Jones Black Annual Market Report

EASTSIDE 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.

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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

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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

3

2019 ANNUAL REPORT

MIKE WINKLER Said Mike Winkler, Principal Managing Broker of Coldwell Banker Bain of Mercer Island, “The question on every seller’s and buyer’s mind is what’s 2020 going to look like in our real estate market?

The good news is that our area fundamentals remain strong, with vibrant employment and wage growth continuing to drive the housing market. For sellers, the job growth exceeds housing availability, so a strong Spring market is expected. Buyers, on the other hand, will find competing for homes to become the norm again both on Mercer Island and in the broader Seattle and Eastside markets. The great news for buyers will continue to be low interest rates, which help to extend their buying power.

4 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT

PRINCIPAL MANAGING BROKER OF MERCER ISLAND

All of the major real estate prognosticators and indices are leaning toward a return to a market that aligns more with 2017 numbers. This means low inventory as demonstrated by the year-end inventory being down 25%, and resulting escalating prices as buyers return in greater numbers to the historically active spring market. Frankly, getting predictions right in these markets is challenging and as we move through the spring market to summer, all bets are off. The 2020 market will require realistic sellers and buyers represented by highly competent, research-driven brokers, who understand the market trends in the areas they serve, and who can effectively price and construct a great offer/counteroffer and the ability to keep emotions in check. Setting expectations in a high velocity market is critical to the outcome that all parties desire, making effective communication key.“

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EASTSIDE AREA

SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY

BELLEVUE / BOTHELL / CARNATION / CLYDE HILL / DUVALL / ISSAQUAH / KIRKLAND / MEDINA / MERCER ISLAND

AVERAGE SOLD PRICE (NEAREST $000)

AVERAGE DOM

$978K

Eastside Area

41

$1.355M

Bellevue

40

Bothell

$699K

37

Carnation

$676K

56 $3.091M

Clyde Hill

69

$659K

Duvall

39

$936K

Issaquah Kirkland

47

$1.139M

37 $4.212M

Medina

82

$1.987M

Mercer Island $1M

$2M

57 $3M

$4M

$ 5M

NUMBER OF SALES CLOSED 2000

10,668

1500

1740 1000

TOTAL EASTSIDE SALES CLOSED

1254

1086

500

306

233

126

61

Carnation

Clyde Hill

615

50

0

Bellevue

Bothell

Duvall

3500 INVENTORY IN UNITS / 12.31.2019

Issaquah

Kirkland

Medina

TOTAL EASTSIDE INVENTORY / 712

Mercer Island

-47.2%

3000 2500

84

2000-54.1% 1500

Bellevue

98

11

9

14

43

81

13

45

-51.7%

-59.3%

+12.5%

-41.7%

-50.6%

-42.6%

+30.0%

-28.6%

Bothell

Carnation

Clyde Hill

Duvall

Issaquah

Kirkland

Medina

Mercer Island

1000 500 JONESBLACKLUXURY.COM

2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT

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2019 ANNUAL REPORT

EJ BOWLDS The Eastside sales numbers show that the market for last year was stable,” said E.J. Bowlds, Principal Managing Broker of Coldwell Banker Bain of Bellevue. “The number of existing homes, condominiums and new construction sold in 2019 was about a half-percent greater than in 2018. Average prices for all categories on the Eastside were down about 2%, however new construction prices were up about 6% while existing homes and condos were down about 2%. A 2% change given the limitations of using average prices as a measurement and the wild fluctuations we saw in listing inventory really translates to prices being flat for the year. This is a trend we do not see continuing in 2020.

6 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT

PRINCIPAL MANAGING BROKER OF BELLEVUE

Average days to sell were up for all categories. But given the fact that the longest sale time, (which was for new construction) was only 62 days, we can say these numbers reflect a very fast-moving market. An average balanced market can see market times well over 100 days. And two months’ time on the market for new construction is a very low number. The list-(asking price)-to-sales-price ratio for the Eastside was around 99%, again suggesting that prices are not heading downward anytime soon.

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EASTSIDE AREA

SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY

NEWCASTLE / NORTH BEND / RENTON / REDMOND / SAMMAMISH / SNOQUALMIE / WOODINVILLE

AVERAGE SOLD PRICE (NEAREST $000)

AVERAGE DOM

$999K

Newcastle

41

$733K

North Bend Redmond 2000Renton

43 $1.068M

32

$587K

37

$1.110M

Sammamish 1500

49

$763K

Snoqualmie

34

$968K

Woodinville

1000

48

$533K

Condos

37

500

$2.025M

Waterfront (SF Only)

62 $2.989M 74

Luxury

0($2+M | SF+C)

$500K

$1M

$1.5M

$2M

$2.5M

$3M

NUMBER OF SALES CLOSED 3500 3000

3269

2500 2000

10,668 TOTAL EASTSIDE SALES CLOSED

1500

1771

1000

367

153

500

952

1075

280

599

302 622

0

Newcastle

North Bend

Redmond

Renton

Samma-

Snoqualmie

Woodinville

Condos

Waterfront

TOTAL EASTSIDE INVENTORY / 712

INVENTORY IN UNITS / 12.31.2019

Luxury

-47.2%

12

42

44

109

63

8

36

185

57

172

0.0%

-14.3%

-60.0%

-47.8%

-52.3%

-60.0%

-55.6%

-55.4%

+19.7%

-9.9%

Newcastle

North Bend

Redmond

Renton

Sammamish

Snoqualmie

Woodinville

Condos

Waterfront

Luxury

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2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT

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EASTSIDE AREA TOTAL EASTSI D E AREA

TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

2019

2018

CHANGE

10668

10531

+1.30%

$978,000

$986,900

-0.90%

41

27

+51.9%

AVERAGE SOLD PRICE

97%

100%

-3%

DOWN -0.90% from 2018

2019

2018

CHANGE

3269

3398

-3.80%

$533,000

$543,000

-1.80%

37

18

+105%

AVERAGE SOLD PRICE

98%

102%

-4%

DOWN -1.80% from 2018

$978K

CONDOS

TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

8 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT

$533K JONESBLACKLUXURY.COM

EASTSIDE AREA WATERFRONT

TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

2019

2018

CHANGE

302

317

-4.70%

$2,025,000

$1,957,000

+3.50%

62

49

+26.5%

AVERAGE SOLD PRICE

95%

96%

-1%

UP +3.50% from 2018

2019

2018

CHANGE

622

585

+6.30%

$2,989,000

$3,120,000

-4.20%

$2.989M

74

58

+27.6%

AVERAGE SOLD PRICE

95%

97%

-2%

DOWN -4.20% from 2018

$2.025M LUXURY

TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

JONESBLACKLUXURY.COM

2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT

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EASTSIDE AREA BELLEVU E

TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

2018

CHANGE

1254

1215

+3.20%

$1,355,000

$1,393,000

-2.70%

$1.355M

40

25

+60.0%

AVERAGE SOLD PRICE

97%

100%

-3%

DOWN -2.70% from 2018

2019

2018

CHANGE

1740

1749

-0.50%

$699,000

$719,000

-2.80%

$699K

37

25

+48.0%

AVERAGE SOLD PRICE

98%

101%

-3%

DOWN -2.80% from 2018

BOTHELL

2019

TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

10 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT

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EASTSIDE AREA CARNATI ON

TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

2018

CHANGE

126

137

-8.00%

$676,000

$759,000

-10.9%

$676K

56

46

+21.7%

AVERAGE SOLD PRICE

97%

99%

-2%

DOWN -10.9% from 2018

2019

2018

CHANGE

61

72

-15.30%

$3,091,000

$3,193,000

-3.20%

$3.091M

69

64

+7.80%

AVERAGE SOLD PRICE

95%

96%

-1%

DOWN -3.20% from 2018

CLYDE HILL

2019

TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

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2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT 11

EASTSIDE AREA D U VALL

TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

2019

2018

CHANGE

233

265

-12.1%

$659,000

$675,000

-2.40%

39

28

+39.3%

AVERAGE SOLD PRICE

100%

101%

-1%

DOWN -2.40% from 2018

2019

2018

CHANGE

615

685

-10.2%

$936,000

$982,000

-4.70%

$936K

47

27

+74.1%

AVERAGE SOLD PRICE

97%

100%

-3%

$659K

ISSAQUAH

TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

12 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT

DOWN -4.70% from 2018

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EASTSIDE AREA K I RK LAND

TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

2018

CHANGE

1086

1113

-2.40%

$1,139,000

$1,141,000

-0.20%

$1.129M

37

24

+54.2%

AVERAGE SOLD PRICE

97%

100%

-3%

DOWN -0.20% from 2018

2019

2018

CHANGE

50

38

+31.6%

$4,212,000

$4,383,000

-3.90%

$4.212M

82

51

+60.8%

AVERAGE SOLD PRICE

95%

96%

-1%

DOWN -3.90% from 2018

MEDINA

2019

TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

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2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT 13

EASTSIDE AREA M ERCER I SLAND

TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

2018

CHANGE

306

302

+1.30%

$1,987,000

$2,048,000

-3.00%

$1.987M

57

34

+67.6%

AVERAGE SOLD PRICE

96%

98%

-2%

DOWN -3.00% from 2018

2019

2018

CHANGE

153

131

+16.8%

$999,000

$997,000

+0.20%

$999K

41

26

+57.7%

AVERAGE SOLD PRICE

97%

100%

-3%

NEWCASTLE

2019

TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

14 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT

UP +0.20% from 2018

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EASTSIDE AREA NOR TH BEND

TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

2019

2018

CHANGE

367

334

+9.90%

$733,000

$655,000

+11.9%

$733K

43

23

+87.0%

AVERAGE SOLD PRICE

98%

102%

-4%

2019

2018

CHANGE

1771

1578

+12.2%

$587,000

$564,000

+4.10%

$587K

37

26

+42.3%

AVERAGE SOLD PRICE

98%

100%

-2%

UP +11.9% from 2018

RENTON

TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

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UP +4.10% from 2018

2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT 15

EASTSIDE AREA RED M OND

TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

2019

2018

CHANGE

952

923

+3.10%

$1,068,000

$1,037,000

+3.00%

$1.068M

32

23

+39.1%

AVERAGE SOLD PRICE

99%

101%

-2%

2019

2018

CHANGE

1075

1008

+6.60%

$1,110,000

$1,127,000

-1.50%

$1.110M

49

31

+58.1%

AVERAGE SOLD PRICE

98%

100%

-2%

UP +3.00% from 2018

SAMMAMISH

TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

16 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT

DOWN -1.50% from 2018

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EASTSIDE AREA SNOQU ALM I E

TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

2019

2018

CHANGE

280

376

-25.5%

$763,000

$766,000

-0.40%

$763K

34

210

+70.0%

AVERAGE SOLD PRICE

98%

102%

-4%

2019

2018

CHANGE

599

608

-1.50%

$968,000

$961,000

+0.70%

$968K

48

29

+65.5%

AVERAGE SOLD PRICE

96%

99%

-3%

DOWN -0.40% from 2018

WOODINVILLE

TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

JONESBLACKLUXURY.COM

UP +0.70% from 2018

2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT 17

500 Bellevue Way NE #260 | Bellevue, WA 98004 | 206.769.3080 | JonesBlack@CBBain.com

JonesBlackLuxury.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.