SW Washington State | Q1 2020 Market Report

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SOUTHWEST WASHINGTON 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 1,100 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.

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, closed 327 sales and our average sales price is up

2020 Q1 PACIFIC NORTHWEST MARKET REPORT

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202O Q1 MARKET REPORT

DAVID KNODE

PRINCIPAL MANAGING BROKER OF VANCOUVER EAST

“ It seems as if with every turn of the head, every nod, every change of the channel on TV, we’re talking about COVID-19 or reading another related story,” said David Knode, Principal Managing Broker of Coldwell Banker Bain of Vancouver East. “Unfortunately, this worldwide pandemic is on the top of our mind and every waking thought. Real estate in Southwest Washington is no different. The company’s primary focus is keeping clients, brokers and staff safe.

Clark and Cowlitz counties the median sales price has risen: In Cowlitz it was just over 11%, and in Clark just over 5%. The number of closed sales in Clark County was almost exactly the same compared to 2019; however, in Cowlitz County it was up by just over 9%. Both counties have seen lower days on the market and a reduction of inventory. It feels (and has for some time) that the market in Cowlitz County has heated up due to prices and relative proximity to the Portland area.

We have altered the way we communicate with our brokers, and they have altered the way they communicate with their buyers and sellers. We are doing exactly what the CDC and Gov. Jay Inslee are allowing us to do in respect to completing our real estate activities. Restricted though it may be, we are still seeing good activity in the area. The trends for the first three months of 2020 were quite similar to the trends of the first three months of 2019. In both

So, the question is where does the market go from here? We are smack dab in the middle of a “Stay Home, Stay Safe" order. The business in this first quarter report had been initiated before any COVID-19 concerns. In just the past two weeks or so, we have noticed a slight slowdown in new listings hitting the market and new sales turned in – however, there is still activity. The real story will be how the second quarter of 2020 compares with the same period in 2019.”

4 2020 Q1 PACIFIC NORTHWEST MARKET REPORT


SW WASHINGTON

SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY

FISHERS LANDING / CAMAS / WASHOUGAL / HEIGHTS-CASCADE PARK / BRUSH PRARIE / HOCKINSON / ORCHARDS

MEDIAN SOLD PRICE (NEAREST $000)

AVERAGE DOM

Fishers Landing

31

$396K $558K

Camas $433K

Washougal HeightsCascade Park

62 56

$407K

63

$441K

Brush Prarie Hockinson

61

$436K

Orchards

$340K $100K

$200K

$300K

80

31

$400K

$500K

$600K

NUMBER OF SALES CLOSED 250

1,540 | TOTAL SALES CLOSED

200 150

236

211

100

31

50

65

67

Washougal

HeightsCascade Park

134

150

0

Fishers Landing

Camas

Brush Prarie

Hockinson

Orchards

TOTAL SW WASHINGTON INVENTORY / 1,236

INVENTORY IN UNITS / 12.31.2019 200

8

158

55

34

222

172

90

-52.9%

-4.2%

-17.9%

-27.7%

-11.6%

-11.8%

-20.4%

Fishers Landing

Camas

Washougal

HeightsCascade Park

Brush Prarie

150

100

50

Hockinson

Orchards

2020 Q1 PACIFIC NORTHWEST MARKET REPORT

5


SW WASHINGTON

SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY

RIDGEFIELD / BATTLEGROUND / WOODLAND / LA CENTER / SALMON CREEK / FELIDA / VANCOUVER /

MEDIAN SOLD PRICE (NEAREST $000)

AVERAGE DOM

Ridgefield

60

$451K

Battleground

58

$404K

250

Woodland

46

$385K

200

La Center

0

−

150

Salmon Creek

55

$430K

100

Felida

$505K

63

50

Vancouver

40

$342K

0

$100K

$200K

$300K

$400K

$500K

NUMBER OF SALES CLOSED 200

1,540

150

186

TOTAL SALES CLOSED 100

141

130 50

30

102

0

57

0

Ridgefield

Battleground

Woodland

La Center

Salmon Creek

Felida

Vancouver

TOTAL SW WASHINGTON INVENTORY / 1,236

INVENTORY IN UNITS / 03.31.2020

153

120

24

5

89

25

81

+16.8%

-8.4%

+14.3%

-37.5%

-41.4%

-56.9%

-22.9%

Ridgefield

Battleground

Woodland

La Center

Salmon Creek

Felida

Vancouver

6 2020 Q1 PACIFIC NORTHWEST MARKET REPORT


COWLITZ COUNTY

SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY

BEACON HILL / COLUMBIA HEIGHTS / EAST COUNTY / SOUTH COUNTY / NORTHLAKE / NORTH KELSO / NORTH COUNTY / OLYMPIC / WEST COUNTY / ST. HELENS

MEDIAN SOLD PRICE (NEAREST $000)

AVERAGE DOM

Beacon Hill

29

$289K

Columbia Heights

$258K

61

East County

$379K

South County

$325K

Northlake

54

$294K

North Kelso

30

$210K

37

North County

$300K

Olympic

66

$265K

West County

29

$340K

St. Helens

52

$246K $50K

$100K

$150K

$200K

$250K

43

$300K

$350K

40

$400K

NUMBER OF SALES CLOSED 50 40

195

30

TOTAL SALES CLOSED

20

12

47 41 14

10

20

10 0

Beacon Hill

13

10

11

West County

St. Helens

17 Columbia Heights

East County

South County

Northlake

North Kelso

North County

Olympic

TOTAL COWLITZ COUNTY INVENTORY / 99

INVENTORY IN UNITS / 03.31.2020

3

7

10

23

3

8

30

9

5

1

-66.7%

-41.7%

-37.5%

-34.3%

-25.0%

+300%

+3.4%

+200%

-50.0%

-80.0%

Beacon Hill

Columbia Heights

East County

South County

Northlake

North Kelso

North County

Olympic

West County

St. Helens

2020 Q1 PACIFIC NORTHWEST MARKET REPORT

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SW WA COUNTIES

SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY

CLARK COUNTY / COWLITZ COUNTY

MEDIAN SOLD PRICE (NEAREST $000)

AVERAGE DOM

Clark County

$400K $289K

Cowlitz County $100K

$200K

$300K

53 44

$400K

NUMBER OF SALES CLOSED

1500

1200

900

1446

1,750 | TOTAL SALES CLOSED

600

300 300

0

Clark County INVENTORY IN UNITS / 12.31.2019

1092

131

-3.6%

-21.4%

Clark County

Cowlitz County

8 2020 Q1 PACIFIC NORTHWEST MARKET REPORT

Cowlitz County TOTAL SW COUNTY INVENTORY / 1,223


SW WASHINGTON B ATTLEGR OU ND

Q1 | 2020

Q1 | 2019

CHANGE

TOTAL HOMES SOLD

10

11

+3.3%

MEDIAN SOLD PRICE

$404K

$370K

+9.2%

$404K

58

70

-17.1%

MEDIAN SOLD PRICE

97%

95%

+2.1%

UP +9.2% from 2019

Q1 | 2020

Q1 | 2019

CHANGE

TOTAL HOMES SOLD

211

207

+1.9%

MEDIAN SOLD PRICE

$441K

$429K

+2.8%

$441K

63

49

+28.6%

MEDIAN SOLD PRICE

99%

98%

+1.0%

UP +2.8% from 2019

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

B R USH PR AI R I E

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

2020 Q1 PACIFIC NORTHWEST MARKET REPORT

9


SW WASHINGTON CA M A S

Q1 | 2020

Q1 | 2019

CHANGE

TOTAL HOMES SOLD

134

113

+18.6%

MEDIAN SOLD PRICE

$558K

$505K

+10.5%

$558K

80

60

+33.3%

MEDIAN SOLD PRICE

97%

96%

+1.0%

Q1 | 2020

Q1 | 2019

CHANGE

TOTAL HOMES SOLD

57

75

-24.0%

MEDIAN SOLD PRICE

$505K

$495K

+2.0%

$505K

63

73

-13.7%

MEDIAN SOLD PRICE

98%

97%

+1.0%

UP +2.0% from 2019

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

UP +10.5% from 2019

FE LI DA

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

10 2020 Q1 PACIFIC NORTHWEST MARKET REPORT


SW WASHINGTON FI S HER S LA ND I NG

Q1 | 2020

Q1 | 2019

CHANGE

TOTAL HOMES SOLD

10

11

+3.3%

MEDIAN SOLD PRICE

$396K

$372K

+6.5%

$396K

31

30

+21.1%

MEDIAN SOLD PRICE

95%

100%

-5.0%

UP +6.5% from 2019

Q1 | 2020

Q1 | 2019

CHANGE

TOTAL HOMES SOLD

67

60

+11.7%

MEDIAN SOLD PRICE

$407K

$385K

+5.7%

$407K

56

42

+33.3%

MEDIAN SOLD PRICE

96%

96%

+0.0%

UP +5.7% from 2019

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

HE I G HTS- CASCADE PA RK

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

2020 Q1 PACIFIC NORTHWEST MARKET REPORT 11


SW WASHINGTON HOCKI NS ON

Q1 | 2020

Q1 | 2019

CHANGE

TOTAL HOMES SOLD

150

124

-21.0%

MEDIAN SOLD PRICE

$436K

$428K

+1.9%

$436K

61

56

+8.9%

MEDIAN SOLD PRICE

98%

97%

+1.0%

Q1 | 2020

Q1 | 2019

CHANGE

TOTAL HOMES SOLD

0

6

-100.0%

MEDIAN SOLD PRICE

$0

$373K

-100.0%

−

0

117

-100.0%

MEDIAN SOLD PRICE

0%

94%

-100.0%

DOWN -100.0% from 2019

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

UP +1.9% from 2019

LA CE NTE R

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

12 2020 Q1 PACIFIC NORTHWEST MARKET REPORT


SW WASHINGTON OR CHA R D S

Q1 | 2020

Q1 | 2019

CHANGE

TOTAL HOMES SOLD

236

248

-4.8%

MEDIAN SOLD PRICE

$340K

$319K

+6.8%

$340K

31

45

-31.1%

MEDIAN SOLD PRICE

100%

98%

+2.0%

UP +6.6% from 2019

Q1 | 2020

Q1 | 2019

CHANGE

TOTAL HOMES SOLD

102

108

-5.6%

MEDIAN SOLD PRICE

$451K

$450K

+0.2%

$451K

60

64

-6.2%

MEDIAN SOLD PRICE

98%

97%

+1.0%

UP +0.2% from 2019

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

R I DG E FI E LD

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

2020 Q1 PACIFIC NORTHWEST MARKET REPORT 13


SW WASHINGTON S A LM ON CR EEK

Q1 | 2020

Q1 | 2019

CHANGE

TOTAL HOMES SOLD

694

706

-1.70%

MEDIAN SOLD PRICE

$430K

$413K

+4.1%

$430K

55

49

+12.2%

MEDIAN SOLD PRICE

100%

98%

+2.0%

Q1 | 2020

Q1 | 2019

CHANGE

TOTAL HOMES SOLD

186

200

-7.0%

MEDIAN SOLD PRICE

$342K

$325K

+5.2%

$342K

40

49

-18.4%

MEDIAN SOLD PRICE

98%

97%

+1.0%

UP +5.2% from 2019

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

UP +4.1% from 2019

VANCO UV E R

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

14 2020 Q1 PACIFIC NORTHWEST MARKET REPORT


SW WASHINGTON WA S HOU GA L

Q1 | 2020

Q1 | 2019

CHANGE

TOTAL HOMES SOLD

65

78

-16.7%

MEDIAN SOLD PRICE

$433K

$410K

+5.6%

$433K

62

72

-13.9%

MEDIAN SOLD PRICE

96%

96%

+0.0%

UP +5.6% from 2019

Q1 | 2020

Q1 | 2019

CHANGE

TOTAL HOMES SOLD

162

158

+2.50%

MEDIAN SOLD PRICE

$385K

$325K

+18.5%

$385K

46

55

-16.4%

MEDIAN SOLD PRICE

97%

95%

+2.1%

UP +18.5% from 2019

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

WO O DLAND

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

2020 Q1 PACIFIC NORTHWEST MARKET REPORT 15


*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.


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