SOUTH 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
DAVID BASTIAN PRINCIPAL MANAGING BROKER FOR GIG HARBOR
David Bastian, Principal Managing Broker of Coldwell Banker Bain of Gig Harbor said, “The Gig Harbor market was initially hit hard by the onset of COVID. Total sales of single-family residents dipped to a low of 21% less than the same period in 2019. The third quarter of 2020 shifted to act more like the spring market of years past. As a result, the number of current closed sales in Gig Harbor has now caught up with the number of closed sales in 2019.
4 2020 Q3 PACIFIC NORTHWEST MARKET REPORT
It is hard to tell if that trend will continue as Gig Harbor is experiencing the lowest inventory of homes on the market in many years. Overall average number of days on the market is 15 days less this year over last; multiple offers are being seen in most all price points, pushing sales prices above list price. We are seeing an extraordinarily large number of buyers coming from the Central and North Puget Sound areas. In addition, there is a strong influx of buyers from California, Texas and other areas of the western United States.
SOUTH SOUND
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
BAINBRIDGE ISLAND / SILVERDALE / GIG HARBOR & KEY PENINSULA / NORTH TACOMA, LAKEWOOD & UNIVERSITY PLACE / PUYALLUP & GRAHAM
MEDIAN SOLD PRICE (NEAREST $000) South Sound Area
AVERAGE DOM 21
$500K
Bainbridge Island
34
$1,049K
19
$478K
Silverdale Gig Harbor & Key Peninsula
37
$635K
N. Tacoma, Lkwd. & Univ. Pl.
$444K
16
Puyallup & Graham
$429K
17
$200K
$400K
$600K
$800K
$1.0M
$1.2M
NUMBER OF SALES CLOSED 800 700 600
6,114 | TOTAL SALES CLOSED
500
827
400
486
300 200 100
1054
(TOTAL SOUTH SOUND AREA)
168
90
0
Bainbridge
Bainbridge Island Island
Silverdale
GigHarbor Harbor && Gig Key Peninsula Key Peninsula
Silverdale
INVENTORY IN UNITS / 09.30.2020
1500 1200
N. Tacoma, N. Tacoma, Lkwd. & Univ. Pl.
Lkwd. & Univ. Pl.
Puyallup
Puyallup & Graham & Graham
TOTAL SOUTH SOUND INVENTORY / 1,259
49
21
125
148
165
-38.7%
-50.0%
-56.9%
-47.0%
-56.6%
Bainbridge Island
Silverdale
Gig Harbor & Key Peninsula
N. Tacoma, Lkwd. & Univ. Pl.
Puyallup & Graham
-53.0%
900 600
2020 Q3 PACIFIC NORTHWEST MARKET REPORT
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202O Q3 MARKET REPORT
STEPHANIE CALLEN BROKER AT COLDWELL BANKER BAIN PUYALLUP
“Pierce County is continuing to see record home sales with measly inventory through the third quarter,” said Stephanie Callen, a broker in the Coldwell Banker Bain of Puyallup office. “Even with COVID-19, fires, winds, smoke and downpours, the market prices continue to rise. The luxury market is taking off and homes are on the market for less and less time. Pierce County’s median home price has reached a record at $430,000. That is nearly 15% more than this time last year when it was $375,000. Single family homes are selling with an average day on market of 20 days and for 2% more than their original price over last year.
6 2020 Q3 PACIFIC NORTHWEST MARKET REPORT
The biggest surprise this quarter is the luxury market. Between September 2019 and September 2020, luxury home sales have gone from 58 homes to 123 homes—up 112%! Also, the average days on market is down 20% and inventory is also down 18%. Waterfront properties are up 31% with the new median price of $864,000. Median price change for Gig Harbor is up 20.7% and Lake Tapps is up 14.4%. With interest rates at historic lows for jumbo loans, more buyers can buy in this upper end market. Puyallup and Graham have a new median price of $429,000. That is up 11.4% in the last year and current inventory is down 56.6%. It seems rising prices in most areas and shrinking inventory will continue through the rest of the year making 2020 one to remember!”
SOUTH SOUND
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
LAKE TAPPS & BONNEY LAKE / SE KING COUNTY / SW KING COUNTY
AVERAGE DOM
MEDIAN SOLD PRICE (NEAREST $000) 800 700 600 & Lake Tapps Bonney500 Lake
31
$509K
20
$545K
SE King400 County 300 SW King 200 County
18
$495K
100
Condos
0
Bainbridge Island
Waterfront
23
$298K
Silverdale
Gig Harbor & Key Peninsula
N. Tacoma, Lkwd. & Univ. Pl.
Puyallup & Graham
47
$864K
(SF Only)
Luxury
49
$1.30M
($2+M | SF+C $200K
$400K
$600K
$800K
$1.0M
$1.2M
NUMBER OF SALES CLOSED 2000
6,114 | TOTAL SALES CLOSED
1851
1500
(TOTAL SOUTH SOUND AREA)
1000
500
1112
49
526
21
-38.7%
-50.0%
125
-56.9%
770
2936 148
219
-47.0%
165
300
-56.6%
0
SE King
SW King
SE King County County
Lake Tapps & Lake Tapps Bonney Lake &
SW King County County
Condos
Condos
Bonney Lake
INVENTORY IN UNITS / 09.30.2020
Waterfront
(SF Only) Waterfront (SF Only)
Luxury
($2+MLuxury | SF+C)
($2+M | SF+C)
TOTAL SOUTH SOUND INVENTORY / 1,504
-47.3%
352
264
135
259
96
200
-58.1%
-50.0%
-44.2%
-24.5%
-49.5%
-21.3%
Lake Tapps & Bonney Lake
Condos
Waterfront (SF Only)
Luxury ($2+M | SF+C)
SE King County
SW King County
2020 Q3 PACIFIC NORTHWEST MARKET REPORT
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SOUTH SOUND TOTA L SO UTH SO U N D A REA
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
6114
5629
+8.6%
MEDIAN SOLD PRICE
$500K
$436K
+14.7%
$500K
21
28
-25.0%
MEDIAN SOLD PRICE
101%
98%
+3.1%
UP +14.7% from 2019
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
770
700
+10.0%
MEDIAN SOLD PRICE
$298K
$263K
+13.3%
$298K
23
25
-8.0%
MEDIAN SOLD PRICE
100%
99%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE% CON DOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2020 Q3 PACIFIC NORTHWEST MARKET REPORT
UP +13.3% from 2019
SOUTH SOUND WATERFRO NT
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
219
157
-39.5%
MEDIAN SOLD PRICE
$864K
$660K
+30.9%
47
51
-7.8%
MEDIAN SOLD PRICE
97%
94%
+3.2%
UP +30.9% from 2019
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
300
157
-91.1%
MEDIAN SOLD PRICE
$1.30M
$1.20M
+8.3%
$1.30M
49
53
-7.5%
MEDIAN SOLD PRICE
98%
95%
+3.2%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$864K LU XU RY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +8.3% from 2019
2020 Q3 PACIFIC NORTHWEST MARKET REPORT
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SOUTH SOUND BA I N B RI DG E ISL A N D
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
168
117
+43.6%
MEDIAN SOLD PRICE
$1,049K
$875K
+19.9%
$1,049K
34
38
-10.5%
MEDIAN SOLD PRICE
99%
96%
+3.1%
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
90
70
+28.6%
MEDIAN SOLD PRICE
$478K
$440K
+8.6%
19
30
-36.7%
MEDIAN SOLD PRICE
102%
98%
+4.1%
UP +8.6% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
UP +19.9% from 2019
S ILV ER DALE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2020 Q3 PACIFIC NORTHWEST MARKET REPORT
$478K
SOUTH SOUND G I G HA RB O R & KEY P EN I N SU L A
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
486
385
+26.2%
MEDIAN SOLD PRICE
$635K
$526K
+20.7%
37
42
-11.9%
MEDIAN SOLD PRICE
99%
97%
+1.0%
UP +20.7% from 2019
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
827
836
-1.1%
MEDIAN SOLD PRICE
$444K
$387K
+14.7%
$444K
16
23
-30.4%
MEDIAN SOLD PRICE
101%
98%
+3.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
SOLD/LIST PRICE%
N . TACOMA , L AKEWO O D & UNI VERSITY P L ACE
AVERAGE DAYS ON MARKET
$635K
UP +14.7% from 2019
2020 Q3 PACIFIC NORTHWEST MARKET REPORT 11
SOUTH SOUND P UYA L L U P & G RA HA M
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
1054
1059
-0.5%
MEDIAN SOLD PRICE
$429K
$385K
+11.4%
17
24
-29.2%
MEDIAN SOLD PRICE
101%
99%
+2.0%
UP +11.4% from 2019
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
526
464
+13.4%
MEDIAN SOLD PRICE
$509K
$445K
+14.4%
31
35
-11.4%
MEDIAN SOLD PRICE
100%
99%
+1.0%
UP +14.4% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$429K
L AKE TAPPS & BONNEY L A KE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
12 2020 Q3 PACIFIC NORTHWEST MARKET REPORT
$509K
SOUTH SOUND SE KI N G C O U NTY
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
1851
1698
-9.0%
MEDIAN SOLD PRICE
$545K
$480K
+13.5%
20
28
-28.6%
MEDAIN SOLD PRICE
101%
99%
+2.0%
UP +13.5% from 2019
Q3 | 2020
Q3 | 2019
CHANGE
TOTAL HOMES SOLD
1112
1000
+11.2%
MEDIAN SOLD PRICE
$495K
$440K
+12.5%
18
30
-40.0%
MEDIAN SOLD PRICE
100%
98%
+2.0%
UP +12.5% from 2019
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$545K SW KIN G COU NTY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$495K
2020 Q3 PACIFIC NORTHWEST MARKET REPORT 13
*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.