NORTH SOUND 2020 Q2 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 area 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 Q2 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, “Well the jet engines have started and our marketplace has accelerated. The constants remain the same as they’ve been for several years now… most namely, inventory, inventory, inventory. In fact, in most of our markets we’re seeing anywhere from 40−50 percent less than in the second quarter of 2019. There are a couple of markets— Ballard/Greenlake and downtown condos—that are not currently experiencing this trend. The latter is most likely a result of an uncertainty going forward on downtown commuting and how the Ballard/Greenlake area has been one of the hottest markets for years, so a slight increase now is not unexpected.
Median prices are escalating between 5 and 30 percent depending on the area, and while closed sales are down that’s because they reflect for the most part listings taken in the latter part of the quarter. We expect fireworks when the closed numbers come in for July. Our agents are reporting a lot of movement to and diminishing inventory in outlying areas such as Bellingham, Bainbridge Island, Eastern Washington, Bend, OR and other recreational-type locations, given the ability to work from home or take an early retirement. We hope that this trend may open up additional inventory in the Puget Sound region. Facilitation of virtual transactions is also becoming more common, with brokers reporting an increase in transactions that are handled 100 percent virtually—with the buyers purchasing the homes without ever personally stepping inside.”
2020 Q2 PACIFIC NORTHWEST MARKET REPORT
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202O Q2 MARKET REPORT
SCOTT DICKINSON
PRINCIPAL MANAGING BROKER OF LYNNWOOD & EDMONDS
“South Snohomish County is rebounding from the initial onset of COVID-19 with a strong residential real estate market that favors sellers who are ready to sell with cash in their equity,” said Scott Dickinson, Principal Managing Broker of Coldwell Banker Bain of Lynnwood and Edmonds. “The median sale price is higher than this time last year in nearly every community. Cities like Edmonds have seen growth as high as 8 percent. The challenge for anyone who is looking to buy right now is the lack of inventory.
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Down by 41.4 percent compared to this time last year, the competition is one of the factors driving up home values. There are shorter days on market, meaning sellers are selling their homes faster. The time that buyers have to decide on whether or not to buy is shortening. As we move through summer it will be interesting to see if more homeowners decide that now is the most favorable time to sell and supply more inventory to the housing market.”
NORTH SOUND
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
ANACORTES / BELLINGHAM / EDMONDS / EVERETT / LYNNWOOD / MARYSVILLE
MEDIAN SOLD PRICE (NEAREST $000) North Sound Area
AVERAGE DOM 19
$483K
30
$540K
Anacortes Bellingham
27
$449K
Edmonds
$675K
Everett
14
$480K
Lynnwood
15 19
$550K
Marysville
$440K
Condos
17
$360K
24
Waterfront
$745K
(SF Only)
78
Luxury
$1.25M
($2+M | SF+C) $300K
$600K
$900K
$1.2M
80 $1.5M
NUMBER OF SALES CLOSED 400 350
250
321
200
1,445
399
379
300
TOTAL SALES CLOSED
311
96
150
200
100
32
138
50
52
0
Anacortes
Bellingham
Edmonds
Everett
INVENTORY IN UNITS / 06.30.2020
Lynnwood
Marysville
Condos
Waterfront
TOTAL NORTH SOUND INVENTORY / 568
Luxury -41.4%
74
159
59
97
85
94
202
33
88
-43.5%
-24.3%
-54.3%
-47.6%
-47.5%
-38.6%
-21.1%
-46.8%
-11.1%
Anacortes
Bellingham
Edmonds
Everett
Lynnwood
Marysville
Condos
Waterfront
Luxury
2020 Q2 PACIFIC NORTHWEST MARKET REPORT
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NORTH SOUND TOTAL N O RTH S O UN D AR EA Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
1,445
1,916
-24.6%
MEDIAN SOLD PRICE
$483K
$467K
+3.4%
19
27
-29.6%
MEDIAN SOLD PRICE
100%
100%
+0.0%
UP +3.4% from 2019
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
399
523
-23.7%
MEDIAN SOLD PRICE
$360K
$333K
+8.1%
24
25
-4.0%
MEDIAN SOLD PRICE
100%
100%
+0.0%
UP +8.1% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$483K
CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
6 2020 Q2 PACIFIC NORTHWEST MARKET REPORT
$360K
NORTH SOUND WATE R FR O NT
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
32
65
-50.8%
MEDIAN SOLD PRICE
$745K
$764K
-2.5%
78
65
+20.0%
MEDIAN SOLD PRICE
98%
98%
+0.0%
DOWN -2.5% from 2019
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
52
65
-20.0%
MEDIAN SOLD PRICE
$1.25M
$1.225M
+2.0%
80
84
-4.8%
MEDIAN SOLD PRICE
96%
98%
-2.0%
UP +2.0% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$745K LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.25M
2020 Q2 PACIFIC NORTHWEST MARKET REPORT
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NORTH SOUND AN ACO RTES Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
96
150
-36.0%
MEDIAN SOLD PRICE
$540K
$492K
+9.8%
$540K
30
70
-57.1%
MEDIAN SOLD PRICE
98%
96%
+2.1%
UP +9.8% from 2019
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
321
411
-21.9%
MEDIAN SOLD PRICE
$449K
$448K
+0.2%
$449K
27
31
-12.9%
MEDIAN SOLD PRICE
99%
99%
+0.0%
UP +0.2% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE% BELLINGHAM
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
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NORTH SOUND E D MO N DS
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
138
198
-30.3%
MEDIAN SOLD PRICE
$675K
$625K
+8.0%
$675K
14
21
-33.3%
MEDIAN SOLD PRICE
100%
100%
+0.0%
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
379
519
-27.0%
MEDIAN SOLD PRICE
$480K
$440K
+9.1%
$480K
15
19
-21.2%
MEDIAN SOLD PRICE
100%
100%
+0.0%
UP +9.1% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +8.0% from 2019
EVERETT
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2020 Q2 PACIFIC NORTHWEST MARKET REPORT
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202O Q2 MARKET REPORT
DEAN ULRICH
PRINCIPAL MANAGING BROKER OF BELLINGHAM
“Buyers needing to buy and sellers needing to sell drove a pretty robust second quarter for real estate sales in Bellingham as we experienced what may end up being the height of the impact of the virus,” said Dean Ulrich, Principal Managing Broker of Coldwell Banker Bain of Bellingham, serving Bellingham and Whatcom County. “Still, the overall impact has resulted in a flat line in increase in average sale price; however, there was no decline, with the Bellingham average price at $449,000. The virus, combined with continued traditionally low inventory, decreased the number of homes sold in the second quarter, down 21.9 percent compared to the second quarter of 2019. This
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was caused by a combination of low inventory along with some sellers being hesitant to list and invite prospects into their homes. How this will pan out for the rest of the year depends on a combination of many factors—continued concerns regarding the virus, short term and long term impacts on the economy, both regionally and nationally, and even lifestyle, in what will ultimately be a new normal. People who have the ability to relocate, retire early, or work remotely find many aspects of the quality of life that Bellingham and Whatcom County offers very appealing. We are hearing many stories of people coming this direction for these reasons.”
NORTH SOUND LY N N WO O D
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
200
298
-32.9%
MEDIAN SOLD PRICE
$550K
$549K
+0.2%
$550K
19
25
-24.0%
MEDIAN SOLD PRICE
101%
100%
+1.0%
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
311
340
-8.5%
MEDIAN SOLD PRICE
$440K
$400K
+10.0%
$440K
17
19
-10.5%
MEDIAN SOLD PRICE
101%
101%
+0.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +0.2% from 2019
MARYSVILLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +10.0% from 2019
2020 Q2 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.