EASTSIDE 2020 Q3 MARKET REP ORT
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
EJ BOWLDS
PRINCIPAL MANAGING BROKER OF BELLEVUE “Our area’s real estate market for the third quarter of 2020 continued a story worthy of a ‘you can’t make this stuff up’ description,” said EJ Bowlds, Coldwell Banker Bain of Bellevue Principal Manager Broker. “A number of factors combined to allow Q3 of 2020 to out-pace the same period last year in almost all categories. Prices and closed units up, listings and interest rates down, and a seemingly insatiable pool of buyers. What explains this dynamic market? Washington’s economies slowly opened up and many small businesses were suddenly back in business. This coupled with the fact that people were getting used to life with COVID and figuring out how to work around the precautions allowed many to simply feel better about their future. Employers not only allowed their workers to work from home because of the pandemic, many found that it was more efficient and less costly to have some if not all of their employees work at home. Regardless of what happens with COVID, most of those jobs will never be moved back to an office environment. Add to that the extraordinary growth of the Puget Sound tech industry and you have the recipe for buyer confidence to be strong enough to power a buying
4 2020 Q3 PACIFIC NORTHWEST MARKET REPORT
spree reminiscent of some of the areas hottest real estate markets of the past. On the Eastside, low inventory has been a big part of the real estate story for 2020. In the third quarter we saw the number of homes available at the end of September down by over 63% from last September. Prices continue to rise where the median price for all homes sold was up nearly 12%. In the luxury market over $2 million median prices were up 8.6%. Other market indices show appreciation for the area at around 8%. The number of homes sold in the third quarter was up over 15% from last year. The average days on the market for all property categories fell 39% from 36 days last year to 22 days at the end of September 2020. With Amazon doubling the number of employees it plans to send to the Eastside and Facebook’s purchase of the REI campus in Bellevue’s Spring District, along with evidence of Microsoft also expanding, the fundamentals for the Eastside economy bode well for the real estate market. While we may see a seasonal slowdown at the end of the year it appears that we should finish the year with more sales and higher prices than last year.”
EASTSIDE AREA
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
BELLEVUE / BOTHELL / CARNATION / CLYDE HILL / DUVALL / ISSAQUAH / KIRKLAND / MEDINA / MERCER ISLAND
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
$895K
Eastside Area
22
$1.253M
Bellevue
24
$720K
Bothell
15
$770K
Carnation
28
$2.275M
Clyde Hill
98
$681K
Duvall
16
$950K
Issaquah
20
$1.041M
Kirkland
26 $4.174M
Medina
85
$1.75M
Mercer Island $1M
51
$2M
$3M
$4M
$5M
NUMBER OF SALES CLOSED 600
3,475 | TOTAL SALES CLOSED
500
550
400 300
(TOTAL EASTSIDE AREA)
411
395
117
200
51
16
80
14
219
100 0
Bellevue
Bothell
Carnation
Clyde Hill
1000 INVENTORY IN UNITS / 10.01.2020
Duvall
Issaquah
Kirkland
Medina
TOTAL EASTSIDE INVENTORY / 702
Mercer Island -63.6%
800
600 -37.8%
140
51
10
11
17
47
94
17
34
-83.3%
-69.7%
-42.1%
-52.8%
-59.5%
-61.0%
-32.0%
-59.0%
400 Bellevue
Bothell
Carnation
Clyde Hill
Duvall
Issaquah
Kirkland
Medina
Mercer Island
200
2020 Q3 PACIFIC NORTHWEST MARKET REPORT
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202O Q3 MARKET REPORT
MIKE WINKLER
PRINCIPAL MANAGING BROKER OF MERCER ISLAND
Said Mike Winkler, Principal Managing Broker of Coldwell Banker Bain of Mercer Island, “Affiliated real estate economists, pundits and prognosticators expect much of the same through the end of 2020 and into 2021. One caveat is brief interruptions in flow post-election and then a solid ramp beginning again in late January 2021. Their predictions are based upon our solid economy and expansion projections by many of our major local employers including Microsoft, Amazon, Facebook, Costco, etc., and our significant number of start-up companies.
6 2020 Q3 PACIFIC NORTHWEST MARKET REPORT
While the long-term impacts of the coronavirus pandemic on whether employees continue to work from home or decide to remain remote, and even move farther from Seattle and the Eastside is unknown, the increased headcount continues to ensure there are more buyers than sellers for the foreseeable future. Thus, Mercer Island real estate continues to be uniquely positioned between Seattle and the Eastside, offering a clear choice for buyers seeking convenience, excellent educational opportunities and stability.�
EASTSIDE AREA
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
NEWCASTLE / NORTH BEND / RENTON / REDMOND / SAMMAMISH / SNOQUALMIE / WOODINVILLE
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
$1.059M
Newcastle
18
$790K
North Bend
21
$1.05M
Redmond
20
$599K
Renton 600
19 $1.115M
Sammamish 500
16
$836K
Snoqualmie 400
23
$935K
Woodinville
300
23
$468K
Condos
23
200
$1.45M
Waterfront
(SF Only) 100
50 $2.68M
Luxury
($2+M | SF+C) 0
$500K
$1M
$1.5M
$2M
$2.5M
60
$3M
NUMBER OF SALES CLOSED 1000
800
3,475 | TOTAL SALES CLOSED
600
979
(TOTAL EASTSIDE AREA)
400
56
200
498
115
198
323
324
127
108
254
0
Newcastle
North Bend
Redmond
Renton
Sammamish Snoqualmie
INVENTORY IN UNITS / 10.01.2020
Woodinville
Condos
Waterfront
TOTAL EASTSIDE INVENTORY / 702
Luxury -63.6%
15
15
63
97
56
4
31
451
53
213
-61.5%
-81.5%
-57.7%
-66.8%
-71.3%
-87.1%
-69.6%
-3.8%
-52.7%
-30.4%
Newcastle
North Bend
Redmond
Renton
Sammamish
Snoqualmie
Woodinville
Condos
Waterfront
Luxury
2020 Q3 PACIFIC NORTHWEST MARKET REPORT
7
EASTSIDE AREA TOTAL EASTSIDE AREA Q3 | 2020
Q3 | 2019
CHANGE
2,340
3,340
+15.1%
MEDIAN SOLD PRICE
$895K
$800K
+11.9%
$895K
AVERAGE DAYS ON MARKET
22
36
-38.9%
MEDIAN SOLD PRICE
SOLD/LIST PRICE%
100%
97%
+3.1%
Q3 | 2020
Q3 | 2019
CHANGE
979
868
+12.8%
MEDIAN SOLD PRICE
$468K
$441K
+6.1%
$468K
AVERAGE DAYS ON MARKET
23
31
-25.8%
MEDIAN SOLD PRICE
SOLD/LIST PRICE%
97%
94%
+3.2%
TOTAL HOMES SOLD
UP +11.9% from 2019
CONDOS
TOTAL HOMES SOLD
8 2020 Q3 PACIFIC NORTHWEST MARKET REPORT
UP +6.1% from 2019
EASTSIDE AREA WATERFRONT
Q3 | 2020
Q3 | 2019
CHANGE
127
89
+42.7%
MEDIAN SOLD PRICE
$1.45M
$1.25M
+16.0%
$1.45M
AVERAGE DAYS ON MARKET
50
52
-3.8%
MEDIAN SOLD PRICE
SOLD/LIST PRICE%
97%
96%
+1.0%
Q3 | 2020
Q3 | 2019
CHANGE
254
154
-46.0%
MEDIAN SOLD PRICE
$2.68M
$2.467M
+8.6%
$2.68M
AVERAGE DAYS ON MARKET
60
66
-9.1%
MEDIAN SOLD PRICE
SOLD/LIST PRICE%
97%
94%
+3.2%
TOTAL HOMES SOLD
UP +16.0% from 2019
LUXURY
TOTAL HOMES SOLD
UP +8.6% from 2019
2020 Q3 PACIFIC NORTHWEST MARKET REPORT
9
EASTSIDE AREA BELLEVUE Q3 | 2020
Q3 | 2019
CHANGE
395
376
+5.1%
MEDIAN SOLD PRICE
$1.25M
$1.09M
+14.8%
$1.25M
AVERAGE DAYS ON MARKET
24
36
-33.3%
MEDIAN SOLD PRICE
SOLD/LIST PRICE%
99%
97%
+2.1%
Q3 | 2020
Q3 | 2019
CHANGE
550
490
+12.2%
MEDIAN SOLD PRICE
$720K
$645K
+11.6%
$720K
AVERAGE DAYS ON MARKET
15
31
-56.1%
MEDIAN SOLD PRICE
SOLD/LIST PRICE%
101%
99%
+2.0%
UP +11.6% from 2019
TOTAL HOMES SOLD
UP +14.8% from 2019
BOTHELL
TOTAL HOMES SOLD
10 2020 Q3 PACIFIC NORTHWEST MARKET REPORT
EASTSIDE AREA CARNATION
Q3 | 2020
Q3 | 2019
CHANGE
51
37
+37.8%
MEDIAN SOLD PRICE
$770K
$674K
+14.2%
$770K
AVERAGE DAYS ON MARKET
28
52
-46.2%
MEDIAN SOLD PRICE
SOLD/LIST PRICE%
100%
98%
+2.0%
Q3 | 2020
Q3 | 2019
CHANGE
16
14
+14.3%
MEDIAN SOLD PRICE
$2.275M
$3.15M
-27.8%
$2.27M
AVERAGE DAYS ON MARKET
98
86
+14.0%
MEDIAN SOLD PRICE
SOLD/LIST PRICE%
96%
93%
+3.2%
TOTAL HOMES SOLD
UP +14.2% from 2019
CLYDE HILL
TOTAL HOMES SOLD
DOWN -27.8% from 2019
2020 Q3 PACIFIC NORTHWEST MARKET REPORT 11
EASTSIDE AREA DUVALL Q3 | 2020
Q3 | 2019
CHANGE
80
66
+21.2%
MEDIAN SOLD PRICE
$681K
$626K
+8.8%
AVERAGE DAYS ON MARKET
16
28
-42.9%
MEDIAN SOLD PRICE
SOLD/LIST PRICE%
101%
99%
+2.0%
UP +8.8% from 2019
Q3 | 2020
Q3 | 2019
CHANGE
219
165
+32.7%
MEDIAN SOLD PRICE
$950K
$895K
+6.1%
AVERAGE DAYS ON MARKET
20
43
-53.5%
MEDIAN SOLD PRICE
SOLD/LIST PRICE%
100%
97%
+3.1%
UP +6.1% from 2019
TOTAL HOMES SOLD
$681K
ISSAQUAH
TOTAL HOMES SOLD
12 2020 Q3 PACIFIC NORTHWEST MARKET REPORT
$950K
EASTSIDE AREA KIRKLAND
Q3 | 2020
Q3 | 2019
CHANGE
253
341
-25.8%
MEDIAN SOLD PRICE
$1.041M
$892K
+16.7%
$1.04M
AVERAGE DAYS ON MARKET
26
37
-29.7%
MEDIAN SOLD PRICE
SOLD/LIST PRICE%
99%
98%
+1.0%
UP +16.7% from 2019
Q3 | 2020
Q3 | 2019
CHANGE
14
13
+7.7%
MEDIAN SOLD PRICE
$4.417M
$2.72M
+53.5%
AVERAGE DAYS ON MARKET
85
96
-11.5%
MEDIAN SOLD PRICE
SOLD/LIST PRICE%
95%
94%
+1.1%
UP +53.5% from 2019
TOTAL HOMES SOLD
MEDINA
TOTAL HOMES SOLD
$4.41M
2020 Q3 PACIFIC NORTHWEST MARKET REPORT 13
EASTSIDE AREA MERCER ISLAND Q3 | 2020
Q3 | 2019
CHANGE
117
77
+51.9%
MEDIAN SOLD PRICE
$1.75M
$1.678M
+4.3%
$1.75M
AVERAGE DAYS ON MARKET
51
54
-5.6%
MEDIAN SOLD PRICE
SOLD/LIST PRICE%
98%
95%
+3.2%
UP +4.3% from 2019
Q3 | 2020
Q3 | 2019
CHANGE
56
43
+30.2%
MEDIAN SOLD PRICE
$1.059M
$885K
+19.7%
$1.05M
AVERAGE DAYS ON MARKET
18
38
+52.6%
MEDIAN SOLD PRICE
SOLD/LIST PRICE%
99%
97%
+2.1%
TOTAL HOMES SOLD
NEWCASTLE
TOTAL HOMES SOLD
14 2020 Q3 PACIFIC NORTHWEST MARKET REPORT
UP +19.7% from 2019
EASTSIDE AREA NORTH BEND
Q3 | 2020
Q3 | 2019
CHANGE
115
100
+15.0%
MEDIAN SOLD PRICE
$790K
$720K
+9.7%
AVERAGE DAYS ON MARKET
21
30
-30.0%
MEDIAN SOLD PRICE
SOLD/LIST PRICE%
103%
99%
+4.0%
UP +9.7% from 2019
Q3 | 2020
Q3 | 2019
CHANGE
323
277
+16.6%
MEDIAN SOLD PRICE
$1.05M
$939K
+11.8%
AVERAGE DAYS ON MARKET
20
30
-33.3%
MEDIAN SOLD PRICE
SOLD/LIST PRICE%
101%
98%
+3.1%
UP +11.8% from 2019
TOTAL HOMES SOLD
$790K REDMOND
TOTAL HOMES SOLD
$1.05M
2020 Q3 PACIFIC NORTHWEST MARKET REPORT 15
EASTSIDE AREA RENTON Q3 | 2020
Q3 | 2019
CHANGE
498
509
-2.2%
MEDIAN SOLD PRICE
$599K
$535K
+12.0%
$599K
AVERAGE DAYS ON MARKET
19
29
-34.5%
MEDIAN SOLD PRICE
SOLD/LIST PRICE%
101%
98%
+3.1%
Q3 | 2020
Q3 | 2019
CHANGE
324
309
+4.9%
MEDIAN SOLD PRICE
$1.115M
$1.025M
+8.8%
$1.115M
AVERAGE DAYS ON MARKET
16
42
-61.9%
MEDIAN SOLD PRICE
SOLD/LIST PRICE%
100%
98%
+3.1%
TOTAL HOMES SOLD
UP +12.0% from 2019
SAMMAMISH
TOTAL HOMES SOLD
16 2020 Q3 PACIFIC NORTHWEST MARKET REPORT
UP +8.8% from 2019
EASTSIDE AREA SNOQUALMIE
Q3 | 2020
Q3 | 2019
CHANGE
75
93
-19.4%
MEDIAN SOLD PRICE
$836K
$736K
+13.6%
$836K
AVERAGE DAYS ON MARKET
23
25
-8.0%
MEDIAN SOLD PRICE
SOLD/LIST PRICE%
101%
98%
+3.1%
Q3 | 2020
Q3 | 2019
CHANGE
198
158
+25.3%
MEDIAN SOLD PRICE
$935K
$911K
+2.6%
$935K
AVERAGE DAYS ON MARKET
22
50
-54.0%
MEDIAN SOLD PRICE
SOLD/LIST PRICE%
100%
95%
+5.3%
TOTAL HOMES SOLD
UP +13.6% from 2019
WOODINVILLE
TOTAL HOMES SOLD
UP +2.6% from 2019
2020 Q3 PACIFIC NORTHWEST MARKET REPORT 17
*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.