PUGET SOUND 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 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.
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
CATHERINE WEIR
TOP-PRODUCING BROKER FOR ISSAQUAH
Catherine Weir, a top-producing broker in the Coldwell Banker Bain of Issaquah office, said,
January. Inventory remains the biggest issue with the
“We saw a strong start of the year in Issaquah and
and home prices almost always closing at or above
Sammamish with January and February looking
asking price.
entire quarter seeing between 1–2 months of inventory
reminiscent to 2018. Many homes saw multiple offers with escalations and open houses hosting 50+ people.
This indicates that buyers are still seeing value and
Not surprisingly, homes prices were on a very sharp rise
buying well priced homes. March saw listings start
in February. This momentum slowed considerably after
to slow in a time when they traditionally pick up, and
the stay home initiative was issued and open houses
fewer buyers touring homes. However, with homes
and many real estate activities stopped. However,
on average remaining on the market for only five days
March still ended on a relatively strong note with
those buyers are out there and the market continues to
home prices trending up around 5% on average from
move along.”
4 2020 Q1 PACIFIC NORTHWEST MARKET REPORT
PUGET SOUND COUNTIES
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
KING / ISLAND / KITSAP / PIERCE / SKAGIT / SNOHOMISH / THURSTON / WHATCOM /
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
Island
62
$394K
King
41
$690K
Kitsap
$395K
40
Pierce
$398K
34
Skagit
63
$385K
Snohomish
$515K
Thurston
37
$356K
Whatcom
30
$421K $100K
$200K
$300K
$400K
$500K
56 $600K
$700K
$800K
NUMBER OF SALES CLOSED 5K 4K
12,484
4731
TOTAL SALES CLOSED
3K
2729
2K 1K
761
2729
272
364
2148
934 545
0
Island
King
Kitsap
Pierce
Skagit
Snohomish
Thurston
Whatcom
TOTAL COUNTY INVENTORY / 5,706
INVENTORY IN UNITS / 03.31.2020
194
2119
376
1078
263
882
321
473
-31.4%
-37.4%
-12.4%
-25.2%
-22.2%
-25.8%
-29.9%
-1.3%
Island
King
Kitsap
Pierce
Skagit
Thurston
Whatcom
Snohomish
2020 Q1 PACIFIC NORTHWEST MARKET REPORT
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PUGET SOUND I SLAND COU NTY Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
272
293
-7.2%
MEDIAN SOLD PRICE
$394K
$355K
+11.0%
$394K
62
62
+0.0%
MEDIAN SOLD PRICE
96%
96%
+0.0%
UP +11.0% from 2019
Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
4731
4532
+4.4%
MEDIAN SOLD PRICE
$690K
$650K
+6.2%
$690K
41
54
-24.1%
MEDIAN SOLD PRICE
99%
96%
+3.1%
UP +6.2% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE% KING COUNTY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
6 2020 Q1 PACIFIC NORTHWEST MARKET REPORT
PUGET SOUND K I TSAP COU NTY
Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
761
786
-3.2%
MEDIAN SOLD PRICE
$395K
$350K
+12.9%
$395K
40
49
-18.4%
MEDIAN SOLD PRICE
98%
97%
+1.0%
UP +12.9% from 2019
Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
2,729
2,854
-4.4%
MEDIAN SOLD PRICE
$398K
$351K
+13.4%
$398K
34
49
-30.6%
MEDIAN SOLD PRICE
100%
98%
+2.0%
UP +13.4% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
PIERCE COUNTY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2020 Q1 PACIFIC NORTHWEST MARKET REPORT
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PUGET SOUND SK AGI T Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
364
351
+3.7%
MEDIAN SOLD PRICE
$385K
$345K
+11.6%
$385K
63
67
-6.0%
MEDIAN SOLD PRICE
98%
95%
+3.2%
Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
2,148
2,102
+2.2%
MEDIAN SOLD PRICE
$515K
$480K
+7.3%
$515K
37
52
-28.8%
MEDIAN SOLD PRICE
99%
97%
+2.1%
UP +7.3% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +11.6% from 2019
SNOHOMISH
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2020 Q1 PACIFIC NORTHWEST MARKET REPORT
PUGET SOUND THU RSTON
Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
934
919
+1.6%
MEDIAN SOLD PRICE
$356K
$325K
+9.5%
$356K
30
47
-36.2%
MEDIAN SOLD PRICE
100%
98%
+2.0%
UP +9.5% from 2019
Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
545
535
+1.9%
MEDIAN SOLD PRICE
$421K
$385K
+9.4%
$421K
56
65
-13.8%
MEDIAN SOLD PRICE
97%
96%
+1.0%
UP +9.4% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
WHATCOM
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2020 Q1 PACIFIC NORTHWEST MARKET REPORT
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*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.