PUGET SOUND COUNTIES 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
STEPHANIE CALLEN BROKER FOR COLDWELL BANKER BAIN PUYALLUP
“The demand is very strong and what little inventory Pierce County is lucky to get is scarfed up immediately by well-qualified buyers eager to be out of the buying frenzy. Homes are going for at or over list price and are all getting a great deal of activity,” said Stephanie Callen, a broker in the Coldwell Banker Bain of Puyallup office. “The median sold price is now $402,000, and is up 8.6 percent from the same time in 2019. However, the number of homes closed is down more than 22 percent, and the current inventory is also down more than 46 percent from last year at this time. Waterfront median prices for homes and condos is up 21 percent and the current inventory is down 41 percent year-over-year. Inventory in Puyallup and Graham is down almost 55 percent - and across the board in Pierce County the consecutive days on
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market is much lower. Areas like Tacoma are seeing only 15 days average on the market. There are lots of buyers, lots of multiple offers and TONS of showings. Gig Harbor’s median sold price is holding steady at $547,000 between last year and this year but its inventory is also down a whopping 45 percent since Q2 2019. The luxury market has had little change in price, with homes sold and current inventory down 20 percent. We had wanted to see a more balancing of the market in Pierce County and had hoped more sellers would decide to list their homes - however most sellers can’t find a place to then buy themselves. Also, new construction has not been able to keep up with the demand and extreme shortage of homes in this area.”
PUGET SOUND
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
KING / ISLAND / KITSAP / PIERCE / SKAGIT / SNOHOMISH / THURSTON / WHATCOM
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
King
40
$715K
19
$409K
Island Kitsap
$405K
24
Pierce
$402K
20
Skagit
$400K
42
Snohomish
20
$527K
Thurston
16
$365K
Whatcom
34
$425K $100K
$200K
$300K
$400K
$500K
$600K
$700K
$800K
NUMBER OF SALES CLOSED 6000
15,490
5000 4000
5,861
TOTAL SALES CLOSED
3000
972
3,304
Kitsap
Pierce
2000
398
1000
487
2,668
1,115
685
0
King
Island
INVENTORY IN UNITS / 06.30.2020
Skagit
Snohomish
Thurston
Whatcom
TOTAL PUGET SOUND INVENTORY / 6,002
2534
165
378
1057
239
883
259
487
-54.3%
-46.8%
-39.2%
-46.1%
-47.5%
-51.5%
-56.0%
-26.4%
King
Island
Kitsap
Pierce
Skagit
Snohomish
Thurston
Whatcom
2020 Q2 PACIFIC NORTHWEST MARKET REPORT
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PUGET SOUND KI N G Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
5,861
7,844
-28.5%
MEDIAN SOLD PRICE
$715K
$700K
+2.1%
19
30
-36.7%
MEDIAN SOLD PRICE
100%
99%
+1.0%
UP +2.1% from 2019
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
398
514
-22.6%
MEDIAN SOLD PRICE
$409K
$388K
+5.4%
40
42
-4.8%
MEDIAN SOLD PRICE
97%
98%
-1.0%
UP +5.4% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$715K
ISL AND
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
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$409K
PUGET SOUND KITSAP
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
972
1,259
-22.8%
MEDIAN SOLD PRICE
$405K
$375K
+8.0%
24
32
-25.0%
MEDIAN SOLD PRICE
99%
99%
+0.0%
UP +8.0% from 2019
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
3,304
4,249
-22.2%
MEDIAN SOLD PRICE
$402K
$370K
+8.6%
20
28
-28.6%
MEDIAN SOLD PRICE
100%
100%
+0.0%
UP +8.6% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$405K PIERCE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$402K
2020 Q2 PACIFIC NORTHWEST MARKET REPORT
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PUGET SOUND S KAGIT Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
487
592
-17.7%
MEDIAN SOLD PRICE
$400K
$380K
+5.3%
$400K
42
50
-16.0%
MEDIAN SOLD PRICE
99%
97%
+2.1%
UP +5.3% from 2019
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
2,668
3,298
-19.1%
MEDIAN SOLD PRICE
$527K
$500K
+5.4%
$527K
20
27
-25.9%
MEDIAN SOLD PRICE
100%
100%
+0.0%
UP +5.4% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE% SNOHOMISH
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
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PUGET SOUND THURSTO N
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
1,115
1,115
-26.3%
MEDIAN SOLD PRICE
$365K
$340K
+7.4%
$365K
16
31
-48.4%
MEDIAN SOLD PRICE
100%
99%
+1.0%
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
685
926
-26.0%
MEDIAN SOLD PRICE
$480K
$440K
+9.1%
$425K
34
41
-17.1%
MEDIAN SOLD PRICE
99%
98%
+1.0%
UP +5.5% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +7.4% from 2019
WHATCOM
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2020 Q2 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.