SEATTLE 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 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
JOHN DEELY
PRINCIPAL MANAGING BROKER OF LAKE UNION, MADISON PARK & MAGNOLIA
John Deely, principal managing broker of Coldwell Banker Bain of Lake Union, Madison Park and Magnolia, said, “The Seattle residential market has been impacted by COVID-19 during the second quarter. The stayat-home order was adjusted from a complete lockdown at the beginning of the quarter to allow restricted showings and essential vendor access to the properties. By mid-May there were additional modifications to the process to make it less restrictive.
In many of the selected Seattle areas represented here the inventory of homes for sale is at 50 percent of last year’s levels. This has caused a high demand and resulted in multiple offers and across-the-board increases in prices from 2019. Waterfront properties had the biggest increase in median price coming in at 11 percent above the second quarter 2019.
During this time, only two categories of sold properties, downtown condos (up 8.3 percent) and waterfront single family (up 7.1 percent), increased in units sold over 2019. The other Seattle sub-markets had decreases of units sold. West Seattle lead the way with a 37 percent decrease from 2019. All Seattle
The days on market remained unchanged for the Seattle luxury market at 51 days while all other Seattle areas had significant decreases in the days on market. The current Seattle real estate market is a solid sellers’ market as demand continues to be driven by record low interest rates and low inventory.”
4 2020 Q2 PACIFIC NORTHWEST MARKET REPORT
condos showed a change in sold properties (up 29.3 percent).
SEATTLE AREA
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
QUEEN ANNE & MAGNOLIA / CENTRAL SEATTLE / NORTHEAST SEATTLE / BALLARD & GREEN LAKE / WEST SEATTLE / SOUTHEAST SEATTLE / SODO & BEACON HILL
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM 18
$1.125M
Queen Anne & Magnolia
27
$994K
Central Seattle
15
$837K
Northeast Seattle
13
$787K
Ballard & Greenlake
19
$675K
West Seattle
25
$697K
Southeast Seattle
29
$649K
SODO & Beacon Hill
17
$680K
Downtown Condos
19
$800K
All Seattle Residential
26
$495K
All Seattle Condos Waterfront (SF Only)
91
$1.744M $2.423M
Luxury ($2+M | SF+C) $500K
$1M
$1.5M
$2M
51
$2.5M
NUMBER OF SALES CLOSED 2000
1500
1,832 | TOTAL AREA SALES CLOSED
1,832
1000
500
214
176
157
342
313
150
530
78
107
515
30
0
Queen Anne & Magnolia
Central Seattle
Northeast Seattle
Ballard & Greenlake
West Seattle
Southeast Seattle
INVENTORY IN UNITS / 06.30.2020
SODO & Beacon Hill
Downtown Condos
All Seattle Residential
All Seattle Condos
Area Waterfront
TOTAL SEATTLE INVENTORY / 871
Area Luxury
-39.3%
102
138
103
196
199
74
59
232
871
627
31
130
-42.7%
-33.7%
-49.0%
+3.7%
-28.2%
-50.7%
-38.5%
+2.7%
-39.3%
-12.2%
-47.5%
-23.5%
Queen Anne & Magnolia
Central Seattle
Northeast Seattle
Ballard & Greenlake
West Seattle
Southeast Seattle
SODO & Beacon Hill
Downtown Condos
All Seattle Residential
All Seattle Condos
Area Waterfront
Area Luxury
2020 Q2 PACIFIC NORTHWEST MARKET REPORT
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SEATTLE AREA TOTAL S EATTLE AR EA Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
1832
2314
-20.8%
MEDIAN SOLD PRICE
$800K
$776K
+3.1%
$800K
19
25
-24.0%
MEDIAN SOLD PRICE
100%
99%
+1.0%
UP +3.1% from 2019
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
515
728
-29.3%
MEDIAN SOLD PRICE
$495K
$493K
+0.4%
$495K
26
39
-33.3%
MEDIAN SOLD PRICE
99%
98%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE% CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
6 2020 Q2 PACIFIC NORTHWEST MARKET REPORT
UP +0.4% from 2019
SEATTLE AREA WATE R FR O NT
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
30
28
+7.1%
MEDIAN SOLD PRICE
$1.744M
$1.558M
+11.9%
$1.744M
91
59
+54.2%
MEDIAN SOLD PRICE
93%
97%
-4.1%
UP +11.9% from 2019
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
78
88
-11.4%
MEDIAN SOLD PRICE
$2.423M
$2.275M
+6.5%
$2.423M
51
51
+0.0%
MEDIAN SOLD PRICE
96%
96%
+0.0%
UP +6.5% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2020 Q2 PACIFIC NORTHWEST MARKET REPORT
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SEATTLE AREA QUE EN AN N E & MAGN O LI A Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
176
231
-23.8%
MEDIAN SOLD PRICE
$1.125M
$1.063M
+5.8%
$1.125M
18
23
-21.7%
MEDIAN SOLD PRICE
99%
99%
+0.0%
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
214
255
-16.1%
MEDIAN SOLD PRICE
$994K
$940K
+5.7%
27
33
-18.2%
MEDIAN SOLD PRICE
100%
99%
+1.0%
UP +5.7% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +5.8% from 2019
CENTRAL SEATTL E
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2020 Q2 PACIFIC NORTHWEST MARKET REPORT
$994K
SEATTLE AREA N O RTHEAST S EATTLE
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
313
324
-3.4%
MEDIAN SOLD PRICE
$837K
$825K
+1.5%
$837K
15
19
-21.1%
MEDIAN SOLD PRICE
99%
100%
-1.0%
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
530
654
-19.0%
MEDIAN SOLD PRICE
$787K
$785K
+0.3%
$787K
13
21
-38.1%
MEDIAN SOLD PRICE
101%
100%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +1.5% from 2019
BALL ARD & GREENL AKE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +0.3% from 2019
2020 Q2 PACIFIC NORTHWEST MARKET REPORT
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SEATTLE AREA WEST S EATTLE Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
342
543
-37.0%
MEDIAN SOLD PRICE
$675K
$655K
+3.1%
$675K
19
26
-26.9%
MEDIAN SOLD PRICE
100%
99%
+1.0%
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
150
181
-17.1%
MEDIAN SOLD PRICE
$697K
$653K
+6.7%
$697K
25
29
-13.8%
MEDIAN SOLD PRICE
99%
99%
+0.0%
UP +6.7% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +3.1% from 2019
SOUTHEAST SEATTL E
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2020 Q2 PACIFIC NORTHWEST MARKET REPORT
SEATTLE AREA S O D O & B EACO N HI LL
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
107
126
-15.1%
MEDIAN SOLD PRICE
$649K
$604K
+7.5%
$649K
29
34
-14.7%
MEDIAN SOLD PRICE
98%
99%
-1.0%
Q2 | 2020
Q2 | 2019
CHANGE
TOTAL HOMES SOLD
157
145
+8.3%
MEDIAN SOLD PRICE
$680K
$640K
+6.3%
17
55
-69.1%
MEDIAN SOLD PRICE
99%
96%
+3.1%
UP +6.3% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +7.5% from 2019
DOWNTOWN CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$680K
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.