Coldwell Banker Bain | 2020 Q2 Seattle Area Report

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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.


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