Q3 2019 P
A
C
I
F
I
C
N
O
R
T
H
W
E
S
T
MARKET REPORT PUGET
SOUND
|
SOUTHWEST
WASHINGTON
|
OREGON
Helping people buy and sell homes in the Pacific Northwest since 1972, Coldwell Banker Bain is an undisputed market leader, posting nearly $6.4 billion in sales in 2018. With 32 offices and more than 1,100 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.
Q3 2019
PACIFIC NORTHWEST
MARKET REPORT
PACIFIC NORTHWEST MARKET REPORT FOR PUGET SOUND REGION
B
ELLEVUE, WA (Oct. 1, 2019) – Coldwell Banker Bain, a leading provider of real estate brokerage services throughout Washington and Oregon, and a market leader in home sales in 2018,* releases its third-quarter market report providing a variety of statistics for the sale of homes in neighborhoods and counties throughout the Puget Sound region, as well as for other segments, including luxury and condos. The third-quarter report reflects activity between July 1 and Sept. 30, 2019.** Reflecting on the third-quarter numbers and feedback from brokers, Mike Grady, Coldwell Banker Bain president and COO, said, “Things are evolving a bit, however at this point it’s difficult to know if it’s an aberration or an actual trend. Throughout the region, there were far fewer listings than during this same period last year, and there were also fewer pending transactions than last year. So, while it’s still a seller’s market, for more than a year now we’ve continued to see only 1-2 months of inventory, so we’re starting to think we may be looking at a ‘new normal’ in relation to what a balanced market looks like. That is, our region’s new balanced market may have changed from one that had 4-5 months of inventory, to one that only offers 1-2 months of inventory. And with the international economy and trade issues continuing to be erratic, and interest rates staying low, these pressures will almost certainly also be an influence, yet there’s no clear answer to how all of this will play out. But for sure, a market with 1-2 months of inventory is good news for both buyers and sellers, and evens the playing field a bit. Additionally, the median price in King County is regaining ground, and if you look at that number since January 2019, median prices in King County have appreciated nearly 10% so far this year, so still very impressive.”
EASTSIDE Q3
AREA
MARKET
REPORT
Based on information from the NWLMS, data reflects sales of single family homes and condos between 7/1/19 and 9/30/19.
coldwellbankerbain.com
EASTSIDE AREA
M
ike Winkler, Principal Managing Broker of Coldwell Banker Bain of Mercer Island, said, “As a market unto itself, Mercer Island trends appear more dramatic than those experienced in the Greater Puget Sound, certainly attributable to both price and inventory. The good news is that while pricing has seen significant reductions with new listings, pending and closed sales reversed a negative trend and were both up in price and units. The market flux makes one ask if this is our ‘new normal,’, and only time will tell. Again, spot-on pricing results
5
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
in buyers making near to full-price offers and transactions closing. In the meantime, there have been news reports regarding simple rule changes on how brokers are compensated. Suffice it to say, this is an excellent opportunity to discuss with your choice of listing broker on Mercer Island. Remaining competitive, closing, and moving on is at the heart of the discussion points. In other news, interest rates remain at historically lows and the employment and business growth outlook in Puget Sound remain optimal.”
EASTSIDE AREA Bellevue | Bothell | Carnation | Clyde Hill | Duvall | Issaquah Kirkland | Medina | Mercer Island
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
AVERAGE SOLD PRICE (Nearest $000)
AVERAGE DOM
Eastside Area
$966,000
36
Bellevue
$1,340,000
36
Bothell
$685,000
31
Carnation
$695,000
53
Clyde Hill
$3,247,000
86
Duvall
$659,000
28
Issaquah
$993,000
43
Kirkland
$1,123,000
39
Medina
$3,364,000
96
Mercer Island
$2,006,000
54
$0
$500k
$1m
$1.5m
$2m
$2.5m
$3m
$3.5m
NUMBER OF SALES CLOSED 500 400 300
494 375 299
200
66
38 339
100
76
166
14
13
0 Bellevue
Bothell
Carnation
Clyde Hill
Duvall
Issaquah
Kirkland
Medina
Mercer Island
INVENTORY IN UNITS - 10/01/2019
1000
800
225
306
33
19
36
116
194
25
83
600-25.7%
-18.6%
-10.8%
0.0%
-33.3%
-28.0%
-12.2%
+13.6%
-5.7%
Bellevue 400
Bothell
Carnation
Clyde Hill
Duvall
Issaquah
Kirkland
Medina
Mercer Island
20039 +5.4%
0
81
149
292
195
31
+15.7%
-20.7%
-24.2%
-18.8%
-39.2%
102
469
112
306
-19.0%PACIFIC NORTHWEST -25.7% -9.7% +4.4% Q3 | 2019 MARKET REPORT
6
EASTSIDE AREA LUXURY
J
ennifer Cameron, Vice President of Global Luxury and Principal Managing Broker of Coldwell Banker Bain of Lincoln Square, said, “You might be surprised to know that while the media typically lumps all national real estate markets into one report, our markets are vastly different. New York City prices are down as
7
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
much as 40 percent from a year ago while Los Angeles has had a very stable and consistent market for the last four years. Seattle and the Eastside are retracting in the luxury market. The one commonality between all is that foreign buyers have disappeared. This means more opportunities and less competition for buyers.�
EASTSIDE AREA Newcastle | North Bend | Renton | Redmond | Sammamish Snoqualmie | Woodinville
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
AVERAGE DOM
AVERAGE SOLD PRICE (Nearest $000) Newcastle
$951,000
38
North Bend
$731,000
30
Redmond
$1,031,000
30
Renton
$583,000
29
500 Sammamish
$1,116,000
42
Snoqualmie 400
$775,000
25
Woodinville 300 Area Condos
$1,009,000
50
$528,00
30
(SF Only)
$1,897,000
53
Area 100Luxury ($1+M | SF+C)
$2,874,000
67
Area 200Waterfront
0
$0
$500k
$1m
$1.5m
$2m
$2.5m
$3m
NUMBER OF SALES CLOSED
3018
1000
TOTAL SALES CLOSED
800
862
600 400 200
506 100
42
308
275
88
88
Newcastle
225
North Bend
306
Redmond
Renton
33
Sammamish
19
-25.7% -18.6% -10.8% 0.0% INVENTORY IN UNITS - 10/01/2019
173
158
0 Snoqualmie
Woodinville
36
116
194
-33.3%
-28.0%
-12.2%
Area Condos
Area Waterfront
25 (SF Only)
+13.6%
Total Eastside Inventory
Area Luxury ($2+M / SF+C)
83
-5.7%
1926
-19.0%
39
81
149
292
195
31
102
469
112
306
+5.4%
+15.7%
-20.7%
-24.2%
-18.8%
-39.2%
-19.0%
-25.7%
-9.7%
+4.4%
Newcastle
North Bend
Redmond
Renton
Sammamish
Area Waterfront
($2+M / SF+C)
Snoqualmie
Woodinville
Area Condos
Area Luxury
(SF Only)
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
8
EASTSIDE AREA Total Eastside Area | Area Condos | Area Waterfront | Area Luxury
9
EASTSIDE AREA
AREA CONDOS
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 3018 | 2938 | 2.72% AVERAGE SOLD PRICE $966,000 | $968,000 | -.21% AVERAGE DAYS ON MARKET 36 | 24 | 50% SOLD/LIST PRICE % 99.% | 100% | -1%
TOTAL HOMES SOLD 862 | 908 | -5.07% AVERAGE SOLD PRICE $528,000 | $533,000 | -.94% AVERAGE DAYS ON MARKET 30 | 16 | 87.5% SOLD/LIST PRICE RATIO 99% | 100% | -1%
AREA WATERFRONT
AREA LUXURY
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 88 | 98 | -10.20% AVERAGE SOLD PRICE $1,897,000 | $1,780,000 | 6.57% AVERAGE DAYS ON MARKET 53 | 57 | -7.02% SOLD/LIST PRICE % 97% | 97% | 0%
TOTAL HOMES SOLD 173 | 137 | 26.28% AVERAGE SOLD PRICE $2,874,000 | $3,131,000 | -8.21% AVERAGE DAYS ON MARKET 67 | 46 | 45.65% SOLD/LIST PRICE RATIO 97% | 97% | 0%
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
EASTSIDE AREA Bellevue | Bothell | Carnation | Clyde Hill
BELLEVUE
BOTHELL
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 375 | 311 | 20.58% AVERAGE SOLD PRICE $1,340,000 | $1,370,000 | -2.19% AVERAGE DAYS ON MARKET 36 | 21 | 71.43% SOLD/LIST PRICE % 99% | 97% | 2%
TOTAL HOMES SOLD 494 | 453 | 9.05% AVERAGE SOLD PRICE $685,000 | $723,000 | -5.26% AVERAGE DAYS ON MARKET 31 | 24 | 29.17% SOLD/LIST PRICE RATIO 100% | 100% | 0%
CARNATION
CLYDE HILL
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 38 | 44 | -13.64% AVERAGE SOLD PRICE $695,000 | $750,000 | -7.33% AVERAGE DAYS ON MARKET 53 | 43 | 23.26% SOLD/LIST PRICE % 99% | 99% | 0%
TOTAL HOMES SOLD 14| 9 | 55.56% AVERAGE SOLD PRICE $3,247,000 | $3,411,000 | -4.81% AVERAGE DAYS ON MARKET 86 | 46 | 86.96% SOLD/LIST PRICE RATIO 95% | 95% | 0%
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
10
EASTSIDE AREA Duvall | Issaquah | Kirkland | Medina
11
DUVALL
ISSAQUAH
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 66 | 88 | -25.00% AVERAGE SOLD PRICE $659,000 | $698,000 | -5.59% AVERAGE DAYS ON MARKET 28 | 34 | -17.65% SOLD/LIST PRICE % 99% | 100% | -1%
TOTAL HOMES SOLD 166 | 214 | -22.43% AVERAGE SOLD PRICE $993,000 | $981,000 | 1.22% AVERAGE DAYS ON MARKET 43 | 28 | 53.57% SOLD/LIST PRICE % 99% | 99% | 0%
KIRKLAND
MEDINA
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 299 | 305 | -1.97% AVERAGE SOLD PRICE $1,123,000 | $1,075,000 | 4.47% AVERAGE DAYS ON MARKET 39 | 22 | 77.27% SOLD/LIST PRICE RATIO 99% | 100% | -1%
TOTAL HOMES SOLD 13 | 11 | 18.18% AVERAGE SOLD PRICE $3,364,000 | $5,539,000 | -39.27% AVERAGE DAYS ON MARKET 96 | 40 | 140% SOLD/LIST PRICE RATIO 97% | 95% | 2%
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
EASTSIDE AREA Mercer Island | Newcastle | North Bend | Renton | Redmond
MERCER ISLAND
NEWCASTLE
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 76 | 79 | -3.80% AVERAGE SOLD PRICE $2,006,000 | $1,919,000 | 4.53% AVERAGE DAYS ON MARKET 54 | 22 | 145.45% SOLD/LIST PRICE % 97% | 99% | -2%
TOTAL HOMES SOLD 42 | 32 | 31.25% AVERAGE SOLD PRICE $951,000 | $1,109,000 | -14.25% AVERAGE DAYS ON MARKET 38 | 23 | 65.22% SOLD/LIST PRICE % 98% | 98% | 0%
NORTH BEND
REDMOND
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 100 | 88 | 13.64% AVERAGE SOLD PRICE $731,000 | $661,000 | 10.59% AVERAGE DAYS ON MARKET 30 | 14 | 114.29% SOLD/LIST PRICE RATIO 100% | 100% | 0%
TOTAL HOMES SOLD 275 | 289 | -4.84% AVERAGE SOLD PRICE $1,031,000 | $1,031,000 | 0% AVERAGE DAYS ON MARKET 30 | 19 | 57.89% SOLD/LIST PRICE RATIO 100% | 101% | -1%
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
12
EASTSIDE AREA Renton | Sammamish | Snoqualmie | Woodinville
13
RENTON
SAMMAMISH
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 506 | 449 | 12.69% AVERAGE SOLD PRICE $583,000 | $568,000 | 2.64% AVERAGE DAYS ON MARKET 29 | 23 | 26.09% SOLD/LIST PRICE % 100% | 100% | 0%
TOTAL HOMES SOLD 308 | 286 | 7.69% AVERAGE SOLD PRICE $1,116,000 | $1,133,000 | -1.5% AVERAGE DAYS ON MARKET 42 | 28 | 50% SOLD/LIST PRICE % 99% | 100% | -1%
SNOQUALMIE
WOODINVILLE
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 88 | 106 | -16.98% AVERAGE SOLD PRICE $775,000 | $768,000 | .91% AVERAGE DAYS ON MARKET 25 | 18 | 38.89% SOLD/LIST PRICE RATIO 99% | 100% | -1%
TOTAL HOMES SOLD 158 | 174 | -9.2% AVERAGE SOLD PRICE $1,009,000 | $940,000 | 7.34% AVERAGE DAYS ON MARKET 50 | 23 | 117.39% SOLD/LIST PRICE RATIO 98% | 100% | -2%
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
SEATTLE Q3
AREA
MARKET
REPORT
Based on information from the NWLMS, data reflects sales of single family homes and condos between 7/1/19 and 9/30/19.
coldwellbankerbain.com
SEATTLE AREA
J
ohn Deely, Principal Managing Broker of Lake Union and Madison Park, said, “The third- quarter Seattle residential market for the selected areas continued a strong showing for 2019. Record low interest rates helped propel buyers into the market as prices leveled off, compared to previous years. Overall, the Seattle areas had a decrease in inventory when compared to the same quarter last year. Most Seattle zip codes are recording an increase in market time as buyers approached the market with a more relaxed attitude. The condominium, Seattle luxury market and the Seattle waterfront continued to increase in inventory during the third quarter.
15
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
The Seattle luxury market ($2.5M +) had an 18%+ increase in listings with an average market time of 59 days. There was a total of 59 closings in the luxury market during the third quarter. The Seattle waterfront, residential market had a 51%+ increase in listings with an average market time of 110 days. There were 29 closings in the Seattle waterfront, residential market during the third quarter, with the average price at $1,944M. The selected Seattle condo market had a 6.9%+ increase in listings with 388 properties on the market and an average market time of 41 days. There were 451 closings in the Seattle condo market during the third quarter with the average price at $520,000.�
SEATTLE AREA Ballard - Green Lake | Capitol Hill | Madison Park | Magnolia | NE Seattle Seattle Central | South Lake Union - Queen Anne | West Seattle SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
AVERAGE SOLD PRICE (Nearest $000)
AVERAGE DOM
Seattle Area
$981,000
32
Ballard/Green Lake
$856,000
29
Capitol Hill
$1,492,000
48
Madison Park
$1401,000
28
Magnolia
$1,176,000
40
NE Seattle
$939,000
28
Seattle Central
$891,000
38
S. Lake Union/ Queen Anne
$1,167,000
40
West Seattle
$877,000
31
Area Condos
$502,000
41
Area Waterfront (SF Only) Area Luxury ($1+M | SF+C)
$1,944,000
82
$2,941,000 $4,265,000 $0 $500
59 $1m
$1.5m
$2m
$2.5m
$3m
NUMBER OF SALES CLOSED 500
1456
400
454
TOTAL SALES CLOSED
451
300
372
200 100
180
45 86
111
Madison Park
Magnolia
0 Ballard / Green Lake
Capitol Hill
NE Seattle
Seattle Central
102
106
S. Lake Union/ Queen Anne
West Seattle
29 Area Condos
Area Waterfront
59
Area Luxury ($2+M / SF+C)
(SF Only)
INVENTORY IN UNITS - 10/01/2019
Total Eastside Inventory
869
+1.0%
226
35
63
62
228
130
78
47
388
53
110
+12.4%
-10.3%
+14.5%
-13.9%
+14.0%
-5.8%
-13.3%
-27.7%
+6.9%
+51.4%
+18.3%
Ballard / Green Lake
Capitol Hill
Madison Park
Magnolia
NE Seattle
Seattle Central
West Seattle
Area Condos
Area Waterfront
($2+M / SF+C)
S. Lake Union/ Queen Anne
Area Luxury
(SF Only)
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
16
SEATTLE AREA Total Seattle Area | Area Condos | Area Waterfront | Area Luxury
17
SEATTLE AREA
AREA CONDOS
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 1456 | 1284 | 13.4% AVERAGE SOLD PRICE $981,000 | $1,020,000 | -3.82% AVERAGE DAYS ON MARKET 32 | 18 | 77.78% SOLD/LIST PRICE % 99% | 100% | -1%
TOTAL HOMES SOLD 451 | 415 | 8.67% AVERAGE SOLD PRICE $502,000 | $534,000 | -5.99% AVERAGE DAYS ON MARKET 41 | 19 | 115.79% SOLD/LIST PRICE RATIO 99% | 101% | -2%
AREA WATERFRONT
AREA LUXURY
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 29 | 19 | 52.63% AVERAGE SOLD PRICE $1,944,000 | $2,424,000 | -19.80% AVERAGE DAYS ON MARKET 82 | 29 | 182.76% SOLD/LIST PRICE % 93% | 98% | -5%
TOTAL HOMES SOLD 59 | 56 | 5.36% AVERAGE SOLD PRICE $2,941,000 | $3,181,000 | -7.54% AVERAGE DAYS ON MARKET 59 | 36 | 63.89% SOLD/LIST PRICE RATIO 97% | 97% | 0%
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
SEATTLE AREA Ballard - Green Lake | Capitol Hill | Madison Park | Magnolia
BALLARD & GREEN LAKE
CAPITOL HILL
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 454 | 374 | 21.39% AVERAGE SOLD PRICE $856,000 | $885,000 | -3.28% AVERAGE DAYS ON MARKET 29 | 14 | 107.14% SOLD/LIST PRICE RATIO 100% | 102% | -2%
TOTAL HOMES SOLD 45 | 37 | 21.62% AVERAGE SOLD PRICE $1,492,000 | $1,230,000 | 21.30% AVERAGE DAYS ON MARKET 48 | 25 | 92% SOLD/LIST PRICE % 97% | 98% | -1%
MADISON PARK
MAGNOLIA
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 86 | 88 | -2.27% AVERAGE SOLD PRICE $1,401,000 | $1,443,000 | -2.91% AVERAGE DAYS ON MARKET 28 | 19 | 47.37% SOLD/LIST PRICE RATIO 97% | 100% | -3%
TOTAL HOMES SOLD 111 | 81 | 37.04% AVERAGE SOLD PRICE $1,176,000 | $1,219,000 | -3.53% AVERAGE DAYS ON MARKET 40 | 22 | 81.82% SOLD/LIST PRICE % 99% | 99% | 0%
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
18
SEATTLE AREA NE Seattle | Seattle Central | South Lake Union - Queen Anne | West Seattle
19
NE SEATTLE
SEATTLE CENTRAL
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 372 | 366 | 1.64% AVERAGE SOLD PRICE $939,000 | $990,000 | -5.15% AVERAGE DAYS ON MARKET 28 | 17 | 64.71% SOLD/LIST PRICE RATIO 99% | 101% | -2%
TOTAL HOMES SOLD 180 | 157 | 14.65% AVERAGE SOLD PRICE $891,000 | $974,000 | -8.52% AVERAGE DAYS ON MARKET 38 | 23 | 65.22% SOLD/LIST PRICE % 100% | 101% | -1%
SOUTH LAKE UNION & QUEEN ANNE
WEST SEATTLE
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 102 | 97 | 5.15% AVERAGE SOLD PRICE $1,167,000 | $1,226,000 | -4.81% AVERAGE DAYS ON MARKET 40 | 21 | 90.48% SOLD/LIST PRICE RATIO 98% | 100% | -2%
TOTAL HOMES SOLD 106 | 84 | 26.19% AVERAGE SOLD PRICE $877,000 | $876,000 | .11% AVERAGE DAYS ON MARKET 31 | 18 | 72.22% SOLD/LIST PRICE % 99% | 100% | -1%
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
SOUTH SOUND Q3
AREA
MARKET
REPORT
Based on information from the NWLMS, data reflects sales of single family homes between 7/1/19 and 9/30/19.
coldwellbankerbain.com
SOUTH SOUND AREA
S
tephanie Callen, broker in CB Bain’s Puyallup office, said, “For the third quarter of 2019, Pierce County continues to handle the overflow from the Seattle market. The average sold price in Pierce County is $419,000, up 9% from 2018, but the inventory is down over 30% from this time last year. Gig Harbor’s average sold price is $581,000. Its properties are staying on the market a little longer and inventory is down more than 23% from the third quarter in 2018. Puyallup and Graham have the largest change in the county with 40% fewer homes. North Tacoma and University Place closed 826 homes with 23 average days on market. Even with fewer homes to choose from, buyers still have options this fall
21
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
as there is not the robust competition they were experienced this summer. The luxury single family and condo classification is the only one with similar inventory compared to last year. The waterfront market in Pierce County has an average price of $879,000 and is 15% below in inventory. Pierce County’s market still seems to be driven by new jobs, overflow from our friendly neighbors to the north looking for affordable housing and extremely low interest rates. With the low inventory and high demand, prices in this area may continue to increase.”
SOUTH SOUND AREA Gig Harbor - Key Peninsula | North Tacoma - Lakewood/University Place | Puyallup - Graham SE King County | SW King County | Bainbridge Island | Silverdale SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
AVERAGE SOLD PRICE (Nearest $000)
AVERAGE DOM
South Sound Area
$487,000
28
Gig Harbor/Key Peninsula
$581,000
42
North Tacoma / Lakewood/ University Place
$429,000
23
Puyallup/Graham
$403,000
24
SE King County
$512,000
28
SW King County
$481,000
30
Bainbridge Island
$1,025,000
39
Silverdale
$490,000
30
Area Condos
$299,000
24
Area Waterfront (SF Only)
$879,000
54
Area Luxury ($1+M | SF+C)
$1,366,000
54
$0
$300k
$600k
$900k
$1.2m
$1.5m
NUMBER OF SALES CLOSED
5115
2000
TOTAL SALES CLOSED
1500
1680 1000
1047
826
500
990
386
0
Gig Harbor Key Peninsula
N. Tacoma Lakewood Univ. Place
Puyallup/ Graham
SE King County
SW King County
116
70
Bainbridge Island
Silverdale
657 Area Condos
135
148
Area Waterfront
($2+M / SF+C)
Area Luxury
(SF Only)
INVENTORY IN UNITS - 10/01/2019
Total South Sound Inventory
2439
-31.5%
290
279
380
840
528
80
42
334
172
241
-23.7%
-31.1%
-40.0%
-31.1%
-30.9%
-11.1%
-38.2%
-7.7%
-15.7%
+1.3%
Puyallup/ Graham
SE King County
SW King County
Bainbridge Island
Silverdale
Area Condos
Area Waterfront
($2+M / SF+C)
Gig Harbor Key Peninsula
N. Tacoma Lakewood Univ. Place
Area Luxury
(SF Only)
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
22
SOUTH SOUND AREA Total South Sound Area | Area Condos | Area Waterfront | Area Luxury
23
SOUTH SOUND AREA
AREA CONDOS
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 5115 | 5041 | 1.47% AVERAGE SOLD PRICE $487,000 | $469,000 | 3.84% AVERAGE DAYS ON MARKET 28 | 27 | 3.7% SOLD/LIST PRICE % 100% | 100% | -0%
TOTAL HOMES SOLD 657 | 721 | -8.88% AVERAGE SOLD PRICE $299,000 | $280,000 | 6.79% AVERAGE DAYS ON MARKET 24 | 22 | 9.09% SOLD/LIST PRICE % 100% | 100% | 0%
AREA WATERFRONT
AREA LUXURY
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 135 | 176 | -23.3% AVERAGE SOLD PRICE $879,000 | $836,000 | 5.14% AVERAGE DAYS ON MARKET 54 | 51 | 5.88% SOLD/LIST PRICE RATIO 97% | 97% | 0%
TOTAL HOMES SOLD 135 | 176 | -23.3% AVERAGE SOLD PRICE $1,366,000 | $1,396,000 | -2.15% AVERAGE DAYS ON MARKET 54 | 75 | -28% SOLD/LIST PRICE % 97% | 97% | 0%
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
SOUTH SOUND AREA Gig Harbor/Key Peninsula | North Tacoma - Lakewood/University Place Puyallup/Graham | SE King County
GIG HARBOR & KEY PENINSULA
N. TACOMA, LAKEWOOD & UNIVERSITY PLACE
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 386 | 442 | -12.67% AVERAGE SOLD PRICE $581,000 | $553,000 | 5.06% AVERAGE DAYS ON MARKET 42 | 35 | 20% SOLD/LIST PRICE RATIO 99% | 99% | 0%
TOTAL HOMES SOLD 826 | 837 | -1.31% AVERAGE SOLD PRICE $429,000 | $412,000 | 4.13% AVERAGE DAYS ON MARKET 23 | 25 | -8% SOLD/LIST PRICE % 100% | 100% | 0%
PUYALLUP & GRAHAM
SE KING COUNTY
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 1047 | 1007 | 3.97% AVERAGE SOLD PRICE $403,000 | $377,000 | 6.9% AVERAGE DAYS ON MARKET 24 | 29 | -17.24% SOLD/LIST PRICE RATIO 100% | 100% | 0%
TOTAL HOMES SOLD 1680 | 1546 | 8.67% AVERAGE SOLD PRICE $512,000 | $495,000 | 3.43% AVERAGE DAYS ON MARKET 28 | 23 | 21.74% SOLD/LIST PRICE % 100% | 100% | 0%
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
24
SOUTH SOUND AREA SW King County | Bainbridge Island | Silverdale
SW KING COUNTY
BAINBRIDGE ISLAND
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 990 | 983 | .71% AVERAGE SOLD PRICE $481,000 | $463,000 | 3.89% AVERAGE DAYS ON MARKET 30 | 25 | 20% SOLD/LIST PRICE RATIO 100% | 100% | 0%
TOTAL HOMES SOLD 116 | 135 | -14.07% AVERAGE SOLD PRICE $1,025,000 | $1,032,000 | -.68% AVERAGE DAYS ON MARKET 39 | 44 | -11.36% SOLD/LIST PRICE % 99% | 98% | 1%
SILVERDALE Q3 2019 | Q3 2018 | % CHANGE TOTAL HOMES SOLD 70 | 91 | -23.08% AVERAGE SOLD PRICE $490,000 | $381,000 | 28.61% AVERAGE DAYS ON MARKET 30 | 35 | -14.29% SOLD/LIST PRICE RATIO 100% | 100% | 0%
25
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
NORTH SOUND Q3
AREA
MARKET
REPORT
Based on information from the NWLMS, data reflects sales of single family homes and condos between 7/1/19 and 9/30/19.
coldwellbankerbain.com
NORTH SOUND A REA
L
es Scott, Principal Managing Broker for Coldwell Banker Bain of Everett, said, “Snohomish County is continuing to see high levels of activity in the third quarter as buyers head north to find more affordable housing options. Pending sales were up 19.2% in Snohomish County overall. Activity varies throughout the area with Everett pending sales up 4.9%, Lynnwood down 2% and Marysville up 37.3%. This increase in pending sales is coming while inventories are down throughout Snohomish County at 17.3%.
For sellers, they are seeing the time on market creep up slightly. Average days on market for the third quarter have increased from 23 to 29 days for Snohomish County comparing 2018 to 2019. That being said, the time homes are spending on the market will vary by area. Lynnwood has seen the time on market grow from 20 to 27 days, while further north in Marysville and Lake Stevens, they have seen no change to the time 27
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
on market, with an average of 20 and 22 days for the same period respectively. Median time (half of homes selling faster and half selling slower) for homes to stay on the market is a bit shorter, with the average being in the high teens. This reflects some of the stale inventory of homes based on condition, location or price. As homes are continuing to sell quickly, prices are also continuing to rise. While Snohomish County didn’t experience the price increases of King County, prices have continued their upward climb, rising 1.7% in Snohomish County to a median value of $493,000 and an average value of $537,000. Median prices in Everett increased 7.4% to $450,000, Lynnwood’s increased 3.9% to $530,000 and Marysville jumped 10.7% to $415,000.
With low interest rates and the desire to find affordable housing, the Snohomish County market should continue to see activity into the near future.”
NORTH SOUND AREA Anacortes | Bellingham | Edmonds | Everett Lynnwood | Marysville SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
AVERAGE SOLD PRICE (Nearest $000)
AVERAGE DOM
North Sound Area
$509,000
27
Anacortes
$571,000
54
Bellingham
$504,000
29
Edmonds
$697,000
33
Everett
$468,000
22
Lynnwood
$560,000
27
Marysville
$422,000
20
Area Condos
$366,000
27
Area Waterfront (SF Only)
$738,000
73
Area Luxury ($1+M | SF+C)
$1,300,000
67
$0
$300k
$600k
$900k
$1.2m
$1.5m
NUMBER OF SALES CLOSED 600
1868
500
TOTAL SALES CLOSED
561
400
479
300 200 100
422
380 263
62
197
127
58
0 Anacortes
Bellingham
Edmonds
Everett
Lynnwood
Marysville
Area Condos
Area Waterfront
Area Luxury ($2+M / SF+C)
(SF Only)
INVENTORY IN UNITS - 10/01/2019
Total South Sound Inventory
973
-22.4%
99
232
116
183
186
157
278
64
99
-36.9%
-3.7%
-22.1%
-42.6%
-15.1%
-7.1%
+4.9%
-20.0%
-2.0%
Anacortes
Bellingham
Edmonds
Everett
Lynnwood
Marysville
Area Condos
Area Waterfront
($2+M / SF+C)
Area Luxury
(SF Only)
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
28
NORTH SOUND AREA Total North Sound Area | Area Condos | Area Waterfront | Area Luxury
29
NORTH SOUND AREA
AREA CONDOS
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 1868 | 1976 | -5.47% AVERAGE SOLD PRICE $509,000 | $503,000 | 1.19% AVERAGE DAYS ON MARKET 27 | 23 | 17.39% SOLD/LIST PRICE % 100% | 100% | 0%
TOTAL HOMES SOLD 561 | 578 | -2.94% AVERAGE SOLD PRICE $366,000 | $355,000 | 3.1% AVERAGE DAYS ON MARKET 27 | 21 | 28.57% SOLD/LIST PRICE % 100% | 101% | -1%
AREA WATERFRONT
AREA LUXURY
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 62 | 76 | -18.42% AVERAGE SOLD PRICE $738,000 | $820,000 | -10% AVERAGE DAYS ON MARKET 73 | 51 | 43.14% SOLD/LIST PRICE RATIO 97% | 98% | -1%
TOTAL HOMES SOLD 58 | 67 | -13.43% AVERAGE SOLD PRICE $1,300,000 | $1,390,000 | -6.47% AVERAGE DAYS ON MARKET 67 | 60 | 11.67% SOLD/LIST PRICE % 99% | 99% | 0%
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
NORTH SOUND AREA Anacortes | Bellingham | Edmonds | Everett
ANACORTES
BELLINGHAM
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 127 | 116 | 9.48% AVERAGE SOLD PRICE $571,000 | $582,000 | -1.89% AVERAGE DAYS ON MARKET 54 | 51 | 5.88% SOLD/LIST PRICE % 99% | 99% | 0%
TOTAL HOMES SOLD 380 | 478 | -20.5% AVERAGE SOLD PRICE $504,000 | $502,000 | .4% AVERAGE DAYS ON MARKET 29 | 28 | 3.57% SOLD/LIST PRICE RATIO 99% | 99% | 0%
EDMONDS
EVERETT
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 197 | 233 | -15.45% AVERAGE SOLD PRICE $697,000 | $711,000 | -1.97% AVERAGE DAYS ON MARKET 33 | 20 | 65% SOLD/LIST PRICE % 99% | 101% | -2%
TOTAL HOMES SOLD 479 | 505 | -5.15% AVERAGE SOLD PRICE $468,000 | $447,000 | 4.7% AVERAGE DAYS ON MARKET 22 | 19 | 15.79% SOLD/LIST PRICE RATIO 100% | 100% | 0%
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
30
NORTH SOUND AREA Lynnwood | Marysville
LYNNWOOD Q3 2019 | Q3 2018 | % CHANGE TOTAL HOMES SOLD 263 | 281 | -6.41% AVERAGE SOLD PRICE $560,000 | $544,000 | 2.94% AVERAGE DAYS ON MARKET 27 | 20 | 35% SOLD/LIST PRICE % 100% | 100% | 0%
MARYSVILLE Q3 2019 | Q3 2018 | % CHANGE TOTAL HOMES SOLD 422 | 363 | 16.25% AVERAGE SOLD PRICE $422,000 | $390,000 | 8.21% AVERAGE DAYS ON MARKET 20 | 20 | 0% SOLD/LIST PRICE RATIO 100% | 100% | 0%
31
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
PUGET SOUND Q3
AREA
MARKET
REPORT
Based on information from the NWLMS, data reflects sales of single family homes and condos between 7/1/19 and 9/30/19.
coldwellbankerbain.com
PUGET SOUND AREA COUNTIES
D
ean Ulrich, Principal Managing Broker of Coldwell Banker Bain of Bellingham, “Although the $504,000 average sale price in Bellingham is up 6.9% compared to one year ago, the third quarter definitely demonstrated some cooling of our hot market with appreciation
33
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
staying flat (down 0.2%). However average days on market is just 29, which indicates we are still in a seller’s market with low inventory. Well priced homes in popular locations are still receiving multiple offers.”
PUGET SOUND AREA COUNTIES King | Island | Kitsap | Pierce | Skagit | Snohomish | Whatcom
SINGLE FAMILY (SF)
AVERAGE SOLD PRICE (Nearest $000)
AVERAGE DOM 33
King
$807,000
Island
$466,000
Kitsap
$465,000
42 29 28
Pierce
$417,000
27
Skagit
$420,000
37
Snohomish
$537,000
29
Whatcom
$441,000
38
$0
$200k
$400k
$600k
$800k
$1m
NUMBER OF SALES CLOSED 8000 7000
561
6000
7259
5000
422
4000 3000 2000
535
1279
4299
619
3327
940
Skagit
Snohomish
Whatcom
1000 0
King
Island
Kitsap
Pierce
INVENTORY IN UNITS - 10/01/2019
4336
362
567
1884
405
1806
723
-19.9%
-8.8%
-26.1%
-30.1%
-17.0%
-17.3%
+6.3%
King
Island
Kitsap
Pierce
Skagit
Snohomish
Whatcom
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
34
PUGET SOUND AREA COUNTIES King | Island | Kitsap | Pierce
35
KING COUNTY
ISLAND COUNTY
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 7259 | 6941 | 4.58% AVERAGE SOLD PRICE $807,000 | $807,000 | 0% AVERAGE DAYS ON MARKET 33 | 23 | 43.48% SOLD/LIST PRICE % 99% | 100% | -1%
TOTAL HOMES SOLD 535 | 538 | -.56% AVERAGE SOLD PRICE $466,000 | $466,000 | 0% AVERAGE DAYS ON MARKET 42 | 36 | 16.67% SOLD/LIST PRICE RATIO 99% | 98% | 1%
KITSAP COUNTY
PIERCE COUNTY
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 1279 | 1363 | -6.16% AVERAGE SOLD PRICE $465,000 | $445,000 | 4.49% AVERAGE DAYS ON MARKET 28 | 26 | 7.69% SOLD/LIST PRICE % 100% | 100% | 0%
TOTAL HOMES SOLD 4299 | 4385 | -1.96% AVERAGE SOLD PRICE $417,000 | $395,000 | 5.57% AVERAGE DAYS ON MARKET 27 | 26 | 3.85% SOLD/LIST PRICE RATIO 100% | 100% | 0%
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
PUGET SOUND AREA COUNTIES Skagit | Snohomish | Whatcom
SKAGIT COUNTY
SNOHOMISH COUNTY
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 619 | 575 | 7.65% AVERAGE SOLD PRICE $420,000 | $404,000 | 3.96% AVERAGE DAYS ON MARKET 37 | 37 | 0% SOLD/LIST PRICE % 99% | 99% | 0%
TOTAL HOMES SOLD 3327 | 3212 | 3.58% AVERAGE SOLD PRICE $537,000 | $528,000 | 1.7% AVERAGE DAYS ON MARKET 29 | 23 | 26.09% SOLD/LIST PRICE RATIO 100% | 100% | 0%
WHATCOM COUNTY Q3 2019 | Q3 2018 | % CHANGE TOTAL HOMES SOLD 940 | 945 | -.53% AVERAGE SOLD PRICE $441,000 | $428,000 | 3.04% AVERAGE DAYS ON MARKET 38 | 37 | 2.7% SOLD/LIST PRICE % 99% | 99% | 0%
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
36
WATERFRONT Q3
AREA
MARKET
REPORT
Based on information from the NWLMS, data reflects sales of single family homes and condos between 7/1/19 and 9/30/19.
coldwellbankerbain.com
WATERFRONT PROPERTIES
C
hris Murphy, a broker in Coldwell Banker Bain of Tacoma Proctor, and author of washingtonwaterfronts.com, said, “Comprehensively, the seven counties included in this analysis experienced a 5% decrease in active waterfront inventory, a 24% decrease in sold waterfront properties, and a 1.56% increase in the median price of sold waterfront properties. For the second quarter in a row, Kitsap County had the largest increase in waterfront inventory with a 22.08% increase in properties offered for sale, relative to the third quarter of 2018. Additionally, Kitsap experienced another quarter of decreasing number of properties sold and, for the first quarter this year, a decrease in median sold price (-13.02%). The third quarter of 2019 was the second quarter in a row that Pierce County has experienced significant inventory reductions, relative to the prior year. Consequently, the number of sold waterfront properties dropped 34% in the third quarter as compared to 2018. The third quarter median price
38
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
of sold waterfront properties increased for the third quarter in a row to 4.65% more than 2018. King County experienced its third consecutive quarter with waterfront inventories greater than the same quarter in 2018. The number of waterfront properties sold in the third quarter decreased 14% relative to 2018 and the median sold price increased to $1.2M from the 2018 third quarter median sold price of $936,000. The trends analyzed here illustrate that waterfront properties must be priced and marketed with each property’s unique characteristics in mind. As inventory increases, we encourage waterfront property owners to resist the urge to test the market with a record setting listing price. Rather, we have found 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.”
WASHINGTON WATERFRONT King | Island | Kitsap | Pierce | Skagit | Snohomish | Whatcom
SINGLE FAMILY (SF) + CONDO
AVERAGE SOLD PRICE (Nearest $000)
AVERAGE DOM 55
King
$1,310,000
Island
$702,000
Kitsap
$801,000
59 29 45
Pierce
$692,000
45
Skagit
$579,000
68
Snohomish
$510,000
43
Whatcom
$545,000
65
$0
$300
$600
$900
$1.2m
$1.5m
NUMBER OF SALES CLOSED 300 250
278
200 150 100
138
50
66
47
105
151
93
0 King
Island
Kitsap
Pierce
Skagit
Snohomish
Whatcom
INVENTORY IN UNITS - 10/01/2019
295
67
106
135
60
110
122
-10.9%
-13.0%
+16.5%
-21.1%
-31.8%
-20.9%
-3.9%
Pierce
Skagit
Snohomish
Whatcom
King
Island
Kitsap
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
39
PUGET SOUND AREA COUNTIES King | Island | Kitsap | Pierce
40
KING COUNTY
ISLAND COUNTY
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 278 | 275 | 1.09% AVERAGE SOLD PRICE $1,310,000 | $1,322,000 | -.91% AVERAGE DAYS ON MARKET 55 | 39 | 41.03% SOLD/LIST PRICE RATIO 97% | 98% | -1%
TOTAL HOMES SOLD 66 | 76 | -13.16% AVERAGE SOLD PRICE $702,000 | $801,000 | -12.36% AVERAGE DAYS ON MARKET 59 | 62 | -4.84% SOLD/LIST PRICE % 98% | 97% | 1%
KITSAP COUNTY
PIERCE COUNTY
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 105 | 110 | -4.55% AVERAGE SOLD PRICE $801,000 | $883,000 | -9.29% AVERAGE DAYS ON MARKET 45 | 50 | -10% SOLD/LIST PRICE % 97% | 99% | -2%
TOTAL HOMES SOLD 138 | 184 | -25% AVERAGE SOLD PRICE $692,000 | $680,000 | 1.76% AVERAGE DAYS ON MARKET 45 | 51 | -11.76% SOLD/LIST PRICE RATIO 97% | 97% | 0%
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
PUGET SOUND AREA COUNTIES Skagit | Snohomish | Whatcom
SKAGIT COUNTY
SNOHOMISH COUNTY
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 47 | 52 | -9.62% AVERAGE SOLD PRICE $579,000 | $570,000 | 1.58% AVERAGE DAYS ON MARKET 68 | 99 | -31.31% SOLD/LIST PRICE % 97% | 97% | 0%
TOTAL HOMES SOLD 151 | 131 | 15.27% AVERAGE SOLD PRICE $510,000 | $605,000 | -15.7% AVERAGE DAYS ON MARKET 43 | 47 | -8.51% SOLD/LIST PRICE RATIO 99% | 99% | 0%
WHATCOM COUNTY Q3 2019 | Q3 2018 | % CHANGE TOTAL HOMES SOLD 93 | 100 | -7% AVERAGE SOLD PRICE $545,000 | $559,000 | -2.5% AVERAGE DAYS ON MARKET 65 | 88 | -26.14% SOLD/LIST PRICE % 98% | 98% | 0%
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
41
SOUTHWEST
WASHINGTON Q3
AREA
MARKET
REPORT
Based on information from the NWLMS, data reflects sales of single family homes and condos between 7/1/19 and 9/30/19.
coldwellbankerbain.com
SOUTHWEST WASHINGTON
D
avid Knode, Principal Managing Broker for Coldwell Banker Bain of Vancouver, said, “As always, with the onset of cooler weather the market in Clark County also cools down a bit. Over the last quarter Clark County is a bit of a mixed bag. The listing inventory in most areas in the County has dropped a small percentage while in a few other areas it is up. However, the overall available inventory is down about 4% across the entire Clark County market. So, we are in somewhat of a status quo.
43
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
Transactions are still being written, however not at the same rate as earlier this year. Buyers are taking their time in deciding on which house to make an offer on. Interest rates are very favorable for buyers, with potential further drops in rates on the horizon. Pending sales for the quarter in Clark County were still somewhat strong, however when we mix strong pending sales and lower inventory, I see a pinch toward the beginning of the year for buyers.�
SOUTHWEST WASHINGTON Fishers Landing | Camas | Washougal | Heights - Cascade Park Brush Praire | Hockinson | Orchards SINGLE FAMILY (SF) + CONDO
AVERAGE SOLD PRICE (Nearest $000)
AVERAGE DOM 22
Fishers Landing
$406,000
Camas
$543,000
44
Washougal
$451,000
35
Heights/ Cascade Park
$417,000
33
Brush Praire
$473,000
37
Hockinson
$482,000
35
Orchards
$349,000
23
$0
$100k
$200k
$300k
$400k
$500k
$600k
NUMBER OF SALES CLOSED 400 350
561
300
363
250 200
272
150
221
56
100
181 117
115
50 0 Fishers $0k Landing
Camas
$100k
Washougal
$200k
Heights/
$300k Cascade Park
Brush Praire
$400k
Hockinson
$500k
$600k
Orchards
300 INVENTORY IN UNITS - 10/01/2019 250
25
232
98
67
305
235
130
-7.4%
+55.7%
-11.7%
-17.3%
+2.3%
+5.4%
-46.7%
Fishers 100 Landing
Camas
Washougal
Heights/ Cascade Park
Brush Praire
Hockinson
Orchards
169
165
35
200 150
50 44
+10.5% +3.1% -16.7% Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
0
6
144
49
118
-53.8%
-13.3%
-41.0%
-30.6%
SOUTHWEST WASHINGTON Ridgefield | Battleground | Woodland | La Center Salmon Creek | Felida | Vancouver
$0
$100k
$200k
$300k
$400k
$500k
$600k SINGLE FAMILY (SF) + CONDO
AVERAGE SOLD PRICE (Nearest $000)
AVERAGE DOM
Ridgefield
$504,000
58
Battleground
$421,000
32
350 Woodland
$506,000
37
$539,000
42
Salmon Creek 200
$429,000
38
Felida 150
$486,000
44
100 Vancouver
$360,000
24
400
300
La Center
250
50
$0k
0
$100k
$200k
$300k
$400k
$500k
$600k
NUMBER OF SALES CLOSED 300 250 200
259 219
150 100
191 46
133
9
50 0
25 -7.4%
Ridgefield
232Battleground 98
+55.7%
-11.7%
Woodland
67 -17.3%
La Center
105
305Salmon Creek 235 +2.3%
+5.4%
Felida
130Vancouver
-46.7%
INVENTORY IN UNITS - 10/01/2019
169
165
35
6
144
49
118
+10.5%
+3.1%
-16.7%
-53.8%
-13.3%
-41.0%
-30.6%
Ridgefield
Battleground
Woodland
La Center
Felida
Vancouver
Salmon Creek
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
45
SOUTHWEST WASHINGTON Fishers Landing | Camas | Washougal | Heights - Cascade Park
46
FISHERS LANDING
CAMAS
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 56 | 58 | -3.45% AVERAGE SOLD PRICE $406,000 | $412,000 | -1.46% AVERAGE DAYS ON MARKET 22 | 23 | -4.35% SOLD/LIST PRICE % 100% | 99% | 1%
TOTAL HOMES SOLD 115 | 120 | -4.17% AVERAGE SOLD PRICE $543,000| $586,000 | -7.34% AVERAGE DAYS ON MARKET 44 | 30 | 46.67% SOLD/LIST PRICE RATIO 99% | 98% | 1%
WASHOUGAL
HEIGHTS & CASCADE PARK
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 115 | 120 | -4.17% AVERAGE SOLD PRICE $451,000 | $435,000 | 3.68% AVERAGE DAYS ON MARKET 35 | 33 | 6.06% SOLD/LIST PRICE % 99% | 99% | 0%
TOTAL HOMES SOLD 117 | 101 | 15.84% AVERAGE SOLD PRICE $417,000 | $405,000 | 2.96% AVERAGE DAYS ON MARKET 33 | 39 | -15.38% SOLD/LIST PRICE RATIO 99% | 99% | 0%
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
SOUTHWEST WASHINGTON Brush Praire | Hockinson | Orchards | Ridgefield
BRUSH PRAIRE
HOCKINSON
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 272 | 283 | -3.89% AVERAGE SOLD PRICE $473,000 | $452,000 | 4.65% AVERAGE DAYS ON MARKET 37 | 35 | 5.71% SOLD/LIST PRICE % 98% | 98% | 0%
TOTAL HOMES SOLD 181 | 202 | -10.4% AVERAGE SOLD PRICE $482,000| $451,000 | 6.87% AVERAGE DAYS ON MARKET 35 | 38 | -7.89% SOLD/LIST PRICE RATIO 99% | 99% | 0%
ORCHARDS
RIDGEFIELD
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 363 | 381 | -4.72% AVERAGE SOLD PRICE $349,000 | $335,000 | 4.18% AVERAGE DAYS ON MARKET 23 | 22 | 4.55% SOLD/LIST PRICE % 100% | 100% | 0%
TOTAL HOMES SOLD 133 | 122 | 9.02% AVERAGE SOLD PRICE $504,000 | $522,000 | -3.45% AVERAGE DAYS ON MARKET 58 | 38 | 52.63% SOLD/LIST PRICE RATIO 99% | 100% | -1%
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
47
SOUTHWEST WASHINGTON Battleground | Woodland | La Center | Salmon Creek
48
BATTLEGROUND
WOODLAND
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 219 | 169 | 11.73% AVERAGE SOLD PRICE $421,000 | $418,000 | .72% AVERAGE DAYS ON MARKET 32 | 35 | -8.57% SOLD/LIST PRICE % 100% | 99% | 1%
TOTAL HOMES SOLD 46 | 45 | 2.22% AVERAGE SOLD PRICE $506,000 | $363,000 | 39.39% AVERAGE DAYS ON MARKET 37 | 45 | -17.78% SOLD/LIST PRICE RATIO 99% | 99% | 0%
LA CENTER
SALMON CREEK
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 9 | 4 | 125% AVERAGE SOLD PRICE $539,000 | $462,000 | -16.67% AVERAGE DAYS ON MARKET 42 | 23 | 82.61% SOLD/LIST PRICE % 100% | 99% | -1%
TOTAL HOMES SOLD 191 | 189 | 1.06% AVERAGE SOLD PRICE $429,000 | $443,000 | -3.16% AVERAGE DAYS ON MARKET 38 | 42 | -9.52% SOLD/LIST PRICE RATIO 99% | 100% | -1%
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
SOUTHWEST WASHINGTON Felida | Vancouver
FELIDA Q3 2019 | Q3 2018 | % CHANGE TOTAL HOMES SOLD 105 | 92 | 14.13% AVERAGE SOLD PRICE $486,000 | $466,000 | 4.29% AVERAGE DAYS ON MARKET 44 | 29 | 51.72% SOLD/LIST PRICE % 99% | 100% | -1%
VANCOUVER Q3 2019 | Q3 2018 | % CHANGE TOTAL HOMES SOLD 259 | 252 | 2.78% AVERAGE SOLD PRICE $360,000 | $334,000 | 7.78% AVERAGE DAYS ON MARKET 24 | 26 | -7.69% SOLD/LIST PRICE % 99% | 100% | -1%
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
49
SOUTHWEST WASHINGTON COUNTIES Clark County | Cowlitz County
SINGLE FAMILY (SF) + CONDO
AVERAGE SOLD PRICE (Nearest $000)
AVERAGE DOM
Clark County
$432,000
34
Cowlitz County
$304,000
35
$0
$100k
$200k
NUMBER OF SALES CLOSED
$300k
$400k
$500k
INVENTORY IN UNITS - 10/01/2019
2500 2000
1500
1582
209
-8.7%
-24.8%
Clark County
Cowlitz County
2162
1000
391
500 0
Clark County
Cowlitz County
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
50
PORTLAND Q3
AREA
MARKET
REPORT
Based on information from the RMLS, data reflects sales of single family homes and condos between 7/1/19 and 9/30/19.
coldwellbankerbain.com
PORTLAND OREGON
D
avid Sly, Principal Managing Broker of Coldwell Banker Bain of Portland Uptown office, said, “Looking back at the third quarter, we see an overall decrease in inventory throughout Portland and the surrounding areas. While the Portland Metro area has seen a large number of homes close in the summer months, homes are sitting longer on the market, averaging 32 days or more and we are seeing signs of downward price adjustments in certain
B
rian Houston, Principal Managing Broker of Coldwell Banker Bain of Portland West, said, “Listings in the Beaverton/ Aloha area are up over last year by 18.8% while listings in all of Washington County are up 0.9%. The Beaverton/Aloha/Washington County market area remains flat in closed sales compared to same time period last year. Days on Market is
52
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
submarkets. At a broader glance, Multnomah County saw the largest decrease in listing inventory at -13.5% with an average of 31 days on market when compared to the same time last year. Washington County matched Multnomah County’s average days on market, however its inventory has seen an almost 1% increase. This variance could signal a plateauing in the market for the upcoming colder months.”
slowly rising due to a seasonal adjustment with Beaverton/Aloha at 28 DOM and Washington County at 31 DOM. We are finding that buyers are taking their time in looking for and making an offer on a home. If sellers are not willing to make concessions or do repairs then buyers are moving on to the next property.”
PORTLAND OREGON REGION North Portland | Northeast Portland | West Portland - Raleigh Hills Lake Oswego - West Linn | Milwaukie - Gladstone - Happy Valley | Beaverton - Aloha SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
AVERAGE SOLD PRICE (Nearest $000)
AVERAGE DOM
Portland Area
$527,000
36
North Portland
$435,000
27
Northeast Portland
$515,000
27
Southeast Portland
$438,000
31
West Portland/ Raleigh Hills
$690,000
38
Lake Oswego/ West Linn
$774,000
43
Milwaukie/Gladstone Happy Valley
$467,000
34
Beaverton/ Aloha
$451,000
28
Area Condos
$332,000
40
Area Luxury ($1+M | SF+C)
$1,425,000
63 63
$0
$300k
$600k
$900k
$1.5m
$1.2m
NUMBER OF SALES CLOSED 1200
3697
1000
TOTAL SALES CLOSED
561
800 600
809 610
400 200
1059
504
268
597
525
384
209
0 North Portland
Northeast Portland
West Portland/ Raleigh Hills
Lake Oswego/ West Linn
Milwaukie/ Gladstone/ Happy Valley
Beaverton/ Aloha
Area Condos
Area Waterfront
Area Luxury ($2+M / SF+C)
(SF Only)
INVENTORY IN UNITS - 10/01/2019
Total Portland Area Inventory
2840
166
410
560
520
344
512
328
1131
573
-17.8%
-13.3%
-12.2%
-10.7%
-16.5%
-8.6%
+18.8%
-0.3%
-2.4%
North Portland
Northeast Portland
West Portland/ Raleigh Hills
Lake Oswego/ West Linn
Milwaukie/ Gladstone/ Happy Valley
Beaverton/ Aloha
Area Condos
Area Waterfront
-9.6%
Area Luxury ($2+M / SF+C)
(SF Only)
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
53
PORTLAND OREGON REGION Total Portland Area | Area Condos | Area Luxury | North Portland
54
PORTLAND AREA
AREA CONDOS
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 3697 | 3823 | -3.3% AVERAGE SOLD PRICE $527,000 | $514,000 | 2.53% AVERAGE DAYS ON MARKET 33 | 30 | 10% SOLD/LIST PRICE % 99% | 99% | 0%
TOTAL HOMES SOLD 1059 | 1014 | 4.44% AVERAGE SOLD PRICE $332,000 | $335,000 | -.9% AVERAGE DAYS ON MARKET 40 | 33 | 21.21% SOLD/LIST PRICE % 99% | 99% | 0%
AREA LUXURY
NORTH PORTLAND
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 209| 213 | -1.88% AVERAGE SOLD PRICE $1,425,000 | $1,520,000 | -6.25% AVERAGE DAYS ON MARKET 63 | 54 | 16.67% SOLD/LIST PRICE % 96% | 96% | 0%
TOTAL HOMES SOLD 268 | 265 | 1.13% AVERAGE SOLD PRICE $435,000 | $429,000 | 1.4% AVERAGE DAYS ON MARKET 27 | 25 | 8% SOLD/LIST PRICE % 100% | 101% | -1%
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
PORTLAND OREGON REGION Northeast Portland | West Portland - Raleigh Hills | Lake Oswego - West Linn
NORTHEAST PORTLAND
WEST PORTLAND & RALEIGH HILLS
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 610 | 621 | -1.77% AVERAGE SOLD PRICE $515,000 | $476,000 | 8.19% AVERAGE DAYS ON MARKET 27 | 29 | -6.9% SOLD/LIST PRICE RATIO 100% | 100% | 0%
TOTAL HOMES SOLD 504 | 482 | 4.56% AVERAGE SOLD PRICE $690,000 | $702,000 | -1.71% AVERAGE DAYS ON MARKET 38 | 37 | 2.7% SOLD/LIST PRICE % 98% | 98% | 0%
LAKE OSWEGO & WEST LINN Q3 2019 | Q3 2018 | % CHANGE TOTAL HOMES SOLD 384 | 364 | 5.49% AVERAGE SOLD PRICE $774,000 | $804,000 | -3.73% AVERAGE DAYS ON MARKET 43 | 39 | 10.26% SOLD/LIST PRICE RATIO 98% | 97% | 1%
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
55
PORTLAND OREGON REGION Milwaukie - gladstone - Happy Valley | Beaverton - Aloha
56
MILWAUKIE, GLADSTONE & HAPPY VALLEY
BEAVERTON & ALOHA
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 597 | 645 | -7.44% AVERAGE SOLD PRICE $467,000 | $452,000 | 3.32% AVERAGE DAYS ON MARKET 34 | 30 | 13.33% SOLD/LIST PRICE % 100% | 100% | 0%
TOTAL HOMES SOLD 525 | 588 | -10.71% AVERAGE SOLD PRICE $451,000 | $439,000 | 2.73% AVERAGE DAYS ON MARKET 28 | 22 | 27.27% SOLD/LIST PRICE RATIO 100% | 100% | 0%
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
BEND
Q3
AREA
MARKET
REPORT
Based on information from the MLSCO, data reflects sales of single family homes between 7/1/19 and 9/30/19.
coldwellbankerbain.com
BEND OREGON
B
randon Fairbanks, Principal Managing Broker of Coldwell Banker Bain of the Bend office, said, “Bend continues to draw visitors from around the world as the summer months offer an endless opportunity for outdoor recreation. As I watch these vacationers floating the Deschutes River for the first time or enjoying the downhill mountain biking park at Mt. Bachelor, I can’t help but overhear conversations about dreaming of a life in Bend. The real estate market in Bend remains very active with multiple offers on the well-priced properties in certain price ranges. The average sales price in the third quarter was up 9% over the same quarter the previous year with inventory levels down 9.6%. The number of sold homes has remained relatively the same at 861 units. Months of inventory is a number which I pay
58
Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
close attention to as five to six months of inventory is a balanced market; less than that will result in price appreciation, as more months of inventory puts downward pressure on prices, or is a buyer’s’ market. The current months of inventory in Bend, on average, is 2.7 months, down from three months during this same period last year. This is a sign that prices will continue to increase as the supply of homes can’t keep up with demand. Of course, this changes in different price points -- for instance, homes in Bend priced over $1 million currently have 6.7 months of inventory, down 21% from the same quarter one year ago. Bend still offers an incredible value compared to the housing prices in most of the markets from which our buyers are moving, coupled with a lifestyle most can only dream about. I expect Bend to continue to be a solid real estate market in the years to come. ”
BEND OREGON Bend | Area Luxury
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
AVERAGE SOLD PRICE (Nearest $000)
Bend
Area Luxury ($1+M | SF+C)
AVERAGE DOM
$892,000
95
$1,462,000
113
$0
$600k
$300k
NUMBER OF SALES CLOSED
$1.2m
$900k
$1.5m
INVENTORY IN UNITS - 10/01/2019
1000
800
894
91
-18.3%
-20.9%
Bend
Area Luxury
600
892 400
67
($2+M / SF+C)
200
0
Bend
Area Luxury ($2+M / SF+C)
BEND AREA
AREA LUXURY
Q3 2019 | Q3 2018 | % CHANGE
Q3 2019 | Q3 2018 | % CHANGE
TOTAL HOMES SOLD 892 | 808 | +10.4%
TOTAL HOMES SOLD 67 | 33 | +103.3%
AVERAGE SOLD PRICE $572,000 | $561,000 | +1.96%
AVERAGE SOLD PRICE $1,462,000 | $1,345,000 | +8.7%
AVERAGE DAYS ON MARKET 95 | 110 | -14.6%
AVERAGE DAYS ON MARKET 113 | 138 | -18.12%
SOLD/LIST PRICE % 98.0% | 98.0% | 0.0%
SOLD/LIST PRICE % 96.0% | 96.0% | 0.0% Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT
59
*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.