2017
PAC I F IC NORTHWEST F I RST QUARTER MARKET REPORT
PUGET SOUND
SOUTHWEST WASHINGTON
PORTLAND OREGON
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
ABOUT COLDWELL BANKER BAIN | SEAL
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017
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
BellevueBothell
Duvall/CarnationKirkland
Issaquah/SammamishMercer Island
RedmondWoodinville
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
Number of Sales Closed
EASTSIDE AREA
$0k $500k $1000k $1500k $2000k $2500k $3000k $3500k
Average Sold Price (Nearest $000)
0
100
200
300
400
500
600
221
336
73
240274
55 162107
549
60 87
Area Waterfront(SF only)
Area Luxury ($2+M | SF+C)
Area Condos Only
WoodinvilleRedmondMercer IslandIssaquah |Sammamish
KirklandDuvall | Carnation
BothellBellevue
Average Days on Market
29 30 57 27 39 56 34 35 30 108 97
99 61 26 89 112 61 42 43 159 73 167
Current Inventory in Units
1.0%-46.5% -31.6%
74.3%-35.4% -22.8%
13.6%
Change from 2016
Bellevue
Bothell
Duvall | Carnation
Kirkland
Issaquah | Sammamish
Mercer Island
Redmond
Woodinville
Area Condos
Area Waterfront (SF Only)
Area Luxury ($2+M | SF + Condo)
Total Eastside Area
41
662
-21.10%
Total Eastside
Area
-27.0%-17.6% -24.8%
$1,251,000
$618,000
$591,000
$938,000
$923,000
$2,162,000
$909,000
$879,000
$479,000
$2,079,000
$3,144,000
$980,000
$0k $500k $1000k $1500k $2000k $2500k $3000k
BellevueBothell
Duvall/CarnationKirkland
Issaquah/SammamishMercer Island
RedmondWoodinville
Total East Side Sales Closed
1422
-31.7%
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017
1st Quarter 2017 Single Family & Condo
SEATTLE AREA
Ballard | Green LakeCapitol Hill
Madison ParkMagnolia
NE SeattleSeattle Central
South Lake Union | Queen AnneWest Seattle
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017
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
050
100150200250300350400
Number of Sales Closed
SEATTLE AREA
Ballard | Green LakeCapitol Hill
Madison ParkMagnolia
NE SeattleSeattle Central
South Lake Union | Queen AnneWest Seattle
$0K $500K $1000K $1500K $2000K $2500K $3000K
$782,000
$1,006,000
$1,210,000
$996,000
$872,000
$749,000
$1,156,000
$730,000
$465,000
$1,578,000
$2,803,000
Average Sold Price (Nearest $000)
315
3158 66
225
15465
70
351
9 24
Area Waterfront(SF Only)
Area Luxury ($2+M | SF+C)
Area Condos Only
West SeattleS. Lake Union |Queen Anne
Seattle CentralNE SeattleMagnoliaMadison ParkCapitol HillBallard | Green Lake
Average Days on Market
16 62 33 24 24 32 39 28 22 110 45
36 8 23 28 53 56 28 21 88 19 54
Current Inventory in Units
-45.5%3.7%
Change from 2016
16.7%
Ballard | Green Lake
Capitol Hill
Madison Park
Magnolia
NE Seattle
Seattle Central
So. Lake Union | Queen Anne
West Seattle
Area Condos
Area Waterfront (SF Only)
Area Luxury ($2+M | SF + Condo)
-25.8% -3.4%5.0% 5.6%
$865,000Seattle Area
26
253
-18.4% -25.4%
Total Seattle SalesClosed
984
Total SeattleArea
$0k $500k $1000k $1500k $2000k $2500k $3000k
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017
38.5%-20.7%-46.7%
1st Quarter 2017 Single Family & Condo
SOUTH SOUND AREA
Gig Harbor | Key PeninsulaNorth Tacoma | Lakewood | University Place
Puyallup | GrahamSE King County
SW King CountyBainbridge Island
Silverdale1st Quarter 2017 Single Family & Condo
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017
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
Gig Harbor/Key Peninsula
North Tacoma | University Place Lakewood
Puyallup | Graham
SE King County
SW King County
So. King & Pierce County Condos
So. King & Pierce County Waterfront (SF Only)
So. King & Pierce County Luxury ($1+M | SF+Condo)
$0k $300k $600k $900k $1200k $1500k
Puyallup | Graham
52
278
-14.2%
N. Tacoma | University Place |
Lakewood
51
228
Gig Harbor | Key Peninsula
81
272
0
300
600
900
1200
1500Number of Sales Closed
SOUTH SOUND AREA
Gig Harbor | Key PeninsulaNorth Tacoma | Lakewood | University Place
Puyallup | GrahamSE King County
SW King CountyBainbridge Island
Silverdale
298
590705
1238
740
68
684
17060
Change from 2016
$314,000
$406,000
$880,000
$234,000
$640,000
$1,364,000
$358,000
SE King County
47
392
-18.3%
Bainbridge Island
83
77
Silverdale
61
29
So. King | Pierce |Kitsap Co. Condos
49
216
-15.3%
So. King | Pierce | Kitsap Co.
Waterfront (SF Only)
101
272
So. King | Pierce | Kitsap Co. Luxury ($1+M | SF+C)
130
193
0.0%
56
South King, Pierce & Kitsap Areas $387,000
$438,000
$333,000
Average Sold Price (Nearest $000)
$0k $500k $1000k $1500k $2000k $2500k $3000k
South King | Pierce | Kitsap
Area Sales Closed
3571
Bainbridge Island
SIlverdale
$431,000
54.0%
SW King County
50
246
-29.5%
Average Days on Market
Current Inventory in Units
-26.9%-9.6%
52
1416
-19.8%
Total South King | Pierce |
Kitsap Areas
-25.6% -15.8%
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017
1st Quarter 2017 Single Family & Condo
NORTH SOUND AREA (Snohomish, Skagit, Whatcom)
AnacortesBellinghamEdmonds
EverettLynnwoodMarysville
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017
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
Bellingham
54
143
-45.4%
Anacortes
60
84
-21.5%
Number of Sales Closed
NORTH SOUND AREA (Snohomish, Skagit, Whatcom)
AnacortesBellinghamEdmonds
EverettLynnwoodMarysville
Average Sold Price (Nearest $000)
Average Days on Market
Current Inventory in Units
Change from 2016
$0k $300k $600k $900k $1200k $1500k
$421,000
$611,000
$331,000
$270,000
$575,000
$1,304,000
Anacortes
Bellingham
Edmonds
Everett
Lynnwood
Marysville
3-County Area Condos
3-County Area Waterfront (SF Only)
3-County Area Luxury ($1+M | SF+C)
$468,000
$371,000
Edmonds
43
39
Everett
34
93
-27.9%
Lynnwood
40
51
-28.2%
Marysville
44
68
3-County Area Waterfront (SF Only)
84
47
-41.2%
3-County Area Luxury
($1+M | SF+C)
135
56
$443,000
$415,000North Sound Area
44
478
-34.8%
Total North Sound
Area
3-County Area Condos
32
87
-37.4%
0
100
200
300
400
500
95
269
174
271
403
29 21128
349Total North Sound
Sales Closed
1286
-26.4% -38.7% -16.4%
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017
1st Quarter 2017 Single Family & Condo
PUGET SOUND AREA COUNTIES
IslandKing
KitsapPierceSkagit
SnohomishWhatcom
1st Quarter 2017 Single Family & Condo
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017
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
0
1000
2000
3000
4000
5000
6000Number of Sales Closed
PUGET SOUND AREA COUNTIES
IslandKing
KitsapPierceSkagit
SnohomishWhatcom
Average Sold Price (Nearest $000)
394
5111
961
3210
449 584
Average Days on Market
Change from 2016
$0K $100K $200K $300K $400K $500K $600K $700K $800K
$335,000
$312,000
$335,000
$368,000
$374,000
$689,000
2366
Whatcom
68
466
-37.8%
Snohomish
44
772
-28.4%
Skagit
58
296
-28.7%
Pierce
51
1400
-17.7%
Kitsap
53
501
King
38
1695
-19.6%
Island
83
284
-16.7%
Island
King
Pierce
Skagit
Snohomish
Whatcom
Current Inventory in Units
Kitsap
$447,000
-8.4%
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017
1st Quarter 2017 Single Family & Condo
Area Luxury ($1+M | SF+C)
61
50
6.4%
0
200
400
600
800
1000Number of Sales Closed
SOUTHWEST WASHINGTON
East Clark CountyNorth Clark CountyWest Clark County
Average Sold Price (Nearest $000)
871
290
529
819
Average Days on Market
Change from 2016
$0K $300K $600K $900K $1200K $1500K
$349,000
$361,000
$324,000
$209,000
$1,499,000Area Luxury ($1+M | SF+C)
Area Condos
West Clark County
North Clark County
East Clark County
Area Condos
45
39
2.5%
West Clark County
53
299
-2.6%
North Clark County
56
186
-26.2%
East Clark County
50
516
-12.2%
Current Inventory in Units
1st Quarter 2017 Single Family & Condo
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017
Clark County
52
968
-13.6%
Cowlitz County
64
166
-14.9%
0
500
1000
1500
2000Number of Sales Closed
SOUTHWEST WASHINGTON COUNTIES
Clark CountyCowlitz County
Average Sold Price (Nearest $000)
1652
302
Average Days on Market
Current Inventory in Units
Change over first quarter 2016
$0K $50K $100K $150K $200K $250K $300K $350K
Clark County$343,000
Cowlitz County $229,000
1st Quarter 2017 Single Family & Condo
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017
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
0100200300400500600700800
West Portland | Raleigh Hills
46
410
22.0%
Lake Oswego |West Linn
62
263
-6.1%
Milwaukie | Gladstone | Happy Valley
50
320
1.6%
Portland Metro Area Luxury
($1+M | SF+C)
79
319
-0.3%
Portland Metro (Tri-County) Area
Condos
36
314
31.4%
Beaverton | Aloha
34
182
21.3%
Southeast Portland
37
288
10.3%
Northeast Portland
40
235
30.6%
North Portland
37
108
30.1%
Number of Sales Closed
PORTLAND OREGON REGION
Beaverton | AlohaLake Oswego | West LinnMilwaukie | Happy Valley
North PortlandNortheast PortlandSoutheast Portland
West Portland | Raleigh Hills
Average Sold Price (Nearest $000)
236
727
282
498
150
Average Days on Market
Current Inventory in Units
Change from 2016
$0K $500K $1000K $1500K $2000K
$1,570,000
$377,000
$348,000
$382,000
$679,000
$612,000
$373,000
$429,000
$386,000
763
525
688
536
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)
1st Quarter 2017 Single Family & Condo
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017
Clackamas County
56
933
-9.6%
Yamhill County
65
230
-15.4%
Washington County
37
804
15.7%
0
500
1000
1500
2000
2500Number of Sales Closed
OREGON REGION COUNTIES
ClackamasMultnomah
YamhillWashington
Average Sold Price (Nearest $000)
1367
2408
1768
Average Days on Market
Current Inventory in Units
Change over first quarter 2016
$0K $100K $200K $300K $400K $500K
$325,500
$397,000
$441,000
$446,000
383
Multnomah County
42
1146
12.8%
Clackamas County
Multnomah County
Washington County
Yamhill County
1st Quarter 2017 Single Family & Condo
PACIFIC NORTHWEST FIRST QUARTER MARKET REPORT - 2017