PACIFIC NORTHWEST Q3 2016 MARKET REPORT Portland Oregon Puget Sound Southwest Washington
VDB Estates : Advantage in the Marketplace Mark von der Burg is highly regarded as one of the most qualified experts in residential real estate in the Pacific Northwest. For more than twenty-eight years, Mark has built his reputation representing Luxury Estates, Urban Homes, and Waterfront Properties. With sales over $110,000,000 in 2016, he is once again in the top 0.5% of agents nationwide, the second leading Realtor in the Northwest, and Coldwell Banker Bain’s #1 Realtor.
As the founder of VDB Estates, Mark has assembled an extremely capable team of talented professionals who work tirelessly providing exceptional client services. Skilled in their field, they constantly review, adjust, and redevelop various aspects of the business to get the best results. Specialties include Photography, Cinematography, Creative Writing, Staging, Graphic Design, Marketing, Social Media, International Business, Listing/Transaction Management, and Escrow. The team’s success is attributed to expertise, powerful resources and a well-executed, structured plan. Performing from a position of strength, VDB Estates continues to be Coldwell Banker Bain’s #1 Team year after year.
Mark von der Burg | Luxury Division Director
ABOUT COLDWELL BANKER BAIN | SEAL
Coldwell Banker Bain | Seal is the 17th largest
affiliate out of 3,000 offices in 49 countries. The
real estate company in the country, helping
company operates as Coldwell Banker Bain
people buy and sell homes in the Pacific
in Western Washington and Coldwell Banker
Northwest since 1972. With 1000+ brokers in 31
Seal in the Portland/Vancouver metropolitan
offices throughout Washington and Oregon, the
area, also providing services in property
company provides the full spectrum of services
management, commercial real estate and real
to buyers and sellers, with special expertise in
estate investment, and relocation management.
the luxury realm. Additionally, the company has
Coldwell Banker Bain | Seal consistently
once again earned the national
ranks among the Top 20 Real Estate
Coldwell
Chairman’s
Companies in the nation as cited by
Circle designation for outstanding
Real Trends and RIS Media’s Real
performance in volume for 2015,
Estate. For more information, visit:
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www.coldwellbankerbain.com
Banker
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PACIFIC NORTHWEST ANNUAL MARKET REPORT - 2016
THIRD QUARTER NUMBERS
“We continue to see an extremely active market, but with a notable distinction now when comparing the Seattle market with the Eastside…. Seattle inventory is up by 15.6% over the same time last year but the Eastside is at -12.6%. And when we look closer at the Eastside numbers we see that the core (Bellevue, Kirkland, Mercer Island) all have plus inventories compared to last year’s 3rd quarter, but as you move away from that core the other sub-markets are experiencing shrinking inventory. That is even more radically the case as one moves northward into the North Sound market further from the core, showing a dramatic reduction of inventory compared to 2015.”
“It is also interesting to look at the source of this disparity when comparing Seattle to the Eastside – certainly one of them is condos. We see that 28% of the Seattle area sold properties were condos, yet 30% of the inventory is condos – this spells oversupply. And when you look at the Eastside, 23% of the sold properties were condos yet only 17% of the current inventory is in condos, meaning that market has an undersupply. Both of these trends are most likely a result of our region’s continued hot job market, most specifically related to Eastside tech companies.” Mike Grady, CB Bain President and COO
PACIFIC NORTHWEST THIRD QUARTER MARKET REPORT - 2016
EASTSIDE AREA Bellevue Bothell Duvall/Carnation Kirkland Issaquah/Sammamish Mercer Island Redmond Woodinville
3rd Quarter 2016 Single Family & Condo Average Sold Price
(Nearest $000)
$884,000
Total Eastside Area
“Bellevue’s real estate market remained very healthy in the third quarter, despite a continuing squeeze on inventory. Our average single-family home price of $1,071,000 was up 5.6% over third quarter last year. Properly priced homes in good condition continued to generate multiple offers. Unit sales were off 4.4% from third quarter 2015—again a result of tight inventory.
$1,071,000
Bellevue Bothell
$543,000
Duvall | Carnation
$538,000
Kirkland
$867,000
Issaquah | Sammamish
$894,000 $1,658,000
Mercer Island Redmond
$809,000
Woodinville
$755,000
The uptick we saw in late-summer inventory is not a comment on there being too few buyers. Rather, it’s a comment on a trend we’ve seen for a few years running: many sellers are bringing their homes to market 2-3 months past peak buyer demand. Hence the higher inventory at the end of the quarter.” Thadine Bak, Principal Managing Broker - Bellevue
Area Condos $403,000
$1,544,000
Waterfront (SF Only) Luxury ($2+M | SF + Condo)
$2,936,000
$0K
$500K
1000
$1000K
$1500K
$2000K
$2500K
$3000K
Number of Sales Closed
800
2683 812
Total Eastside Sales Closed
600 400
575
200 0
29
553
452 133
109
334
147
127
181
Bellevue
Bothell
Duvall | Carnation
Kirkland
Issaquah | Sammamish
Mercer Island
Redmond
Woodinville
Area Condos Only
Area Waterfront (SF only)
Area Luxury ($2+M | SF+C)
19
18
28
27
27
35
18
25
24
51
55
110
93
274
150
79
-21.1%
-15.0%
-22.4% 3.3%
16.8%
Average Days on Market Current Inventory in Units
Total Eastside Area
1313
366
200
-12.6% 9.4%
188
61
-36.2%
-2.9%
140
214
78
-5.1% 14.5%
60.5% Change over third quarter 2015
PACIFIC NORTHWEST THIRD QUARTER MARKET REPORT - 2016
SEATTLE AREA Ballard | Green Lake Capitol Hill Madison Park Magnolia NE Seattle Seattle Central South Lake Union | Queen Anne West Seattle
3rd Quarter 2016 Single Family & Condo Average Sold Price
(Nearest $000)
$838,000
Seattle Area
$730,000
Ballard | Green Lake
“Unique to Madison Park when compared to other Seattle area markets is the continued constriction of inventory in 2016, with a -3.7% change over the same quarter last year. That said, buyers’ interest in upper-end homes has not waned. Even with the inventory challenges, over 30% of the listings sold in Q3 were for over $1.5 million.”
$1,009,000
Capitol Hill Madison Park
$1,361,000
Magnolia
$946,000
NE Seattle
$795,000
Seattle Central
$756,000
So. Lake Union | Queen Anne
$1,171,000
Michelle Van Tassell, Principal Managing Broker of CB Bain’s Madison Park Luxury Office
$756,000
West Seattle Area Condos
$411,000 $2,019,000
Waterfront (SF Only)
$3,111,000
Luxury ($2+M | SF + Condo)
$0K
$500K
600
$1000K
$1500K
$2000K
$2500K
Number of Sales Closed
Total Seattle Sales Closed
369
200 100
20
1487
462
300
0
$3500K
573
500 400
$3000K
35
239
88
98 104
92
31
43
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)
14
50
24
20
18
25
28
20
18
74
74
Average Days on Market Current Inventory in Units
Total Seattle Area
416
104
25
15.6%
25.5%
16.7%
40
37
128
95
53
59
176
29
70
11.1%
0.0%
41.2%
51.5%
9.5%
110.8%
22.6%
-3.7% 5.8%
Change over third quarter 2015
PACIFIC NORTHWEST THIRD QUARTER MARKET REPORT - 2016
SOUTH SOUND AREA Gig Harbor | Key Peninsula North Tacoma | Lakewood | University Place Puyallup | Graham SE King County SW King County
3rd Quarter 2016 Single Family & Condo Average Sold Price South Sound Area
$458,000
North Tacoma University Place | Lakewood
$320,000 $308,000
Puyallup | Graham
Continued interest in the construction around Commencement Bay and further development of commercial corridors between Tacoma and University Place, coupled with the explosion of growth around the new Fred Meyer complex in Gig Harbor and the strength of the Puyallup and Bonney Lake markets, have kept inventory below last year’s levels in all market quarters, with few exceptions.”
$410,000
SE King County
$376,000
SW King County So. King & Pierce County Condos
“Market demand for homes is stronger than last year. With new construction unit volume the same as last year, the pressure fell to resale homes. Median prices have risen at nearly 10% in urban areas. These figures seem to have risen for at least two reasons. The high demand for sub-median priced homes, and the near disappearance of uncared-for homes, has lifted the floor of market pricing and the median. At the other end of the scale, new construction is especially important in the supply of inventory, yet rising costs for land and materials affect finished prices.
$373,000
Gig Harbor | Key Peninsula
$212,000
So. King & Pierce County Waterfront (SF Only)
(Nearest $000)
Mike Flynn, Broker - Tacoma
$599,000
So. King & Pierce County Luxury ($1+M | SF+Condo)
$1,240,000
$0K
$300K
$600K
$1500K
5111
1500
1764
1000 873
500
29
$1200K
Number of Sales Closed
2000
0
$900K
Total South Sound Sales Closed
1108
926
775
440
203
52
Gig Harbor | Key Peninsula
North Tacoma | University Place | Lakewood
Puyallup | Graham
SE King County
SW King County
So. King & Pierce Co. Condos
So. King & Pierce Co. Waterfront (SF Only)
So. King & Pierce Co. Luxury ($1+M | SF+C)
55
28
28
26
24
30
74
112
383
293
213
-8.8%
-7.8%
Average Days on Market Current Inventory in Units
Total South Sound Area
3124
472
503
572
-3.8%
-12.0%
-17.4%
-3.3%
993
619
6.5%
1.0%
13.8%
Change over third quarter 2015
PACIFIC NORTHWEST THIRD QUARTER MARKET REPORT - 2016
NORTH SOUND AREA
(Snohomish, Skagit, Whatcom) Bellingham Edmonds Everett Lynnwood
3rd Quarter 2016 Single Family & Condo Average Sold Price $424,000
North Sound Area
$405,000
Bellingham Edmonds
“Inventory in Whatcom County continues to be a challenge for buyers. With prices already on the rise, the pressures of multiple offers and cash investors have pushed a lot of people out of the market either looking farther south into Skagit County, or bowing out of home purchases altogether for the time being. With a number of buyers taking a step back, those who are patient are finding success in the marketplace.”
$569,000 $364,000
Everett
$445,000
Lynnwood 3-County Area Condos
(Nearest $000)
Sunny Lake, Principal Managing Broker of CB Bain’s Bellingham office
$272,000
3-County Area Waterfront (SF Only)
$560,000 $1,324,000
3-County Area Luxury ($1+M | SF+C)
$0K
$300K
$900K
$1200K
$1500K
Number of Sales Closed
600
1547
500 400
$600K
527
525
478
Total North Sound Sales Closed
300 306
200
238
100 0
27
46
29
Bellingham
Edmonds
Everett
Lynnwood
3-County Area Condos
3-County Area Waterfront (SF Only)
3-County Area Luxury ($1+M | SF+C)
42
22
20
20
22
89
63
55
61
-17.9%
-15.2%
Average Days on Market Current Inventory in Units
Total North Sound Area
762
287
116
257
102
-30.5%
-32.7%
-15.2%
-31.9%
-34.6%
223 0.3%
Change over third quarter 2015
PACIFIC NORTHWEST THIRD QUARTER MARKET REPORT - 2016
PUGET SOUND AREA COUNTIES Island King Kitsap Pierce Skagit Snohomish Whatcom
3rd Quarter 2016 Single Family & Condo Average Sold Price Island
(Nearest $000)
$377,000
King
$660,000
Kitsap
$362,000 $314,000
Pierce Skagit
$330,000
Snohomish
$431,000
Whatcom
$354,000
$0K
$100K
$200K
$300K
$400K
$500K
$600K
$700K
$800K
Number of Sales Closed
10000 8000 8128
6000 4000 2000 0
1289
548
4254 676
3561
969
Island
King
Kitsap
Pierce
Skagit
Snohomish
Whatcom
51
23
39
32
50
26
53
Average Days on Market Current Inventory in Units 509
3743
923
2769
540
1850
796
-10.4%
0.9%
-7.7%
-10.9%
-14.4%
-18.0%
-22.9%
Change over third quarter 2015
PACIFIC NORTHWEST THIRD QUARTER MARKET REPORT - 2016
SOUTHWEST WASHINGTON East Clark County North Clark County West Clark County
3rd Quarter 2016 Single Family & Condo Average Sold Price East Clark County
$357,000
North Clark County
$363,000
(Nearest $000)
$334,000
West Clark County
$202,000
Area Condos
$1,465,000
Area Luxury ($1+M | SF+C)
$0K
800
$600K
$900K
$1200K
$1500K
Number of Sales Closed
1200 1000
$300K
1110
600 400
604 415
200 0
115
10
East Clark County
North Clark County
West Clark County
Area Condos
Area Luxury ($1+M | SF+C)
30
37
29
25
111
Average Days on Market Current Inventory in Units 814
272
361
53
67
-12.0%
-20.3%
-10.9%
-20.4%
-8.8%
Change over third quarter 2015
PACIFIC NORTHWEST THIRD QUARTER MARKET REPORT - 2016
SOUTHWEST WASHINGTON COUNTIES Clark County Cowlitz County
3rd Quarter 2016 Single Family & Condo Average Sold Price
(Nearest $000)
Clark County
$351,000
Cowlitz County
$215,000
$0K
$50K
$100K
$150K
$200K
$250K
$300K
$350K
$400K
Number of Sales Closed
2500 2000 1500 1000
2081 355
500 0
Clark County
Cowlitz County
31
44
Average Days on Market Current Inventory in Units 1468
297
-12.9% 27.2% Change over third quarter 2015
PACIFIC NORTHWEST THIRD QUARTER MARKET REPORT - 2016
PORTLAND OREGON REGION
Portland, Oregon (Oct. 14, 2016) Coldwell Banker Seal, a leading Northwest real estate market brokerage, releases its third 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 segments including luxury and condos. This third quarter report reflects activity between July 1, 2016 and September 30, 2016.
“In Clark County, the year to date numbers for pending and closed sales are ahead compared to the same period in 2015. Closed sales are up 5.2% and pending sales are up 4.2%. However, new inventory remains very low. New listings that come on the market under $300,000 that are clean and priced correctly are selling quickly. The economic forecast for Clark County is strong. Employment grew by 4% in 2015 and numbers for 2016 are exceeding that. Numerous companies have moved to Clark
County including Fisher Investments, Integra Communications and Banfield Pet Hospitals to name a few. Developers broke ground on an extensive planned redevelopment of the waterfront along the Columbia River west of Interstate 5. Apartments, condos, hotels, restaurants and retail are all part of the plan, and with more possibilities under way on adjacent land owned by the Port of Vancouver, 2017 looks to be a similar year to 2016 according to local economists.” David Knode, Principal Managing Broker for Coldwell Banker Seal, Vancouver
PACIFIC NORTHWEST THIRD QUARTER MARKET REPORT - 2016
PORTLAND OREGON REGION Beaverton | Aloha Lake Oswego | West Linn Milwaukie | Happy Valley North Portland Northeast Portland Southeast Portland West Portland | Raleigh Hills
3rd Quarter 2016 Single Family & Condo Average Sold Price Beaverton | Aloha
(Nearest $000)
$386,000
Lake Oswego | West Linn
“We’re seeing seasonal cooling in new listings and pending sales. The average sales price is steadily increasing while days on market continue to decrease. We continue to experience long turn-around times for appraisals - it can currently take 50 to 60 days to get an official report from an appraiser.”
$716,000
Milwaukie | Happy Valley
$399,000
North Portland
$403,000 $447,000
Northeast Portland Southeast Portland
Brian Houston, Principal Managing Broker of CB Seal’s Portland West office
$387,000
West Portland | Raleigh Hills
$643,000
Portland Metro (Tri-County) Area Condos
$418,000
Portland Metro Area Luxury ($1+M | SF+C)
$1,416,000
$0K
$300K
$600K
800
$1500K
895
901
600
655
642
599
514 348
200 0
$1200K
Number of Sales Closed
1000
400
$900K
282 157
Beaverton | Aloha
Lake Oswego | West Linn
Milwaukie | Happy Valley
North Portland
Northeast Portland
Southeast Portland
West Portland || Raleigh Hills
Portland Metro (Tri-County) Area Condos
Portland Metro Area Luxury ($1+M | SF+C)
20
34
31
18
20
20
31
21
49
458
443
Average Days on Market Current Inventory in Units 274
346
426
-10.9%
-3.0%
-9.4%
125
337
414
410
20.4%
19%
13.7%
12.5%
-2.5% 6.8%
Change over third quarter 2015
PACIFIC NORTHWEST THIRD QUARTER MARKET REPORT - 2016
OREGON REGION COUNTIES Clackamas Multnomah Yamhill Washington
3rd Quarter 2016 Single Family & Condo Average Sold Price
(Nearest $000)
$457,000
Clackamas County
$438,000
Multnomah County
$427,000
Washington County
$316,000
Yamhill County
$0K
$100K
$200K
$300K
$400K
$500K
Number of Sales Closed
3000 2500
2644
2000 1500 1000
2082 1694 388
500 0
Clackamas County
Multnomah County
Washington County
Yamhill County
31
23
25
40
Average Days on Market Current Inventory in Units 1340
1612
1158
7.5%
1.3%
-10.1%
424 -16.6%
Change over third quarter 2015
PACIFIC NORTHWEST THIRD QUARTER MARKET REPORT - 2016
THIRD QUARTER MARKET REPORT - 2016 *Information and statistics derived by CB Bain from the Northwest Multiple Listing Service (NWMLS) each quarter. Statistics not compiled or published by the NWMLS.