NORTH SOUND 2020 Q3 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 Q3 MARKET REPORT
MIKE GRADY COLDWELL BANKER BAIN PRESIDENT & COO
Reflecting on the third quarter numbers, Mike Grady, Coldwell Banker Bain President and COO, said, “It is truly remarkable to see the significant increase in closed sales this quarter, which speaks to sellers becoming much more confident and buyers competing more effectively, most likely due to the low interest rates. It’s as if we just completed our typical ‘spring’ market, are now heading into our ‘summer’ market, and will hit the ‘fall’ market in December. Home prices continue to increase in double digits, and months of inventory on hand is still historically low. Luxury and waterfront sales simply amaze. This data points to what we see as a continued steady, and perhaps
upward, trajectory for the rest of the year. We’re seeing significant impacts of people’s work from home situations, especially in more rural areas, as well as on larger, single-family sales. And given the recent announcements by Facebook, Amazon and Microsoft, all focused on either purchasing, building or renovating major office buildings in our region, these plans will counteract any impacts we may see going forward related to Boeing’s announcement for reducing services of its Everett plant. We also don’t believe that Freddie Mac’s and Fannie Mae’s slight tightening of credit requirements will have anything but a minor impact on buyer loan qualification - meaning we expect interest rates to remain at all-time lows – which is good for both buyers and sellers.”
2020 Q3 PACIFIC NORTHWEST MARKET REPORT
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202O Q3 MARKET REPORT
SCOTT DICKINSON
PRINCIPAL MANAGING BROKER OF LYNNWOOD & EDMONDS
Said Scott Dickinson, Principal Managing Broker of Coldwell Banker Bain of Lynnwood and Edmonds, “The warm months of summer proved to be the perfect setting for a hot real estate market in Snohomish County. Across the board numbers were up where it matters most: price, and the number of homes sold. The median sales price up a staggering 16.3% for single family homes. It’s reasonable to say with certainty that buyers are flocking to where homes are still within reach for middle income Washingtonians. More single -family homes were sold this year as compared to last year with 2,180 units changing hands, a 16% increase. This increase in sales can easily be attributed to the down market we faced when the initial stayat-home orders were made. Home buyers and
4 2020 Q3 PACIFIC NORTHWEST MARKET REPORT
sellers who were sidelined during this period jumped at the opportunity to enter the market once the orders began to lift. The submarkets also flourished in the third quarter: waterfront home sales launched like a Blue Origin rocket– the median sale price was $900,000, up an eye-popping 51% over last year. Luxury homes also were strong with the median sale price up 7.8%. Inventory continues to be the biggest challenge for buyers, which in turn is a benefit to sellers. Sellers are in firm control of the market due to the staggering drop in number of homes for sale of 59.2%. In Lynnwood alone there were 74% less listings this year as there were last year. This constrained supply drove prices up 9.3% there. Edmonds had a 44.8% drop in listings, helping to boost prices by 16.1%.”
NORTH SOUND
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
ANACORTES / BELLINGHAM / EDMONDS / EVERETT / LYNNWOOD / MARYSVILLE
MEDIAN SOLD PRICE (NEAREST $000) North Sound Area
AVERAGE DOM 22
$535K
41
$620K
Anacortes Bellingham
28
$505K $720K
Edmonds Everett
21
$525K
Lynnwood
14 19
$585K
Marysville
$462K
Condos
20
$360K
27
Waterfront
$900K
(SF Only)
41
Luxury
$1.35M
($2+M | SF+C) $300K
$600K
$900K
$1.2M
54
$1.5M
NUMBER OF SALES CLOSED 800 700
2,180
600
601
584
500
TOTAL SALES CLOSED
493
400
414
300
135
200
305
249
100
72
123
0
Anacortes
Bellingham
Edmonds
Everett
INVENTORY IN UNITS / 09.30.2020
Lynnwood
Marysville
Condos
Waterfront
TOTAL NORTH SOUND INVENTORY / 397
Luxury -59.2%
54
101
64
82
40
56
173
20
81
-45.5%
-56.5%
-44.8%
-55.2%
-78.5%
-64.3%
-37.8%
-68.7%
-18.2%
Anacortes
Bellingham
Edmonds
Everett
Lynnwood
Marysville
Condos
Waterfront
Luxury
2020 Q3 PACIFIC NORTHWEST MARKET REPORT
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NORTH SOUND TOTAL N O RTH S O UN D AR EA Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
2,180
1,879
+16.0%
MEDIAN SOLD PRICE
$535K
$460K
+16.3%
22
27
-29.6%
MEDIAN SOLD PRICE
101%
98%
+3.1%
UP +16.3% from 2019
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
601
566
+6.2%
MEDIAN SOLD PRICE
$360K
$336K
+7.1%
27
27
0.0%
MEDIAN SOLD PRICE
100%
99%
+1.0%
UP +7.1% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$535K
CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
6 2020 Q3 PACIFIC NORTHWEST MARKET REPORT
$360K
NORTH SOUND WATE R FR O NT
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
72
62
+16.1%
MEDIAN SOLD PRICE
$900K
$595K
+51.0%
78
65
+20.0%
MEDIAN SOLD PRICE
97%
94%
+3.2%
UP +51.0% from 2019
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
123
58
+112.1%
MEDIAN SOLD PRICE
$1.35M
$1.252M
+7.8%
54
67
-19.4%
MEDIAN SOLD PRICE
97%
96%
+1.0%
UP +7.8% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$900K LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.35M
2020 Q3 PACIFIC NORTHWEST MARKET REPORT
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NORTH SOUND AN ACO RTES Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
135
128
+5.5%
MEDIAN SOLD PRICE
$620K
$482K
+28.6%
$620K
41
53
-22.6%
MEDIAN SOLD PRICE
97%
96%
+1.0%
UP +28.6% from 2019
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
493
379
+30.1%
MEDIAN SOLD PRICE
$505K
$435K
+16.1%
$505K
28
29
-3.4%
MEDIAN SOLD PRICE
99%
98%
+1.0%
UP +16.1% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE% BELLINGHAM
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2020 Q3 PACIFIC NORTHWEST MARKET REPORT
NORTH SOUND E D MO N DS
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
249
199
+25.1%
MEDIAN SOLD PRICE
$720K
$620K
+16.1%
$720K
21
33
-36.4%
MEDIAN SOLD PRICE
100%
97%
+3.1%
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
584
477
+22.4%
MEDIAN SOLD PRICE
$525K
$450K
+16.7%
$525K
14
22
-36.4%
MEDIAN SOLD PRICE
101%
99%
+2.0%
UP +16.7% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +16.1% from 2019
EVERETT
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2020 Q3 PACIFIC NORTHWEST MARKET REPORT
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202O Q3 MARKET REPORT
DEAN ULRICH
PRINCIPAL MANAGING BROKER OF BELLINGHAM
“Demonstrating the importance of putting a roof overhead, Whatcom County and Bellingham buyers and sellers have figured out how to buy and sell homes within the constraints of the virus,” said Dean Ulrich, pirncipal managing broker of Coldwell Banker Bain of Bellingham. “Early on we didn’t know what would happen, but now it’s clear. People are buying and selling, as evidenced with Bellingham’s median sale price being up 16.1% over the same time last year. This is being fueled by the continuation of record low long-term mortgage rates and low inventory brought on by a general lack of new construction inventory, combined with the fact that some people are still holding off on listing their homes out of concerns about the virus. To illustrate, a year ago at the end of the third quarter Bellingham had 232 active listings for
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sale, this year that number is 101. That’s a 56% drop in available homes, which leads to increased competition and in the end, price.”
Dean believes this will continue, “with no significant change predicted regarding rates, and no reason to believe that inventory won’t remain low. We could stay consistently busy right through the normal holiday slowdown because of these pent-up buyers,”, he said. “I also believe that some people buying locally are people making the decision to relocate simply because they can, and given our prices we are at about 60% of Seattle/Bellevue, and combined with our area’s high quality of life, if you do have that flexibility why not consider a move to Bellingham?”
NORTH SOUND LY N N WO O D
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
305
270
+13.0%
MEDIAN SOLD PRICE
$585K
$535K
+9.3%
$585K
19
27
-29.6%
MEDIAN SOLD PRICE
101%
99%
+2.0%
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
414
426
-2.8%
MEDIAN SOLD PRICE
$462K
$414K
+11.6%
$462K
20
21
-4.8%
MEDIAN SOLD PRICE
102%
100%
+2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +9.3% from 2019
MARYSVILLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +11.6% from 2019
2020 Q3 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.