SEATTLE 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 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
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 governor’s stayat-home order allowing restricted showings of three people and essential vendor access to the properties was in effect during the entire third quarter. Seattle’s residential market’s pentup demand from the first and second quarter with the COVID-19 slow down, turned into high demand in most markets in the third quarter. During this time the number of sales for downtown condos (up 7.6 percent) had the smallest growth of the areas covered in this study. All the other areas had double digit sales increases of between 15% to 100% above last year. The luxury market category of single family and condo properties in the $2M+ had the biggest increase of 100% with 142 sales (71/2019). Waterfront single family was up 23.5% and had 42 sales (34/2019). Other notable Seattle sub-markets had increases of
4 2020 Q3 PACIFIC NORTHWEST MARKET REPORT
sales including a 41% increase in Southeast Seattle with 227 sales (161/2019) and Central Seattle with a 36.9% increase, turning in 334 sales (244/2019). Prices were up across the board except for single family waterfront homes (-3.2%) and the luxury single family and condo markets (-4.5%). The high demand is reflected most in the dramatic change in the time it took to sell the standing inventory (days on market). The days on market was cut to one quarter to one half the time it took to sell in 2019, with Beacon Hill leading the pack with an average market time of 17 days (35/2019). The Seattle real estate market in the third quarter was a solid sellers’ market for single family homes while the condo market saw an increase in inventory and stagnant price increases, as demand continues to be driven by record low interest.”
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 24
$1.123M
Queen Anne & Magnolia
29
$973K
Central Seattle
15
$875K
Northeast Seattle
16
$830K
Ballard & Greenlake
20
$680K
West Seattle
25
$725K
Southeast Seattle
17
$660K
SODO & Beacon Hill
40
$640K
Downtown Condos
20
$817K
All Seattle Residential
33
$493K
All Seattle Condos Waterfront (SF Only)
53
$1.3M
$2.363M 43
Luxury ($2+M | SF+C) $500K
$1M
$1.5M
$2M
$2.5M
NUMBER OF SALES CLOSED 800
2,742
700
779
600
566
400 300
413
200
133
334
290
761
TOTAL AREA SALES CLOSED
500
141
142 42
227
100 0
Queen Anne & Magnolia
Central Seattle
Northeast Seattle
Ballard & Greenlake
West Seattle
INVENTORY IN UNITS / 09.30.2020
Southeast Seattle
SODO & Beacon Hill
Downtown Condos
All Seattle Condos
Area Waterfront
Area Luxury
TOTAL SEATTLE INVENTORY / 1,154
-12.8%
150
237
122
235
238
84
88
367
1013
51
178
+7.1%
+34.7%
-40.5%
-27.0%
-11.9%
-32.8%
+3.5%
+87.2%
+48.1%
-20.3%
+17.1%
Queen Anne & Magnolia
Central Seattle
Northeast Seattle
Ballard & Greenlake
West Seattle
Southeast Seattle
SODO & Beacon Hill
Downtown Condos
All Seattle Condos
Area Waterfront
Area Luxury
2020 Q3 PACIFIC NORTHWEST MARKET REPORT
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SEATTLE AREA TOTAL SEATTLE AREA Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
2742
2104
+30.3%
MEDIAN SOLD PRICE
$817K
$760K
+7.5%
$817K
20
32
-37.5%
MEDIAN SOLD PRICE
101%
97%
+4.1%
UP +7.5% from 2019
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
142
71
+100.0%
MEDIAN SOLD PRICE
$493K
$450K
+9.6%
$493K
33
47
-29.8%
MEDIAN SOLD PRICE
97%
96%
+3.2%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE% CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
6 2020 Q3 PACIFIC NORTHWEST MARKET REPORT
UP +9.6% from 2019
SEATTLE AREA WATERFRONT
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
42
34
+23.5%
MEDIAN SOLD PRICE
$1.3M
$1.343M
-3.2%
$1.3M
53
75
-29.3%
MEDIAN SOLD PRICE
96%
91%
+5.5%
DOWN -3.2% from 2019
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
142
71
+100.0%
MEDIAN SOLD PRICE
$2.363M
$2.475M
-4.5%
43
72
-40.3%
MEDIAN SOLD PRICE
96%
93%
+3.2%
DOWN -4.5% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$2.36M
2020 Q3 PACIFIC NORTHWEST MARKET REPORT
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SEATTLE AREA QUEEN ANNE & MAGNOLIA Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
290
214
+35.5%
MEDIAN SOLD PRICE
$1.123M
$970K
+15.8%
$1.123M
24
40
-40.0%
MEDIAN SOLD PRICE
99%
96%
+3.1%
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
334
244
+36.9%
MEDIAN SOLD PRICE
$973K
$934K
+4.2%
29
37
-21.6%
MEDIAN SOLD PRICE
99%
97%
+2.1%
UP +4.3% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +5.8% from 2019
CENTRAL SEATTLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2020 Q3 PACIFIC NORTHWEST MARKET REPORT
$973K
SEATTLE AREA NORTHEAST SEATTLE
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
413
335
+23.3%
MEDIAN SOLD PRICE
$875K
$778K
+12.5%
$875K
15
29
-48.3%
MEDIAN SOLD PRICE
102%
97%
+5.2%
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
779
607
+28.3%
MEDIAN SOLD PRICE
$830K
$760K
+9.2%
$830K
16
30
-46.7%
MEDIAN SOLD PRICE
103%
98%
+3.1%
UP +9.2% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +12.5% from 2019
BALLARD & GREENLAKE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
2020 Q3 PACIFIC NORTHWEST MARKET REPORT
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SEATTLE AREA WEST SEATTLE Q3 | 2020
Q3 | 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%
Q3 | 2020
Q3 | 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 SEATTLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2020 Q3 PACIFIC NORTHWEST MARKET REPORT
SEATTLE AREA SODO & BEACON HILL
Q3 | 2020
Q3 | 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%
Q3 | 2020
Q3 | 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 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.