SOUTHWEST WASHINGTON 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 1,100 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 SW WASHINGTON MARKET REPORT
3
2020 ANNUAL MARKET REPORT
DAVID KNODE
PRINCIPAL MANAGING BROKER FOR VANCOUVER EAST
“There is a line in a Grateful Dead song that I am sure many of you know... “What a Long Strange Trip It’s Been.” That line could easily summarize the real estate market in Clark and Cowlitz Counties in Southwest Washington for 2020,” said David Knode, Principal Managing Broker of Coldwell Banker Bain of Vancouver East. “With all the concern about COVID-19 and the everchanging requirements for how we needed to safely do business in our industry, we didn’t know if we were coming or going.” From a seller’s perspective 2020 was almost a utopia… median prices continued to rise through the year (up 9 percent in Clark County and 10.9 percent in Cowlitz), interest rates were at historical lows, there was a plethora of buyers looking in every price range and to top it off, there were historically low inventory levels that continued to drop month over month. In many cases this was the perfect time to sell. Even with the reduction
4 2020 annual SW WASHINGTON MARKET REPORT
of inventory, both Clark and Cowlitz Counties finished the year with an increase in the number of sales over 2019 by 4.9 percent and 9.5 percent, respectively. From a buyer’s perspective it was and continues to be a challenge. We are still experiencing multiple offers, many of which were for more than full price especially on listings under $400,000. There was a fevered pitch to utilize the low interest rates, and the market demanded quick action to secure a home. The number of days a home stayed on the market prior to receiving an offer dropped by 11.6 percent in Clark County and 13.2 percent in Cowlitz County. The future economic forecast for Southwest Washington is still strong and our area continues to experience an influx of people all of whom need housing. We hope that 2021 will see an increase of available homes to purchase; however, we believe that we are going to be in this sellers’ market for some time.”
clark county
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
FISHERS LANDING / CAMAS / WASHOUGAL / HEIGHTS-CASCADE PARK / BRUSH PRAIRIE / HOCKINSON / ORCHARDS
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
Fishers Landing
18
$410K
68
$554K
Camas Washougal
36
$475K
HeightsCascade Park
35
$425K
Brush Prairie Hockinson Orchards
$460K
46
$463K
49
$357K $100K
$200K
$300K
20
$400K
$500K
$600K
NUMBER OF SALES CLOSED 1500
8,472
1200
CLARK COUNTY SALES CLOSED
1350
900
1095
600 300
200
741
Fishers Landing
Camas
364
359
Washougal
HeightsCascade Park
781
0
INVENTORY IN UNITS / 12.31.20
Brush Prairie
Hockinson
Orchards
TOTAL CLARK COUNTY INVENTORY / 212
1000
5
37
20
21
53
31
31
-37.5%
-73.6%
-57.4%
-55.2%
-77.5%
-83.2%
-53.7%
400 Fishers Landing
Camas
Washougal
HeightsCascade Park
Brush Prairie
Hockinson
Orchards
800
600
200
0
2020 annual SW WASHINGTON MARKET REPORT
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clark county
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
RIDGEFIELD / BATTLEGROUND / WOODLAND / LA CENTER / SALMON CREEK / FELIDA / VANCOUVER
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
Ridgefield
52
$462K
Battleground
39
$419K
1500
Woodland
37
$396K
1200
La Center
49
$600K
900
Salmon Creek 600
39
$440K
Felida 300
33
$500K
Vancouver 0
27
$365K $100K
$200K
$300K
$400K
$500K
$600K
NUMBER OF SALES CLOSED 1000 800
8,472
600
CLARK COUNTY SALES CLOSED
774
711
400
948 715
269
Salmon Creek
Felida
148
200
17
0
Ridgefield
Battleground
Woodland
La Center
INVENTORY IN UNITS / 12.31.20
Vancouver
TOTAL CLARK COUNTY INVENTORY / 212
83
62
10
5
17
5
30
-47.1%
-49.2%
-56.5%
+150%
-84.5%
-88.1%
-63.4%
Ridgefield
Battleground
Woodland
La Center
Salmon Creek
Felida
Vancouver
6 2020 annual SW WASHINGTON MARKET REPORT
cowlitz county
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
BEACON HILL / COLUMBIA HEIGHTS / EAST COUNTY / SOUTH COUNTY / NORTHLAKE / NORTH KELSO / NORTH COUNTY / OLYMPIC / WEST COUNTY / ST. HELENS
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
Beacon Hill
14
$295K
Columbia Heights
31
$330K
East County
45
$415K
South County
49
$380K
Northlake
23
$295K
North Kelso
26
$238K
North County
53
$329K
Olympic
16
$265K
West County
31
$350K
St. Helens
16
$251K $100K
$200K
$300K
$400K
$500K
NUMBER OF SALES CLOSED 250
971
200 150
COWLITZ COUNTY SALES CLOSED
100
61
63
219 201
63
42
93
50
68
70
91
0
Beacon Hill
Columbia Heights
East County
South County
Northlake
North Kelso
INVENTORY IN UNITS / 12.31.20
North County
Olympic
West County
St. Helens
TOTAL COWLITZ COUNTY INVENTORY / 45
2
4
0
12
1
1
12
4
7
2
-33.3%
-66.7%
-100.0%
-64.7%
-66.7%
-75.0%
-68.4%
-42.9%
-12.5%
-66.7%
Beacon Hill
Columbia Heights
East County
South County
Northlake
North Kelso
North County
Olympic
West County
St. Helens
2020 annual SW WASHINGTON MARKET REPORT
7
clark county BATTLEGROUND
2020
2019
CHANGE
TOTAL HOMES SOLD
774
790
-20%
MEDIAN SOLD PRICE
$419K
$376K
+11.4%
21
28
-25.0%
98%
97%
+1.0%
2020
2019
CHANGE
TOTAL HOMES SOLD
1095
1055
+3.8%
MEDIAN SOLD PRICE
$460K
$440K
+4.5%
46
45
-25.0%
99%
98%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$419K
MEDIAN SOLD PRICE UP +11.4% from 2019
BRUSH PRAIRIE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2020 annual SW WASHINGTON MARKET REPORT
$460K
MEDIAN SOLD PRICE UP +4.5% from 2019
CAMAS
2020
2019
CHANGE
TOTAL HOMES SOLD
741
689
+7.5%
MEDIAN SOLD PRICE
$554K
$499K
+11.0%
68
50
+36.0%
99%
97%
+2.1%
2020
2019
CHANGE
TOTAL HOMES SOLD
269
322
-16.5%
MEDIAN SOLD PRICE
$500K
$447K
+11.9%
33
51
-35.3%
99%
97%
+2.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$554K
MEDIAN SOLD PRICE UP +11.0% from 2019
FELIDA
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$500K MEDIAN SOLD PRICE UP +11.9% from 2019
2020 annual SW WASHINGTON MARKET REPORT
9
clark county FISHERS LANDING
2020
2019
CHANGE
TOTAL HOMES SOLD
200
190
+5.3%
MEDIAN SOLD PRICE
$410K
$385K
+6.5%
18
21
-14.3%
100%
99%
+1.0%
2020
2019
CHANGE
TOTAL HOMES SOLD
359
345
+4.1%
MEDIAN SOLD PRICE
$425K
$377K
+12.7%
35
40
-12.5%
98%
97%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$410K
MEDIAN SOLD PRICE UP +6.5% from 2019
HEIGHTS-CASCADE PARK
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2020 annual SW WASHINGTON MARKET REPORT
$425K
MEDIAN SOLD PRICE UP +12.7% from 2019
HOCKINSON
2020
2019
CHANGE
TOTAL HOMES SOLD
781
710
+10.0%
MEDIAN SOLD PRICE
$463K
$436K
+6.2%
49
48
+2.1%
99%
98%
+1.0%
2020
2019
CHANGE
TOTAL HOMES SOLD
17
35
-54.1%
MEDIAN SOLD PRICE
$600K
$450K
+33.3%
49
68
-27.9%
99%
97%
+2.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$463K
MEDIAN SOLD PRICE UP +6.2% from 2019
LA CENTER
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$600K MEDIAN SOLD PRICE UP +33.3% from 2019
2020 annual SW WASHINGTON MARKET REPORT 11
clark county ORCHARDS
2020
2019
CHANGE
TOTAL HOMES SOLD
1350
1296
+4.2%
MEDIAN SOLD PRICE
$357K
$328K
+8.8%
20
32
-37.5%
100%
99%
+1.0%
2020
2019
CHANGE
TOTAL HOMES SOLD
711
526
+35.2%
MEDIAN SOLD PRICE
$462K
$454K
+1.8%
52
57
-8.8%
99%
98%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$357K
MEDIAN SOLD PRICE UP +8.8% from 2019
RIDGEFIELD
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
12 2020 annual SW WASHINGTON MARKET REPORT
$462K
MEDIAN SOLD PRICE UP +1.8% from 2019
SALMON CREEK
2020
2019
CHANGE
TOTAL HOMES SOLD
715
703
-1.7%
MEDIAN SOLD PRICE
$440K
$411K
+7.1%
39
43
-9.3%
100%
98%
+2.0%
2020
2019
CHANGE
TOTAL HOMES SOLD
948
916
+3.5%
MEDIAN SOLD PRICE
$365K
$332K
+9.9%
27
35
-22.9%
99%
98%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$440K MEDIAN SOLD PRICE UP +7.1% from 2019
VANCOUVER
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$365K
MEDIAN SOLD PRICE UP +9.9% from 2019
2020 annual SW WASHINGTON MARKET REPORT 13
clark county WASHOUGAL
2020
2019
CHANGE
TOTAL HOMES SOLD
364
389
-6.4%
MEDIAN SOLD PRICE
$475K
$400K
+18.8%
36
47
-23.4%
98%
97%
+1.0%
2020
2019
CHANGE
TOTAL HOMES SOLD
148
162
-8.6%
MEDIAN SOLD PRICE
$369K
$380K
+4.2%
37
46
-19.6%
99%
97%
+2.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$475K
MEDIAN SOLD PRICE UP +18.8% from 2019
WOODLAND
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
14 2020 annual SW WASHINGTON MARKET REPORT
$369K
MEDIAN SOLD PRICE UP +4.2% from 2019
cowlitz county BEACON HILL
2020
2019
CHANGE
TOTAL HOMES SOLD
93
88
+5.7%
MEDIAN SOLD PRICE
$295K
$280K
+5.4%
14
24
-41.7%
101%
99%
+2.0%
2020
2019
CHANGE
TOTAL HOMES SOLD
61
73
-16.4%
MEDIAN SOLD PRICE
$330K
$315K
+4.8%
31
47
-34.0%
98%
98%
+0.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$295K
MEDIAN SOLD PRICE UP +5.4% from 2019
COLUMBIA HEIGHTS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$330K MEDIAN SOLD PRICE UP +4.8% from 2019
2020 annual SW WASHINGTON MARKET REPORT 15
cowlitz county EAST COUNTY
2020
2019
CHANGE
TOTAL HOMES SOLD
63
55
+14.5%
MEDIAN SOLD PRICE
$415K
$380K
+9.2%
45
46
-2.2%
99%
96%
+3.1%
2020
2019
CHANGE
TOTAL HOMES SOLD
201
172
+16.9%
MEDIAN SOLD PRICE
$380K
$338K
+12.4%
49
58
-15.5%
99%
96%
+3.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$415K
MEDIAN SOLD PRICE UP +9.2% from 2019
KALAMA, SOUTH COUNTY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
16 2020 annual SW WASHINGTON MARKET REPORT
$380K
MEDIAN SOLD PRICE UP +12.4% from 2019
NORTHLAKE
2020
2019
CHANGE
TOTAL HOMES SOLD
42
52
-19.2%
MEDIAN SOLD PRICE
$295K
$255K
+15.7%
23
24
-4.2%
100%
99%
+1.0%
2020
2019
CHANGE
TOTAL HOMES SOLD
219
179
+22.3%
MEDIAN SOLD PRICE
$329K
$295K
+11.5%
53
50
+6.0%
98%
98%
+0.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$295K
MEDIAN SOLD PRICE UP +15.7% from 2019
NORTH COUNTY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$329K
MEDIAN SOLD PRICE UP +11.5% from 2019
2020 annual SW WASHINGTON MARKET REPORT 17
cowlitz county NORTH KELSO
2020
2019
CHANGE
TOTAL HOMES SOLD
68
49
-38.8%
MEDIAN SOLD PRICE
$238K
$203K
+17.2%
26
29
-10.3%
99%
98%
+1.0%
2020
2019
CHANGE
TOTAL HOMES SOLD
91
97
-6.2%
MEDIAN SOLD PRICE
$265K
$240K
+10.4%
16
23
-30.4%
101%
99%
+2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$238K
MEDIAN SOLD PRICE UP +17.2% from 2019
OLYMPIC
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
18 2020 annual SW WASHINGTON MARKET REPORT
$265K
MEDIAN SOLD PRICE UP +10.4% from 2019
ST. HELENS
2020
2019
CHANGE
TOTAL HOMES SOLD
70
68
+2.9%
MEDIAN SOLD PRICE
$251K
$233K
+7.7%
16
24
-33.3%
101%
99%
+2.0%
2020
2019
CHANGE
TOTAL HOMES SOLD
63
66
-4.5%
MEDIAN SOLD PRICE
$350K
$359K
-2.9%
47
51
-7.8%
98%
97%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$251K
MEDIAN SOLD PRICE UP +7.7% from 2019
WEST COUNTY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$350K
MEDIAN SOLD PRICE DOWN -2.5% from 2019
2020 annual SW WASHINGTON MARKET REPORT 19
*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.