Justin Allen | 2020 Annual Market Report

Page 1

SEATTLE 2020 annual MARKET REP ORT

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 32 offices and more than 1,300 brokers in Washington and Oregon, plus a global reach that extends to 92,000 brokers in 43 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 area 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.


2020 ANNUAL MARKET REPORT

MIKE GRADY

COLDWELL BANKER BAIN President & CEO Reflecting on the 2020 numbers and the interesting turn of the market in the fourth quarter, Mike Grady, Coldwell Banker Bain president and CEO, said, “It is amazing to look back over the roller coaster that 2020 became and see how well the real estate market was able to withstand a worldwide pandemic and a resulting faltering economy. We started off the year strong in the first quarter with inventory declining slowly to just more than a month’s on hand. Coldwell Banker Bain brokers were reporting that it ‘feels like 2017,’ with multiple offers returning to transactions, and review dates (where sellers identify a date to review all offers) being added to the mix because of the number of offers sellers were receiving. And we started to see double digit median price appreciation increases in Snohomish, Pierce and Kitsap counties, with King nudging back up to five percent over the same period in 2019. At the time, I publicly commented that ‘Unless something unexpected happens to affect the local job market, there’s no reason to think now that this trend will decline.’ And then the completely unexpected COVID-19 hit. As we adhered to lock-down mandates in our region, of course the market was impacted, although it could have been much worse. We saw a nearly 30 percent decline in Total Active Listings in April 2020, a significant decline, given that spring is typically one of the busiest times of the year. The upside continued to be the unequal supply/ demand dynamic, with more buyers than inventory, and so we continued to see impressive price appreciation increases in the largest four counties—a story that has not changed today.

As we responded to regulations related to continuing to serve our clients in a safe way, and leveraged our technology in ways we never anticipated, our market started to bounce back in June. We started to hear our brokers reporting substantial movement to—and diminishing inventory in outlying areas such as Bellingham, Bainbridge Island, Eastern Washington, Bend, OR and other recreational-type locations, given the ability to work from home or accept or decide on an early retirement. The fourth quarter reflected a continuation of this rebound well into autumn. Pending sales were up double digits in the four major counties as well as median prices. A slight decrease in inventory, to about three weeks on hand, puts sellers in a great position—we saw buyers snapping homes up almost as fast as they were listed. With interest rates at record lows and employment in major tech industries very strong, this was a good indication that we might skip the typical slower winter market altogether— and that indeed turned out to be true. We are optimistic about 2021 and expect it to be a very good year. All the economic forecasts for our industry are positive, and most are predicting 2021 to be a banner year. There’s a feeling of optimism because there are multiple vaccines in process of deployment, we have learned to thrive in challenging circumstances, there’s serious discussions about getting the kids back in school, the election is over, and interest rates are still at all-time lows.”

2020 annual SEATTLE MARKET REPORT

3


202O ANNUAL MARKET REPORT

LAURIE WAY

Principal Managing Broker of LAKE union, MADISON PARK & maGNOLIA

Laurie Way, Principal Managing Broker of the Coldwell Banker Bain of Lake Union, Madison Park and Magnolia offices, said, “Despite the pandemic, both prices and sales are strong. The median sold price, in the city limits for singlefamily homes was up 6 percent to $800,000. The number of closed sales for the same category was up 12.7 percent from 2019. Due to a similar lack of inventory as last year, the average number of days on market is now down to 24 days vs 34 days last year. Condos have mixed results between downtown and other Seattle locations. The report shows that overall condos are up 5.1 percent in sales price. The number of condos sold is up 11.2

4 2020 annual SEATTLE MARKET REPORT

percent over 2019. However, the downtown condo market has quite a bit of inventory still left over from 2020 where that wasn’t the case in 2019. We are seeing the momentum changing in downtown condos at the beginning of this year however, with much more activity showing again. The number of days on market for all condos in Seattle was down 25.5 percent to 38 days. The Seattle luxury market, represented by properties priced over $2 million and both condos and single-family homes, took a slight dip in median price – down 2.2 percent from $2.45 million in 2019 to $2.4 million 2020. Cash buyers in this category were plentiful and included both local and international buyers.”


SEATTLE area

SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY

QUEEN ANNE & MAGNOLIA / CENTRAL SEATTLE / NORTHEAST SEATTLE / BALLARD & GREEN LAKE / WEST SEATTLE / SOUTHEAST SEATTLE / SODO & BEACON HILL

MEDIAN SOLD PRICE (NEAREST $000)

AVERAGE DOM 24

$1.09M

Queen Anne & Magnolia

$960K

Central Seattle

29 21

$850K

Northeast Seattle

19

$807K

Ballard & Greenlake West Seattle

$675K

25

Southeast Seattle

$685K

27

SODO & Beacon Hill

$650K

31

Downtown Condos

$642K

35

$800K

All Seattle Residential All Seattle Condos

24 38

$494K

Waterfront (SF Only)

$1.487M

60

Luxury ($2+M | SF+C)

$2.40M $500K

$1M

$1.5M

$2M

$2.5M

48

NUMBER OF SALES CLOSED 3000

8,695

2500 2000

TOTAL AREA SALES CLOSED

2458

1500

2675

1790

1000 500

1333

1074

840

477

694

125

367

723

0

Queen Anne & Magnolia

Central Seattle

Northeast Seattle

Ballard & Greenlake

West Seattle

Southeast Seattle

INVENTORY IN UNITS / 12.31.2020

SODO & Beacon Hill

Downtown Condos

All Seattle Condos

Area Waterfront

TOTAL SEATTLE INVENTORY / 611

Area Luxury

+14.0%

78

123

73

110

95

72

60

234

628

23

104

+77.3%

+50.0%

+15.9%

+5.8%

-20.8%

+33.3%

-13.0%

+96.6%

+73.0%

-17.9%

+42.5%

Northeast Seattle

Ballard & Greenlake

Southeast Seattle

SODO & Beacon Hill

Downtown Condos

Queen Anne & Magnolia

Central Seattle

West Seattle

All Seattle Condos

Area Waterfront

Area Luxury

2020 annual SEATTLE MARKET REPORT

5


seattle area TOTAL SEATTLE AREA

2020

2019

CHANGE

TOTAL HOMES SOLD

8695

7712

+12.7%

MEDIAN SOLD PRICE

$800K

$755K

+6.0%

24

34

-29.5%

100%

98%

+2.0%

2020

2019

CHANGE

TOTAL HOMES SOLD

2675

2406

+11.2%

MEDIAN SOLD PRICE

$494K

$470K

+5.1%

38

51

-25.5%

98%

96%

+2.1%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$800K MEDIAN SOLD PRICE UP +6.0% from 2019

CONDOS

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

6 2020 annual SEATTLE MARKET REPORT

$494K

MEDIAN SOLD PRICE UP +5.1% from 2019


WATERFRONT

2020

2019

CHANGE

TOTAL HOMES SOLD

125

108

+15.7%

MEDIAN SOLD PRICE

$1.487M

$1.305M

+13.9%

60

77

-22.1%

95%

91%

+4.4%

2020

2019

CHANGE

TOTAL HOMES SOLD

367

268

+39.6%

MEDIAN SOLD PRICE

$2.40M

$2.455M

-2.2%

48

76

-36.8%

96%

94%

+2.1%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$1.48M

MEDIAN SOLD PRICE UP +13.9% from 2019

LUXURY

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$2.4M

MEDIAN SOLD PRICE DOWN -2.2% from 2019

2020 annual SEATTLE MARKET REPORT

7


seattle area QUEEN ANNE & MAGNOLIA

2020

2019

CHANGE

TOTAL HOMES SOLD

840

716

+17.3%

MEDIAN SOLD PRICE

$1.09M

$1.013M

+7.6%

24

39

-38.5%

99%

96%

+3.1%

2020

2019

CHANGE

TOTAL HOMES SOLD

1074

905

+18.7%

MEDIAN SOLD PRICE

$960K

$950K

+1.1%

29

39

-25.6%

99%

97%

+2.1%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$1.09M MEDIAN SOLD PRICE UP +7.6% from 2019

CENTRAL SEATTLE

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

8 2020 annual SEATTLE MARKET REPORT

$960K MEDIAN SOLD PRICE UP +1.1% from 2019


NORTHEAST SEATTLE

2020

2019

CHANGE

TOTAL HOMES SOLD

1333

1155

+15.4%

MEDIAN SOLD PRICE

$850K

$793K

+7.2%

21

31

-32.3%

100%

98%

+2.0%

2020

2019

CHANGE

TOTAL HOMES SOLD

2458

2210

+11.2%

MEDIAN SOLD PRICE

$807K

$765K

+7.2%

19

30

-36.7%

101%

99%

+2.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$850K

MEDIAN SOLD PRICE UP +7.2% from 2019

BALLARD & GREENLAKE

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$807K MEDIAN SOLD PRICE UP +5.5% from 2019

2020 annual SEATTLE MARKET REPORT

9


seattle area WEST SEATTLE

2020

2019

CHANGE

TOTAL HOMES SOLD

1790

1666

+7.4%

MEDIAN SOLD PRICE

$675K

$650K

+3.8%

25

33

-24.2%

99%

98%

+1.0%

2020

2019

CHANGE

TOTAL HOMES SOLD

723

622

+16.2%

MEDIAN SOLD PRICE

$685K

$631K

+8.6%

27

41

-34.1%

100%

97%

+3.1%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$675K

MEDIAN SOLD PRICE UP +3.8% from 2019

SOUTHEAST SEATTLE

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

10 2020 annual SEATTLE MARKET REPORT

$685K

MEDIAN SOLD PRICE UP +8.6% from 2019


SODO & BEACON HILL

2020

2019

CHANGE

TOTAL HOMES SOLD

477

438

+8.9%

MEDIAN SOLD PRICE

$650K

$606K

+7.3%

31

41

-24.4%

100%

98%

+2.0%

2020

2019

CHANGE

TOTAL HOMES SOLD

556

599

-7.2%

MEDIAN SOLD PRICE

$697K

$484K

+43.4%

35

69

-49.3%

97%

93%

+4.3%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$650K MEDIAN SOLD PRICE UP +7.3% from 2019

DOWNTOWN CONDOS

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$642K

MEDIAN SOLD PRICE UP +0.3% from 2019

2020 annual SEATTLE MARKET REPORT 11


JUSTIN ALLEN REALTOR ÂŽ | managing broker Coldwell Banker Bain | capitol hill 1661 East olive way | seattle, WA 98102 Cell: (206) 972.1022 Office: (206) 322-8711 justinallen.coldwellbankerbain.com

*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.


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.