EASTSIDE Q 2 2 0 2 0 M A R K ET R E P O RT
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 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
MIKE WINKLER
PRINCIPAL MANAGING BROKER OF MERCER ISLAND
Said Mike Winkler, Principal Managing Broker of Coldwell Banker Bain of Mercer Island, “The Mercer Island market has been managing through low inventory for many years now, albeit nothing like 2020. In fact, at the end of June, there are no comparable inventory stats for the same time period for over two plus decades of review; attribute this to COVID-19? Most likely. Potential sellers continue to want to sell, but they need a place to purchase, and the fear of selling and not finding a new home causes them to wait, despite a real opportunity to
4 2020 Q2 PACIFIC NORTHWEST MARKET REPORT
benefit from the lowest inventory in decades. A sellers’ market like no other. Currently, we are experiencing in late June and now, July, what would normally be considered a ‘hot’ Spring market, just delayed by the events of the day. In late June, Housing Wire reported (subject to daily fluctuation) an average fixed mortgage rate at 3.07 percent, which was the lowest rate in Freddie Mac’s data that goes back to 1971. Indeed, that makes it both a seller and buyers’ market, as opportunity abounds for both.”
EASTSIDE AREA
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
BELLEVUE / BOTHELL / CARNATION / CLYDE HILL / DUVALL / ISSAQUAH / KIRKLAND / MEDINA / MERCER ISLAND
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
$840K
Eastside Area
20
$1.1M
Bellevue
19
$687K
Bothell
14
$723K
Carnation
23
$2.85M
Clyde Hill
26
$685K
Duvall
20
$896K
Issaquah Kirkland
30
$986K
17 $3.125M
Medina
45
$1.55M
Mercer Island $500K
$1M
$1.5M
30
$2M
$2.5M
$3M
$3.5M
NUMBER OF SALES CLOSED 400 350 300
2,340 | TOTAL SALES CLOSED
388
(TOTAL EASTSIDE AREA)
250 200
253
255
150
67
48
100
11
50
71 141
17
0
Bellevue
Bothell
Carnation
Clyde Hill
INVENTORY IN UNITS / 07.01.2020 600
Duvall
Issaquah
Kirkland
Medina
TOTAL EASTSIDE INVENTORY / 1,027
Mercer Island -52.7%
500
166
104
12
12
23
57
130
19
63
-42.6%
-67.6%
-65.7%
-47.8%
-36.1
-53.7%
-42.5%
-26.9%
-33.0%
Bothell
Carnation
Clyde Hill
Duvall
Issaquah
Kirkland
Medina
Mercer Island
400 300
Bellevue 200 100
2020 Q2 PACIFIC NORTHWEST MARKET REPORT
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202O Q2 MARKET REPORT
EJ BOWLDS
PRINCIPAL MANAGING BROKER OF BELLEVUE
“No one could have predicted what happened in the second quarter of the 2020 real estate market,” said EJ Bowlds, Principal Manager Broker of Coldwell Banker Bain of Bellevue. “We went from a slowly recovering market staggering in the wake of the COVID-19 outbreak in April to a fastpaced, dynamic market by the end of June, with low inventory and higher prices setting the tone. During the first half of 2020 on the Eastside the number of listings added to the market were down 22 percent from the same period in 2019. Standing inventory at the end of the second quarter this year was only half of what was available at the end of June last year. Meanwhile the number of pending sales (under contract but not closed) were down only 16 percent compared to the first half of last year. These numbers illustrate the imbalance between the number of homes for sale versus how many are selling. To further illustrate, while the number of homes for sale at the end of the quarter was half of what was available last year the number of closed sales were only down 30 percent.
6 2020 Q2 PACIFIC NORTHWEST MARKET REPORT
Additionally, median prices for the Eastside were up nearly 2 percent over last year and the average market time for a home listed on the Eastside fell from 32 days last year to 20 days currently. The overall strength of the real estate market on the Eastside reflects the underlying strength of the Puget Sound economy where many of the bellwether technology companies continue to thrive even as COVID-19 shows no signs of going away quickly or quietly. With the country now officially in a recession, and with many small businesses suffering in Seattle and on the Eastside, buyers are still showing up in surprisingly large numbers. Another factor in the buying equation is that mortgage interest rates are still at historically low levels, many under 3 percent depending on the type of loan and the credit worthiness of the buyer. In our area, low interest rates, low inventory, a large number of thriving technology firms, all translate into a very strong real estate market the should continue at least through most of the third quarter.”
EASTSIDE AREA
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
NEWCASTLE / NORTH BEND / RENTON / REDMOND / SAMMAMISH / SNOQUALMIE / WOODINVILLE
MEDIAN SOLD PRICE (NEAREST $000) $1M
Newcastle
22 $952K
Redmond
19
350 Sammamish
$1.1M
25
$765K
Snoqualmie
250
150
20
$564K
400 Renton
200
39
$675K
North Bend
300
AVERAGE DOM
12
$888K
Woodinville
22
$465K
Condos
17 $1M
100 Waterfront (SF Only) 50
38 $2.6M
Luxury
0
($2+M | SF+C)
$500K
$1M
$1.5M
$2M
$2.5M
53 $3M
NUMBER OF SALES CLOSED 600 500
2,340 | TOTAL SALES CLOSED
400
577
(TOTAL EASTSIDE AREA)
300
342
200
37
100
86
234
195
118
120
75
67
0
Newcastle
North Bend
Redmond
Renton
Sammamish Snoqualmie
INVENTORY IN UNITS / 07.01.2020
Woodinville
Condos
Waterfront
TOTAL EASTSIDE INVENTORY / 1,024
Luxury
-52.7%
19
35
99
131
90
22
45
369
84
255
-48.6%
-56.2%
-41.4%
-54.2%
-64.1%
-53.2%
-64.8%
-28.9%
-20.8%
-20.1%
Newcastle
North Bend
Redmond
Renton
Sammamish
Snoqualmie
Woodinville
Condos
Waterfront
Luxury
2020 Q2 PACIFIC NORTHWEST MARKET REPORT
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EASTSIDE AREA TOTAL EASTS I DE AR EA Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
2,340
3,340
-29.9%
MEDIAN SOLD PRICE
$840K
$825K
+1.8%
20
32
-37.5%
MEDIAN SOLD PRICE
99%
98%
+1.0%
UP +1.8% from 2019
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
577
1012
-43.0%
MEDIAN SOLD PRICE
$465K
$452K
+2.9%
17
34
-50.0%
MEDIAN SOLD PRICE
99%
98%
+1.0%
UP +2.9% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$840K
CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2020 Q2 PACIFIC NORTHWEST MARKET REPORT
$465K
EASTSIDE AREA WATE R FR O NT
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
67
106
-36.8%
MEDIAN SOLD PRICE
$1.0M
$1.088M
-8.1%
38
54
-29.6%
MEDIAN SOLD PRICE
99%
95%
+4.2%
DOWN -8.1% from 2019
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
118
196
-39.8%
MEDIAN SOLD PRICE
$2.6M
$2.599M
+0.0%
$2.6M
53
65
-18.5%
MEDIAN SOLD PRICE
98%
96%
+2.1%
NO CHANGE 0.0% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.0M LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2020 Q2 PACIFIC NORTHWEST MARKET REPORT
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EASTSIDE AREA B ELLE V UE Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
255
409
-37.7%
MEDIAN SOLD PRICE
$1.1M
$1.15M
-4.3%
$1.1M
19
33
-42.4%
MEDIAN SOLD PRICE
100%
98%
+2.0%
DOWN -4.3% from 2019
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
388
497
-21.9%
MEDIAN SOLD PRICE
$687K
$666K
+3.2%
$687K
14
25
-44.0%
MEDIAN SOLD PRICE
99%
99%
+0.0%
UP +3.2% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE% BOTHELL
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2020 Q2 PACIFIC NORTHWEST MARKET REPORT
EASTSIDE AREA CAR N ATI O N
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
48
41
+17.1%
MEDIAN SOLD PRICE
$723K
$667K
+8.4%
$723K
23
41
-43.9%
MEDIAN SOLD PRICE
98%
98%
+0.0%
UP +8.4% from 2019
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
11
17
-35.3%
MEDIAN SOLD PRICE
$2.85M
$3.0M
-5.0%
$2.85M
26
43
-39.5%
MEDIAN SOLD PRICE
96%
96%
+0.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
CLYDE HILL
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
DOWN -5.0% from 2019
2020 Q2 PACIFIC NORTHWEST MARKET REPORT 11
EASTSIDE AREA D UVALL Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
67
74
-9.5%
MEDIAN SOLD PRICE
$685K
$647K
+5.9%
20
37
-45.9%
MEDIAN SOLD PRICE
100%
100%
+0.0%
UP +5.9% from 2019
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
141
199
-29.1%
MEDIAN SOLD PRICE
$896K
$865K
+3.6%
30
36
-16.7%
MEDIAN SOLD PRICE
99%
98%
+1.0%
UP +3.6% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$685K
ISSAQUAH
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
12 2020 Q2 PACIFIC NORTHWEST MARKET REPORT
$896K
EASTSIDE AREA KI R KL AN D
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
253
341
-25.8%
MEDIAN SOLD PRICE
$986K
$950K
+3.8%
17
30
-43.3%
MEDIAN SOLD PRICE
101%
98%
+3.1%
UP +3.8% from 2019
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
17
17
+0.0%
MEDIAN SOLD PRICE
$3.125M
$2.5M
+25.0%
$3.125M
45
72
-37.5%
MEDIAN SOLD PRICE
97%
96%
+1.0%
UP +25.0% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$986K MEDINA
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2020 Q2 PACIFIC NORTHWEST MARKET REPORT 13
EASTSIDE AREA ME R CE R IS L AN D Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
71
103
-31.1%
MEDIAN SOLD PRICE
$1.55M
$1.8M
-13.9%
30
56
-46.4%
MEDIAN SOLD PRICE
99%
96%
+3.1%
DOWN -13.9% from 2019
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
37
57
-35.1%
MEDIAN SOLD PRICE
$1.0M
$945K
+5.8%
$1.0M
39
26
+50.0%
MEDIAN SOLD PRICE
98%
98%
+0.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.55M
NEWCASTLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
14 2020 Q2 PACIFIC NORTHWEST MARKET REPORT
UP +5.8% from 2019
EASTSIDE AREA N O RTH B EN D
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
86
119
-27.7%
MEDIAN SOLD PRICE
$675K
$685K
-1.5%
22
38
-42.1%
MEDIAN SOLD PRICE
101%
101%
+0.0%
DOWN -1.5% from 2019
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
195
312
-37.58%
MEDIAN SOLD PRICE
$952K
$990K
-3.8%
20
26
-23.1%
MEDIAN SOLD PRICE
101%
100%
+1.0%
DOWN -3.8% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$675K REDMOND
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$952K
2020 Q2 PACIFIC NORTHWEST MARKET REPORT 15
EASTSIDE AREA R ENTO N Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
342
522
-34.5%
MEDIAN SOLD PRICE
$564K
$535K
+2.7%
$564K
19
30
-36.7%
MEDIAN SOLD PRICE
100%
99%
+1.0%
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
234
348
-32.8%
MEDIAN SOLD PRICE
$1.1M
$1.003M
+9.7%
$1.1M
25
38
-34.2%
MEDIAN SOLD PRICE
100%
99%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +5.4% from 2019
SAMMAMISH
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
16 2020 Q2 PACIFIC NORTHWEST MARKET REPORT
UP +9.7% from 2019
EASTSIDE AREA S N O QUALMI E
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
75
93
-19.4%
MEDIAN SOLD PRICE
$765K
$700K
+9.3%
$765K
12
30
-60.0%
MEDIAN SOLD PRICE
100%
99%
+1.0%
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
120
191
-37.2%
MEDIAN SOLD PRICE
$888K
$865K
+2.7%
$888K
22
32
-31.2%
MEDIAN SOLD PRICE
99%
97%
+2.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +2.8% from 2019
WOODINVILLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +2.7% from 2019
2020 Q2 PACIFIC NORTHWEST MARKET REPORT 17
*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.