WATERFRONT COUNTIES 2019 MARKET REPORT
coldwellbankerbain.com
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.
‘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,
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
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
3
2019 ANNUAL REPORT
CHRIS MURPHY
BROKER FOR TACOMA PROCTOR
Chris Murphy, a broker in Coldwell Banker Bain of Tacoma Proctor, and author of washingtonwaterfronts.com, said “In the fourth quarter of 2019, the seven counties included in this analysis experienced a 20% decrease in active waterfront inventory, a 12.5% decrease in sold waterfront properties, and a 2.58% increase in the median price of sold waterfront properties.
down more than 11% across the other six counties in this report for 2019 and down more than 22% in the fourth quarter. However, the reduction in inventory didn’t directly translate to increases in the number of sold units or the price of sold properties, both of which were, on average, flat in the fourth quarter and 2019 compared to 2018 (+/- 2%).
Taking a comprehensive look at 2019 compared to 2018, the seven counties included in this analysis experienced a 5.56% decrease in active waterfront inventory, a 11.2% decrease in sold waterfront properties, and a 0.89% increase in the median price of sold waterfront properties.
The trends analyzed here illustrate that waterfront properties must be priced and marketed with each property’s unique characteristics and the market in which the property is located at the forefront of the value analysis. In some waterfront markets, inventory has decreased significantly and waterfront buyers are accepting higher purchase prices and/or concessions on their list of must-haves. We continue to find the greatest success in meticulously heeding the characteristics of recently sold waterfront properties and pricing our waterfront listings at a market value that aligns with what most well-qualified buyers are willing to invest.”
King County realized the greatest change in the median price of sold waterfront property, with a 25.5% increase in 2019 sold property value compared to 2018, despite King County having the greatest increase in actively listed waterfront properties (16.5% increase). Excluding King County, the average number of waterfront listings was
4 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
WATERFRONT
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
KING / ISLAND / KITSAP / PIERCE / SKAGIT / SNOHOMISH / WHATCOM /
AVERAGE SOLD PRICE (NEAREST $000)
AVERAGE DOM
King
$1.395M $773K
Island
57 65
$869K
Kitsap
72
$742K
Pierce
96
$602K
Skagit
54
$578K
Snohomish Whatcom
$527K $300K
73
79
$600K
$1.2M
$900K
$1.5M
NUMBER OF SALES CLOSED 1000
2760
800
927
600 400
TOTAL SALES CLOSED
192
200
444
319
140
451 287
0
Island
King
Kitsap
Pierce
Skagit
Snohomish
Whatcom
TOTAL WATERFRONT INVENTORY / 497
INVENTORY IN UNITS / 12.31.2019
40
148
56
83
31
47
92
-31.0%
-25.3%
-3.4%
-27.2%
-40.4%
-44.0%
+8.2%
Island
King
Pierce
Skagit
Kitsap
Snohomish
Whatcom
2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
5
WATERFRONT KI NG COU NTY
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
Q4 | 2018
CHANGE
927
960
-3.40%
$1,395,000
$1,296,000
+7.60%
$1.395M
57
43
+32.6%
AVERAGE SOLD PRICE
94%
96%
-2%
UP +7.60% from 2018
Q4 | 2019
Q4 | 2018
CHANGE
192
208
-7.70%
$773,000
$761,000
+1.60%
$773K
73
84
-13.1%
AVERAGE SOLD PRICE
95%
95%
+0%
UP +1.60% from 2018
I SLAND CO UNTY
Q4 | 2019
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
6 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
WATERFRONT KI TS A P COU NT Y
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
Q4 | 2019
Q4 | 2018
CHANGE
319
359
-11.1%
$869,000
$862,000
+0.80%
65
56
+16.1%
AVERAGE SOLD PRICE
95%
95%
+0%
UP +0.80% from 2018
Q4 | 2019
Q4 | 2018
CHANGE
444
519
-14.5%
$742,000
$671,000
+10.6%
72
72
+0.00%
AVERAGE SOLD PRICE
93%
94%
-1%
UP +10.6% from 2018
$869K PI E R CE CO UNTY
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$742K 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
7
WATERFRONT S KA GI T
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
Q4 | 2018
CHANGE
140
155
-9.70%
$602,000
$577,000
+4.30%
$602K
96
125
-23.2%
AVERAGE SOLD PRICE
94%
94%
+0%
UP +4.30% from 2018
Q4 | 2019
Q4 | 2018
CHANGE
451
429
+5.10%
$578,000
$589,000
-1.90%
54
55
-1.80%
AVERAGE SOLD PRICE
96%
96%
+0%
DOWN -1.90% from 2018
SNO HO MI SH
Q4 | 2019
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
$578K
WATERFRONT WHATCOM
TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
Q4 | 2019
Q4 | 2018
CHANGE
287
320
-10.30%
$527,000
$525,000
+0.40%
$527K
79
90
-12.2%
AVERAGE SOLD PRICE
95%
95%
+0%
UP +0.40% from 2018
2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT
9
*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.