PORTLAND OREGON PUGET SOUND SOUTHWEST WASHINGTON · for 2016, ranking as a number one network...

PORTLAND OREGON

PUGET SOUND

SOUTHWEST WASHINGTON

P A C I F I C N O R T H W E S T S E C O N D Q U A R T E R M A R K E T R E P O R T

2017

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 number one

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, also

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

ABOUT COLDWELL BANKER BAIN

PACIFIC NORTHWEST SECOND QUARTER MARKET REPORT - 2017

http://www.coldwellbankerbain.com

PORTLAND OREGON REGION

Portland, Oregon (July 14, 2017) – Coldwell

Banker Bain, a leading Northwest real estate

market brokerage, releases its second 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

second quarter report reflects activity between

April 1, 2017and June 30, 2017*.

Reflecting on the second quarter numbers, David Sly, Principal Managing Broker of the Portland Uptown and Lake Oswego office, pointed to interesting data trends: “Lake Oswego… at 144 days of inventory, it is the “fullest” inventory marketplace of those areas reported throughout the Northwest.

Oregon market Inventories have been expanding, increasing from 12% (West Portland) to 44% (NE Portland) compared to the 2nd quarter of last year. Remarkably, across the river in Vancouver inventories are shrinking more like the Puget Sound area with some areas (East Clark County) down by almost 16%.

The condo market in both the SW Washington and Portland markets has experienced rising inventories of 10% and 29%, respectively, with 925 sales reported in the quarter in the 3-county Portland region.”

View Full PDF Report here.

— David Sly, Principle Managing Broker of Portland Uptown and the Lake Oswego CB Bain Office

http://www.larsonmarcom.com/wp-content/uploads/2017/07/CB-Bain-Quarterly-Stats.2017.Q2.SW-WA-OR.pdf

0

200

400

600

800

1000

$0K $300K $600K $900K $1200K $1500K

28

441

12.2% 14.1%

39

405

34

405

0.2%

71

484

26

464

28.5% 14.2%

20

246

26.8%

20

455

17.9%

19

355

44.3%

17

120

16.5%

2017 SECOND QUARTER MARKET REPORT

SINGLE FAMILY & CONDO

PORTLAND OREGON REGION

Beaverton | AlohaLake Oswego | West LinnMilwaukie | Happy Valley

North PortlandNortheast PortlandSoutheast Portland

West Portland | Raleigh Hills

Average Sold Price (Nearest $000)

North Portland

Northeast Portland

Southeast Portland


Lake Oswego | West Linn

Milwaukie | Gladstone | Happy Valley

Beaverton | Aloha

Portland Metro (Tri-County) Area Condos

Portland Metro Area Luxury ($1+M | SF+C) $1,455,000

$323,000

$417,000

$437,000

$736,000

$703,000

$425,000

$479,000

$435,000

Number of Sales Closed

291

880

351

616

185

925

538533

673

Change from 2016

PACIFIC NORTHWEST SECOND QUARTER REPORT - 2017


Lake Oswego |West Linn

Milwaukie | Gladstone | Happy Valley

Portland Metro Area Luxury

($1+M | SF+C)

Portland Metro (Tri-County) Area

Condos

Beaverton | AlohaSoutheast PortlandNortheast PortlandNorth Portland

Average Days on Market

Current Inventory in Units

0

500

1000

1500

2000

2500

3000

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

OREGON REGION COUNTIES



ClackamasMultnomah

YamhillWashington


$341,000

$464,000

$479,000

$496,000Clackamas County

Multnomah County

Washington County

Yamhill County


1617

2594

2036

396

Change over first quarter 2017


Clackamas County Yamhill CountyWashington CountyMultnomah County

38

1251

48

286

-10.3%

25

1112

18.3%

23

1512

21.0%0.8%



SECOND QUARTER NUMBERS

Seattle, Wash (July 14, 2017) – Coldwell Banker Bain, a leading Pacific Northwest real estate market brokerage, releases its second 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 second quarter report reflects activity between April 1, 2017 and June 30, 2017*. Observations by principal managing brokers working in each major market are also included.

Reflecting on the second quarter numbers, Mike Grady, CB Bain President and COO, pointed out the hot spots: “Ballard/Green Lake is hot!! Compared to same quarter last year the inventory shrank almost 33%, with currently only 9 days of active inventory.” He continued, “Redmond is also hot… leading the way with a misery index of -41%, which is inventory that is 41% smaller than the same in the 2nd quarter in 2016.”

Grady went onto say, “The King County Condo market has only 13 days of inventory in Seattle and 18 days on

the Eastside. Demand is high and inventories continue to shrink precipitously (-45.1% in Seattle and -29% on the Eastside) compared to the 2nd quarter of 2016.”

He also added that, “The average price for a single family detached home on Mercer Island and in Magnolia now exceeds $1.8M, and $1.3M in Bellevue, Capitol Hill and Madison Park! The disparity between these areas compared to those areas to the north and to the south in the Puget Sound region continues to grow: Lynnwood (below $500K) and Everett (approx. $400K) to the North and Tacoma ($359K) and Puyallup ($332K) to the south are just not keeping up with the price increases in these King County markets. Although the distance between these communities remains the same as 30 years ago when prices diverged only 25% – 30%, commute times have separated these communities and affected the demand causing unusually incongruent pricing for such a close geography.”

View Full PDF Report here.


http://www.larsonmarcom.com/wp-content/uploads/2017/07/CB-Bain-Quarterly-Stats.2017.Q2.PSR_.pdf

$0k $500k $1000k $1500k $2000k $2500k $3000k $3500k

0

200

400

600

800

1000

Total Eastside

Area

Total East Side Sales Closed

2174

17 18 19 16 30 3237 12 18 19 68 62

154 120 57 124 196 67 65 67 176 1041 2271041

-13.0% -22.1% -25.0% -13.0% -41.4% -29.0% -3.0%-20.4% -19.9%-12.7% -11.3% -14.1%

EASTSIDE AREA



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



BellevueBothell

Duvall/CarnationKirkland

Issaquah/SammamishMercer Island

RedmondWoodinville

410500

110366

527

117329

175

863

90165

Change from 2016


Area Waterfront(SF only)

Area Luxury ($2+M | SF+C)

Area Condos Only

WoodinvilleRedmondMercer IslandIssaquah |Sammamish

KirklandDuvall | Carnation

BothellBellevue



$1,316,000

$644,000

$651,000

$990,000

$977,000

$953,000

$893,000

$907,000

$488,000

$1,902,000

$3,021,000

$1,802,000

“In the second quarter we saw multiple offers, aggressive buyer tactics, short market times and rapidly rising prices. Home and condo sales were hot, as reflected here: All Eastside communities in this report ended the quarter with less inventory than they had at the end of Q2 2016. We are still playing catch-up, despite more listings having come on the market in June and early July. Homes in good condition in highly desirable neighborhoods still receive multiple offers, but only if they are priced right. If they are overpriced - or in poor condition - they may well meet the opposite fate. We advise our sellers to be prudent with home prep and pricing given the increased competition. At

the same time, we advise our buyers - some of whom may have ducked out of the spring market due to fatigue or frustration - to consider jumping back in while there are a few more choices. Even with rising home prices, the third quarter may well be the best time for buyers to finally have a chance at owning a piece of the Eastside.”

–Thadine Bak, Principal Managing Broker Broker of CB Bain’s Bellevue office

$0K $500K $1000K $1500K $2000K $2500K $3000K

0

100

200

300

400

500

600

Total Seattle SalesClosed

1570

45 18 30 48 77 76 31 25 79 28 75

-32.9%18.8%

-2.6%50.0%

-30.2% -27.9%28.6% 7.7%

355

-10.6%0.0%

-45.1%17.2%

9 10 22 18 12 18 15 19 12 34 4614

SEATTLE AREA

Ballard | Green LakeCapitol Hill

Madison ParkMagnolia

NE SeattleSeattle Central

South Lake Union | Queen AnneWest Seattle

$847,000

$1,235,000

$1,347,000

$1,854,000

$898,000

$848,000

$826,000

$1,119,000

$489,000

$1,677,000

$2,570,000


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)

$934,000Seattle Area




448

39

82 127

375

252

119 128

546

18 50

Area Waterfront(SF Only)


Area Condos Only

West SeattleS. Lake Union |Queen Anne

Seattle CentralNE SeattleMagnoliaMadison ParkCapitol HillBallard | Green Lake

Change from 2016

Total SeattleArea




“We are feeling the volume of new listings being added to inventory and wondering if this is a normal seasonal increase or if it signals a change in the market. We have observed a few proper-ties hitting their offer review date with no offers in hand. Also, we are seeing an increasing number of price reductions on properties with no activity. Sellers are pushing prices up as the result of previous bidding wars creating comparable sales in their locale but the buyer demand is still high and multiple offers still dominate the market.”

– John Deely, Principal Managing Broker for CB Bain’s Lake Union office

0

500

1000

1500

2000

$0K $300K $600K $900K $1200K $1500K

South King, Pierce & Kitsap Area Sales Closed

8312

272467 23 43 40 23 75 1082430

465385385 579 94 54 303 421 2934473960

SOUTH SOUND AREA

Gig Harbor | Key PeninsulaNorth Tacoma | Lakewood | University Place

Puyallup | GrahamSE King County

SW King CountyBainbridge Island

Silverdale2017 SECOND QUARTER MARKET REPORT


Gig Harbor/Key Peninsula

North Tacoma | University Place Lakewood

Puyallup | Graham

SE King County

SW King County

So. King, Pierce & Kitsap County Condos

So. King & Pierce County Waterfront (SF Only)

So. King, Pierce & Kitsap County Luxury ($1+M | SF+Condo)

South King, Pierce & Kitsap Areas

Bainbridge Island

SIlverdale


$332,000

$451,000

$965,000

$247,000

$758,000

$1,418,000

$370,000

$386,000

$506,000

$359,000

$427,000


Puyallup | Graham

N. Tacoma | University Place |

Lakewood

Gig Harbor | Key Peninsula

SE King County

Bainbridge Island

Silverdale So. King, Pierce & Kitsap County

Condos

So. King, Pierce & Kitsap County

Waterfront (SF Only)

So. King, Pierce & Kitsap County

Luxury ($1+M | SF+C)

SW King County


Total South King, Pierce

& Kitsap Areas

Change from 2016

0.0% 3.5%-22.5% -9.1%-3.6%-11.2% -14.8%-4.2%

5.7%-26.6% -21.6%

459

847 962

1648

1052

91

892297

137149



“Pierce County home prices showed another increase as we entered the summer months and have now eclipsed the all-time highs of 2007. With high demand and low inventory, this looks like the beginning of a sustained period of home price increases, with buyers still not showing any price reluctance. Buyers from more expensive markets up north continue to reevaluate their commutes to consider Pierce County’s relatively low prices. All buyers are focusing on new listings, though there are potential good values among listings that haven’t sold. Toward the end of this quarter, listing inventory made some headway against sales and grew to an eight-month high with 2,215 homes for sale. This is still below the June 2016 figure of 2,322, but is a welcome relief

for buyers who are seeing a few more choices with each listing tour. Sales numbers decreased just slightly to 2009 levels, which is still a new record for June. Well-priced new listings continue to experience a market frenzy.”

– Stephanie Callen CB Bain Puyallup office

$0K $300K $600K $900K $1200K $1500K

0

100

200

300

400

500

600

Total North Sound Sales Closed

1906

31

260

-20.0%

65

127

-6.6%

22

74

-23.7%

15

185

12.1%

12

122

13.0%

25

139

50

90

-15.1%

65

33

17

184

-7.5%-14.2%6.5%

24

907

NORTH SOUND AREA (Snohomish, Skagit, Whatcom)

AnacortesBellinghamEdmonds

EverettLynnwoodMarysville2017 SECOND QUARTER MARKET REPORT



Anacortes

Bellingham

Edmonds

Everett

Lynnwood

Marysville

3-County Area Condos

3-County Area Waterfront (SF Only)

3-County Area Luxury ($1+M | SF+C)

North Sound Area

$430,000

$669,000

$350,000

$295,000

$557,000

$1,380,000

$498,000

$401,000

$487,000

$450,000


124

435

272

347

576

65

6

230

498

Change from 2016


BellinghamAnacortes Edmonds Everett Lynnwood Marysville 3-County Area Waterfront (SF Only)

3-County Area Luxury

($1+M | SF+C)

3-County Area Condos

-8.7%



“We continue to see very low inventory, multiple offers and buyer fatigue. However, buyers this year are not giving up easily. They are doggedly determined to find their home and win their bid without giving up their protective rights, like inspections, financ-ing, etc. Once again, we are experiencing low appraisals. We recently had a situation with a $30K undervalued appraisal on new construction. Our agent challenged the appraisal by doing a lot of research. Ultimately, the new appraisal value was raised $30K to the agreed-upon sale amount. It took a lot of extra work but the lesson is, do the work and you have a far better chance of getting the value where it should be. Our Snohomish County economy remains strong and all indicators tell us this is not likely to change anytime soon.”

– Diedre Haines, Principal Managing Broker of CB Bain Lynnwood and Edmonds

Total North Sound

Area

010002000300040005000600070008000

$0K $100K $200K $300K $400K $500K $600K $700K $800K

46224633371950

730

-16.7%

1366

-8.6%

416

-19.1%

2196

-5.7%

7382619

-19.2% -4.2%

444

-9.9%

PUGET SOUND AREA COUNTIES

IslandKing

KitsapPierceSkagit

SnohomishWhatcom




$404,000

$347,000

$354,000

$371,000

$407,000

$760,000

Island

King

Pierce

Skagit

Snohomish

Whatcom

Kitsap

$481,000


526

7853

1273

4339

603 9243272


Change from 2016

WhatcomSnohomishSkagitPierceKitsapKingIsland



0

200

400

600

800

1000

1200

$0K $500K $1000K $1500K $2000K

199

64

3.2%

35

56

9.8%

34

337

-0.6%

35

280

-3.1%

39

578

-15.5%

SOUTHWEST WASHINGTON

East Clark CountyNorth Clark CountyWest Clark County





1067

343

619105

7


$363,000

$378,000

$357,000

$201,000


Area Condos

West Clark County

North Clark County

East Clark County


Area CondosWest Clark CountyNorth Clark CountyEast Clark County

Change from 2016

$1,718,000



0

500

1000

1500

2000

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

34 35

2281159

-8.1% -16.8%



SOUTHWEST WASHINGTON COUNTIES

Clark CountyCowlitz County



Clark County$377,000

Cowlitz County $227,000

1981

389

Clark County Cowlitz County

Change over first quarter 2017




SECOND 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.

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