NORTH SOUND 2019 MARKET REPORT
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Helping people buy and sell homes in the Pacific Northwest since 1972, Coldwell Banker Bain is an undisputed market leader, posting nearly $6 billion in sales in 2019. With 30 offices and more than 1,300 brokers in Washington and Oregon, plus a global reach that extends to 92,000 brokers in 44 countries, we’re not only one of the largest Coldwell Banker affiliates in the world, we’re also the most accomplished real estate company in the Northwest. Our commitment to knowledge, expertise and market insights consistently undergirds our reputation for excellence and service. An emphasis on global access in the luxury realm, combined with the power, reach and recognition of the Coldwell Banker brand, allows us to outsell and outperform our rivals, as we elevate the standard for marketing premier properties in the Puget Sound are and the Pacific Northwest. As important to us as business success— we also provide services in property management, commercial real estate, real estate investment and relocation management— is the understanding that real estate is more than just a transaction; it’s a key part of building safe, happy and prosperous lives for our clients, our brokers and their families.
2019 ANNUAL REPORT
MIKE GRADY
COLDWELL BANKER BAIN PRESIDENT & COO
Reflecting on the 2019 numbers and the interesting turn of the market in the fourth quarter, Mike Grady, Coldwell Banker Bain president and COO, said, “As we closed out the year, 2019 turned out to be quite different than we had expected. We expected that because the double-digit appreciation of home prices had modified in May 2018, more sellers would proceed with selling their existing homes in 2019. This, of course, would have resulted in more inventory, stabilizing prices even more while increasing units sold. Had this transpired, 2019 would have resulted in increased volume as a result of more units and slightly higher average sales prices than in 2018. However, that didn’t happen. Instead, the ‘aberration’ we saw in November continued… so perhaps it’s not
an aberration after all and we may be returning to the ‘old normal.’ December of 2019 proved to be better than December of 2018 in just about every single category – this notwithstanding weather that was not as mild as last year, and weather typically has an impact on sales. Yet we see again that the number of pending transactions outpaced the number of listings taken along with an increased appreciation. With inventory in King County below one month, we can only surmise that 2020 will show a return to rising home prices as a result of the lack of inventory and continued robust job market. So, while buyers continue to benefit from low interest rates, there are simply not enough homes for sale and the market, once again, is leaning more strongly toward sellers. These predictors indicate that the first quarter of 2020 will be active.”
2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
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2019 ANNUAL REPORT
SCOTT DICKINSON
PRINCIPAL MANAGING BROKER OF LYNNWOOD & EDMONDS
Consumers looking for predictability and stability in the housing market found it this year in south Snohomish County,” said Scott Dickinson, Principal Managing Broker of Coldwell Banker Bain of Lynwood and Edmonds. “With the average days on market increasing by almost 26% to 34 days, homebuyers were given more time to search for a home. By the end of 2019 inventory levels decreased significantly over the previous year and left sellers in a strong position to negotiate more favorable terms. This decrease in inventory will likely lead to favorable terms for sellers again in 2020. South Snohomish County is a strong contender for buyers who are looking for value and affordability. With an average sale price 44% less than King County, south Snohomish County is oftentimes more appealing due to its close proximity to major job centers. The demand for luxury homes was strong and 2020 looks to be a good year as well with more competition for $1M+ homes due to decreased inventory at that price point.”
4 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
Added Les Scott, Principal Managing Broker of Coldwell Banker Bain of Everett, “In the end, 2019 was a good year in Snohomish County for sellers — prices were up, and correctly priced homes sold quickly. Buyers, on the other hand, were battling to find the right home. Inventory was down and competition was high as buyers moved from the core King County areas to find more affordable options throughout Snohomish County. Prices in Snohomish County increased a modest amount (2.3%) overall, but varied around the region (Everett increased 3.8% while Marysville saw a 6.9% gain and Lynnwood saw a 2.2% increase). Lake Stevens and Marysville both saw sizable increases in new construction as builders search for buildable land and buyers search for affordable housing. Overall, we are expecting moderate price gains and continued growth in Snohomish County as a number of large companies expand into the area.
NORTH SOUND AREA
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
ANACORTES / BELLINGHAM / EDMONDS / EVERETT / LYNNWOOD / MARYSVILLE /
AVERAGE SOLD PRICE (NEAREST $000) North Sound Area
AVERAGE DOM 32
$510K
70
$560K
Anacortes Bellingham
34
$509K
Edmonds
$712K
Everett
35
$461K
Lynnwood
26 31
$559K
Marysville
$418K
Condos
25
$365K
33
Waterfront
$771K
(SF Only)
69
Luxury
$1.367M
($2+M | SF+C) $300K
$600K
$900K
$1.2M
69
$3M
NUMBER OF SALES CLOSED 2000
6580
1978
1500
193
1725
1000
1382
TOTAL SALES CLOSED
1356
447
992
500
678
193
209
Waterfront
Luxury
0
Anacortes
Bellingham
Edmonds
Everett
Lynnwood
Marysville
Condos
TOTAL NORTH SOUND INVENTORY / 509
INVENTORY IN UNITS / 12.31.2019
-32.0%
59
148
44
72
98
88
149
33
64
-51.2%
-11.4%
-38.0%
-56.6%
-19.7%
-12.9%
-24.7%
-28.3%
-17.9%
Anacortes
Bellingham
Edmonds
Everett
Lynnwood
Marysville
Condos
Waterfront
Luxury
2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
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NORTH SOUND TOTAL NOR TH SOU ND AREA
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2019
2018
CHANGE
6580
6777
-2.90%
$510,000
$496,000
+2.80%
32
28
+14.3%
AVERAGE SOLD PRICE
98%
99%
-1%
UP +2.80% from 2018
2019
2018
CHANGE
1978
2143
-7.70%
$365,000
$356,000
+2.50%
33
25
+32.0%
AVERAGE SOLD PRICE
99%
100%
-1%
UP +2.50% from 2018
$510K
CONDOS
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
6 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
$365K
NORTH SOUND WATERFRONT
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2019
2018
CHANGE
193
220
-12.3%
$771,000
$785,000
-1.80%
69
66
+4.5%
AVERAGE SOLD PRICE
95%
96%
-1%
DOWN -1.80% from 2018
2019
2018
CHANGE
209
208
+0.50%
$1,367,000
$1,371,000
-0.30%
$1.367M
69
69
+0.00%
AVERAGE SOLD PRICE
96%
96%
+0%
DOWN -0.30% from 2018
$771K LUXURY
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
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NORTH SOUND ANACOR TES
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
Q4 | 2018
CHANGE
447
436
+2.50%
$560,000
$560,000
+0.00%
$560K
70
49
+42.9%
AVERAGE SOLD PRICE
96%
97%
-1%
0.00% from 2018
Q4 | 2019
Q4 | 2018
CHANGE
1382
1467
-5.80%
$509,000
$484,000
+5.20%
$509K
34
37
-8.10%
AVERAGE SOLD PRICE
98%
98%
+0%
UP +5.20% from 2018
BELLINGHAM
Q4 | 2019
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
NORTH SOUND ED M OND S
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
Q4 | 2019
Q4 | 2018
CHANGE
678
753
-10.0%
$712,000
$715,000
-0.40%
$712K
35
23
+52.2%
AVERAGE SOLD PRICE
98%
100%
-2%
Q4 | 2019
Q4 | 2018
CHANGE
1725
1859
-7.70%
$461,000
$444,000
+3.80%
$461K
26
22
+18.2%
AVERAGE SOLD PRICE
99%
100%
-1%
UP +3.80% from 2018
DOWN -0.40% from 2018
EVERETT
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
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2019 ANNUAL REPORT
DEAN ULRICH
PRINCIPAL MANAGING BROKER OF BELLIGHAM
In Bellingham, according to Dean Ulrich, principal managing broker of Coldwell Banker Bain of Bellingham, “The average sale price continued to climb, but slowed compared to the previous two years. It increased 5.2% in 2019, most of which was in the first half of the year. Bellingham’s average sale price was $509,000, still considerably less than the Seattle metro areas. Low inventory continues to be a concern in Bellingham, down 5.8% for the number of homes sold in 2019, and current inventory is 11.4% below the same time last year. Most market watchers, including myself, are predicting 2020 will be much the same as 2019.”
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NORTH SOUND LY NNW OOD
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
Q4 | 2019
Q4 | 2018
CHANGE
992
1007
-1.50%
$559,000
$547,000
+2.20%
$559K
31
24
+29.2%
AVERAGE SOLD PRICE
99%
100%
-1%
Q4 | 2019
Q4 | 2018
CHANGE
1356
1244
+9.00%
$418,000
$391,000
+6.90%
$418K
25
25
+0.00%
AVERAGE SOLD PRICE
100%
100%
+0%
UP +2.20% from 2018
MARYSVILLE
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +6.90% from 2018
2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT 11
*Information and statistics derived by CB Bain from the Northwest Multiple Listing Service (NWMLS), Regional Multiple Listing Service (RMLS) and the Multiple Listing Service of Central Oregon (MLSCO) each quarter. Statistics not compiled or published by the NWMLS, RMLS or MLSCO.