WATERFRONT COUNTIES 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 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 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
CHRIS MURPHY BROKER FOR COLDWELL BANKER BAIN TACOMA PROCTOR Chris Murphy, a broker in Coldwell Banker Bain of Tacoma Proctor, and author of washingtonwaterfronts.com, said, “The Western Washington waterfront real estate market is unquestionably ablaze right now. In the third quarter of 2020, the seven counties included in this analysis experienced a staggering 55% decrease in active waterfront inventory compared to the same period last year. With such a significant decrease in inventory, one can only assume that the number of sales would be reduced by a somewhat equivalent percentage. Reality isn’t even remotely close to this assumption— the number of sold waterfront properties across the seven counties included in this report rose by more than 29%. Accordingly, the median price of closed waterfront transactions increased more than 30%! The waterfront real estate market has been very clearly impacted by the public’s decision to avoid air travel and, rather, purchase a vacation property
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within a driving distance of their primary residence or upgrade their primary residence to one with more space and more recreational amenities. As mortgage rates continue to hover at all-time lows, our proprietary website user data from WashingtonWaterfronts.com illustrates that demand for waterfront properties has never been higher. For buyers seeking to purchase a waterfront property, the immense demand means they will undoubtedly be competing for the newest listings, and so must be prepared. As I stated last quarter, for those considering selling their waterfront property, there has never been a better time to sell. With diligent preparation of the property to maximize the visitor experience during buyer home tours, sellers can anticipate a bidding war that may escalate far beyond what they previously imagined as possible.”
WATERFRONT
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
KING / ISLAND / KITSAP / PIERCE / SKAGIT / SNOHOMISH / THURSTON / WHATCOM
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
King
$882K
41
Island
$859K
70
Kitsap
$850K
51
Pierce
46
$742K
Skagit
69
$643K
Snohomis
$615K
30
Thurston
$620K
41
$465K
Whatcom $200K
$400K
62
$600K
$800K
$1M
NUMBER OF SALES CLOSED 400
1,080
350 300 250
366
TOTAL SALES CLOSED
200
80
150
96
100
144
125
50
82
54
133
0
King
Island
Kitsap
Pierce
Skagit
INVENTORY IN UNITS / 09.30.2020
Snohomish
Thurston
Whatcom
TOTAL WATERFRONT INVENTORY / 524
295
67
106
135
60
110
62
122
-28.5%
-61.2%
-47.2%
-49.6%
-65.0%
-59.1%
-58.1%
-41.8%
King
Island
Kitsap
Pierce
Skagit
Snohomish
Thurston
Whatcom
2020 Q3 PACIFIC NORTHWEST MARKET REPORT
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WATERFRONT KI N G 2020
2019
CHANGE
TOTAL HOMES SOLD
366
278
+31.7%
MEDIAN SOLD PRICE
$882K
$782K
+12.8%
$882K
41
55
-25.5%
MEDIAN SOLD PRICE
98%
95%
+3.2%
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
80
66
+21.2%
MEDIAN SOLD PRICE
$859K
$644K
+33.4%
$859K
70
59
+18.6%
MEDIAN SOLD PRICE
96%
96%
+0.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +12.8% from 2019
ISL AND
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
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UP +33.4% from 2019
WATERFRONT KITSAP
2020
2019
CHANGE
TOTAL HOMES SOLD
125
105
+19.0%
MEDIAN SOLD PRICE
$850K
$650K
-2.5%
$850K
51
45
+13.3%
MEDIAN SOLD PRICE
97%
93%
+4.3%
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
96
94
+2.1%
MEDIAN SOLD PRICE
$742K
$582K
+27.5%
$742K
46
45
+2.2%
MEDIAN SOLD PRICE
168%
140%
+20.0%
UP +27.5% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +30.8% from 2019
PIERCE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2020 Q3 PACIFIC NORTHWEST MARKET REPORT
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WATERFRONT S KAGIT Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
54
48
+12.5%
MEDIAN SOLD PRICE
$643K
$513K
+25.3%
69
67
+3.0%
MEDIAN SOLD PRICE
97%
95%
+2.1%
UP +25.3% from 2019
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
144
151
-4.6%
MEDIAN SOLD PRICE
$615K
$460K
+33.7%
$615K
30
43
-30.2%
MEDIAN SOLD PRICE
98%
96%
+2.1%
UP +33.7% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$643K
SNOHOMISH
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
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WATERFRONT THURSTO N
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
82
66
+10.8%
MEDIAN SOLD PRICE
$620K
$532K
+16.5%
$620K
41
37
+10.8%
MEDIAN SOLD PRICE
97%
97%
+0.0%
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
133
94
+41.5%
MEDIAN SOLD PRICE
$465K
$488K
-4.7%
$465K
62
65
-4.6%
MEDIAN SOLD PRICE
98%
97%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +16.5% from 2019
WHATCOM
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
DOWN -4.7% from 2019
2020 Q3 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.