EASTSIDE Q1 2020 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 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 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.
202O Q1 MARKET REPORT
MIKE GRADY
COLDWELL BANKER BAIN PRESIDENT & COO
Reflecting on the first-quarter numbers and the impacts of the COVID-19 outbreak on the market, Mike Grady, Coldwell Banker Bain president and COO, said, “Until March 27, all of our markets were just about as good as we’ve ever seen. While new listings were down a few percentage points, mutually accepted offers were up about three percent and our average sales price was up almost 20 percent year over year to date! We expect that all numbers will decline in April and May as a direct result of the valid concerns over COVID 19. We also anticipate that April and May will be the 'bridge months' before the market returns to more of a normal activity level, of course assuming we all abide by state guidance.
closed 327 sales and our average sales price is up more than 13 percent. We are even hearing of multiple offer situations in several markets and price ranges – all while adhering to CDC and state safety guidelines. This is good news, and even with our challenges, both buyers and sellers can do a deal that serves them in a safe manner. Buyers can take advantage of extremely low interest rates and those sellers on the market are motivated. For sellers, the continued low inventory and expected slowing of new listings over the next few weeks means their homes can be seen now like never before.”
Activity continues, however. In the first 11 days of April we listed 100 new properties, sold 417 properties,
2020 Q1 PACIFIC NORTHWEST MARKET REPORT
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202O Q1 MARKET REPORT
MIKE WINKLER Said Mike Winkler, Principal Managing Broker of Coldwell Banker Bain of Mercer Island, “Mercer Island closed-unit numbers at the end of March were identical to 2019, with 58 homes closing by the end of March of this year and 58 closing in the same period in 2019. The average sales price for the first quarter of this year was up 7.9%, with 2019’s MEDIAN SOLD PRICE coming in at $1,762,569, compared to $1,901,857 this year. The median sales price for sold properties through the end of March was also up 7.6%, with 2019 closed prices coming in at $1,512,500, as opposed to $1,627,500 in Q1 2020. The average time on the market for sold properties in 2019 was 51 days, compared to 75 days through March 31 of 2020. Without question, the topic on everyone’s mind is the health, safety, and welfare of our loved ones, friends and community, and rightfully so, amidst these days of
4 2020 Q1 PACIFIC NORTHWEST MARKET REPORT
PRINCIPAL MANAGING BROKER OF MERCER ISLAND
COVID-19. As it relates to real estate, every potential seller or buyer is also asking ‘what’s happening with the market with COVID-19 and the economy’, and that too, is understandable. Our governor recognized that despite COVID-19, there are legitimate reasons for sellers and buyers to transact, such as supporting our state’s employers/ economy, and as a result, the real estate community is allowed to operate within a set of narrow parameters, and we are. Naturally, safety is the critical component, and we are earnestly working to achieve our clients' goals, under strict safety protocols. Current sellers and those planning to enter the market are serious about selling, and the buyers are more qualified than ever, and with wise counsel from a competent broker, they are both proving to be successful.”
EASTSIDE AREA
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
BELLEVUE / BOTHELL / CARNATION / CLYDE HILL / DUVALL / ISSAQUAH / KIRKLAND / MEDINA / MERCER ISLAND
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
$830K
Eastside Area
44 $1.23M
Bellevue
46
$671K
Bothell
41
$742K
Carnation
103
$2.6M
Clyde Hill
49
$651K
Duvall
34
$882K
Issaquah Kirkland
38
$1.135M
33 $3.55M
Medina
51
$1.63M
Mercer Island $500K
$1M
$1.5M
108
$2M
$2.5M
$3M
$3.5M
$ 4M
NUMBER OF SALES CLOSED 350 300 250
1,806 | TOTAL SALES CLOSED
309
200
209
150
194
100
32
11
Carnation
Clyde Hill
50
57
31 92
9
0
Bellevue
Bothell
Duvall
800 INVENTORY IN UNITS / 03.31.2020
Issaquah
Kirkland
Medina
TOTAL EASTSIDE INVENTORY / 909
Mercer Island
-43.5%
700 600
106
106
14
13
27
43
128
17
43
-45.1%
-51.4%
-53.3%
-7.1%
-12.9%
-56.6%
-25.6%
-15.0%
-48.2%
Bothell
Carnation
Clyde Hill
Duvall
Issaquah
Kirkland
Medina
Mercer Island
500
400
Bellevue 300 200 100
2020 Q1 PACIFIC NORTHWEST MARKET REPORT
5
202O Q1 MARKET REPORT
EJ BOWLDS “ The 2020 market on the Eastside began as predicted with low inventory, rising prices, lower days on market and multiple offers on many listings,” said EJ Bowlds, Principal Managing Broker of Coldwell Banker Bain of Bellevue. “In the residential market (excluding condominiums) the number of sold units was up nearly 6% from the first quarter last year with median prices up nearly 3% and the average home selling at 101.6% over list price. While the number of pending units (under contract but not closed) declined the last two weeks of the quarter due to the COVID-19 outbreak, closing numbers remained strong through the end of the quarter as those transactions were written prior to the effect of the epidemic impacting the market. In the Luxury market (over $2 million) prices for the quarter were virtually the same as the first quarter of 2019 but with nearly 30% more units sold. Listing inventory, which was sparse to begin with, fell even
6 2020 Q1 PACIFIC NORTHWEST MARKET REPORT
PRINCIPAL MANAGING BROKER OF BELLEVUE
further as we neared the end of the quarter. In March, Eastside inventory fell over 40% from March of 2019. Obviously, many sellers who normally would have listed their homes decided to take a wait-and-see attitude regarding the COVID-19 outbreak. Surprisingly enough, at the end of the quarter there was still a strong pool of buyers looking to purchase. Also, as of this date we see little if any downward pressure on prices on the Eastside. We believe the stability we see in prices is indicative of the unusually low inventory which is still producing some multiple offers on listings. The amount of interest in buying and selling real estate has surprised many real estate brokers. As they reach out to those they know just to check in on a personal basis, they hear more questions about buying and selling in this market than they were expecting. And while many buyers and sellers are waiting to see what the future holds, a significant number are moving ahead with their real estate acquisition or selling plans.”
EASTSIDE AREA
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
NEWCASTLE / NORTH BEND / RENTON / REDMOND / SAMMAMISH / SNOQUALMIE / WOODINVILLE
MEDIAN SOLD PRICE (NEAREST $000) $1.163M
Newcastle
58
$970K
Redmond
36
$565K
350 Renton
39 $1.095M
300 Sammamish 250 Snoqualmie 200
Woodinville
150
Condos
50
69
$700K
North Bend
100
AVERAGE DOM
48
$730K
16
$850K
42
$464K
33 $875K
Waterfront (SF Only)
69 $2.48M
Luxury
0 ($2+M | SF+C)
$500K
$1M
$1.5M
$2M
$2.5M
89 $3M
NUMBER OF SALES CLOSED 800 700
1,806 | TOTAL SALES CLOSED
600
688
500 400 300
182
147
200
28
100
312
63
83
47
41
121
0
Newcastle
North Bend
Redmond
Renton
Sammamish Snoqualmie
Woodinville
Condos
Waterfront
TOTAL EASTSIDE INVENTORY / 909
INVENTORY IN UNITS / 03.31.2020
Luxury
-43.5%
11
39
75
144
80
21
42
243
55
181
-65.6%
-40.0%
-43.2%
-37.4%
-50.9%
-38.2%
-54.3%
-40.6%
-32.1%
-24.9%
Newcastle
North Bend
Redmond
Renton
Sammamish
Snoqualmie
Woodinville
Condos
Waterfront
Luxury
2020 Q1 PACIFIC NORTHWEST MARKET REPORT
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EASTSIDE AREA TOTAL EASTSI D E AREA Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
1,806
1,797
+0.5%
MEDIAN SOLD PRICE
$830K
$785K
+5.7%
44
57
-22.8%
MEDIAN SOLD PRICE
99%
96%
+3.1%
UP +5.7% from 2019
Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
688
3627
+9.7%
MEDIAN SOLD PRICE
$464K
$450K
+3.1%
33
47
-29.8%
MEDIAN SOLD PRICE
100%
97%
+3.1%
UP +3.1% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$830K
CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2020 Q1 PACIFIC NORTHWEST MARKET REPORT
$464K
EASTSIDE AREA WATERFRONT
Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
41
39
+5.1%
MEDIAN SOLD PRICE
$875K
$1.18M
-25.8%
69
111
-37.8%
MEDIAN SOLD PRICE
95%
91%
+3.1%
DOWN -25.8% from 2019
Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
121
95
+27.4%
MEDIAN SOLD PRICE
$2.48M
$2.5M
-0.8%
$2.48M
89
97
-8.2%
MEDIAN SOLD PRICE
96%
95%
+4.4%
DOWN -0.8% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$875K LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2020 Q1 PACIFIC NORTHWEST MARKET REPORT
9
EASTSIDE AREA BELLEVU E Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
209
210
-0.5%
MEDIAN SOLD PRICE
$1.23M
$1.1M
+11.8%
$1.23M
46
50
-8.0%
MEDIAN SOLD PRICE
98%
96%
+2.0%
UP +11.8% from 2019
Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
309
315
-1.9%
MEDIAN SOLD PRICE
$671K
$692K
-3.0%
$671K
41
57
-28.1%
MEDIAN SOLD PRICE
100%
96%
+4.2%
DOWN -3.0% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE% BOTHELL
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2020 Q1 PACIFIC NORTHWEST MARKET REPORT
EASTSIDE AREA CARNATI ON
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
32
21
+52.4%
MEDIAN SOLD PRICE
$742K
$635K
+16.9%
$742K
AVERAGE DAYS ON MARKET
103
78
+32.1%
MEDIAN SOLD PRICE
SOLD/LIST PRICE%
95%
94%
+1.1%
UP +16.9% from 2019
Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
11
12
-8.3%
MEDIAN SOLD PRICE
$2.6M
$2.624M
-0.9%
$2.6M
49
65
-24.6%
MEDIAN SOLD PRICE
98%
97%
+1.0%
CLYDE HILL
Q1 | 2020
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
DOWN -0.9% from 2019
2020 Q1 PACIFIC NORTHWEST MARKET REPORT 11
EASTSIDE AREA D U VALL Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
31
38
-18.4%
MEDIAN SOLD PRICE
$651K
$640K
+1.7%
34
60
-43.3%
MEDIAN SOLD PRICE
98%
100%
-2.0%
UP +1.7% from 2019
Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
92
110
-16.4%
MEDIAN SOLD PRICE
$882K
$823K
+7.2%
$882K
38
68
-44.1%
MEDIAN SOLD PRICE
100%
96%
+4.2%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$651K
ISSAQUAH
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
12 2020 Q1 PACIFIC NORTHWEST MARKET REPORT
UP +7.2% from 2019
EASTSIDE AREA K I RK LAND
Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
194
204
-4.9%
MEDIAN SOLD PRICE
$1.135M
$901K
+26.0%
$1.135M
33
46
-28.3%
MEDIAN SOLD PRICE
100%
97%
+3.1%
UP +26.0% from 2019
Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
9
7
+28.6%
MEDIAN SOLD PRICE
$3.55M
$2.87M
+23.7%
$3.55M
51
83
-38.6%
MEDIAN SOLD PRICE
99%
97%
+2.1%
UP +23.7% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
MEDINA
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2020 Q1 PACIFIC NORTHWEST MARKET REPORT 13
EASTSIDE AREA M ERCER I SLAND Q1 | 2019
CHANGE
TOTAL HOMES SOLD
57
60
-5.0%
MEDIAN SOLD PRICE
$1.63M
$1.593M
+2.3%
$1.63M
AVERAGE DAYS ON MARKET
108
54
+100%
MEDIAN SOLD PRICE
SOLD/LIST PRICE%
96%
96%
+0.0%
UP +2.3% from 2019
Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
28
13
+115.4%
MEDIAN SOLD PRICE
$1.163M
$700K
+66.1%
$1.163M
69
80
-13.7%
MEDIAN SOLD PRICE
99%
97%
+2.1%
NEWCASTLE
Q1 | 2020
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
14 2020 Q1 PACIFIC NORTHWEST MARKET REPORT
UP +66.1% from 2019
EASTSIDE AREA NOR TH BEND
Q1 2020
Q1 2019
CHANGE
TOTAL HOMES SOLD
63
54
+16.7%
MEDIAN SOLD PRICE
$700K
$651K
+7.5%
$700K
58
60
-3.3%
MEDIAN SOLD PRICE
100%
92%
+8.7%
Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
147
141
+4.3%
MEDIAN SOLD PRICE
$970K
$936K
+3.6%
$970K
36
47
-23.4%
MEDIAN SOLD PRICE
101%
97%
+4.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +7.5% from 2019
REDMOND
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +3.6% from 2019
2020 Q1 PACIFIC NORTHWEST MARKET REPORT 15
EASTSIDE AREA RENTON Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
312
293
+6.5%
MEDIAN SOLD PRICE
$565K
$550K
+2.7%
$565K
39
59
-33.9%
MEDIAN SOLD PRICE
100%
96%
+4.2%
Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
182
168
+8.3%
MEDIAN SOLD PRICE
$1.095M
$1.002M
+9.3%
$1.095M
48
68
-29.4%
MEDIAN SOLD PRICE
99%
97%
+2.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +2.7% from 2019
SAMMAMISH
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
16 2020 Q1 PACIFIC NORTHWEST MARKET REPORT
UP +9.3% from 2019
EASTSIDE AREA SNOQU ALM I E
Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
47
43
+9.3%
MEDIAN SOLD PRICE
$730K
$710K
+2.8%
$730K
16
51
-68.6%
MEDIAN SOLD PRICE
100%
98%
+2.0%
Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
83
108
-23.1%
MEDIAN SOLD PRICE
$850K
$922K
-7.8%
$850K
42
73
-42.5%
MEDIAN SOLD PRICE
98%
97%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +2.8% from 2019
WOODINVILLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
DOWN -7.8% from 2019
2020 Q1 PACIFIC NORTHWEST MARKET REPORT 17
*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.