PUGET SOUND 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 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
DAVID KNODE
PRINCIPAL MANAGING BROKER FOR VANCOUVER EAST
“If I were to give a headline to Southwest Washington’s third quarter 2020 real estate news it would be ‘New Listing Disappears In A Blink of an Eye!’”, said David Knode, Coldwell Banker Bain’s SW WA Regional Manager. “Actually, I think that would be the mantra for the entire year so far. Active listings on the market and ready to sell in Clark & Cowlitz Counties are down drastically market wide compared to the third quarter of 2019—down 54.3% and 43.5% respectively. Because of that low inventory number, almost every house that comes on the market regardless of price has a large amount of activity. Coupled with the low inventory and historically low interest rates and
4 2020 Q3 PACIFIC NORTHWEST MARKET REPORT
you have a feeding frenzy and a strong sellers’ market. Median sales price and the number of sales contracts written and accepted are up in both Clark and Cowlitz Counties in excess of 10%. The number of days a home is on the market in Clark County is still a very short 36 days; however, in Cowlitz County it is 25 days, a reduction of almost 30% from this time last year. We are now approaching an election. Just like every election in the past, there will be a momentary lull and then back to the insanity we call our market as we now know it. We have all learned new ways of doing business safely and efficiently that I am sure will continue well into the future.”
PUGET SOUND
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
KING / ISLAND / KITSAP / PIERCE / SKAGIT / SNOHOMISH / THURSTON / WHATCOM
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
King
$745K
39
$484K
Island
21
Kitsap
$429K
22
Pierce
$430K
20
Skagit
$435K
36
Snohomish
19
$560K
Thurston
17
$390K
Whatcom
35
$449K $100K
$200K
$300K
$400K
$500K
$600K
$700K
$800K
NUMBER OF SALES CLOSED 10k 8k
8,693
6k 4k
1,434
4,534
556
2k
655
1,654 3,721
1,057
0
King
Island
Kitsap
Pierce
INVENTORY IN UNITS / 09.30.2020
Skagit
Snohomish
Thurston
Whatcom
TOTAL PUGET SOUND INVENTORY / 5,190
4336
362
567
1844
405
1806
565
723
-43.3%
-65.7%
-44.6%
-52.5%
-50.9%
-64.2%
-59.3%
-52.8%
King
Island
Kitsap
Pierce
Skagit
Snohomish
Thurston
Whatcom
2020 Q3 PACIFIC NORTHWEST MARKET REPORT
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PUGET SOUND KI N G Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
8,693
7,304
+19.0%
MEDIAN SOLD PRICE
$745K
$670K
+11.2%
$745K
21
33
-36.4%
MEDIAN SOLD PRICE
100%
97%
+3.1%
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
398
514
-22.6%
MEDIAN SOLD PRICE
$484K
$405K
+19.5%
39
42
-7.1%
99%
97%
+2.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +11.2% from 2019
ISL AND
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
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$484K MEDIAN SOLD PRICE UP +19.5% from 2019
PUGET SOUND KITSAP
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
1,434
1,292
+11.0%
MEDIAN SOLD PRICE
$429K
$385K
+11.4%
$429K
22
28
-25.0%
MEDIAN SOLD PRICE
100%
98%
-21.4%
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
4,534
4,344
+4.4%
MEDIAN SOLD PRICE
$430K
$375K
+14.7%
$430K
20
26
-23.1%
MEDIAN SOLD PRICE
101%
99%
+2.0%
UP +14.7% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +11.4% from 2019
PIERCE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2020 Q3 PACIFIC NORTHWEST MARKET REPORT
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PUGET SOUND S KAGIT Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
655
624
+5.0%
MEDIAN SOLD PRICE
$435K
$370K
+17.6%
$435K
36
37
-2.7%
MEDIAN SOLD PRICE
99%
98%
+1.0%
UP +17.6% from 2019
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
3,721
3,341
+11.4%
MEDIAN SOLD PRICE
$560K
$493K
+5.4%
$560K
19
29
-34.58%
MEDIAN SOLD PRICE
101%
99%
+2.0%
UP +13.6% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE% SNOHOMISH
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
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PUGET SOUND THURSTO N
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
1,654
1,728
-4.3%
MEDIAN SOLD PRICE
$390K
$345K
+13.0%
$390K
17
21
-19.0%
MEDIAN SOLD PRICE
101%
99%
+2.0%
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
1,057
942
+12.2%
MEDIAN SOLD PRICE
$449K
$399K
+12.5%
$449K
35
38
-7.9%
MEDIAN SOLD PRICE
99%
98%
+1.0%
UP +12.5% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +13.0% from 2019
WHATCOM
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
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.