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Q12018
PACIFIC NORTHWEST MARKET REPORTPUGET SOUND | SOUTHWEST WASHINGTON | OREGON
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Q12018
PACIFIC NORTHWEST MARKET REPORT
ABOUT COLDWELL BANKER BAIN
Coldwell Banker Bain is the #1 Coldwell Banker
affiliate in the world with over $6 billion in volume
in 2017, and has been helping people buy and
sell homes in the Pacific Northwest since 1972.
With 1,100+ brokers in 32 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 2017, ranking as a
No. 1 network affiliate out of 3,000 offices in 48
countries. The company also provides 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 RISMedia’s Real
Estate. For more information, visit
coldwellbankerbain.com.
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PACIFIC NORTHWEST MARKET REPORT
FIRST QUARTER NUMBERS
BELLEVUE, Wash. (April 17, 2018) – Coldwell Banker Bain, a leading provider of real estate brokerage services throughout Washington and Oregon, and a market leader in home sales in 2017,* releases its first-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 first-quarter report reflects activity between Jan. 1, 2018 and March 31, 2018.*
Reflecting on the first quarter numbers and feedback from brokers, Mike Grady, CB
Bain president and COO, said he expects another ”spring frenzy.” “We simply continue on a breakneck pace with demand exceeding supply, and prices continuing to climb,” he said. “Although in King County there is a bit more inventory than at this same time last year, steep price appreciation continues to push home buyers outside of the county and inventories in Snohomish, Pierce and other counties continue to be in the red as people search for affordable options. Given that the region’s job market doesn’t appear to be slowing anytime soon, we expect another hectic spring.”
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“Eastsiders saw a spike in new listings but brisk sales have triggered predictions of the market intensifying for a real spring frenzy,” said Thadine Bak, Principal Managing Broker of the CB Bain of Bellevue office. “The average single-family home price – across all Eastside communities – surpassed $1 million for the first quarter $1,045,136. This represented a 16.5% increase over Q1 2017.
Because supply never matched buyer demand, Eastside unit sales were down 9.4% for Q1 2018 (1,570 homes sold vs. 1,732 in 2017). Homes sold 18% faster in 2018. The average Eastside condominium price shot up 25.4% to $562,038. Eastside job growth and an uptick in mortgage interest rates have continued to fuel the frenzy.”
PACIFIC NORTHWEST MARKET REPORT
EASTSIDE AREA
05
Q12018
0
100
200
300
400
500
600
Bellevue
NUMBER OF SALES CLOSED
AVERAGE SOLD PRICE (Nearest $000)
$0K $500K $1000K $1500K $2000K $2500K $3000K $3500K
$1,414,000
$712,000
$1,012,000
$604,000
$2,124,000
$3,095,000
Bothell
Duvall - Carnation
Kirkland
Mercer Island
Area Condos
Area Waterfront (SF Only)
Area Luxury ($2+M | SF+C)
$1,216,000
Duvall - Carnation
Issaquah - Sammamish
Redmond Area Condos Area Waterfront (SF Only)
Area Luxury ($2+M | SF+C)
$1,045,000Eastside Area
Total Seattle Sales Closed
1404
AVERAGE DOM
INVENTORY IN UNITS - 3/31/2018
Total Eastside Inventory 607
Issaquah - Sammamish
Bellevue
$699,000
$941,000
WoodinvilleBothell
+17.7%
115
216
+13.9%
% of change from 2017
Redmond
$1,043,000
Kirkland
Woodinville
$1,927,000
Mercer Island
+59.0%
97-7.7%
24+1.1%
90+18.8%
133-16.4%
51+2.4%
43+26.6%
54-17.2%
135+2.0%
51+14.6%
149
341
90171
290
63132 101
600
4287
28
24
21
33
2934
41
2834
15
3868
PACIFIC NORTHWEST MARKET REPORT
EASTSIDE AREABellevue | Bothell | Duvall - Carnation | Kirkland | Issaquah - Sammamish | Mercer Island
Redmond | Woodinville
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
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PACIFIC NORTHWEST MARKET REPORT
SEATTLE AREA
John Deely, Principal Managing Broker for CB Bain’s Lake Union office, stressed how important pricing is, saying that buyers are becoming more savvy and annoyed by overpricing. “Despite the low inventory and sellers’ market, proper pricing is still important. In the first quarter we had more listings where sellers pushed the price envelope causing the property to go past their offer review date with no offers in hand. It is not uncommon for buyers to consider a property on the market over 10 days as being overpriced. With average prices near $1 million, buyers are leery of aging listings.”
“We are seeing many buyers that lost out on several attempts in a multiple offer competition from last year who are returning from taking a break during the winter. As seasoned veterans of the multiple offer bidding wars, they are throwing caution to the wind, and pulling out all the stops (contingencies) to win.”
07
Q12018
0
50
100
150
200
250
300
350
Ballard- Green Lake
NUMBER OF SALES CLOSED
AVERAGE SOLD PRICE (Nearest $000)
$0K $500K $1000K $1500K $2000K $2500K $3000K
$870,000
$1,346,000
$1,314,000
$542,000
$967,000
$2,588,000
Capitol Hill
Madison Park
Magnolia
Seattle Central
Area Condos
Area Waterfront (SF Only)
Area Luxury ($2+M | SF+C)
$1,233,000
Madison Park NE Seattle S. Lake Union - Queen Anne
Area Condos Area Waterfront (SF Only)
Area Luxury ($2+M | SF+C)
$991,000Seattle Area
Total Seattle Sales Closed
870
AVERAGE DOM
INVENTORY IN UNITS - 3/31/2018
Total Seattle Inventory 285
NE Seattle
Ballard - Green Lake
$1,180,000
$944,000
SilverdaleCapitol Hill
+50.0%
54
255
+12.6%
% of change from 2017
South Lake Union - Queen Anne
$972,000
Magnolia
West Seattle
$876,000
Seattle Central
+150.0%
20+39.1%
32+3.6%
29+5.7%
56-23.2%
43+10.7%
31-4.8%
200.0%
88+36.8%
26+37.0%
74
3254 61
212
150
47 59
313
635
PACIFIC NORTHWEST MARKET REPORT
SEATTLE AREABallard - Green Lake | Capitol Hill | Madison Park | Magnolia | NE Seattle | Seattle Central
South Lake Union - Queen Anne | West Seattle
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
20
11
26
21
3515
21
3939
15
50103
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Q12018
PACIFIC NORTHWEST MARKET REPORT
SOUTH SOUND AREA
Cristian Koch, the newly appointed Principal Managing Broker of CB Bain’s Bainbridge Island office, said, “We are entering the spring market with the full effect of the laws of supply and demand. Our inventory is down by 50% from this time last year yet the demand is soaring. We are seeing buyers from Seattle more than willing to experience the pleasant 30-minute
ferry commute versus the sometimes agonizing highway commutes to the Seattle suburbs. Bainbridge Island and points north like Silverdale and Kingston have also seen a significant rise in both values and demand along with decreasing inventories as we continue to experience an amazing 2018.”
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Q12018
PACIFIC NORTHWEST MARKET REPORT
SOUTH SOUND AREAGig Harbor - Key Peninsula | North Tacoma - Lakewood - University Place | Puyallup - Graham
SE King County | SW King County | Bainbridge Island | Silverdale
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
0
200
400
600
800
1000
1200
Gig Harbor - Key Peninsula
NUMBER OF SALES CLOSED
AVERAGE SOLD PRICE (Nearest $000)
$0K $300K $600K $900K $1200K $1500K
$519,000
$349,000
$1,057,000
$259,000
$756,000
$1,354,000
North Tacoma - Lakewood University Place
Puyallup - Graham
SE King County
Bainbridge Island
Area Condos
Area Waterfront (SF Only)
Area Luxury ($1+M | SF+C)
$477,000
Puyallup - Graham SW King County Bainbridge Island Area Condos Area Waterfront (SF Only)
Area Luxury ($1+M | SF+C)
$400,000South Sound Area
Total South Sound Sales Closed
6027
AVERAGE DOM
INVENTORY IN UNITS - 3/31/2018
Total South Sound Inventory 2277
SW King County
Gig Harbor - Key Peninsula
$390,000
$371,000
42
SilverdaleN. Tacoma - University Pl. - Lakewood
-10.7%
243
312
-10.3%
% of change from 2017
Silverdale
$458,000
71
45
38
36
36
63
37
29
90
80
556
-16.2%
191+15.8%
322-3.1%
380+4.5%
257-50.6%
38-24.1%
22-24.1%
164-16.5%
227+3.6%
200
722
1042
783618
73 62156 94
SE King County
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PACIFIC NORTHWEST MARKET REPORT
NORTH SOUND AREA (Snohomish, Skagit, Whatcom)
Michelle Van Tassell, Principal Managing Broker for CB Bain’s Edmonds and Lynnwood offices, notes that Snohomish County has quickly become a targeted area for buyers planning ahead for transit solutions, as well as more affordable options to King County. “We’re advising that sellers keep in mind that it is in their interest to close their property with a clean and clear break from the transaction, and therefore encourages sellers to embrace buyers’ due diligence efforts. Buyers should continue to keep
in mind their own appetite for risk, and work with a broker who has a deep understanding of how to structure a competitive offer while protecting their client’s interests.”
“Regarding low appraisals, savvy buyers make offers well within their affordability range, and may include proof of funds for the increased down payment and maintain reserves for the inevitable maintenance costs associated with home ownership.”
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John Speer, Principal Managing Broker at the CB Bain of Everett office, adds that a low inventory seller’s market now persists. “Buyers are becoming much more geographically flexible, hoping to find available and affordable homes to purchase. The best approach for buyers to succeed in a multiple-offer scenario is to work with their real estate broker to prepare and present a well-prepared and complete offer that depicts their wherewithal to finance their home purchase.”
“Buyers should collaborate with their real estate professionals to assess the risk of low appraisals when the sales price exceeds market value. While financed buyers may be willing to pay more than market value, they should note that contracts now often include provisions where the buyer agrees to increase their down payment to make up the difference between the high selling price and the low appraised value.”
PACIFIC NORTHWEST MARKET REPORT
0
100
200
300
400
500
Anacortes
NUMBER OF SALES CLOSED
NORTH SOUND AREA (Snohomish, Skagit, Whatcom)
Bellingham | Edmonds | Everett | Lynnwood
AVERAGE SOLD PRICE (Nearest $000)
478527
$0K $300K $600K $900K $1200K $1500K
$551,000
$670,000
$525,000
$348,000
$616,000
$1,367,000
Bellingham
Edmonds
Everett
Marysville
3-County Area Condos
3-County Area Waterfront (SF Only)
3-County Area Luxury ($1+M | SF+C)
$439,000
Edmonds Everett Lynnwood 3-County Area Condos 3-County Area Waterfront (SF Only)
3-County Area Luxury ($1+M | SF+C)
$477,000North Sound Area
Total North Sound Sales Closed
1287
AVERAGE DOM
INVENTORY IN UNITS - 3/31/2018
Total North Sound Inventory 442
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
Lynnwood
Anacortes
$459,000
$383,000
35
55
56
22
29
17
33
28
94
58
MarysvilleBellingham
+6.0%
89+3.5%
148+12.8%
44-37.6%
58-2.0%
50-22.1%
53+38.0%
120-2.1%
46+42.9%
80
91
282
131
385
177221
500
37 30
-7.5%
% of change from 2017
12
Q12018
PACIFIC NORTHWEST MARKET REPORT
PUGET SOUND AREA COUNTIES
Stephanie Callen, Broker in CB Bain’s Puyallup office, said, “The time change in March has prompted a spurt in new listings and Pierce County is still on the rise! The average sale in the county at the end of March was just shy of $350,000. Tacoma’s median single-family home price is $325,000, with just a little over a month in inventory. Gig Harbor remains the top dog for Pierce County in terms of price. The median price there is $465,000. This is 15% higher than last year. Buyers looking for a Pierce County bargain should check out South Tacoma. The median price there in February was $224,225, up $24,225 from last year. The biggest price increases were in Fife, Milton, Edgewood and
Sumner where homes were up by over $100,000 to a median price of $438,000.”
“It is becoming more difficult everywhere for first-time home buyers to enter the market and Pierce County is no exception. Sellers are also more and more reluctant to accept FHA and VA loan products from buyers when they are getting cash and conventional offers. This is putting a strain on the military contingent in the area. It is also worth mentioning that RentCafe’s February report stated that ‘Downtown Tacoma is one of the fastest-gentrified ZIP codes nationwide since 2000, one of only two on the West Coast.’ “
13
Q12018
0
1000
2000
3000
4000
5000
-7.4%
263+3.0%
1746-28.3%
359-8.5%
1281-2.0%
290-14.2%
662-6.7%
435
381
4754
943
3259
408
2175600
PACIFIC NORTHWEST MARKET REPORT
Island
NUMBER OF SALES CLOSED
AVERAGE SOLD PRICE (Nearest $000)
$0K $100K $200K $300K $400K $500K $600K $700K $800K
$791,000
$363,000
Kitsap
Pierce
Skagit
Whatcom
$387,000
Kitsap Skagit Whatcom
$400,000Island
AVERAGE DOM
INVENTORY IN UNITS - 3/31/2018
Snohomish
King
$397,000
King
% of change from 2017
$507,000
Pierce
$400,000
Snohomish
68
PUGET SOUND AREA COUNTIESIsland | King | Kitsap | Pierce | Skagit | Snohomish | Whatcom
SINGLE FAMILY (SF), CONDO
29
47
43
61
32
66
14
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PACIFIC NORTHWEST MARKET REPORT
SOUTHWEST WASHINGTON
15
Q12018
PACIFIC NORTHWEST MARKET REPORT
0
100
200
300
400
500
600
700
800
-2.2%
449
East Clark County
NUMBER OF SALES CLOSED
AVERAGE SOLD PRICE (Nearest $000)
$0K $500K $1000K $1500K $2000K
$397,000
$251,000
West Clark County
Clark County Condos
Clark County Luxury ($1+M | SF + Condo)
$410,000East Clark County
AVERAGE DOM
INVENTORY IN UNITS - 3/31/2018
North Clark County
$383,000
North Clark County
% of change from 2017
$1,749,000
42
SOUTHWEST WASHINGTONEast Clark County | North Clark County | West Clark County
SINGLE FAMILY (SF), CONDO & LUXURY
53
43
43
183
West Clark County Clark County Condos Clark County Luxury ($1+M | SF + Condo)
+30.6%
64+41.7%
238+0.8%
246+53.8%
60
761
11226
471
114
16
Q12018
PACIFIC NORTHWEST MARKET REPORT
AVERAGE SOLD PRICE (Nearest $000)
$0K $50K $100K $150K $200K $250K $300K $350K $400K
AVERAGE DOM
0
300
600
900
1200
1500
+8.7%
916
Clark County
NUMBER OF SALES CLOSED
$253,000
$400,000Clark County
INVENTORY IN UNITS - 3/31/2018
Cowlitz County
Cowlitz County
% of change from 2017
44
471
SOUTHWEST WASHINGTON COUNTIESClark County | Cowlitz County
SINGLE FAMILY (SF), CONDO
63
-9.0%
151
1473
300
17
Q12018
PACIFIC NORTHWEST MARKET REPORT
PORTLAND OREGON REGION
PORTLAND, Oregon (April 17, 2018) – Coldwell Banker Bain, a leading provider of real estate brokerage services throughout Washington and Oregon, and a market leader in home sales in 2017,* 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 segments including luxury and condos. This first-quarter report reflects activity between Jan. 1, 2018 and March 31, 2018.*
Ward Spears, CB Bain’s Oregon Regional Manager, noted that the average prices in Portland continue to climb, saying, “The pace of
sales is only slightly below the brisk pace we saw last year. In March of 2017 we saw our lowest rates of inventory for the year at only 1.3 months. The level of inventory in March 2018 came in at a rate a touch higher at 1.6 months, which is still at a level that presents a challenge to home buyers looking to find a home. It is important to keep in mind there are many sub-markets within Portland that present much different dynamics to the attentive home buyer. Buyers who are careful to choose the right agent who will work diligently on their behalf will come out ahead in this market.”
18
Q12018
+4.7%
292+7.6%
254-22.6%
123+66.1%
93+27.0%
250+32.1%
317+42.0%
342+85.0%
580+35.0%
417
PACIFIC NORTHWEST MARKET REPORT
0
100
200
300
400
500
600
700
800
Beaverton - Aloha
NUMBER OF SALES CLOSED
AVERAGE SOLD PRICE (Nearest $000)
$0K $500K $1000K $1500K $2000K
$435,000
$417,000
$336,000
$1,597,000
Milwaukie - Gladstone - Happy Valley
North Portland
453
239
388
207
435
643
326
701
120
Northeast Portland
West Portland - Raleigh Hills
Portland Metro (Tri-County) Area Condos
Portland Metro Area Luxury ($1+M | SF+C)
$440,000
Milwaukie - Gladstone - Happy Valley
$425,000Beaverton - Aloha
AVERAGE DOM
INVENTORY IN UNITS - 3/31/2018
Southeast Portland
Lake Oswego - West Linn $748,000
$681,000
Lake Oswego - West Linn
% of change from 2017
$482,000
PORTLAND OREGON REGIONBeaverton -Aloha | Lake Oswego - West Linn | Milwaukie - Gladstone - Happy Valley | North Portland
Northeast Portland | Southeast Portland | West Portland - Raleigh Hills
SINGLE FAMILY (SF), CONDO, & LUXURY
40
63
47
36
38
39
57
38
85
North Portland Southeast PortlandNortheast Portland West Portland - Raleigh Hills
Portland Metro Area Luxury ($1+M |
SF+C)
Portland Metro (Tri-County) Area
Condos
19
Q12018
PACIFIC NORTHWEST MARKET REPORT
0
500
1000
1500
2000
+8.4%
890
Clackamas County
NUMBER OF SALES CLOSED
AVERAGE SOLD PRICE (Nearest $000)
$0K $100K $200K $300K $400K $500K
$469,000
$379,000
Yamhill County
Washington County
$498,000Clackamas County
AVERAGE DOM
INVENTORY IN UNITS - 3/31/2018
MultnomahCounty
$476,000
Multnomah County
% of change from 2017
52
OREGON REGION COUNTIESClackamass County | Multnomah County | Yamhill County | Washington County
SINGLE FAMILY (SF), CONDO
43
43
57
Yamhill County Washington County
+4.2%
221+31.5%
1069-9.9%
648
1152
279
1786
1389
*Information and statistics derived by CB Bain from the Northwest Multiple Listing Service (NWMLS) each quarter. Statistics not compiled or published by the NWMLS.