Q1 PACIFIC NORTHWEST MARKET REPORT - Microsoft€¦ · countries. The company also provides...

Q12018

PACIFIC NORTHWEST MARKET REPORTPUGET SOUND | SOUTHWEST WASHINGTON | OREGON

02

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.

03

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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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Q12018

“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.”


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)


$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


EASTSIDE AREABellevue | Bothell | Duvall - Carnation | Kirkland | Issaquah - Sammamish | Mercer Island

Redmond | Woodinville

SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY

06

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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



$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



$1,233,000

Madison Park NE Seattle S. Lake Union - Queen Anne

Area Condos Area Waterfront (SF Only)


$991,000Seattle Area

Total Seattle Sales Closed

870

AVERAGE DOM


Total Seattle Inventory 285

NE Seattle

Ballard - Green Lake

$1,180,000

$944,000

SilverdaleCapitol Hill

+50.0%

54

255

+12.6%


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


SEATTLE AREABallard - Green Lake | Capitol Hill | Madison Park | Magnolia | NE Seattle | Seattle Central

South Lake Union - Queen Anne | West Seattle


20

11

26

21

3515

21

3939

15

50103

08

Q12018


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.”

09

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SOUTH SOUND AREAGig Harbor - Key Peninsula | North Tacoma - Lakewood - University Place | Puyallup - Graham

SE King County | SW King County | Bainbridge Island | Silverdale


0

200

400

600

800

1000

1200

Gig Harbor - Key Peninsula



$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



$477,000

Puyallup - Graham SW King County Bainbridge Island Area Condos Area Waterfront (SF Only)


$400,000South Sound Area

Total South Sound Sales Closed

6027

AVERAGE DOM


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%


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

10

Q12018


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.”

11

Q12018

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.”


0

100

200

300

400

500

Anacortes


NORTH SOUND AREA (Snohomish, Skagit, Whatcom)

Bellingham | Edmonds | Everett | Lynnwood


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


Total North Sound Inventory 442


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%


12

Q12018


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


Island



$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


Snohomish

King

$397,000

King


$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

Q12018


SOUTHWEST WASHINGTON

15

Q12018


0

100

200

300

400

500

600

700

800

-2.2%

449

East Clark County



$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


North Clark County

$383,000

North Clark County


$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



$0K $50K $100K $150K $200K $250K $300K $350K $400K

AVERAGE DOM

0

300

600

900

1200

1500

+8.7%

916

Clark County


$253,000

$400,000Clark County


Cowlitz County

Cowlitz County


44

471

SOUTHWEST WASHINGTON COUNTIESClark County | Cowlitz County


63

-9.0%

151

1473

300

17

Q12018


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


0

100

200

300

400

500

600

700

800

Beaverton - Aloha



$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


Southeast Portland

Lake Oswego - West Linn $748,000

$681,000

Lake Oswego - West Linn


$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


0

500

1000

1500

2000

+8.4%

890

Clackamas County



$0K $100K $200K $300K $400K $500K

$469,000

$379,000

Yamhill County

Washington County

$498,000Clackamas County

AVERAGE DOM


MultnomahCounty

$476,000

Multnomah County


52

OREGON REGION COUNTIESClackamass County | Multnomah County | Yamhill County | Washington County


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.

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