PUGET 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
CRISTIAN KOCH
PRINCIPAL MANAGING BROKER FOR BAINBRIDGE ISLAND
Cristian Koch, Principal Managing Broker of Coldwell Banker Bain of Bainbridge Island, said, “The market remains strong with ever increasing demand and very low available inventory levels. The average sales price is a healthy $1.074M showing a 2.8% increase over last year. The available number of single-family residences is near an all-time low yet showing a 7% increase over last year, when buyers had a difficult time competing for those homes that were competitively priced.
4 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
Carii Clawson, an office broker, added “2020 is decision-making time. Buyers and sellers who have been sitting tight while watching for indications of a more predictable market are on the move. Increases in appreciation seem to have slowed dramatically. New construction is up. However, inventory is still at historical lows. In spite of continued demand and low supply, buyers seem to have reached their limits as to what they are willing or able to spend. The only reason to hold off on buying real estate in our market would be to find a suitable home as we’re not anticipating a less challenging market anytime in the near future.”
PUGET SOUND COUNTIES
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
KING / ISLAND / KITSAP / PIERCE / SKAGIT / SNOHOMISH / WHATCOM /
AVERAGE SOLD PRICE (NEAREST $000)
AVERAGE DOM 38
$816K
King Island
$453K
47
Kitsap
$456K
34
Pierce
$410K
33
Skagit
$419K
49 $539K
Snohomish Whatcom
34
$440K $500K
$1M
45
$1.5M
$2M
$2.5M
$3M
NUMBER OF SALES CLOSED 30K
63,963
25K 20K
TOTAL COUNTY SALES CLOSED
25,963
15K 10K
15,016
4467 5K
2044
1748
11,565
3160
Snohomish
Whatcom
0
King
Island
Kitsap
Pierce
Skagit
TOTAL COUNTY INVENTORY / 1805
INVENTORY IN UNITS / 12.31.2019
1805
227
310
1025
270
874
487
-41.5%
-23.6%
-35.4%
-40.3%
-28.4%
-34.5%
-8.5%
Island
Kitsap
Pierce
Skagit
Snohomish
Whatcom
King
2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
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PUGET SOUND K I NG COU NTY
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2018
CHANGE
25963
25134
+3.30%
$816,000
$815,000
+0.10%
$816K
38
26
+46.2%
AVERAGE SOLD PRICE
97%
100%
-3%
UP +0.10% from 2018
2019
2018
CHANGE
1748
1848
-5.40%
$453,000
$433,000
+4.60%
$453K
47
46
+2.20%
AVERAGE SOLD PRICE
97%
97%
+0%
UP +4.60% from 2018
ISLAND COUNTY
2019
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
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PUGET SOUND K I TSAP COU NTY
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2018
CHANGE
4467
4648
-3.90%
$456,000
$429,000
+6.30%
$456K
34
34
+0.00%
AVERAGE SOLD PRICE
98%
99%
-1%
UP +6.30% from 2018
2019
2018
CHANGE
15016
15823
-5.10%
$410,000
$383,000
+7.00%
$410K
33
33
+0.00%
AVERAGE SOLD PRICE
99%
99%
+0%
UP +7.00% from 2018
PIERCE COUNTY
2019
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
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PUGET SOUND SK AGI T
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2019
2018
CHANGE
2044
2014
+1.50%
$419,000
$395,000
+6.10%
$419K
49
46
+6.50%
AVERAGE SOLD PRICE
97%
98%
-1%
2019
2018
CHANGE
11565
11405
+1.40%
$539,000
$527,000
+2.30%
$539K
34
27
+25.9%
AVERAGE SOLD PRICE
99%
100%
-1%
UP +2.30% from 2018
UP +6.10% from 2018
SNOHOMISH
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
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PUGET SOUND W HATCOM
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2019
2018
CHANGE
3160
3101
+1.90%
$440,000
$417,000
+5.50%
$440K
45
46
-2.20%
AVERAGE SOLD PRICE
97%
97%
+0%
UP +5.50% from 2018
2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
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*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.