PUGET SOUND COUNTIES 2020 annual 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.
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 puget sound counties MARKET REPORT
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2020 ANNUAL MARKET REPORT
LANA THOMPSON
PRINCIPAL MANAGING BROKER FOR anacortes
“Skagit County experienced a great year for sellers of single-family homes with the median sales price climbing 13.1 percent over last year to $422,000,” said Lana Thompson, Principal Managing Broker of Coldwell Banker Bain of Anacortes. “Although our market continued to be strong, buyers were faced with very low inventory. At year’s end inventory in Anacortes was down by 42.4 percent over last year and county-wide down
4 2020 Annual puget sound counties MARKET REPORT
significantly at 57.4 percent. The average days on market decreased from 50 to 40—a 20 percent reduction. Our waterfront homes—single family and condos—also saw a 21 percent increase in the median price to $635,000. Average days on market decreased from 95 to 71, and year-end inventory was down 45.2 percent to just 17 homes. Competition on available listing continues to be fierce.”
puget sound
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
KING / ISLAND / KITSAP / PIERCE / SKAGIT / SNOHOMISH / THURSTON / WHATCOM
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
King
$725K
Island
40 24
$440K
Kitsap
$419K
25
Pierce
$420K
23
Skagit
$422K
40
Snohomish
22
$550K
Thurston
18
$380K
Whatcom
37
$442K $100K
$200K
$300K
$400K
$500K
$600K
$700K
$800K
NUMBER OF SALES CLOSED 30K 25K 20K
27,530
15K
4,564
10K
1,743
5K
15,078
2,133
5,225 12,197
3,203
0
King
Island
Kitsap
Pierce
Skagit
INVENTORY IN UNITS / 12.31.20
Snohomish
Thurston
Whatcom
TOTAL PUGET SOUND INVENTORY / 5,190
1156
67
176
449
115
295
141
215
-70.5%
-36.0%
-43.2%
-56.2%
-57.4%
-66.2%
-47.0%
-55.9%
King
Island
Kitsap
Pierce
Thurston
Whatcom
Skagit
Snohomish
2020 Annual puget sound counties MARKET REPORT
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puget sound KING
2020
2019
CHANGE
TOTAL HOMES SOLD
27,530
26,016
+5.8%
MEDIAN SOLD PRICE
$725K
$675K
+7.4%
24
38
-36.8%
100%
98%
+2.0%
2020
2019
CHANGE
TOTAL HOMES SOLD
1743
1750
-0.4%
MEDIAN SOLD PRICE
$440K
$385K
+14.3%
40
47
-14.9%
98%
97%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$725K
MEDIAN SOLD PRICE UP +7.4% from 2019
ISLAND
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
6 2020 Annual puget sound counties MARKET REPORT
$440K MEDIAN SOLD PRICE UP +14.3% from 2019
KITSAP
2020
2019
CHANGE
TOTAL HOMES SOLD
4564
4472
+2.1%
MEDIAN SOLD PRICE
$419K
$376K
+11.4%
25
35
-26.8%
100%
98%
+2.0%
2020
2019
CHANGE
TOTAL HOMES SOLD
15,078
15,042
+0.2%
MEDIAN SOLD PRICE
$420K
$369K
+13.8%
23
33
-30.3%
101%
99%
+2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$419K
MEDIAN SOLD PRICE UP +11.4% from 2019
PIERCE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$420K
MEDIAN SOLD PRICE UP +13.8% from 2019
2020 Annual puget sound counties MARKET REPORT
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puget sound SKAGIT
2020
2019
CHANGE
TOTAL HOMES SOLD
2133
2049
+4.1%
MEDIAN SOLD PRICE
$422K
$373K
+13.1%
40
50
-20.0%
98%
97%
+1.0%
2020
2019
CHANGE
TOTAL HOMES SOLD
12,197
11,585
+5.3%
MEDIAN SOLD PRICE
$550K
$493K
+11.6%
22
34
-35.5%
100%
99%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$422K
MEDIAN SOLD PRICE UP +13.1% from 2019
SNOHOMISH
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2020 Annual puget sound counties MARKET REPORT
$550K
MEDIAN SOLD PRICE UP +11.6% from 2019
THURSTON
2020
2019
CHANGE
TOTAL HOMES SOLD
5225
5398
-3.2%
MEDIAN SOLD PRICE
$380K
$340K
+11.8%
18
30
-40.0%
101%
99%
+2.0%
2020
2019
CHANGE
TOTAL HOMES SOLD
3203
3165
+1.2%
MEDIAN SOLD PRICE
$442K
$400K
+10.5%
37
45
-17.8%
99%
97%
+2.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$380K
MEDIAN SOLD PRICE UP +11.8% from 2019
WHATCOM
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$442K
MEDIAN SOLD PRICE UP +10.5% from 2019
2020 Annual puget sound counties 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.