SOUTH SOUND 2020 Q1 MARKET REPORT
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2020 Q1 MARKET REPORT
MIKE GRADY
COLDWELL BANKER BAIN PRESIDENT & COO
Reflecting on the first-quarter numbers and the
Activity continues, however. In the first 11 days
impacts of the COVID-19 outbreak on the market,
of April we listed 100 new properties, sold 417
Mike Grady, Coldwell Banker Bain president and
properties, closed 327 sales and our average
COO, said, “Until March 27, all of our markets
sales price is up more than 13 percent. We are
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
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
will be the 'bridge months' before the market
continued low inventory and expected slowing of
returns to more of a normal activity level, of course
new listings over the next few weeks means their
assuming we all abide by state guidance.
homes can be seen now like never before.”
2020 Q1 PACIFIC NORTHWEST MARKET REPORT
3
2020 Q1 MARKET REPORT
CHRIS MURPHY
BROKER AT COLDWELL BANKER BAIN OF TACOMA PROCTOR
Chris Murphy, a broker in Coldwell Banker Bain of
number of sold properties increased 12.5%. King and
Tacoma Proctor, and author of washingtonwaterfronts.
Kitsap counties saw a 33% increase in sold waterfront
com, said “In the first quarter of 2020, the seven counties
properties and, topping the charts, Snohomish County
included in this analysis experienced a 26% decrease
waterfront sales increased 62.5% over the number of
in active waterfront inventory, a 12.5% increase in
sales in the first quarter of 2019.
sold waterfront properties, and a 10% increase in the median price of sold waterfront homes.
While it must be anticipated that COVID-19 will have at least some impact on waterfront real estate transactions,
The biggest story of the first quarter is the significant
the typical influx of waterfront listings coming on the
decrease in active waterfront listings. Apart from
market in early Q2 has not occurred yet. It can be
Whatcom County, every other county experienced a
assumed that waterfront homeowners are postponing
double-digit decline in actively listed waterfront homes.
listing their property to mitigate the spread of the virus. Considering the significantly lower inventory levels we
Snohomish and Skagit counties realized the greatest
experienced going into the pandemic, it leads me to
decline in actively listed waterfront homes with 48.6%
believe that the timing is ideal to list a waterfront home
and 59.5% decreases, respectively. King and Kitsap
and capitalize on the virtually nonexistent waterfront
counties saw 29% and 26%, respectively, and Pierce
competition.”
and Island counties had inventory declines of 15%. *Information and statistics derived by CB Bain from the With his drastic decline in inventory, one might expect
Northwest Multiple Listing Service (NWMLS). Statistics
the number of sold waterfront properties to decrease
not compiled or published by the NWMLS.
(at least slightly), however that wasn’t the case in the first quarter. Across the seven counties analyzed, the 4 2020 Q1 PACIFIC NORTHWEST MARKET REPORT
SOUTH SOUND AREA
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
BAINBRIDGE ISLAND / SILVERDALE / GIG HARBOR & KEY PENINSULA / NORTH TACOMA, LAKEWOOD & UNIVERSITY PLACE / PUYALLUP & GRAHAM /
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
South Sound Area
38
$465K
Bainbridge Island
77
$943K
31
$438K
Silverdale Gig Harbor & Key Peninsula
66
$534K
N. Tacoma, Lkwd. & Univ. Pl.
$403K
25
Puyallup & Graham
$399M
32
$200K
$400K
$600K
$800K
$1.0M
NUMBER OF SALES CLOSED 800
3,544
700 600
TOTAL SALES CLOSED
500 400
286
300 200
66
100
617 470
58
0
Bainbridge Bainbridge Island Island
Silverdale Silverdale
Gig GigHarbor Harbor& & Key KeyPeninsula Peninsula
1000 800 600
Puyallup Puyallup && Graham Graham
TOTAL SOUTH SOUND INVENTORY / 1521
INVENTORY IN UNITS / 03.31.2020
1200
N.N. Tacoma, Tacoma, Lkwd. & Univ. Pl. Pl. Lkwd. & Univ.
46
15
199
138
191
+7.0%
-8.10%
+9.8%
0.0%
-3.0%
Bainbridge Island
Silverdale
Gig Harbor & Key Peninsula
N. Tacoma, Lkwd. & Univ. Pl.
Puyallup & Graham
-29.2%
2020 Q1 PACIFIC NORTHWEST MARKET REPORT
5
2019 ANNUAL REPORT
STEPHANIE CALLEN
BROKER AT CB BAIN PUYALLUP
“After being one of the top counties across the nation,
Brokers, lenders, inspectors and escrow companies
the COVID-19 pandemic has put a giant crease in
have been able to facilitate transactions with strict
Pierce county's fast-paced market as far as closed
guidelines amid major concerns. Buyers who are
sales are concerned. Home sale prices tell a different
looking now are serious – they need a place to live.
story, however,” said Stephanie Callen, a broker in the
Some sellers are still getting multiple offers, but most
Coldwell Banker Bain of Puyallup office.
sellers are forced to be more patient than usual as the market navigates this new normal.
“Pierce County did spike a new level in closed-sales prices in the first quarter of 2020. The median closed-
Despite everything, interest rates are low, inventory is
sale price for existing single-family homes is now
low, and sellers are able to spend more time getting
close to $400,000, up 13% over last year. Condo
their homes ready. We think we see a glimmer at the
prices are up close to 7%. The numbers show
end of the tunnel!”
2,729 closed sales of existing homes is down nearly 4.5% from 2019, however condos are up 13.5% in the same period. Gig Harbor home sale prices are up 10% over last year and Tacoma area home sale prices are up 3%.
6 2020 Q1 PACIFIC NORTHWEST MARKET REPORT
SOUTH SOUND AREA
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
LAKE TAPPS & BONNEY LAKE / SE KING COUNTY / SW KING COUNTY /
AVERAGE DOM
MEDIAN SOLD PRICE (NEAREST $000) 800 700
Lake Tapps 600 & Bonney Lake
41
$480K
500
38
$508K
SE King400 County 300
SW King 200 County
40
$478K
100
Condos
33
$270K
0
Bainbridge Island
Waterfront
Silverdale
Gig Harbor & Key Peninsula
$788K
(SF Only)
N. Tacoma, Lkwd. & Univ. Pl.
Puyallup & Graham
Luxury
80 109
$1.2M
($2+M | SF+C $200K
$400K
$600K
$800K
$1.0M
$1.2M
NUMBER OF SALES CLOSED 1200 1000 800
3,544
1090
TOTAL SALES CLOSED
600
333
624
400
528
200
2936 92
90
0
SE King SE King County
SW King SW King County
County
County
Lake Tapps & Lake Tapps Bonney Lake &
Condos
Condos
Bonney Lake
INVENTORY IN UNITS / 03.31.2020
Waterfront
(SF Only) Waterfront
(SF Only)
Luxury
($2+MLuxury | SF+C)
($2+M | SF+C)
TOTAL SOUTH SOUND INVENTORY / 1521
472
247
178
214
110
219
- 31.1%
-35.7%
-11.9%
-1.8%
-17.3%
+ 4.8%
SE King County
SW King County
Lake Tapps & Bonney Lake
Condos
Waterfront (SF Only)
-29.2%
Luxury
($2+M | SF+C)
2020 Q1 PACIFIC NORTHWEST MARKET REPORT
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SOUTH SOUND TOTAL SOU TH SOU ND AREA 2020 Q1
2019 Q1
CHANGE
TOTAL HOMES SOLD
3544
3595
-1.4%
MEDIAN SOLD PRICE
$465,000
$420,000
+10.7%
$465K
38
56
-32.1%
MEDIAN SOLD PRICE
99%
97%
+2.1%
UP +10.7% from 2019
2020 Q1
2019 Q1
CHANGE
TOTAL HOMES SOLD
528
498
+6.0%
MEDIAN SOLD PRICE
$270,000
$249,000
+8.4%
$270K
33
36
-8.3%
MEDIAN SOLD PRICE
99%
99%
+0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE% CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2020 Q1 PACIFIC NORTHWEST MARKET REPORT
UP +8.4% from 2019
SOUTH SOUND WATERFRONT
2020 Q1
2019 Q1
CHANGE
TOTAL HOMES SOLD
92
81
+13.6%
MEDIAN SOLD PRICE
$788,000
$737,000
+6.9%
80
92
-13.0%
MEDIAN SOLD PRICE
92%
93%
-1.1%
UP +6.9% from 2019
2020 Q1
2019 Q1
CHANGE
TOTAL HOMES SOLD
90
77
+16.9%
MEDIAN SOLD PRICE
$1,200,000
$1,244,000
-3.5%
$1.2M
72
75
-4.00%
MEDIAN SOLD PRICE
95%
95%
+0%
DOWN -3.5% from 2018
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$788K LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2020 Q1 PACIFIC NORTHWEST MARKET REPORT
9
SOUTH SOUND BAI NBRI D GE I SLAND 2020 Q1
2019 Q1
CHANGE
TOTAL HOMES SOLD
66
50
+32.0%
MEDIAN SOLD PRICE
$943,000
$843,000
+11.9%
$943K
77
67
+14.9%
MEDIAN SOLD PRICE
93%
95%
-2.1%
2020 Q1
2019 Q1
CHANGE
TOTAL HOMES SOLD
58
57
+1.8%
MEDIAN SOLD PRICE
$438,000
$405,000
+8.1%
31
50
-38.0%
MEDIAN SOLD PRICE
100%
98%
+2%
UP +8.1% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +11.9% from 2019
SILVERDALE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2020 Q1 PACIFIC NORTHWEST MARKET REPORT
$438K
SOUTH SOUND GI G HARBOR & K EY PENI NSU LA
2019 Q1
CHANGE
TOTAL HOMES SOLD
286
261
+9.6%
MEDIAN SOLD PRICE
$534,000
$525,000
+1.7%
$534K
66
82
-19.5%
MEDIAN SOLD PRICE
97%
97%
+0%
UP +1.7% from 2019
2020 Q1
2019 Q1
CHANGE
TOTAL HOMES SOLD
470
546
-13.9%
MEDIAN SOLD PRICE
$403,000
$365,000
+10.4%
$403K
25
47
-46.8%
MEDIAN SOLD PRICE
100%
97%
+3.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
N. TACOMA, LAKEWO OD & UNIV ERS IT Y P LACE
2020 Q1
UP +10.4% from 2019
2020 Q1 PACIFIC NORTHWEST MARKET REPORT 11
SOUTH SOUND PU YALLU P & GRAHAM 2020 Q1
2019 Q1
CHANGE
TOTAL HOMES SOLD
617
665
-7.2%
MEDIAN SOLD PRICE
$399,000
$360,000
+10.8%
$399K
32
33
-3.00%
MEDIAN SOLD PRICE
99%
99%
+0%
UP +10.8% from 2019
2020 Q1
2019 Q1
CHANGE
TOTAL HOMES SOLD
333
315
+5.7%
MEDIAN SOLD PRICE
$480,000
$430,000
+11.6%
$480K
41
47
-12.8%
MEDIAN SOLD PRICE
101%
98%
+3.1%
UP +11.6% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE% LAKE TAPPS & BONNE Y LA KE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
12 2020 Q1 PACIFIC NORTHWEST MARKET REPORT
SOUTH SOUND SE K I NG COU NTY
2020 Q1
2019 Q1
CHANGE
TOTAL HOMES SOLD
1090
1081
+0.8%
MEDIAN SOLD PRICE
$508,000
$471,000
+7.9%
$508K
38
57
-33.3%
MEDAIN SOLD PRICE
100%
97%
+3%
UP +7.9% from 2019
2020 Q1
2019 Q1
CHANGE
TOTAL HOMES SOLD
624
620
+0.6%
MEDIAN SOLD PRICE
$478,000
$423,000
+13.0%
$478K
40
57
-29.8%
MEDIAN SOLD PRICE
99%
97%
+2.1%
UP +13.0% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
SW KING COUNTY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2020 Q1 PACIFIC NORTHWEST MARKET REPORT 13
*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.