SEATTLE 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
an aberration after all and we may be returning to the
turn of the market in the fourth quarter, Mike
‘old normal.’ December of 2019 proved to be better
Grady, Coldwell Banker Bain president and COO,
than December of 2018 in just about every single
said, “As we closed out the year, 2019 turned out to
category – this notwithstanding weather that was not
be quite different than we had expected. We expected
as mild as last year, and weather typically has an impact
that because the double-digit appreciation of home
on sales. Yet we see again that the number of pending
prices had modified in May 2018, more sellers would
transactions outpaced the number of listings taken
proceed with selling their existing homes in 2019.
along with an increased appreciation. With inventory
This, of course, would have resulted in more inventory,
in King County below one month, we can only surmise
stabilizing prices even more while increasing units
that 2020 will show a return to rising home prices as
sold. Had this transpired, 2019 would have resulted in
a result of the lack of inventory and continued robust
increased volume as a result of more units and slightly
job market. So, while buyers continue to benefit from
higher average sales prices than in 2018.
low interest rates, there are simply not enough homes for sale and the market, once again, is leaning more
However, that didn’t happen. Instead, the ‘aberration’
strongly toward sellers. These predictors indicate that
we saw in November continued… so perhaps it’s not
the first quarter of 2020 will be active.”
2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
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2019 ANNUAL REPORT
JOHN DEELY
PRINCIPAL MANAGING BROKER OF LAKE UNION & MADISON PARK
John Deely, Principal Managing Broker of Lake Union and Madison Park, said, “The average sold price, in the selected Seattle areas, was down from the previous year, due primarily to the increase in inventory during the first three quarters of the year. In the last quarter of the year, however, buyer demand was high and inventory dropped rapidly. The number of sold properties was up over 11% from the previous year. Condos were flat in terms of the number of properties sold as average prices slid 6.2% for the year. All
4 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
categories had an increase in the time it took to sell, with condos seeing the largest increase of any category. It took over 45 days, on average, to sell a condo. Luxury listings, representing properties priced over $2 million, decreased more than 10% in 2019. Overall inventory in this category dropped rapidly at the end of the year due to high buyer demand and seasonal reduction in supply. Cash buyers were plentiful in this category and included both local and international buyers.
SEATTLE AREA
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
BALLARD & GREEN LAKE / CAPITOL HILL / MADISON PARK / MAGNOLIA / NE SEATTLE / SEATTLE CENTRAL / SOUTH LAKE UNION & QUEEN ANNE / WEST SEATTLE
AVERAGE SOLD PRICE (NEAREST $000)
AVERAGE DOM
$986K
Seattle Area Ballard & Green Lake
33 29
$859K
52
$1.261M
Capitol Hill
36
$1.547M
Madison Park
36
$1.163M
Magnolia
31
$941K
NE Seattle
37
$907K
Seattle Central S. Lake Union & Queen Anne
42
$1.248M
31
$867K
West Seattle
45
$513K
Condos Waterfront
79
$1.687M
(SF Only)
Luxury
$2.858M
($2+M | SF+C) $500K
$1M
$1.5M
$2M
$2.5M
70
$3M
NUMBER OF SALES CLOSED 2000
5,248 | TOTAL AREA SALES CLOSED
1500
1694
1588
1000
1263
500
350
300
168
725
363
385 85
226
0
Ballard & Green Lake
Capitol Hill
Madison Park
Magnolia
NE Seattle
Seattle Central
S. Lake Union & Queen Anne
West Seattle
Condos
Waterfront
TOTAL SEATTLE INVENTORY / 330
INVENTORY IN UNITS / 12.31.2019
Luxury
-32.2%
68
17
26
20
74
75
24
26
173
17
42
-41.9%
-50.0%
-13.3%
-48.7%
-22.1%
-3.8%
-55.6%
-35.0%
-27.9%
-37.0%
-27.6%
Ballard & Green Lake
Capitol Hill
Madison Park
Magnolia
NE Seattle
Seattle Central
S. Lake Union & Queen Anne
West Seattle
Condos
Waterfront
Luxury
2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
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SEATTLE AREA TOTAL SEATTLE AREA
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2018
CHANGE
5248
4715
+11.3%
$986,000
$1,027,000
-4.00%
$986K
33
20
+65.0%
AVERAGE SOLD PRICE
98%
101%
-3%
DOWN -4.00% from 2018
2019
2018
CHANGE
1588
1590
-0.10%
$513,000
$547,000
-6.20%
$513K
45
20
+125%
AVERAGE SOLD PRICE
97%
101%
-4%
DOWN -6.20% from 2018
Condos
2019
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
6 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
SEATTLE AREA WATERFRONT
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2018
CHANGE
85
64
+32.8%
$1,687,000
$2,226,000
-24.2%
$1.687M
79
61
+29.5%
AVERAGE SOLD PRICE
91%
96%
-5%
DOWN -24.2% from 2018
2019
2018
CHANGE
226
252
-10.3%
$2,858,000
$2,864,000
-0.20%
$2.858M
70
53
+32.1%
AVERAGE SOLD PRICE
94%
96%
-2%
DOWN -0.20% from 2018
LUXURY
2019
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
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SEATTLE AREA BALLARD / GREEN LAK E
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2019
2018
CHANGE
1694
1408
+20.3%
$859,000
$899,000
-4.40%
$859K
29
14
+107%
AVERAGE SOLD PRICE
99%
103%
-4%
2019
2018
CHANGE
168
153
+9.80%
$1,261,000
$1,395,000
-9.60%
52
32
+62.5%
AVERAGE SOLD PRICE
95%
96%
-1%
DOWN -9.60% from 2018
DOWN -4.40% from 2018
CAPITOL HILL
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
$1.261M
SEATTLE AREA M AD I SON PARK
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2019
2018
CHANGE
300
279
+7.50%
$1,547,000
$1,563,000
-1.00%
$1.547M
36
24
+50.0%
AVERAGE SOLD PRICE
97%
100%
-3%
2019
2018
CHANGE
350
328
+6.70%
$1,163,000
$1,226,000
-5.10%
$1.163M
36
30
+20.0%
AVERAGE SOLD PRICE
97%
99%
-2%
DOWN -1.00% from 2018
MAGNOLIA
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
DOWN -5.10% from 2018
2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
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SEATTLE AREA NE SEATTLE
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2019
2018
CHANGE
1263
1213
+4.10%
$941,000
$974,000
-3.40%
$941K
31
18
+72.2%
AVERAGE SOLD PRICE
98%
102%
-4%
2019
2018
CHANGE
725
671
+8.00%
$907,000
$932,000
-2.70%
$907K
37
22
+68.2%
AVERAGE SOLD PRICE
97%
101%
-4%
DOWN -2.70% from 2018
DOWN -3.40% from 2018
SEATTLE CENTRAL
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
SEATTLE AREA S. La ke uni on/ que e n a nne
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2019
2018
CHANGE
363
330
+10.0%
$1,248,000
$1,272,000
-1.90%
$1.248M
42
27
+55.6%
AVERAGE SOLD PRICE
96%
99%
-3%
2019
2018
CHANGE
385
332
+16.0%
$867,000
$892,000
-2.80%
31
23
+34.8%
AVERAGE SOLD PRICE
98%
100%
-2%
DOWN -2.80% from 2018
DOWN -1.90% from 2018
west seattle
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$867K 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.