SOUTH 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 Reflecting
on
the
COLDWELL BANKER BAIN PRESIDENT & COO
2019
numbers
and
the
an aberration after all and we may be returning to the
interesting turn of the market in the fourth quarter,
‘old normal.’ December of 2019 proved to be better
Mike Grady, Coldwell Banker Bain president and
than December of 2018 in just about every single
COO, said, “As we closed out the year, 2019 turned
category – this notwithstanding weather that was
out to be quite different than we had expected. We
not as mild as last year, and weather typically has an
expected that because the double-digit appreciation
impact on sales. Yet we see again that the number
of home prices had modified in May 2018, more
of pending transactions outpaced the number of
sellers would proceed with selling their existing
listings taken along with an increased appreciation.
homes in 2019. This, of course, would have resulted
With inventory in King County below one month,
in more inventory, stabilizing prices even more while
we can only surmise that 2020 will show a return to
increasing units sold. Had this transpired, 2019
rising home prices as a result of the lack of inventory
would have resulted in increased volume as a result
and continued robust job market. So, while buyers
of more units and slightly higher average sales prices
continue to benefit from low interest rates, there are
than in 2018.
simply not enough homes for sale and the market, once again, is leaning more strongly toward sellers.
However, that didn’t happen. Instead, the ‘aberration’
These predictors indicate that the first quarter of 2020
we saw in November continued… so perhaps it’s not
will be active.”
2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
3
2019 ANNUAL REPORT
LANCE GOODWIN
PRINCIPAL MANAGING BROKER OF KENT STATION
“As we begin 2020, while the southeast King
41% from this time last year. As a result, prices continue
County market is one that appeals to many buyers,
to rise, albeit at a more modest pace. Market prices,
it continues to favor sellers,” said Lance Goodwin,
which are more favorable to many buyers than those
Principal Managing Broker of Coldwell Banker
in areas near Seattle, saw value increases of 3.8%.
Bain of Kent Station. “With a 24% increase in the
In fact, those gains are even more appealing when
time on the market, an initial reaction could be that the
many of Seattle saw price reductions. As a result, in
market is slowing. However, the lack of available homes
southeast King County, it’s not only a great time to sell,
for buyers to purchase is preventing any shift away from
but with reasonable prices that are gaining value, it’s a
a seller’s market. In fact, inventory is down a whopping
great time to buy too.”
4 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
SOUTH SOUND AREA
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
BAINBRIDGE ISLAND / SILVERDALE / GIG HARBOR & KEY PENINSULA / NORTH TACOMA, LAKEWOOD & UNIVERSITY PLACE / PUYALLUP & GRAHAM /
AVERAGE SOLD PRICE (NEAREST $000) South Sound Area
AVERAGE DOM 36
$486K
Bainbridge Island
46
$1.074M
34
$454K
Silverdale Gig Harbor & Key Peninsula
56
$586K
N. Tacoma, Lkwd. & Univ. Pl.
29
$425K
Puyallup & Graham
$393K $400K
32 $600K
$800K
$1M
$1.2M
NUMBER OF SALES CLOSED 4K 3.5K
19,526
3K 2.5K
1370
TOTAL SALES CLOSED
2K
2936
1.5K
391
1K
3548
308
500 0
Bainbridge Island
Silverdale
Gig Harbor & Key Peninsula
N. Tacoma, Lkwd. & Univ. Pl.
Puyallup & Graham
TOTAL SOUTH SOUND INVENTORY / 1398
INVENTORY IN UNITS / 12.31.2019
46
15
199
138
191
+7.0%
-8.10%
+9.8%
0.0%
-3.0%
Bainbridge Island
Silverdale
Gig Harbor & Key Peninsula
N. Tacoma, Lkwd. & Univ. Pl.
Puyallup & Graham
-42.0%
6K 5K 4K 3K
2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
5
S
2019 ANNUAL REPORT
STEPHANIE CALLEN
BROKER AT CB BAIN PUYALLUP
“Prices in Pierce County continue to rise and are up
selling faster and for more. With the average days on
6%-7%, making 2019 another very successful year
the market at 30 in Pierce County, the ‘hot homes’ are
in the real estate market,” said Stephanie Callen, a
selling as soon as they go on the market. A couple of
broker in the Coldwell Banker Bain of Puyallup office.
factors attributing to this are low inventory, record low
“Last year the average price in Pierce County was
interest rates, a strong job market and an influx of out-
$350,000; this year it is $410,000. North Tacoma,
of-state buyers. Condo sales prices in Pierce County
University Place and Lakewood’s average price is up
are up nearly 11% to $304,000, the luxury condo
to $425,000 and Gig Harbor’s average price is over
price point is up 1.5% to $1.403M and single-family
$585,000. Because the number of homes listed in
waterfront properties are fetching 7.5% more than last
Pierce and King counties has dropped intensely to
year. Pierce County will have a great 2020 as the home
over 40%, homes on the market in these areas are
market is moving forward steadily and consistently.
6 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
SOUTH SOUND AREA
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
LAKE TAPPS & BONNEY LAKE / SE KING COUNTY / SW KING COUNTY /
AVERAGE SOLD PRICE (NEAREST $000) 4K 3.5K Lake Tapps & Bonney 3K Lake
AVERAGE DOM
$478K
38
SE2.5K King County 2K
$514K
36
1.5K SW King County 1K
$485K
37
500
28
$304K
Condos 0
Waterfront
70
$957K
(SF Only)
Luxury
72
$1.403M
($2+M | SF+C) $300K
$600K
$900K
$1.2M
$1.5M
NUMBER OF SALES CLOSED 6K
19,526
5K
5856
4K
TOTAL SALES CLOSED
3K
3499
2K
1618 2518
1K
2936 542
552
0
SE King County
SW King County
Lake Tapps & Bonney Lake
Condos
Waterfront (SF Only)
Luxury
($2+M | SF+C)
TOTAL EASTSIDE INVENTORY / 869
INVENTORY IN UNITS / 12.31.2019
420
208
181
194
112
164
-41.2%
-53.8%
-13.8%
-16.4%
-18.8%
-6.8%
SE King County
SW King County
Lake Tapps & Bonney Lake
Condos
Waterfront
(SF Only)
+1.0%
Luxury
($2+M | SF+C)
2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
7
SOUTH SOUND TOTAL SOU TH SOU ND AREA
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2018
CHANGE
19526
19743
-1.10%
$486,000
$462,000
+5.20%
$486K
36
33
+9.10%
AVERAGE SOLD PRICE
98%
99%
-1%
UP +5.20% from 2018
2019
2018
CHANGE
2518
2699
-6.70%
$304,000
$274,000
+10.9%
$304K
28
24
+16.7%
AVERAGE SOLD PRICE
99%
100%
-1%
CONDOS
2019
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
UP +10.9% from 2018
SOUTH SOUND WATERFRONT
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2019
2018
CHANGE
542
636
-14.8%
$957,000
$890,000
+7.50%
70
67
+4.50%
AVERAGE SOLD PRICE
94%
95%
-1%
UP +7.50% from 2018
2019
2018
CHANGE
552
512
+7.80%
$1,403,000
$1,382,000
+1.50%
$1.403M
72
75
-4.00%
AVERAGE SOLD PRICE
95%
95%
+0%
UP +1.50% from 2018
$957K LUXURY
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
9
SOUTH SOUND BAI NBRI D GE I SLAND
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2019
2018
CHANGE
391
419
-6.70%
$1,074,000
$1,045,000
+2.80%
$1.074M
46
43
+7.00%
AVERAGE SOLD PRICE
96%
97%
-1%
2019
2018
CHANGE
308
328
-6.10%
$454,000
$382,000
+18.8%
34
37
-8.10%
AVERAGE SOLD PRICE
99%
99%
+0%
UP +18.8% from 2018
UP +2.80% from 2018
SILVERDALE
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
$454K
SOUTH SOUND GI G HARBOR & K EY PENI NSU LA
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2018
CHANGE
1370
1582
-13.4%
$586,000
$546,000
+7.30%
$586K
56
51
+9.80%
AVERAGE SOLD PRICE
97%
98%
-1%
UP +7.30% from 2018
2019
2018
CHANGE
2936
2904
+1.10%
$425,000
$400,000
+6.30%
$425K
29
29
+0.00%
AVERAGE SOLD PRICE
98%
99%
-1%
N. TACOMA, LAKEWO OD & UNIV ERS IT Y P LACE
TOTAL HOMES SOLD
2019
UP +6.30% from 2018
2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT 11
SOUTH SOUND PU YALLU P & GRAHAM
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2018
CHANGE
3548
3684
-3.70%
$393,000
$367,000
+7.10%
$393K
32
33
-3.00%
AVERAGE SOLD PRICE
99%
99%
+0%
UP +7.10% from 2018
2019
2018
CHANGE
1618
1594
+1.50%
$478,000
$454,000
+5.30%
$478K
38
38
+0.00%
AVERAGE SOLD PRICE
99%
100%
-1%
UP +5.30% from 2018
LAKE TAPPS & BONNE Y LA KE
2019
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
12 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
SOUTH SOUND SE K I NG COU NTY
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2018
CHANGE
5856
5572
+5.10%
$514,000
$495,000
+3.80%
$514K
36
29
+24.1%
AVERAGE SOLD PRICE
98%
99%
-1%
UP +3.80% from 2018
2019
2018
CHANGE
3499
3668
-4.60%
$485,000
$456,000
+4.10%
$485K
37
29
+27.6%
AVERAGE SOLD PRICE
98%
99%
-1%
UP +4.10% from 2018
SW KING COUNTY
2019
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT 13
*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.