PACIFIC NORTHWEST Q3 2017 MARKET REPORT www.vdbluxury.com
Puget Sound Southwest Washington Portland Oregon
VDB Luxury : 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.
Mark von der Burg | Coldwell Banker Global Luxury
®
DIRECTOR
Representing the most prominent estates in the Northwest for over twenty-eight years, Mark is recognized by local and national media as an expert in his field. Mark is well known as a tough negotiator who knows the avenues that will guide your home through the complex appraisal, inspection and lending process. You will want Mark on your side of the negotiating table! He will be your strongest advocate as each piece of the transaction is meticulously monitored to meet your goals. His unwavering standards, integrity, and extensive knowledge have earned him an impressive roster of repeat and referral business.
$100,000,000 in SALES year after year
Brandon Hancock | Broker Brandon graduated from the University of Washington in 2008 with a degree in Construction Management. After working as a Project Engineer with Mortenson Construction for two years, he became a Real Estate Broker in 2009 and officially joined the VDB Estates team in 2012. Assisting individuals in purchasing/selling real estate is important to Brandon because he recognizes that it is not only a place to call “home”, but it is more than likely one of the largest investments a person will be involved with. Protecting this asset, in what can often be emotional transactions for the client, is the number one priority for Brandon. Being a former resident of Seattle, Kirkland and now residing in Downtown Bellevue, he possesses market knowledge from first-hand experience in the Greater Seattle area. Outside of real estate, Brandon has been a season ticket holder for UW Football since 2004. He enjoys always physically challenging himself with exercise and being very conscientious about living a healthy lifestyle.
ABOUT COLDWELL BANKER BAIN
Coldwell Banker Bain 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 the 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 in the Portland/ Vancouver metropolitan area, providing services in property management, commercial real estate and real estate investment, and relocation management. Coldwell Banker Bain 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
2017 THIRD QUARTER NUMBERS
Seattle, Wash. (Oct. 19, 2017) – Coldwell Banker Bain, a leading Pacific Northwest real estate brokerage, releases its third quarter market report providing a variety of statistics for the sale of homes in neighborhoods and counties throughout the Puget Sound region, as well as for segments including luxury and condos. The third quarter report reflects activity between July 1, 2017 and Sept. 30, 2017.* Reflecting on the third quarter numbers and feedback from brokers, Mike Grady, CB Bain president and COO, pointed out interesting developments: For the third quarter of 2017, the average sales price for single-family homes in the Seattle metro market approached $1 million and the Eastside exceeded that million-dollar mark. Within those areas are neighborhoods with even more staggering average sale prices - Mercer Island was at $1.867 million and both Madison Park and Bellevue were at $1.330 million. West Seattle is down to almost half the number of homes for sale this year compared to the same time last year (47.5%), NE Seattle is down by almost 36%, and the Ballard/ Greenlake area’s inventory is nearly 30% smaller this year. Interestingly, these areas with high reductions of inventory are also neighborhoods with average sales prices below the area average, which suggests that buyers are seeking out the
more affordable locations in the metro market, but as a result the availability of homes for sale is shrinking in those “more affordable” locations at an even faster pace. The markets to the north and south of the Seattle/Eastside in the Puget Sound region have dramatically lower average sales prices, yet their inventory is also shrinking quickly, which foretells continued escalating prices in those markets. North Tacoma/University Place/Lakewood has an average sales price of $372,000, but its inventory decreased by nearly 21% compared to last year and the average sales price in Marysville is $360,000, but the inventory there shrunk by almost 24%. The condo market in the region is also an interesting study of comparisons. While the average sales price for condos hovers around $500,000 for the Seattle metro ($508,000) and Eastside markets ($487,000), condos to the south (So. King, Pierce, Kitsap = $245,000) are about half that price and to the north (Snohomish/Skagit/Whatcom) a bit more than half-price at $321,000. However, the south Sound inventory is disappearing quickly (31% smaller than last year), while inventories to the north are about equal to last year. So, watch out South Sound... predicted higher prices are coming!
— Mike Grady, CB Bain President and COO
PACIFIC NORTHWEST THIRD QUARTER MARKET REPORT - 2017
EASTSIDE AREA
2017 THIRD QUARTER MARKET REPORT
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
Bellevue Bothell Duvall/Carnation Kirkland Issaquah/Sammamish Mercer Island Redmond Woodinville
Average Sold Price (Nearest $000) Total Eastside Area (SF)
$1,330,000
Bellevue (SF) Bothell (SF)
$645,000
Duvall | Carnation (SF)
$618,000
Kirkland (SF)
$982,000
Issaquah | Sammamish (SF)
$992,000
$1,867,000
Mercer Island (SF)
The third quarter saw a seasonal adjustment to the pace and volume of buyer activity, but overall Eastside sales results from July to September were exceptional when measured against any other year.”
$953,000
Redmond (SF) Woodinville (SF)
“As the statistics in this report show, demand for Eastside homes remained exceptionally strong throughout the third quarter. The average sold price for an Eastside single family home was $1,028,000, up 16.3% over the same period last year. The average condo price increased by an impressive 20%. The list-to-sold price ratio across all Eastside communities was 102.8%, meaning the average home has sold for 2.8% above its asking price. While there were fewer multiple-offer situations and more price reductions than in the first half of the year, the list-to-sold statistic is proof that there is still competition among buyers for strategically priced homes in good condition.
$1,028,000
$852,000
Area Condos $487,000 Area Waterfront (SF)
$2,004,000
— Thadine Bak, Principal Managing Broker of CB Bain’s Bellevue & Madison Park office
Area Luxury ($2+M | SF + Condo)
$3,281,000
$0k
$500k
$1000k
$1500k
$2000k
$2500k
$3000k
$3500k
Number of Sales Closed
1000 800
2662
892
Total Eastside Sales Closed
600 400
455
374
200 0
23
601
563 119
92
281 145
166
Bellevue (SF)
Bothell (SF)
Duvall / Carnation (SF)
Kirkland (SF)
Issaquah / Sammamish (SF)
Mercer Island (SF)
Redmond (SF)
Woodinville (SF)
Area Condos Only
Area Waterfront (SF)
Area Luxury ($2+M | SF+C)
21
17
30
12
19
42
16
21
17
46
61
167
Average Days on Market Current Inventory in Units
Total Eastside Area
1140
157
181
58
128
207
64
92
76
211
133
225
-11.1%
-21.5%
-3.7%
-4.9%
-8.6%
-3.3%
-17.9%
-16.4%
-18.3%
-23.0%
-11.3%
-7.0%
Change from 2016
PACIFIC NORTHWEST THIRD QUARTER MARKET REPORT - 2017
SEATTLE AREA Ballard | Green Lake Capitol Hill Madison Park Magnolia NE Seattle South Lake Union | Queen Anne Seattle Central West Seattle
2017 THIRD QUARTER MARKET REPORT
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY Average Sold Price (Nearest $000) $929,000
Seattle Area (SF)
$857,000
Ballard | Green Lake (SF)
$1,193,000
Capitol Hill (SF)
$1,330,000
Madison Park (SF)
$1,024,000
Magnolia (SF)
$834,000
NE Seattle (SF)
$861,000
Seattle Central (SF)
$1,019,000
So. Lake Union | Queen Anne (SF)
$798,000
West Seattle (SF)
“Although Seattle’s inventory comparisons to last year show an overall decrease we are seeing improvements as more listings come to market compared to previous months this year and the days on market have increased slightly. For the first time, this year the available supply of inventory was at and over the one-month mark in Seattle generally while our selected areas had a blistering 15 days on market for both residential and condos. There was a notable number of listings past their offer review date and an increase in price reductions; the overall number of buyers participating in multiple offers has decreased.
The average price for single family homes in our selected areas of Seattle during the third quarter was above $900,000 and has been on a steady increase all year. In the Seattle luxury market areas of Queen Anne, Magnolia, Madison Park and Capitol Hill, the average sales price has moved past the $1 million mark in the third quarter with no sign of a slowdown.“
$508,000
Area Condos
$1,666,000
Area Waterfront (SF)
— John Deely Principal Managing Broker of CB Bain’s Lake Union office
$2,852,000
Area Luxury ($2+M | SF + Condo)
$0K
$500K
$1000K
$1500K
$2000K
$2500K
Number of Sales Closed
600
1617
500 400
528
327
200 90
100
15
Total Seattle Sales Closed
474
300
0
$3000K
142
230
40
118
117
24
41
Ballard / Green Lake (SF)
Capitol Hill (SF)
Madison Park (SF)
Magnolia (SF)
NE Seattle (SF)
Seattle Central (SF)
S. Lake Union / Queen Anne (SF)
West Seattle (SF)
Area Condos Only
Area Waterfront (SF)
Area Luxury ($2+M | SF+C)
11
26
22
16
13
13
24
17
15
44
96
85
Average Days on Market Current Inventory in Units
Total Seattle Area
426
73
-21.3%
-29.8%
26
28
47
-30.0% 4.0%
66
78
42
31
142
26
-35.9%
-17.9%
-20.8%
-47.5%
-19.3%
-10.3%
27.0%
21.4% Change from 2016
PACIFIC NORTHWEST THIRD QUARTER MARKET REPORT - 2017
SOUTH SOUND AREA Gig Harbor | Key Peninsula North Tacoma | Lakewood | University Place Puyallup | Graham SE King County SW King County Bainbridge Island Silverdale
2017 THIRD QUARTER MARKET REPORT
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY Average Sold Price (Nearest $000) $391,000
South King, Pierce & Kitsap Areas (SF)
$504,000
Gig Harbor/Key Peninsula (SF) North Tacoma | University Place Lakewood (SF)
$372,000 $335,000
Puyallup | Graham (SF)
$460,000
SE King County (SF)
$430,000
SW King County (SF)
$1,039,000
Bainbridge Island (SF)
$375,000
SIlverdale (SF) So. King, Pierce & Kitsap County Condos
$245,000
So. King & Pierce County Waterfront (SF)
$730,000
So. King, Pierce & Kitsap County Luxury ($1+M | SF+Condo)
$1,381,000
$0K
$300K
$600K
$900K
$1200K
$1500K
Number of Sales Closed
2000
8939
1500
South King, Pierce & Kitsap Area Sales Closed
1666
1000 977
1073
1060
965
500 458
0
27
145
102
353
147
Gig Harbor / Key Peninsula (SF)
N. Tacoma / University Place / Lakewood (SF)
Puyallup / Graham (SF)
SE King County (SF)
SW King County (SF)
Bainbridge Island (SF)
Silverdale (SF)
So. King, Pierce & Kitsap County Condos
So. King, Pierce & Kitsap County Waterfront (SF)
So. King, Pierce & Kitsap County Luxury ($1+M | SF+C)
43
24
28
22
20
44
37
23
60
59
291
397
302
-31.0%
-11.2%
Average Days on Market Current Inventory in Units
Total South King, Pierce & Kitsap Areas
4557
399
400
515
784
538
95
-14.1%
-15.5%
-20.5%
-10.0%
-21.0%
-13.1%
-5.9%
67 15.5%
7.1%
Change from 2016
PACIFIC NORTHWEST THIRD QUARTER MARKET REPORT - 2017
NORTH SOUND AREA (Snohomish, Skagit, Whatcom) Anacortes Bellingham Edmonds Everett Lynnwood Marysville
2017 THIRD QUARTER MARKET REPORT
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY Average Sold Price (Nearest $000) $454,000
North Sound Area (SF)
$472,000
Anacortes (SF)
$446,000
Bellingham (SF)
$675,000
Edmonds (SF)
$400,000
Everett (SF)
$504,000
Lynnwood (SF)
$360,000
Marysville (SF)
$321,000
3-County Area Condos 3-County Area Waterfront (SF)
$698,000
3-County Area Luxury ($1+M | SF+C)
$1,302,000
$0K 800 700 600 500 400 300 200 100 0
22
$300K
$600K
$900K
$1200K
$1500K
Number of Sales Closed
2099 628
Total North Sound Sales Closed
629
415 337
346 79
226
147
49
Anacortes (SF)
Bellingham (SF)
Edmonds (SF)
Everett (SF)
Lynnwood (SF)
Marysville (SF)
3-County Area Condos
3-County Area Waterfront (SF)
3-County Area Luxury ($1+M | SF+C)
48
26
21
17
16
20
19
54
54
246
86
92
Average Days on Market Current Inventory in Units
Total North Sound Area
1103
128
-1.5%
-3.0%
346 20.6%
89
243
-23.3%
-5.4%
125
172 -23.9%
22.5%
-12.2% 2.5%
13.6%
Change from 2016
PACIFIC NORTHWEST THIRD QUARTER MARKET REPORT - 2017
PUGET SOUND AREA COUNTIES Island King Kitsap Pierce Skagit Snohomish Whatcom
2017 THIRD QUARTER MARKET REPORT
SINGLE FAMILY (SF)
Average Sold Price (Nearest $000) $420,000
Island (SF) King (SF)
$765,000
Kitsap (SF)
$412,000
Pierce (SF)
$351,000
Skagit (SF)
$349,000
Snohomish (SF)
$487,000 $380,000
Whatcom (SF)
$0K
$100K
$200K
$300K
$400K
$500K
$600K
$700K
$800K
Number of Sales Closed
10000 8000 8113
6000 4000 2000 0
1495
546
4705
633
3710
934
Island (SF)
King (SF)
Kitsap (SF)
Pierce (SF)
Skagit (SF)
Snohomish (SF)
Whatcom (SF)
49
19
33
28
33
23
43
809
Average Days on Market Current Inventory in Units 438
3117
741
2492
493
1583
-13.9%
-16.7%
-19.7%
-9.9%
-8.7%
-14.4% 1.6%
Change from 2016
PACIFIC NORTHWEST THIRD QUARTER MARKET REPORT - 2017
SOUTHWEST WASHINGTON East Clark County North Clark County West Clark County
2017 THIRD QUARTER MARKET REPORT
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY Average Sold Price $358,000
East Clark County (SF)
North Clark County (SF)
$425,000
$376,000
West Clark County (SF)
Area Condos
(Nearest $000)
$237,000
$1,361,000
Area Luxury ($1+M | SF+C)
$0K 800 700 600 500 400 300 200 100 0
$300K
$600K
$900K
$1200K
$1500K
Number of Sales Closed
660 552 391 175
29
East Clark County (SF)
North Clark County (SF)
West Clark County (SF)
Area Condos
Area Luxury ($1+M | SF+C)
27
35
29
35
106
71
71
34.0%
7.6%
Average Days on Market Current Inventory in Units 349 -9.8%
350 28.7%
325 -11.7% Change from 2016
PACIFIC NORTHWEST THIRD QUARTER MARKET REPORT - 2017
SOUTHWEST WASHINGTON COUNTIES Clark County Cowlitz County
2017 THIRD QUARTER MARKET REPORT
SINGLE FAMILY (SF)
Average Sold Price (Nearest $000)
Clark County (SF)
$397,000
Cowlitz County (SF)
$238,000
$0K
$50K
$100K
$150K
$200K
$250K
$300K
$350K
$400K
Number of Sales Closed
2500 2000 1500 1000
2075
416
500 0 Clark County (SF)
Cowlitz County (SF)
30
33
Average Days on Market Current Inventory in Units 1400
294
-4.6%
-1.0% Change over ямБrst quarter 2017
PACIFIC NORTHWEST THIRD QUARTER MARKET REPORT - 2017
PORTLAND OREGON REGION
Portland, Oregon (Oct. 19, 2017) – Coldwell Banker Bain, a leading Northwest real estate 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, 2017 and Sept. 30, 2017.*
Reflecting on the third quarter numbers, David Sly, Regional Area Manager for CB Bain and Principal Managing Broker of its Lake Oswego and Portland Uptown offices, pointed to interesting data trends: Sales prices in the tri-county Portland market average in the mid to high $400,000 range and across the river into Vancouver and Clark County, average sales prices are still under $400,000. Interestingly, the inventory of available homes for sale is not experiencing the same shrinkage as in the Puget Sound region. In fact, inventories in this region are, for the most part, equal to or greater than last year’s inventory. In some areas such as
North Portland and North Clark County, there are 28% more homes for sale this year compared to last year. In Lake Oswego, however, with an average sales price at $796,000 this quarter, it still remains an elusive market for many to enter and is why its average days on market is higher than the rest of the tri-county area.” — David Sly, Principal Managing Broker of CB Bain’s Portland Uptown and Lake Oswego offices
PACIFIC NORTHWEST THIRD QUARTER MARKET REPORT - 2017
PORTLAND OREGON REGION
2017 THIRD QUARTER MARKET REPORT
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
Beaverton | Aloha Lake Oswego | West Linn Milwaukie | Happy Valley North Portland Northeast Portland Southeast Portland West Portland | Raleigh Hills
Average Sold Price (Nearest $000) $421,000
North Portland (SF)
$490,000
Northeast Portland (SF)
$407,000
Southeast Portland (SF)
$647,000
West Portland | Raleigh Hills (SF) Lake Oswego | West Linn (SF)
$796,000
Milwaukie | Gladstone | Happy Valley (SF)
$439,000
Beaverton | Aloha (SF)
$420,000 $324,000
Portland Metro (Tri-County) Area Condos Portland Metro Area Luxury ($1+M | SF+C)
$1,466,000
$0K
$300K
800
$1200K
923
600
$1500K
899
677
627
400
0
$900K
Number of Sales Closed
1000
200
$600K
509
556
379 274
194
North Portland (SF)
Northeast Portland (SF)
Southeast Portland (SF)
West Portland / Raleigh Hills (SF)
Lake Oswego / West Linn (SF)
Milwaukie / Gladstone / Happy Valley (SF)
Beaverton / Aloha (SF)
Portland Metro (Tri-County) Area Condos
Portland Metro Area Luxury ($1+M | SF+C)
19
22
24
29
32
30
21
22
45
Average Days on Market Current Inventory in Units 176
397
564
474
40.8%
17.8%
11.0%
2.2%
409
504
307
588
512
18.2%
18.3%
12.0%
28.4%
17.4%
Change from 2016
PACIFIC NORTHWEST THIRD QUARTER MARKET REPORT - 2017
OREGON REGION COUNTIES Clackamas Multnomah Yamhill Washington
2017 THIRD QUARTER MARKET REPORT
SINGLE FAMILY
Average Sold Price
(Nearest $000)
$513,000
Clackamas County (SF)
Multnomah County (SF)
$463,000
Washington County (SF)
$461,000
$368,000
Yamhill County (SF)
$0K
$100K
$200K
$300K
$400K
$500K
$600K
Number of Sales Closed
3000 2500 2000
2657
1500 1000
2075 1702
407
500 0
Clackamas County (SF)
Multnomah County (SF)
Washington County (SF)
Yamhill County (SF)
30
24
25
39
Average Days on Market Current Inventory in Units 1390
1822
1281
3.7%
13.0%
10.6%
320 -24.5%
Change over ďŹ rst quarter 2017
PACIFIC NORTHWEST THIRD QUARTER MARKET REPORT - 2017
THIRD QUARTER MARKET REPORT - 2017
*Information and statistics derived by CB Bain from the Northwest Multiple Listing Service (NWMLS) each quarter. Statistics not compiled or published by the NWMLS.