EASTSIDE 2020 annual MARKET REPORT
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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.
2020 ANNUAL MARKET REPORT
MIKE GRADY
COLDWELL BANKER BAIN President & CEO Reflecting on the 2020 numbers and the interesting turn of the market in the fourth quarter, Mike Grady, Coldwell Banker Bain president and CEO, said, “It is amazing to look back over the roller coaster that 2020 became and see how well the real estate market was able to withstand a worldwide pandemic and a resulting faltering economy. We started off the year strong in the first quarter with inventory declining slowly to just more than a month’s on hand. Coldwell Banker Bain brokers were reporting that it ‘feels like 2017,’ with multiple offers returning to transactions, and review dates (where sellers identify a date to review all offers) being added to the mix because of the number of offers sellers were receiving. And we started to see double digit median price appreciation increases in Snohomish, Pierce and Kitsap counties, with King nudging back up to five percent over the same period in 2019. At the time, I publicly commented that ‘Unless something unexpected happens to affect the local job market, there’s no reason to think now that this trend will decline.’ And then the completely unexpected COVID-19 hit. As we adhered to lock-down mandates in our region, of course the market was impacted, although it could have been much worse. We saw a nearly 30 percent decline in Total Active Listings in April 2020, a significant decline, given that spring is typically one of the busiest times of the year. The upside continued to be the unequal supply/ demand dynamic, with more buyers than inventory, and so we continued to see impressive price appreciation increases in the largest four counties—a story that has not changed today.
As we responded to regulations related to continuing to serve our clients in a safe way, and leveraged our technology in ways we never anticipated, our market started to bounce back in June. We started to hear our brokers reporting substantial movement to—and diminishing inventory in outlying areas such as Bellingham, Bainbridge Island, Eastern Washington, Bend, OR and other recreational-type locations, given the ability to work from home or accept or decide on an early retirement. The fourth quarter reflected a continuation of this rebound well into autumn. Pending sales were up double digits in the four major counties as well as median prices. A slight decrease in inventory, to about three weeks on hand, puts sellers in a great position—we saw buyers snapping homes up almost as fast as they were listed. With interest rates at record lows and employment in major tech industries very strong, this was a good indication that we might skip the typical slower winter market altogether— and that indeed turned out to be true. We are optimistic about 2021 and expect it to be a very good year. All the economic forecasts for our industry are positive, and most are predicting 2021 to be a banner year. There’s a feeling of optimism because there are multiple vaccines in process of deployment, we have learned to thrive in challenging circumstances, there’s serious discussions about getting the kids back in school, the election is over, and interest rates are still at all-time lows.”
2020 annual EASTSIDE MARKET REPORT
3
202O ANNUAL MARKET REPORT
EJ BOWLDS
Principal Managing Broker of BELLEVUE “If one were to look at the Eastside real estate market for 2020 and not look at any other news stories for the year, they would never know we have been in a pandemic for 10 months,” said E.J. Bowlds, Principal Managing Broker of Coldwell Banker Bain of Bellevue. “All real estate is local, and the Seattle and Eastside areas enjoy a unique profile of burgeoning technology companies creating a relatively stable employment base. This growth in the tech sector and ancillary businesses has fueled a major construction boom. These facts, along with the lowest mortgage rates in history, have led area buyers to
feel confident enough to continue to purchase homes in spite of other distractions in their lives. Add in the fact that inventory, especially on the Eastside, is limited creates a perfect storm where our area is second only to Phoenix, Arizona in annual appreciation growth for the US, with Seattle metro coming in at about 9 percent appreciation slightly behind Phoenix at 10 percent.
The lack of inventory on the Eastside is notable. As of the first of the year there was only two weeks of inventory available. While the small numbers of homes and condominiums available to buy may partially represent a seasonal slowdown, we see no signs that inventory will grow substantially in the near future. Let’s look at the numbers for the Eastside. The total number of homes sold last year was nearly 3 percent
4 2020 annual EASTSIDE MARKET REPORT
more than in 2019, 12,114 versus 12,461. The average sales price was up 7.5 percent which reinforces the 9 percent appreciation growth that was reported for the area. The average days on the market on the Eastside in 2020 was 24 days, down from 36 days in 2019. And the average sale in our area was at 100.6 percent of list price, so virtually everything sells over list price. In the luxury market (over $2 million) average prices on the Eastside were up over five percent and average waterfront prices priced over $2 million were up over 20 percent. What will 2021 look like on the Eastside? Experts all seem to agree that interest rates will stay at or near current low levels. The world seems to embrace technology more every day so Seattle’s technology giants will continue to grow. As the light rail system connecting the Eastside to Seattle gets closer to completion commercial growth along that corridor will continue to grow. Buyers’ confidence in the real estate market seems unthreatened. And the low inventory/high demand squeeze will continue to push prices higher. Will the economic displacements of COVID eventually effect the economy? Yes, but that displacement seems at least several quarters in the future.”
eastside area
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
BELLEVUE / BOTHELL / CARNATION / CLYDE HILL / DUVALL / ISSAQUAH / KIRKLAND / MEDINA / MERCER ISLAND
MEDIAN SOLD PRICE (NEAREST $000) Eastside Area
AVERAGE DOM 25
$881K
Bellevue
25
$1.207M
20
$715K
Bothell Carnation
37
$750K
Clyde Hill
51
$2.61M
Duvall
21
$685K $921K
Issaquah Kirkland
26
$1.055M
23
Medina
$3.865M
53
$1.7M
Mercer Island $1M
68
$2M
$3M
$4M
NUMBER OF SALES CLOSED 2000
10,782 | TOTAL SALES CLOSED
1500
1709 1000
(TOTAL EASTSIDE AREA)
1301
626
500
1248 334
247
172
55
63
0
Bellevue
Bothell
3500 INVENTORY
Carnation
Clyde Hill
Duvall
IN UNITS / 12.31.2020
Issaquah
Kirkland
Medina
TOTAL EASTSIDE INVENTORY / 260
Mercer Island -63.5%
3000 2500 2000
36
20
3
10
3
19
36
10
12
-57.1%
-79.6%
-72.7%
+11.1%
-78.6%
-55.8%
-55.6%
-23.1%
-73.3%
Bothell
Carnation
Clyde Hill
Duvall
Issaquah
Kirkland
Medina
Mercer Island
1500Bellevue 1000 500
2020 annual EASTSIDE MARKET REPORT
5
202O ANNUAL MARKET REPORT
MIKE WINKLER
Principal Managing Broker of mercer island
Said Mike Winkler, Principal Managing Broker of Coldwell Banker Bain of Mercer Island, “There were 384 homes listed on Mercer Island in 2020 and 407 in 2019, a decrease of 5.65 percent. The number of active listings available on December 31st was also down from the standing inventory last year (12 vs 43). The standing inventory decline was consistent, albeit more dramatic, with the general area market. The average price for listed properties on Mercer Island through December of this year was up 14 percent, with
6 2020 annual EASTSIDE MARKET REPORT
the average list price in 2020 at $3.5 million and the 2019 price at $3 million. The number of pending sales for 2020 was up 7.65 percent from 2019, and Mercer Island closed sales were up 6.67 percent, with 320 homes closing by the end of 2020. Buyer demand and sellers trying to “time’ the market is part of the reason why Mercer Island realized an increase in closed sales and appreciation for 2020, and why we anticipate another increase for both in 2021.”
eastside area
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
NEWCASTLE / NORTH BEND / RENTON / REDMOND / SAMMAMISH / SNOQUALMIE / WOODINVILLE
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
$1.04M
Newcastle
33
$781K
North Bend
30
$1.0M
Redmond
23
$590K
Renton
24
2000
Sammamish
$1.115M
25
$803K
Snoqualmie 1500
18
$933K
Woodinville 1000
Condos
23
$468K
24
Waterfront
$1.298M
500 (SF Only)
48 $2.6M
Luxury
(SF Only) 0
$500K
$1M
$1.5M
$2M
$2.5M
54 $3M
NUMBER OF SALES CLOSED 3500 3000
10,782 | TOTAL SALES CLOSED
2500
(TOTAL EASTSIDE AREA)
3369
2000 1500
1049
938
1000 500
1623
394
170
298
821
556
340
0
Newcastle
North Bend
Redmond
Renton
Sammamish Snoqualmie
iNVENTORY IN UNITS / 12.31.2020
Woodinville
Condos
Waterfront
TOTAL EASTSIDE INVENTORY / 260
Luxury -63.5%
7
7
16
44
21
4
12
247
34
116
-41.7%
-83.3%
-63.6%
-59.6%
-66.7%
-50.0%
-66.7%
+33.5%
-40.4%
-32.6%
Newcastle
North Bend
Redmond
Renton
Sammamish
Snoqualmie
Woodinville
Condos
Waterfront
Luxury
2020 annual EASTSIDE MARKET REPORT
7
eastside area TOTAL EASTSIDE AREA
2020
2019
CHANGE
TOTAL HOMES SOLD
10,783
10,684
+0.9%
MEDIAN SOLD PRICE
$881K
$800K
+10.1%
25
41
-39.0%
100%
97%
+3.1%
2020
2019
CHANGE
TOTAL HOMES SOLD
3369
3275
+2.9%
MEDIAN SOLD PRICE
$480K
$445K
+7.9%
24
37
-35.1%
99%
98%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$881K
MEDIAN SOLD PRICE UP +10.1% from 2019
CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2020 annual EASTSIDE MARKET REPORT
$480K MEDIAN SOLD PRICE UP +7.9% from 2019
WATERFRONT
2020
2019
CHANGE
TOTAL HOMES SOLD
340
302
+12.6%
MEDIAN SOLD PRICE
$1.29M
$1.17M
+10.7%
48
62
-22.6%
97%
95%
+2.1%
2020
2019
CHANGE
TOTAL HOMES SOLD
821
623
+31.8%
MEDIAN SOLD PRICE
$2.60M
$2.55M
+2.0%
54
74
-27.0%
97%
95%
+2.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.29M MEDIAN SOLD PRICE UP +10.7% from 2019
LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$2.6M
MEDIAN SOLD PRICE UP +2.0% from 2019
2020 annual EASTSIDE MARKET REPORT
9
eastside area BELLEVUE
2020
2019
CHANGE
TOTAL HOMES SOLD
1301
1254
+3.7%
MEDIAN SOLD PRICE
$1.207M
$1.113M
+8.4%
25
40
-37.5%
100%
97%
+3.1%
2020
2019
CHANGE
TOTAL HOMES SOLD
1709
1745
-2.1%
MEDIAN SOLD PRICE
$715K
$665K
+7.5%
20
37
-45.9%
101%
98%
+3.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.20M
MEDIAN SOLD PRICE UP +8.4% from 2019
BOTHELL
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2020 annual EASTSIDE MARKET REPORT
$715K
MEDIAN SOLD PRICE UP +7.5% from 2019
CARNATION
2020
2019
CHANGE
TOTAL HOMES SOLD
172
126
+36.5%
MEDIAN SOLD PRICE
$750K
$659K
+7.5%
37
56
-33.9%
99%
97%
+2.1%
2020
2019
CHANGE
TOTAL HOMES SOLD
55
61
-9.8%
MEDIAN SOLD PRICE
$2.61M
$2.79M
-6.5%
51
69
-26.1%
97%
95%
+2.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$750K
MEDIAN SOLD PRICE UP +7.5% from 2019
CLYDE HILL
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$2.61M
MEDIAN SOLD PRICE DOWN -6.5% from 2019
2020 annual EASTSIDE MARKET REPORT 11
eastside area DUVALL
2020
2019
CHANGE
TOTAL HOMES SOLD
247
234
+5.6%
MEDIAN SOLD PRICE
$685K
$649K
+5.5%
21
38
-44.7%
100%
100%
+0.0%
2020
2019
CHANGE
TOTAL HOMES SOLD
626
616
+1.6%
MEDIAN SOLD PRICE
$921K
$851K
+8.2%
26
47
-44.7%
100%
97%
+3.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$685K
MEDIAN SOLD PRICE UP +5.5% from 2019
ISSAQUAH
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
12 2020 annual EASTSIDE MARKET REPORT
$921K
MEDIAN SOLD PRICE UP +8.2% from 2019
KIRKLAND
2020
2019
CHANGE
TOTAL HOMES SOLD
1246
1086
+14.9%
MEDIAN SOLD PRICE
$1.055M
$933K
+13.1%
23
37
-37.8%
100%
97%
+3.1%
2020
2019
CHANGE
TOTAL HOMES SOLD
63
50
+26.0%
MEDIAN SOLD PRICE
$3.865M
$2.835M
+36.3%
68
82
-17.1%
95%
95%
+0.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.05M MEDIAN SOLD PRICE UP +13.1% from 2019
MEDINA
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$3.86M MEDIAN SOLD PRICE UP +36.3% from 2019
2020 annual EASTSIDE MARKET REPORT 13
eastside area MERCER ISLAND
2020
2019
CHANGE
TOTAL HOMES SOLD
334
307
+8.8%
MEDIAN SOLD PRICE
$1.70M
$1.66M
+2.4%
53
57
-7.0%
98%
96%
+2.1%
2020
2019
CHANGE
TOTAL HOMES SOLD
170
153
+11.1%
MEDIAN SOLD PRICE
$1.04M
$900K
+15.6%
33
41
-19.5%
99%
97%
+2.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.70M MEDIAN SOLD PRICE UP +2.4% from 2019
NEWCASTLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
14 2020 annual EASTSIDE MARKET REPORT
$1.04M MEDIAN SOLD PRICE UP +15.6% from 2019
NORTH BEND
2020
2019
CHANGE
TOTAL HOMES SOLD
394
371
+6.2%
MEDIAN SOLD PRICE
$781K
$708K
+10.3%
30
42
-28.6%
103%
99%
+4.0%
2020
2019
CHANGE
TOTAL HOMES SOLD
938
954
-1.7%
MEDIAN SOLD PRICE
$1.0M
$960K
+4.2%
23
33
-30.3%
101%
99%
+2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$781K
MEDIAN SOLD PRICE UP +10.3% from 2019
REDMOND
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.0M
MEDIAN SOLD PRICE UP +4.2% from 2019
2020 annual EASTSIDE MARKET REPORT 15
eastside area RENTON
2020
2019
CHANGE
TOTAL HOMES SOLD
1623
1773
-8.5%
MEDIAN SOLD PRICE
$590K
$545K
+8.3%
24
37
-35.1%
101%
98%
+3.1%
2020
2019
CHANGE
TOTAL HOMES SOLD
1049
1075
-2.4%
MEDIAN SOLD PRICE
$1.15M
$1.012M
+13.6%
25
49
-49.0%
101%
98%
+3.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$590K
MEDIAN SOLD PRICE UP +8.3% from 2019
SAMMAMISH
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
16 2020 annual EASTSIDE MARKET REPORT
$1.15M
MEDIAN SOLD PRICE UP +13.6% from 2019
SNOQUALMIE
2020
2019
CHANGE
TOTAL HOMES SOLD
298
280
+6.4%
MEDIAN SOLD PRICE
$803K
$724K
+10.9%
18
34
-47.1%
101%
98%
+3.1%
2020
2019
CHANGE
TOTAL HOMES SOLD
556
599
-7.2%
MEDIAN SOLD PRICE
$933K
$890K
+4.8%
23
48
-52.1%
100%
96%
+4.2%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$803K
MEDIAN SOLD PRICE UP +10.9% from 2019
WOODINVILLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$933K
MEDIAN SOLD PRICE UP +4.8% from 2019
2020 annual EASTSIDE 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.