q2 pacific northwest market report...cb bain of lake oswego office, said, “while the real estate...

PACIFIC NORTHWEST MARKET REPORT OREGON | SOUTHWEST WASHINGTON | PUGET SOUNDQ2

2 0 1 8

PACIFIC NORTHWEST MARKET REPORT

Q22 0 1 8

02

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.


Q22 0 1 8

03

SECOND QUARTER NUMBERS

BELLEVUE, Wash. (July 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 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, 2018 and June 30, 2018.*

Reflecting on the second-quarter numbers and feedback from brokers, Mike Grady, CB Bain President and COO, said, “While compared to last year the inventory increases are significant, the reality is that we still remain far below a balanced market of three to five months of inventory. Given we continue to see job growth in the region, we don’t anticipate sharp decreases in inventories overall and expect only slight reduction of the pace of increasing prices for the balance of this year.”


Q22 0 1 8

04

PORTLAND OREGON REGION

PORTLAND, Oregon (July 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 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, 2018 and June 30, 2018.*

Ward Spears, CB Bain’s Oregon Regional Manager, said, “A new factor in the mix is the

increase in mortgage rates that has somewhat impacted affordability. While interest rates remain low by historical standards, generally home buyers have become accustomed to a very low cost of financing that has been surprisingly stable for a number of years. The market remains friendly to “well-prepared” sellers, as we’re seeing an increase in price reductions which affects sellers who don’t take the time to properly price their home or prepare its condition for sale. As we see a slight shift in the market, choosing an agent who can help with this process is more important than ever.”

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

0

200

400

600

800

1000

1200


Q22 0 1 8

05

Beaverton - Aloha

NUMBER OF SALES CLOSED

AVERAGE SOLD PRICE (Nearest $000)

$441,000

$445,000

$340,000

$1,415,000

Southeast Portland

West Portland - Raleigh Hills

843669

293

510401

617 587

1006

238

Lake Oswego - West Linn

Beaverton - Aloha

Portland Metro (Tri-County) Area Condos

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

$706,000

Milwaukie - Gladstone - Happy Valley

$446,000North Portland

AVERAGE DOM

Milwaukie - GladstoneHappy Valley

Northeast Portland $511,000

$438,000


$784,000

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

North Portland Southeast Portland

Northeast Portland West Portland - Raleigh Hills


Portland Metro (Tri-County) Area

Condos

20

23

24

34

37

32

20

30

64

INVENTORY IN UNITS - 06/30/2018 % of change from 2017

Southeast Portland

+24.6%

567

Northeast Portland

+12.3%

399

North Portland

+31.6%

158

West Portland - Raleigh Hills

+21.0%

534


-1.7%

398

Milwaukie - Gladstone - Happy Valley

+16.5%

472

Beaverton - Aloha

+1.1%

268

Portland Metro (Tri-County) Area

Condos

+92.6%

894


+22.7%

577

Ward Spears, principal managing broker of the CB Bain of Lake Oswego office, said, “While the real estate market in the communities that surround Lake Oswego remain friendly to well-prepared sellers, we have seen a little softening from the feverish pace of the

recent past. In part, this can be attributed to seasonality, historically home buyers who are concerned about closing before the school year begins prefer to not wait until the last minute to decide on a home and move in before the start of the school year.”

0

500

1000

1500

2000

2500

3000


Q22 0 1 8

06

Clackamas County

+10.6%

1384

Clackamas County



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

$496,000

$382,000

Yamhill County

Washington County

$528,000Clackamas County

AVERAGE DOM

MultnomahCounty

$491,000

Multnomah County

35

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

SINGLE FAMILY (SF), CONDO

25

24

46

Yamhill County Washington County

Washington County

+10.8%

317

Multnomah County

+19.1%

1801

Yamhill County

-6.5%

1039

1736364

2532

2008


“Our market in Clackamas County remained strong in the second quarter and is ramping up for the third. New construction seems to be in popular demand starting

around $450,000,” said Penny Yaw, Principal Managing Broker of CB Bain’s Oregon City office.


Q22 0 1 8

07

EASTSIDE AREA

E.J. Bowlds, new Principal Managing Broker of the Coldwell Banker Bain of Bellevue office, said, “The number of listings on the Eastside continues to grow which will give some small relief to buyers who were disappointed this spring with extremely low numbers of listings and surging prices. However, even with aggregate standing inventory numbers up over 50% from mid-year 2017, we still have less than 1.5 months of inventory on the Eastside. Even with more homes to sell the number of pending (under contract but not closed) and closed sales fell 10.17% and 3.27% respectively from a year ago.

Median closed sales prices for homes on the Eastside were up over 10% in the second quarter which is somewhat lower than the Case-Schiller appreciation report, which for all of Puget Sound has been hovering near 12% for the past year plus. The median price for condominiums on the Eastside is up over 20% for the second straight quarter, up over 21% this quarter after being up over 25% in Q1. While true appreciation normally lags behind median closed sales prices, the condo market in the Eastside could still see final price rises for the year between 15 and 17%.

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

0

200

400

600

800

1000

Total Eastside Sales Closed

2541


Q22 0 1 8

08

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

Redmond | Woodinville

SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY


Bothell

Duvall - Carnation

Kirkland

Mercer Island

Area Condos

Area Waterfront (SF Only)

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

Eastside Area

Issaquah - Sammamish

Bellevue

Redmond

Woodinville

AVERAGE DOM

16

17

14

23

1516

27

1123

9

4753

$1,419,000

$693,000

$1,040,000

$568,000

$2,051,000

$2,915,000

$1,196,000

$1,095,000

$731,000

$989,000

$1,085,000

$2,053,000


432538

93383

519

100 266 210

897

79173

Bellevue Duvall - Carnation


Redmond Area Condos Area Waterfront (SF Only)


WoodinvilleBothell Kirkland Mercer Island

INVENTORY IN UNITS - 06/30/2018

Bothell

+109.2%

251


+30.8%

225

Mercer Island

+11.9%

75

Redmond

+98.5%

129

Woodinville

+37.3%

92

Area Condos

+71.8%

280


-10.6%

76

Kirkland

+37.9%

171


+51.0%

296+109.2%

Duvall - Carnation

72

Bellevue

+50.0%

231

% of change from 20171317 +61.3%Total Eastside Inventory


Q22 0 1 8

09

SEATTLE AREA

John Deely, Principal Managing Broker for CB Bain’s Lake Union, Madison Park and Magnolia offices, said, “Available inventory is increasing in all Seattle areas included in this report, except Magnolia. The same increase of inventory is being felt in most greater Seattle markets. Although this increase has made the available selection of properties better for buyers, it is still a sellers’ market, though sellers are seeing more competition.

Market times are increasing with the luxury and waterfront markets and the latter is averaging close to 70 days on the market. Seattle’s luxury residential, condo and waterfront markets are averaging just under $3 million with a slowing in the rate of price increase. We are seeing a decrease in multiple offers and fewer buyers participating in the bidding and a larger share of properties going past their offer review date with no offers in hand.”

0

100

200

300

400

500

600

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


Q22 0 1 8

10

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

South Lake Union - Queen Anne | West Seattle


13

9

33

15

1911

14

1910

15

6845


Capitol Hill

Madison Park

Magnolia

Seattle Central

Area Condos



Seattle Area

AVERAGE DOM


NE Seattle

Ballard - Green Lake

% of change from 2017

South Lake Union - Queen Anne

West Seattle

Ballard- Green Lake

Madison Park NE Seattle S. Lake Union - Queen Anne

West Seattle Area Condos Area Waterfront (SF Only)


Capitol Hill Magnolia Seattle Central

452

54

358

200121 103

515

83 98 22 101

Ballard- Green Lake

+167.3%

131

Total Seattle Inventory 551 +55.2%

Capitol Hill

+52.6%

29

Madison Park

+53.3%

46

Magnolia

-10.4%

43

NE Seattle

+55.8%

120

Seattle Central

+18.4%

90

S. Lake Union - Queen Anne

+87.0%

58

West Seattle

+36.0%

34

Area Condos

+117.7%

172


+50.0%

42


+21.3%

91

$955,000

$1,786,000

$1,335,000

$554,000

$2,812,000

$2,908,000

$1,250,000

$1,090,000

$1,529,000

$896,000

$1,017,000

$995,000


Total Seattle Sales Closed

1469


Q22 0 1 8

11

NORTH SOUND AREA (Snohomish, Skagit, Whatcom)

Michelle Van Tassell, Principal Managing Broker for CB Bain’s Edmonds and Lynnwood offices, notes that the summer months have brought a shift to the Snohomish County market. “Time will only tell how much of a shift, but we are experiencing a window of opportunity for buyers reflected in a variety of ways: an increase in inventory over the same quarter last year,

increased days on market in certain segments, and occasional price reductions as a result. Our buyers this quarter made less risky offers, with fewer above-list price offers; our sellers are carefully considering their initial pricing and the benefits to them when they provide buyers plenty of time and space for due diligence.”

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

0

100

200

300

400

500

600

700

800


Q22 0 1 8

12

Anacortes


NORTH SOUND AREA (Snohomish, Skagit, Whatcom)

Bellingham | Edmonds | Everett | Lynnwood


478527

$535,000

$737,000

$581,000

$376,000

$790,000

$1,328,000

Bellingham

Edmonds

Everett

Marysville

3-County Area Condos

3-County Area Waterfront (SF Only)

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

$457,000

Edmonds Everett Lynnwood 3-County Area Condos



$508,000North Sound Area

Total North Sound Sales Closed

2011

AVERAGE DOM


Total North Sound Inventory 944


Lynnwood

Anacortes

$476,000

$398,000

MarysvilleBellingham

Anacortes

+4.0%

132

Bellingham

-12.3%

228

Edmonds

+47.3%

109

Everett

+4.8%

194

Lynnwood

+24.6%

152

Marysville

-7.2%

129

3-County Area Condos

-4.3%

176


+21.2%

77


+21.2%

103

134

421

235

551

315 355

674

63 71

+4.0% % of change from 2017

19

35

34

13

12

11

18

21

56

61


Q22 0 1 8

13

SOUTH SOUND AREA

Stephanie Callen, broker in CB Bain’s Puyallup office, said, “Pierce County is now kickin’ it with average time on market at 20 days! Sales prices have been rising for the last five months and the average sale price is now close to $400,000. For homes under $350,000, the average time on market is 12 days – a year ago it was 21 days. Buyers and agents need to be quick on the draw and energetic to keep up with the pace.

Even though there are more homes on the market, sellers are still receiving multiple offers and buyers

are pulling out all the stops with contingencies, pre-inspections and escalations. Back-up offers are extremely common. Our veterans and active duty buyers are still at a disadvantage as it can take longer to get a loan and home appraisal on VA loans. In the Pierce County luxury market, the absorption rate is almost four months and prices are starting to soften. It is, however, nice to see buyers have a few more home choices in the heat of the summer.”

0

500

1000

1500

2000

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


Q22 0 1 8

14

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

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


Gig Harbor - Key Peninsula



$556,000

$371,000

$972,000

$268,000

$769,000

$1,372,000

North Tacoma - Lakewood University Place

Puyallup - Graham

SE King County

Bainbridge Island

Area Condos



$507,000

Puyallup - Graham

SW King County

Bainbridge Island

Area Condos Area Waterfront (SF Only)


$472,000South Sound Area

Total South Sound Sales Closed

5372

AVERAGE DOM


SW King County


$403,000

$389,000

22

SilverdaleN. Tacoma -University Place -

Lakewood


-11.4%

341

492

Total South Sound Inventory 2771 +15.0% % of change from 2017

Silverdale

$486,000

45

18

26

18

17

26

33

17

60

67

857

N. Tacoma -University Place -

Lakewood

-9.6%

348

Puyallup - Graham

+15.7%

538

SW King County

+18.3%

529

Bainbridge Island

-2.1%

92

Silverdale

-35.2%

35

Area Condos

-4.6%

289


-25.0%

316


+7.2%

314

1098

1655

1047877

127 96295

171

SE King County

+53.4%

888

SE King County


Q22 0 1 8

15

SOUTHWEST WASHINGTON

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

0

100

200

300

400

500

600

700

800


Q22 0 1 8

16

East Clark County

+29.0%

746

East Clark County



$441,000

$276,000

West Clark County

Clark County Condos

Clark County Luxury ($1+M | SF + Condo)

$416,000East Clark County

AVERAGE DOM


North Clark County

$403,000

North Clark County

$1,417,000

34

SOUTHWEST WASHINGTONEast Clark County | North Clark County | West Clark County

SINGLE FAMILY (SF), CONDO & LUXURY

33

28

19

147

West Clark County Clark County Condos Clark County Luxury ($1+M | SF + Condo)

Clark County Luxury ($1+M | SF + Condo)

+25.0%

80

North Clark County

+24.0%

347

West Clark County

+15.1%

388

Clark County Condos

+50.0%

84

746

80347 388

84

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

0

500

1000

1500

2000


Q22 0 1 8

17

AVERAGE SOLD PRICE (Nearest $000) AVERAGE DOM

Clark County


$257,000

$416,000Clark County

Cowlitz County

Cowlitz County

32

471

SOUTHWEST WASHINGTON COUNTIESClark County | Cowlitz County


38

1984392

+24.5%

1443+1.3%

231


“The Cowlitz County market is still hot, with many people moving here from Clark County and California because of affordability. Our average sales price is close to $240,000 which is about $100,000 less than in Vancouver. Our inventory is low -- maybe as low as we’ve seen since 2006. Prices are still going up, anywhere from 5% to 10% depending on the area

compared to the same time last year. We anticipate this year and the next year will be very similar to 2017, as long as we can find inventory. Sellers are still worried if they sell their home that they won’t be able to find another one to replace it,” said Kevin Stonelake, Principal Managing Broker for CB Bain of Longview.


Q22 0 1 8

18

PUGET SOUND AREA COUNTIES

0

200

400

600

800

1000

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


Q22 0 1 8

19

Island



$857,000

$388,000

Kitsap

Pierce

Skagit

Whatcom

$390,000

Kitsap Skagit Whatcom

$452,000Island

AVERAGE DOM


Snohomish

King

$434,000

King

$541,000

Pierce

$412,000

Snohomish

PUGET SOUND AREA COUNTIESIsland | King | Kitsap | Pierce | Skagit | Snohomish | Whatcom


41

16

29

26

42

18

42

530

7680

1274 4530 567 9023348

Skagit

432+3.8%

Snohomish

1576+15.4%

Island

333-25.0%

King

3769+44.0%

Kitsap

591-20.0%

Pierce

2123-3.3%

Whatcom

619-15.2%

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

q2 pacific northwest market report...cb bain of lake oswego office, said, “while the real estate...

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