PORTLAND OREGON SOUTHWEST WASHINGTON PUGET SOUND › photos › cms › news › quarterl… · PORTLAND OREGON SOUTHWEST WASHINGTON PUGET SOUND. Coldwell Banker Bain | Seal is the

2017

PAC I F IC NORTHWEST F I RST QUARTER MARKET REPORT

PORTLAND OREGON

SOUTHWEST WASHINGTON

PUGET SOUND

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

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


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


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


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


1367

2408

1768



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




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.”


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


EASTSIDE AREA

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


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


29 30 57 27 39 56 34 35 30 108 97

99 61 26 89 112 61 42 43 159 73 167


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%



SEATTLE AREA

Ballard | Green LakeCapitol Hill

Madison ParkMagnolia

NE SeattleSeattle Central

South Lake Union | Queen AnneWest Seattle


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


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


315

3158 66

225

15465

70

351

9 24

Area Waterfront(SF Only)


Area Condos Only

West SeattleS. Lake Union |Queen Anne

Seattle CentralNE SeattleMagnoliaMadison ParkCapitol HillBallard | Green Lake


16 62 33 24 24 32 39 28 22 110 45

36 8 23 28 53 56 28 21 88 19 54


-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


38.5%-20.7%-46.7%


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


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


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


$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%



-26.9%-9.6%

52

1416

-19.8%

Total South King | Pierce |

Kitsap Areas

-25.6% -15.8%



NORTH SOUND AREA (Snohomish, Skagit, Whatcom)

AnacortesBellinghamEdmonds

EverettLynnwoodMarysville



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%


NORTH SOUND AREA (Snohomish, Skagit, Whatcom)

AnacortesBellinghamEdmonds

EverettLynnwoodMarysville




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%



PUGET SOUND AREA COUNTIES

IslandKing

KitsapPierceSkagit

SnohomishWhatcom



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


PUGET SOUND AREA COUNTIES

IslandKing

KitsapPierceSkagit

SnohomishWhatcom


394

5111

961

3210

449 584


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


Kitsap

$447,000

-8.4%




61

50

6.4%

0

200

400

600

800


SOUTHWEST WASHINGTON

East Clark CountyNorth Clark CountyWest Clark County


871

290

529

819


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%




Clark County

52

968

-13.6%

Cowlitz County

64

166

-14.9%

0

500

1000

1500


SOUTHWEST WASHINGTON COUNTIES

Clark CountyCowlitz County


1652

302



Change over first quarter 2016

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

Clark County$343,000

Cowlitz County $229,000



*Information and statistics derived by CB Bain from the Northwest Multiple Listing Service (NWMLS) and Regional Multiple Listing Service (RMLS) each quarter. Statistics not compiled or published by the NWMLS or RMLS.


Documents

PORTLAND OREGON SOUTHWEST WASHINGTON PUGET SOUND › photos › cms › news › quarterl… · PORTLAND OREGON SOUTHWEST WASHINGTON PUGET SOUND. Coldwell Banker Bain | Seal is the