquah/Sammamish Mercer Island Redmond Woodinville
1st Quarter 2017 Single Family & Condo Average Sold Price (Nearest $000) Total Eastside Area
$980,000
Bellevue
$1,251,000
Bothell
$618,000
Duvall | Carnation
$591,000
Kirkland
$938,000
Issaquah | Sammamish
$923,000
Mercer Island
$2,162,000
Redmond
$909,000
Woodinville
$879,000
Area Condos $479,000 Area Waterfront (SF Only)
$2,079,000
Area Luxury ($2+M | SF + Condo)
$3,144,000
$0k $0k
$500k $500k
$1000k$1500k$1500k $1000k $2000k $2000k $2500k
$2500k $3000k
$3000k $3500k
Number of Sales Closed
600 500
1422
549
Total East Side Sales Closed
400 300 200
336 240
221 73
100 0
41
55
162
60
107
87
Bellevue
Bothell
Duvall | Carnation
Kirkland
Issaquah | Sammamish
Mercer Island
Redmond
Woodinville
Area Condos Only
Area Waterfront (SF only)
Area Luxury ($2+M | SF+C)
29
30
57
27
39
56
34
35
30
108
97
42
43
159
73
167
-35.4%
-31.7%
-22.8%
-27.0%
Average Days on Market Current Inventory in Units
Total Eastside Area
662
274
99
-21.10% 1.0%
61
26
89
112
-46.5%
-31.6%
-17.6%
-24.8%
61 74.3%
13.6%
Change from 2016
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017
SEATTLE AREA Ballard | Green Lake Capitol Hill Madison Park Magnolia NE Seattle Seattle Central South Lake Union | Queen Anne West Seattle
SEATTLE AREA UPDATE “Sales statistics for Seattle are literally off the charts for standing inventory as the volume of buyers exceeds the supply at record levels. When comparing net pending sales to standing inventory we have less than a months’ worth of listings in all Seattle neighborhoods. Buyers who are ready to make their bid at a moment’s notice are finding that it may take several tries to successfully win. Sellers are finding it is more important than ever to work with brokers skilled in the art of managing and negotiating multiple offers. Most sellers are selecting from
a multitude of offers on their properties. A few buyers have found themselves the only bidder on prime properties as the competition becomes fatigued and drops out of the market as the predetermined offer review date comes and goes. This anomaly may be due to sellers pushing the pricing envelope.”
John Deely, Principal Managing Broker of CB Bain Lake Union
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017
SEATTLE AREA Ballard | Green Lake Capitol Hill Madison Park Magnolia NE Seattle Seattle Central South Lake Union | Queen Anne West Seattle
1st Quarter 2017 Single Family & Condo Average Sold Price (Nearest $000) Seattle Area
$865,000
Ballard | Green Lake
$782,000
Capitol Hill
$1,006,000
Madison Park
$1,210,000
Magnolia
$996,000
NE Seattle
$872,000
Seattle Central
$749,000
So. Lake Union | Queen Anne
$1,156,000
West Seattle
$730,000
Area Condos
$465,000
Area Waterfront (SF Only)
$1,578,000
Area Luxury ($2+M | SF + Condo)
$2,803,000
$0K $0k 400 350 300 250 200 150 100 50 0
26
$500K $500k
$1000K $1000k
$1500K $1500k
$2000K $2000k
$2500K $2500k
$3000K $3000k
Number of Sales Closed 984 351 315
Total Seattle Sales Closed
225
31
58
154
66
65 9
70
24
Ballard | Green Lake
Capitol Hill
Madison Park
Magnolia
NE Seattle
Seattle Central
S. Lake Union | Queen Anne
West Seattle
Area Condos Only
Area Waterfront (SF Only)
Area Luxury ($2+M | SF+C)
16
62
33
24
24
32
39
28
22
110
45
21
88
19
54
5.6%
38.5%
Average Days on Market Current Inventory in Units
Total Seattle Area
253
36
8
23
-18.4%
-45.5%
-46.7%
-25.8%
28
53
56
-25.4% 16.7%
28 -3.4%
3.7%
-20.7% 5.0%
Change from 2016
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017
SOUTH SOUND AREA
1st Quarter 2017 Single Family & Condo
Gig Harbor | Key Peninsula North Tacoma | Lakewood | University Place Puyallup | Graham SE King County SW King County Bainbridge Island Silverdale
SOUTH SOUND AREA UPDATE “Fortunately, Pierce County enjoys much lower pricing than our neighbors to the north. More buyers are coming south from Seattle. In fact, almost 12,000 people moved into Pierce County last year. That’s more than any other county. The absence of home inventory continues to be the news headline as sellers continue to resist putting their homes on the market as they take advantage of high appreciation rates. Only 1,437 homes are available in all of Pierce County – this is a record low for March. Buyers remain active with 1,806 offers accepted. It’s an extremely competitive market with multiple offers common.”
Stephanie Callen, Broker at CB Bain Puyallup
“While it is true that popular areas like North Tacoma, University Place and Lakewood have shortages of properties available, it pays to keep an eye on the big picture. In some areas, more new housing is being built this year than last year and prices are, generally, lower than in job-rich King County. For example, in Puyallup and Bonney Lake, at the end of the first quarter there were 475 homes available at median prices below $400K. In Gig Harbor, there has been a 30% increase in newly constructed homes brought to market year-to-date. Nonetheless, multiple offers are now commonplace across Pierce County. Successful buyers almost always have their brokers engaged in scouting for opportunities.”
Mike Flynn, Broker at CB Bain Tacoma
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017
SOUTH SOUND AREA
1st Quarter 2017 Single Family & Condo
Gig Harbor | Key Peninsula North Tacoma | Lakewood | University Place Puyallup | Graham SE King County SW King County Bainbridge Island Silverdale
Average Sold Price (Nearest $000) $387,000
South King, Pierce & Kitsap Areas
$438,000
Gig Harbor/Key Peninsula North Tacoma | University Place Lakewood
$333,000 $314,000
Puyallup | Graham
$431,000
SE King County
$406,000
SW King County
$880,000
Bainbridge Island
$358,000
SIlverdale So. King & Pierce County Condos
$234,000
So. King & Pierce County Waterfront (SF Only) So. King & Pierce County Luxury ($1+M | SF+Condo)
$640,000 $1,364,000
$0k $0k 1500 1200 900
South King | Pierce | Kitsap Area Sales Closed
590
300
52
$1000k $600k
$1500k$900k $2000k $1200k $2500k
$3000k $1500k
Number of Sales Closed
3571
600
0
$500k $300k
1238
740
705
298
684 56
68
170
60
Gig Harbor | Key Peninsula
N. Tacoma | University Place | Lakewood
Puyallup | Graham
SE King County
SW King County
Bainbridge Island
Silverdale
So. King | Pierce | Kitsap Co. Condos
So. King | Pierce | Kitsap Co. Waterfront (SF Only)
So. King | Pierce | Kitsap Co. Luxury ($1+M | SF+C)
81
51
52
47
50
83
61
49
101
130
29
216
272
193
-25.6%
-15.3%
-15.8%
Average Days on Market Current Inventory in Units
Total South King | Pierce | Kitsap Areas
1416
272
228
278
392
246
-19.8%
-9.6%
-26.9%
-14.2%
-18.3%
-29.5%
77 54.0%
0.0%
Change from 2016
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017
NORTH SOUND AREA (Snohomish, Skagit, Whatcom) Anacortes Bellingham Edmonds Everett Lynnwood Marysville
1st Quarter 2017 Single Family & Condo
NORTH SOUND AREA UPDATE “Things continue to hop in Snohomish County – not just with residential customers but also investors. In the first four months of 2017, we‘ve seen more 1,031 exchange offers than we saw all of last year – an indication that real estate is a sound investment.”
Diedre Haines, Principal Managing Broker of CB Bain Lynnwood
and Edmonds
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017
NORTH SOUND AREA (Snohomish, Skagit, Whatcom) Anacortes Bellingham Edmonds Everett Lynnwood Marysville
1st Quarter 2017 Single Family & Condo Average Sold Price (Nearest $000) $415,000
North Sound Area Anacortes
$443,000
Bellingham
$421,000 $611,000
Edmonds
$371,000
Everett Lynnwood
$468,000 $331,000
Marysville 3-County Area Condos
$270,000
3-County Area Waterfront (SF Only)
$575,000 $1,304,000
3-County Area Luxury ($1+M | SF+C)
$0k
$300k
$600k
$900k
$1200k
$1500k
Number of Sales Closed
500
1286
400 300 269
200
44
Total North Sound Sales Closed
271 174
100 0
403
349
128
95
29
21
Anacortes
Bellingham
Edmonds
Everett
Lynnwood
Marysville
3-County Area Condos
3-County Area Waterfront (SF Only)
3-County Area Luxury ($1+M | SF+C)
60
54
43
34
40
44
32
84
135
Average Days on Market Current Inventory in Units
Total North Sound Area
478
84
143
39
93
51
68
87
47
56
-34.8%
-21.5%
-45.4%
-26.4%
-27.9%
-28.2%
-38.7%
-37.4%
-41.2%
-16.4%
Change from 2016
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017
PUGET SOUND AREA COUNTIES
1st Quarter 2017 Single Family & Condo
Island King Kitsap Pierce Skagit Snohomish Whatcom
WHATCOM COUNTY UPDATE “The first quarter of 2017 has demonstrated the continuation of a strong seller’s market. It seems the Seattle and Eastside trends are making their way to Bellingham and Whatcom County regarding multiple offers being commonplace – not only in Bellingham but also in the outlying communities. Since this trend continues in other markets, I expect it will here as well.
Although we have a strong local economy we do not have the same diverse employment opportunities as in King County and this is making it difficult for first-time buyers to find homes they can afford, particularly in Bellingham.”
Dean Ulrich, Office Manager of CB Bain Bellingham
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017
PUGET SOUND AREA COUNTIES Island King Kitsap Pierce Skagit Snohomish Whatcom
1st Quarter 2017 Single Family & Condo Average Sold Price (Nearest $000) $374,000
Island
King
$689,000
Kitsap
$335,000
Pierce
$312,000
Skagit
$335,000
Snohomish
$447,000 $368,000
Whatcom
$0K
$100K
$200K
$300K
$400K
$500K
$600K
$700K
$800K
Number of Sales Closed
6000 5000 5111
4000 3000
3210
2000 1000 0
2366
961
394
449
584
Island
King
Kitsap
Pierce
Skagit
Snohomish
Whatcom
83
38
53
51
58
44
68
Average Days on Market Current Inventory in Units 284
1695
501
1400
296
772
466
-16.7%
-19.6%
-8.4%
-17.7%
-28.7%
-28.4%
-37.8%
Change from 2016
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017
SOUTHWEST WASHINGTON East Clark County North Clark County West Clark County
1st Quarter 2017 Single Family & Condo Average Sold Price East Clark County
(Nearest $000)
$349,000
North Clark County
$361,000
West Clark County
$324,000
Area Condos
$209,000
Area Luxury ($1+M | SF+C)
$1,499,000
$0K
$300K
600
$1200K
$1500K
871
400
529
200 0
$900K
Number of Sales Closed
1000 800
$600K
81
290
9
East Clark County
North Clark County
West Clark County
Area Condos
Area Luxury ($1+M | SF+C)
50
56
53
45
61
39
50
2.5%
6.4%
Average Days on Market Current Inventory in Units 516
186
299
-12.2%
-26.2%
-2.6% Change from 2016
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017
SOUTHWEST WASHINGTON COUNTIES Clark County Cowlitz County
1st Quarter 2017 Single Family & Condo Average Sold Price (Nearest $000)
Clark County
$343,000
Cowlitz County
$229,000
$0K
$50K
$100K
$150K
$200K
$250K
$300K
$350K
Number of Sales Closed
2000 1500 1000
1652
500 0
302 Clark County
Cowlitz County
52
64
Average Days on Market Current Inventory in Units 968
166
-13.6%
-14.9% Change over first quarter 2016
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017
PORTLAND OREGON REGION
Portland, Ore. (April 17, 2017) – Coldwell Banker Seal, a leading Northwest real estate brokerage, releases its first-quarter market report providing a variety of statistics for the sale of homes in neighborhoods and counties in SW Washington and Oregon, as well as for the luxury and condo segments. This first quarter report reflects activity between Janu. 1, 2017 and March 31, 2017.*
“As the prices and inventory reflect, we have had bidding wars with as many as 10 buyers bidding on the same property. We have had homes sell in less than one hour on the open market. At some point prices will rise more than people are willing to pay, but for now if the consumer is borrowing money it is time to step up… because when mortgage rates go up that same consumer will take a step back. For now, supply is tight, but interest rates are still low.”
Don Gladson, Regional Area Manager for CB Seal and
Principal Managing Broker of Portland Uptown
“New listing inventory is still the big topic of discussion throughout the county… ‘where are all the new listings?’ is the cry from many brokers in Clark County. New listing inventory is down by more than 13.6% over 2016 according to the RMLS Market Action report. If a home is well-priced, clean and ready to sell, there are multiple offers on new listings even at a price of $500,000. New construction homes are being built at a breakneck pace, but will fall far short of the needed inventory to satisfy new buyers. Sellers are reluctant to place their current home on the market to sell for fear of not finding a new one to purchase.”
David Knode, Principal Managing Broker of CB Seal
Vancouver East
PORTLAND OREGON REGION Beaverton | Aloha Lake Oswego | West Linn Milwaukie | Happy Valley North Portland Northeast Portland Southeast Portland West Portland | Raleigh Hills
1st Quarter 2017 Single Family & Condo Average Sold Price (Nearest $000) $386,000
North Portland Northeast Portland
$429,000 $373,000
Southeast Portland West Portland | Raleigh Hills
$612,000 $679,000
Lake Oswego | West Linn Milwaukie | Gladstone | Happy Valley
$382,000
Beaverton | Aloha
$348,000
Portland Metro (Tri-County) Area Condos
$377,000
Portland Metro Area Luxury ($1+M | SF+C)
$1,570,000
$0K 800 700 600 500 400 300 200 100 0
$500K
$1000K
$1500K
$2000K
Number of Sales Closed 727
763
688
536
498
525
282
236
150 North Portland
Northeast Portland
Southeast Portland
West Portland | Raleigh Hills
Lake Oswego | West Linn
Milwaukie | Gladstone | Happy Valley
Beaverton | Aloha
Portland Metro (Tri-County) Area Condos
Portland Metro Area Luxury ($1+M | SF+C)
37
40
37
46
62
50
34
36
79
320
182
314
319
1.6%
21.3%
31.4%
Average Days on Market Current Inventory in Units 108
235
288
410
30.1%
30.6%
10.3%
22.0%
263 -6.1%
-0.3%
Change from 2016
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017
OREGON REGION COUNTIES Clackamas Multnomah Yamhill Washington
1st Quarter 2017 Single Family & Condo Average Sold Price
(Nearest $000)
Clackamas County
$446,000
Multnomah County
$441,000
$397,000
Washington County
$325,500
Yamhill County
$0K
$100K
$200K
2000
$500K
2408
1500
1768 1367
383
500 0
$400K
Number of Sales Closed
2500
1000
$300K
Clackamas County
Multnomah County
Washington County
Yamhill County
56
42
37
65
Average Days on Market Current Inventory in Units 933
1146
804
12.8%
15.7%
-9.6%
230 -15.4%
Change over first quarter 2016
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017
*Information and statistics derived by CB Bain from the Northwest Multiple Listing Service (NWMLS) and Regional Multiple Listing Service (RMLS) each quarter. Statistics not compiled or published by the NWMLS or RMLS.