WATERFRONT COUNTIES 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
CHRIS MURPHY Chris Murphy, a broker in Coldwell Banker Bain of Tacoma Proctor, and author of washingtonwaterfronts.com, said “In the first quarter of 2020, the seven counties included in this analysis experienced a 26% decrease in active waterfront inventory, a 12.5% increase in sold waterfront properties, and a 10% increase in the median price of sold waterfront homes. The biggest story of the first quarter is the significant decrease in active waterfront listings. Apart from Whatcom County, every other county experienced a double-digit decline in actively listed waterfront homes. Snohomish and Skagit counties realized the greatest decline in actively listed waterfront homes with 48.6% and 59.5% decreases, respectively. King and Kitsap counties saw 29% and 26%, respectively, and Pierce and Island counties had inventory declines of 15%.
4 2020 Q1 PACIFIC NORTHWEST MARKET REPORT
BROKER FOR TACOMA PROCTOR
With this drastic decline in inventory, one might expect the number of sold waterfront properties to decrease (at least slightly), however that wasn’t the case in the first quarter. Across the seven counties analyzed, the number of sold properties increased 12.5%. King and Kitsap counties saw a 33% increase in sold waterfront properties and, topping the charts, Snohomish County waterfront sales increased 62.5% over the number of sales in the first quarter of 2019. While it must be anticipated that COVID-19 will have at least some impact on waterfront real estate transactions, the typical influx of waterfront listings coming on the market in early Q2 has not occurred yet. It can be assumed that waterfront homeowners are postponing listing their property to mitigate the spread of the virus. Considering the significantly lower inventory levels we experienced going into the pandemic, it leads me to believe that the timing is ideal to list a waterfront home and capitalize on the virtually nonexistent waterfront competition.”
WATERFRONT
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
KING / ISLAND / KITSAP / PIERCE / SKAGIT / SNOHOMISH / THURSTON / WHATCOM /
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
King
95
$767K
55
$692K
Island
99
$570K
Kitsap
$535K
Pierce
61 158
$630K
Skagit
$521K
Snohomish Thurston
57
$448K
Whatcom
63 92
$409K $100K
$200K
$300K
$400K
$500K
$700K
$600K
$800K
NUMBER OF SALES CLOSED 200
485
150
TOTAL SALES CLOSED
158
100
19
50
61
59
Kitsap
Pierce
23
42
51
72
0
Island
King
Skagit
Snohomish
Thurston
Whatcom
TOTAL WATERFRONT INVENTORY / 545
INVENTORY IN UNITS / 03.31.20
39
158
51
87
32
54
39
85
-23.5%
-26.5%
-36.2%
-13.0%
-23.8%
-31.6%
+11.4%
-4.5%
2020 Q1 PACIFIC NORTHWEST MARKET REPORT
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WATERFRONT I S LA ND COU NT Y
Q1 2020
Q1 2019
CHANGE
TOTAL HOMES SOLD
19
24
-20.8%
MEDIAN SOLD PRICE
$767K
$541K
+41.8%
$767K
95
109
-12.8%
MEDIAN SOLD PRICE
94%
94%
+0.0%
UP +41.8% from 2019
Q1 2020
Q1 2019
CHANGE
TOTAL HOMES SOLD
158
130
-3.40%
MEDIAN SOLD PRICE
$692K
$650K
+6.5%
$692K
55
73
-24.7%
MEDIAN SOLD PRICE
95%
92%
+3.3%
UP +6.5% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE% K I NG CO UNTY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
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WATERFRONT KI TS A P COU NT Y
Q1 2020
Q1 2019
CHANGE
TOTAL HOMES SOLD
319
359
-11.1%
MEDIAN SOLD PRICE
$570K
$629K
-9.4%
99
76
+30.3%
MEDIAN SOLD PRICE
89%
92%
-3.3%
DOWN -9.4% from 2019
Q1 2020
Q1 2019
CHANGE
TOTAL HOMES SOLD
59
78
-24.4%
MEDIAN SOLD PRICE
$535K
$662K
-19.2%
61
86
-29.1%
MEDIAN SOLD PRICE
97%
94%
+3.2%
DOWN -19.2% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$570K PI E R CE CO UNTY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$535K 2020 Q1 PACIFIC NORTHWEST MARKET REPORT
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WATERFRONT S KA GI T
Q1 2019
CHANGE
TOTAL HOMES SOLD
23
23
+0.0%
MEDIAN SOLD PRICE
$630K
$669K
-5.8%
$630K
AVERAGE DAYS ON MARKET
158
118
+33.9%
MEDIAN SOLD PRICE
SOLD/LIST PRICE%
96%
89%
+7.9%
DOWN -5.8% from 2019
Q1 2020
Q1 2019
CHANGE
TOTAL HOMES SOLD
72
62
+16.1%
MEDIAN SOLD PRICE
$521K
$537K
-3.0%
57
71
-19.7%
MEDIAN SOLD PRICE
96%
95%
+1.1%
DOWN -3.0% from 2019
SNO HO MI SH
Q1 2020
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2020 Q1 PACIFIC NORTHWEST MARKET REPORT
$521K
WATERFRONT THU R S TON
Q1 2020
Q1 2019
CHANGE
TOTAL HOMES SOLD
42
33
+7.7%
MEDIAN SOLD PRICE
$448K
$430K
+4.2%
$448K
63
70
+10.0%
MEDIAN SOLD PRICE
96%
93%
+3.2%
UP +4.2% from 2019
Q1 2020
Q1 2019
CHANGE
TOTAL HOMES SOLD
51
37
+37.8%
MEDIAN SOLD PRICE
$409K
$386
+6.0%
$409K
92
135
-31.9%
MEDIAN SOLD PRICE
93%
93%
+0.0%
UP +6.0% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
WHATCO M
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.