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
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
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
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) $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
West Portland | Raleigh Hills
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
2017 SECOND QUARTER MARKET REPORT
SINGLE FAMILY & CONDO
ClackamasMultnomah
YamhillWashington
Average Sold Price (Nearest $000)
$341,000
$464,000
$479,000
$496,000Clackamas County
Multnomah County
Washington County
Yamhill County
Number of Sales Closed
1617
2594
2036
396
Change over first quarter 2017
PACIFIC NORTHWEST SECOND QUARTER REPORT - 2017
Clackamas County Yamhill CountyWashington CountyMultnomah County
38
1251
48
286
-10.3%
25
1112
18.3%
23
1512
21.0%0.8%
Average Days on Market
Current Inventory in Units
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.
PACIFIC NORTHWEST SECOND QUARTER MARKET REPORT - 2017
$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
Number of Sales Closed
Average Sold Price (Nearest $000)
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
2017 SECOND QUARTER MARKET REPORT
SINGLE FAMILY & CONDO
BellevueBothell
Duvall/CarnationKirkland
Issaquah/SammamishMercer Island
RedmondWoodinville
410500
110366
527
117329
175
863
90165
Change from 2016
PACIFIC NORTHWEST SECOND QUARTER MARKET REPORT - 2017
Area Waterfront(SF only)
Area Luxury ($2+M | SF+C)
Area Condos Only
WoodinvilleRedmondMercer IslandIssaquah |Sammamish
KirklandDuvall | Carnation
BothellBellevue
Average Days on Market
Current Inventory in Units
$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
Average Sold Price (Nearest $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
2017 SECOND QUARTER MARKET REPORT
SINGLE FAMILY & CONDO
Number of Sales Closed
448
39
82 127
375
252
119 128
546
18 50
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
Change from 2016
Total SeattleArea
PACIFIC NORTHWEST SECOND QUARTER MARKET REPORT - 2017
Average Days on Market
Current Inventory in Units
“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
SINGLE FAMILY & CONDO
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
Average Sold Price (Nearest $000)
$332,000
$451,000
$965,000
$247,000
$758,000
$1,418,000
$370,000
$386,000
$506,000
$359,000
$427,000
Number of Sales Closed
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
PACIFIC NORTHWEST SECOND QUARTER REPORT - 2017
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
Average Days on Market
Current Inventory in Units
“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
SINGLE FAMILY & CONDO
Average Sold Price (Nearest $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)
North Sound Area
$430,000
$669,000
$350,000
$295,000
$557,000
$1,380,000
$498,000
$401,000
$487,000
$450,000
Number of Sales Closed
124
435
272
347
576
65
6
230
498
Change from 2016
PACIFIC NORTHWEST SECOND QUARTER REPORT - 2017
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%
Average Days on Market
Current Inventory in Units
“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
Average Sold Price (Nearest $000)
2017 SECOND QUARTER MARKET REPORT
SINGLE FAMILY & CONDO
$404,000
$347,000
$354,000
$371,000
$407,000
$760,000
Island
King
Pierce
Skagit
Snohomish
Whatcom
Kitsap
$481,000
Number of Sales Closed
526
7853
1273
4339
603 9243272
PACIFIC NORTHWEST SECOND QUARTER REPORT - 2017
Change from 2016
WhatcomSnohomishSkagitPierceKitsapKingIsland
Average Days on Market
Current Inventory in Units
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
2017 SECOND QUARTER MARKET REPORT
SINGLE FAMILY & CONDO
Number of Sales Closed
Average Sold Price (Nearest $000)
1067
343
619105
7
PACIFIC NORTHWEST SECOND QUARTER REPORT - 2017
$363,000
$378,000
$357,000
$201,000
Area Luxury ($1+M | SF+C)
Area Condos
West Clark County
North Clark County
East Clark County
Area Luxury ($1+M | SF+C)
Area CondosWest Clark CountyNorth Clark CountyEast Clark County
Change from 2016
$1,718,000
Average Days on Market
Current Inventory in Units
0
500
1000
1500
2000
$0K $50K $100K $150K $200K $250K $300K $350K $400K
34 35
2281159
-8.1% -16.8%
2017 SECOND QUARTER MARKET REPORT
SINGLE FAMILY & CONDO
SOUTHWEST WASHINGTON COUNTIES
Clark CountyCowlitz County
Number of Sales Closed
Average Sold Price (Nearest $000)
Clark County$377,000
Cowlitz County $227,000
1981
389
Clark County Cowlitz County
Change over first quarter 2017
PACIFIC NORTHWEST SECOND QUARTER REPORT - 2017
Average Days on Market
Current Inventory in Units
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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