SEATTLE Q1 2020 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 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 QUARTERLY 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 QUARTERLY PACIFIC NORTHWEST MARKET REPORT
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202O Q1 QUARTERLY REPORT
JOHN DEELY
PRINCIPAL MANAGING BROKER OF LAKE UNION & MADISON PARK
John Deely, Principal Managing Broker of Coldwell Banker Bain of Lake Union, Madison Park and Magnolia, said, “The 2020 market started off with high buyer demand for an inventory depleted through the end of 2019. The normal buildup of inventory in the spring has been curtailed by the COVID-19 outbreak with many sellers holding off on bringing their homes to market. Inventory was down significantly from last year with double-digit decreases in all selected areas except east-central with a change of only -8.7% in available inventory. Home price increases have slowed in the selected areas with only a few showing negative growth and the
4 2020 Q1 QUARTERLY PACIFIC NORTHWEST MARKET REPORT
majority turning single-digit appreciation. Most homes sold in the selected areas closed at 98% to 100% of their list price with only the Ballard/Green Lake area coming in over list at 101%. The luxury market (single-family and condo over $2M) had a price change of 14.3% from same quarter in 2019. The downtown condo market was showing the greatest increase of sold units with an increase of over 183% with the overall condo market showing a healthy increase of 49%.�
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 33
$1.051M
Queen Anne & Magnolia
32
$850K
Central Seattle
40
$820K
Northeast Seattle
33
$777K
Ballard & Greenlake
41
$661K
West Seattle
42
$630K
Southeast Seattle SODO & Beacon Hill
$604K
46
Downtown Condos
$615K
39 37
$760K
All Seattle Residential
50
$497K
All Seattle Condos Waterfront (SF Only)
82
$1.25M $2.4M
Luxury ($2+M | SF+C) $500K
$1M
$1.5M
$2M
76 $2.5M
NUMBER OF SALES CLOSED
1.5K
1,524 | TOTAL AREA SALES CLOSED 1524 1588
1K
420 500
142
203
214
316 116
113
Southeast Seattle
SODO & Beacon Hill
258
713 17
43
0
Queen Anne & Magnolia
Central Seattle
Northeast Seattle
Ballard & Greenlake
West Seattle
Downtown Condos
All Seattle Residential
All Seattle Condos
Area Waterfront
TOTAL SEATTLE INVENTORY / 885
INVENTORY IN UNITS / 03.31.2020
Area Luxury
-31.3%
79
115
81
128
99
67
39
139
608
379
26
88
-23.3%
-8.7%
-22.9%
-37.9%
-51.9%
-15.2%
-33.9%
-25.3%
-31.3%
-29.6%
-21.2%
-22.1%
Queen Anne & Magnolia
Central Seattle
Northeast Seattle
Ballard & Greenlake
West Seattle
Southeast Seattle
SODO & Beacon Hill
Downtown Condos
All Seattle Residential
All Seattle Condos
Area Waterfront
Area Luxury
2020 Q1 QUARTERLY PACIFIC NORTHWEST MARKET REPORT
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SEATTLE AREA TOTAL SEATTLE AREA Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
1524
1354
+12.6%
MEDIAN SOLD PRICE
$760K
$730K
+4.1%
$760K
37
47
-21.3%
MEDIAN SOLD PRICE
100%
97%
-3.1%
UP +4.1% from 2019
Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
713
478
+49.2%
MEDIAN SOLD PRICE
$497K
$473K
+5.1%
$497K
50
65
-23.1%
MEDIAN SOLD PRICE
98%
93%
+5.4%
UP +5.1% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE% CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
6 2020 Q1 QUARTERLY PACIFIC NORTHWEST MARKET REPORT
SEATTLE AREA WATERFRONT
Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
17
11
+54.5%
MEDIAN SOLD PRICE
$1.25M
$866K
-44.3%
$1.25M
82
60
+36.7%
MEDIAN SOLD PRICE
95%
95%
+0.0%
UP +44.3% from 2019
Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
43
32
+34.4%
MEDIAN SOLD PRICE
$2.4M
$2.8M
-14.3%
$2.4M
76
124
+38.7%
MEDIAN SOLD PRICE
98%
92%
+6.5%
DOWN -14.3% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2020 Q1 QUARTERLY PACIFIC NORTHWEST MARKET REPORT
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SEATTLE AREA QU EEN ANNE & M AGNOLI A Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
142
105
+35.2%
MEDIAN SOLD PRICE
$1.051M
$985K
+6.7%
$1.051M
33
60
-45.0%
MEDIAN SOLD PRICE
99%
96%
+3.1%
Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
203
169
+20.1%
MEDIAN SOLD PRICE
$850K
$915K
-7.1%
32
45
-28.9%
MEDIAN SOLD PRICE
100%
97%
+3.1%
DOWN -7.1% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +6.7% from 2019
CENTRAL SEATTLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2020 Q1 QUARTERLY PACIFIC NORTHWEST MARKET REPORT
$850K
SEATTLE AREA NOR THEAST SEATTLE
Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
214
190
+12.6%
MEDIAN SOLD PRICE
$820K
$771K
+6.4%
$820K
40
45
-11.1%
MEDIAN SOLD PRICE
100%
97%
+3.1%
Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
420
383
+9.7%
MEDIAN SOLD PRICE
$770K
$757K
+2.6%
$770K
33
42
-21.4%
MEDIAN SOLD PRICE
101%
98%
+3.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +6.4% from 2019
BALLARD & GREENLA KE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +2.6% from 2019
2020 Q1 QUARTERLY PACIFIC NORTHWEST MARKET REPORT
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SEATTLE AREA W EST SEATTLE Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
316
294
+7.5%
MEDIAN SOLD PRICE
$661K
$631K
+4.8%
$661K
41
48
-14.6%
MEDIAN SOLD PRICE
99%
97%
+2.1%
Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
116
218
-9.4%
MEDIAN SOLD PRICE
$630K
$590K
+6.8%
$630K
42
51
-17.6%
MEDIAN SOLD PRICE
99%
98%
+1.0%
UP +6.8% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +4.8% from 2019
SOUTHEAST SEATTL E
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2020 Q1 QUARTERLY PACIFIC NORTHWEST MARKET REPORT
SEATTLE AREA SOD O & BEACON HI LL
Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
113
85
+32.9%
MEDIAN SOLD PRICE
$604K
$630K
-4.1%
$604K
46
56
-17.9%
MEDIAN SOLD PRICE
99%
97%
+2.1%
Q1 | 2020
Q1 | 2019
CHANGE
TOTAL HOMES SOLD
258
91
+183.5%
MEDIAN SOLD PRICE
$615K
$655K
-6.1%
39
87
-55.2%
MEDIAN SOLD PRICE
98%
88%
+11.4%
DOWN -6.1% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
DOWN -4.1% from 2019
DOWNTOWN COND OS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$615K 2020 Q1 QUARTERLY PACIFIC NORTHWEST MARKET REPORT 11
*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.