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
7
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.