Pacific Northwest Real Estate Market Report - Q3 - 2019 -S

Q3 2019 P

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MARKET REPORT OREGON

| P U G E T

SOUND

|

SOUTHWEST

WASHINGTON

Helping people buy and sell homes in the Pacific Northwest since 1972, Coldwell Banker Bain is an undisputed market leader, posting nearly $6.4 billion in sales in 2018. With 32 offices and more than 1,100 brokers in Washington and Oregon, plus a global reach that extends to 92,000 brokers in 44 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.

Q3 2019

PACIFIC NORTHWEST

MARKET REPORT

PACIFIC NORTHWEST MARKET REPORT FOR PUGET SOUND REGION

B

ELLEVUE, WA (Oct. 1, 2019) – Coldwell Banker Bain, a leading provider of real estate brokerage services throughout Washington and Oregon, and a market leader in home sales in 2018,* releases its third-quarter market report providing a variety of statistics for the sale of homes in neighborhoods and counties throughout the Puget Sound region, as well as for other segments, including luxury and condos. The third-quarter report reflects activity between July 1 and Sept. 30, 2019.** Reflecting on the third-quarter numbers and feedback from brokers, Mike Grady, Coldwell Banker Bain president and COO, said, “Things are evolving a bit, however at this point it’s difficult to know if it’s an aberration or an actual trend. Throughout the region, there were far fewer listings than during this same period last year, and there were also fewer pending transactions than last year. So, while it’s still a seller’s market, for more than a year now we’ve continued to see only 1-2 months of inventory, so we’re starting to think we may be looking at a ‘new normal’ in relation to what a balanced market looks like. That is, our region’s new balanced market may have changed from one that had 4-5 months of inventory, to one that only offers 1-2 months of inventory. And with the international economy and trade issues continuing to be erratic, and interest rates staying low, these pressures will almost certainly also be an influence, yet there’s no clear answer to how all of this will play out. But for sure, a market with 1-2 months of inventory is good news for both buyers and sellers, and evens the playing field a bit.

Additionally, the median price in King County is regaining ground, and if you look at that number since January 2019, median prices in King County have appreciated nearly 10% so far this year, so still very impressive.”

PORTLAND Q3

AREA

MARKET

REPORT

Based on information from the RMLS, data reflects sales of single family homes and condos between 7/1/19 and 9/30/19.

coldwellbankerbain.com

PORTLAND OREGON

D

avid Sly, Principal Managing Broker of Coldwell Banker Bain of Portland Uptown office, said, “Looking back at the third quarter, we see an overall decrease in inventory throughout Portland and the surrounding areas. While the Portland Metro area has seen a large number of homes close in the summer months, homes are sitting longer on the market, averaging 32 days or more and we are seeing signs of downward price adjustments in certain

B

rian Houston, Principal Managing Broker of Coldwell Banker Bain of Portland West, said, “Listings in the Beaverton/ Aloha area are up over last year by 18.8% while listings in all of Washington County are up 0.9%.

The Beaverton/Aloha/Washington County market area remains flat in closed sales compared to same time period last year. Days on Market is

5

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

submarkets. At a broader glance, Multnomah County saw the largest decrease in listing inventory at -13.5% with an average of 31 days on market when compared to the same time last year. Washington County matched Multnomah County’s average days on market, however its inventory has seen an almost 1% increase. This variance could signal a plateauing in the market for the upcoming colder months.”

slowly rising due to a seasonal adjustment with Beaverton/Aloha at 28 DOM and Washington County at 31 DOM. We are finding that buyers are taking their time in looking for and making an offer on a home. If sellers are not willing to make concessions or do repairs then buyers are moving on to the next property.”

PORTLAND OREGON REGION North Portland | Northeast Portland | West Portland - Raleigh Hills Lake Oswego - West Linn | Milwaukie - Gladstone - Happy Valley | Beaverton - Aloha SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY

AVERAGE SOLD PRICE (Nearest $000)

AVERAGE DOM

Portland Area

$527,000

36

North Portland

$435,000

27

Northeast Portland

$515,000

27

Southeast Portland

$438,000

31

West Portland/ Raleigh Hills

$690,000

38

Lake Oswego/ West Linn

$774,000

43

Milwaukie/Gladstone Happy Valley

$467,000

34

Beaverton/ Aloha

$451,000

28

Area Condos

$332,000

40

Area Luxury ($1+M | SF+C)

$1,425,000

63 63

$0

$300k

$600k

$900k

$1.5m

$1.2m

NUMBER OF SALES CLOSED 1200

3697

1000

TOTAL SALES CLOSED

561

800 600

809 610

400 200

1059

504

268

597

525

384

209

0 North Portland

Northeast Portland

West Portland/ Raleigh Hills

Lake Oswego/ West Linn

Milwaukie/ Gladstone/ Happy Valley

Beaverton/ Aloha

Area Condos

Area Waterfront

Area Luxury ($2+M / SF+C)

(SF Only)

INVENTORY IN UNITS - 10/01/2019

Total Portland Area Inventory

2840

166

410

560

520

344

512

328

1131

573

-17.8%

-13.3%

-12.2%

-10.7%

-16.5%

-8.6%

+18.8%

-0.3%

-2.4%

North Portland

Northeast Portland

West Portland/ Raleigh Hills

Lake Oswego/ West Linn

Milwaukie/ Gladstone/ Happy Valley

Beaverton/ Aloha

Area Condos

Area Waterfront

-9.6%

Area Luxury ($2+M / SF+C)

(SF Only)

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

6

PORTLAND OREGON REGION Total Portland Area | Area Condos | Area Luxury | North Portland

7

PORTLAND AREA

AREA CONDOS

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 3697 | 3823 | -3.3% AVERAGE SOLD PRICE $527,000 | $514,000 | 2.53% AVERAGE DAYS ON MARKET 33 | 30 | 10% SOLD/LIST PRICE % 99% | 99% | 0%

TOTAL HOMES SOLD 1059 | 1014 | 4.44% AVERAGE SOLD PRICE $332,000 | $335,000 | -.9% AVERAGE DAYS ON MARKET 40 | 33 | 21.21% SOLD/LIST PRICE % 99% | 99% | 0%

AREA LUXURY

NORTH PORTLAND

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 209| 213 | -1.88% AVERAGE SOLD PRICE $1,425,000 | $1,520,000 | -6.25% AVERAGE DAYS ON MARKET 63 | 54 | 16.67% SOLD/LIST PRICE % 96% | 96% | 0%

TOTAL HOMES SOLD 268 | 265 | 1.13% AVERAGE SOLD PRICE $435,000 | $429,000 | 1.4% AVERAGE DAYS ON MARKET 27 | 25 | 8% SOLD/LIST PRICE % 100% | 101% | -1%

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

PORTLAND OREGON REGION Northeast Portland | West Portland - Raleigh Hills | Lake Oswego - West Linn

NORTHEAST PORTLAND

WEST PORTLAND & RALEIGH HILLS

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 610 | 621 | -1.77% AVERAGE SOLD PRICE $515,000 | $476,000 | 8.19% AVERAGE DAYS ON MARKET 27 | 29 | -6.9% SOLD/LIST PRICE RATIO 100% | 100% | 0%

TOTAL HOMES SOLD 504 | 482 | 4.56% AVERAGE SOLD PRICE $690,000 | $702,000 | -1.71% AVERAGE DAYS ON MARKET 38 | 37 | 2.7% SOLD/LIST PRICE % 98% | 98% | 0%

LAKE OSWEGO & WEST LINN Q3 2019 | Q3 2018 | % CHANGE TOTAL HOMES SOLD 384 | 364 | 5.49% AVERAGE SOLD PRICE $774,000 | $804,000 | -3.73% AVERAGE DAYS ON MARKET 43 | 39 | 10.26% SOLD/LIST PRICE RATIO 98% | 97% | 1%

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

8

PORTLAND OREGON REGION Milwaukie - gladstone - Happy Valley | Beaverton - Aloha

9

MILWAUKIE, GLADSTONE & HAPPY VALLEY

BEAVERTON & ALOHA

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 597 | 645 | -7.44% AVERAGE SOLD PRICE $467,000 | $452,000 | 3.32% AVERAGE DAYS ON MARKET 34 | 30 | 13.33% SOLD/LIST PRICE % 100% | 100% | 0%

TOTAL HOMES SOLD 525 | 588 | -10.71% AVERAGE SOLD PRICE $451,000 | $439,000 | 2.73% AVERAGE DAYS ON MARKET 28 | 22 | 27.27% SOLD/LIST PRICE RATIO 100% | 100% | 0%

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

BEND

Q3

AREA

MARKET

REPORT

Based on information from the MLSCO, data reflects sales of single family homes between 7/1/19 and 9/30/19.

coldwellbankerbain.com

BEND OREGON

B

randon Fairbanks, Principal Managing Broker of Coldwell Banker Bain of the Bend office, said, “Bend continues to draw visitors from around the world as the summer months offer an endless opportunity for outdoor recreation. As I watch these vacationers floating the Deschutes River for the first time or enjoying the downhill mountain biking park at Mt. Bachelor, I can’t help but overhear conversations about dreaming of a life in Bend. The real estate market in Bend remains very active with multiple offers on the well-priced properties in certain price ranges.

The average sales price in the third quarter was up 9% over the same quarter the previous year with inventory levels down 9.6%. The number of sold homes has remained relatively the same at 861 units. Months of inventory is a number which I pay

11

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

close attention to as five to six months of inventory is a balanced market; less than that will result in price appreciation, as more months of inventory puts downward pressure on prices, or is a buyer’s’ market. The current months of inventory in Bend, on average, is 2.7 months, down from three months during this same period last year. This is a sign that prices will continue to increase as the supply of homes can’t keep up with demand. Of course, this changes in different price points—for instance, homes in Bend priced over $1 million currently have 6.7 months of inventory, down 21% from the same quarter one year ago. Bend still offers an incredible value compared to the housing prices in most of the markets from which our buyers are moving, coupled with a lifestyle most can only dream about. I expect Bend to continue to be a solid real estate market in the years to come. ”

BEND OREGON Bend | Area Luxury

SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY

AVERAGE SOLD PRICE (Nearest $000)

Bend

Area Luxury ($1+M | SF+C)

AVERAGE DOM

$892,000

95

$1,462,000

113

$0

$600k

$300k

NUMBER OF SALES CLOSED

$1.2m

$900k

$1.5m

INVENTORY IN UNITS - 10/01/2019

1000

800

894

91

-18.3%

-20.9%

Bend

Area Luxury

600

892 400

67

($2+M / SF+C)

200

0

Bend

Area Luxury ($2+M / SF+C)

BEND AREA

AREA LUXURY

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 892 | 808 | +10.4%

TOTAL HOMES SOLD 67 | 33 | +103.3%

AVERAGE SOLD PRICE $572,000 | $561,000 | +1.96%

AVERAGE SOLD PRICE $1,462,000 | $1,345,000 | +8.7%

AVERAGE DAYS ON MARKET 95 | 110 | -14.6%

AVERAGE DAYS ON MARKET 113 | 138 | -18.12%

SOLD/LIST PRICE % 98.0% | 98.0% | 0.0%

SOLD/LIST PRICE % 96.0% | 96.0% | 0.0% Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

12

EASTSIDE Q3

AREA

MARKET

REPORT

Based on information from the NWLMS, data reflects sales of single family homes and condos between 7/1/19 and 9/30/19.

coldwellbankerbain.com

EASTSIDE AREA

M

ike Winkler, Principal Managing Broker of Coldwell Banker Bain of Mercer Island, said, “As a market unto itself, Mercer Island trends appear more dramatic than those experienced in the Greater Puget Sound, certainly attributable to both price and inventory.

The good news is that while pricing has seen significant reductions with new listings, pending and closed sales reversed a negative trend and were both up in price and units. The market flux makes one ask if this is our ‘new normal,’, and only time will tell. Again, spot-on pricing results

14

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

in buyers making near to full-price offers and transactions closing.

In the meantime, there have been news reports regarding simple rule changes on how brokers are compensated. Suffice it to say, this is an excellent opportunity to discuss with your choice of listing broker on Mercer Island. Remaining competitive, closing, and moving on is at the heart of the discussion points. In other news, interest rates remain at historically lows and the employment and business growth outlook in Puget Sound remain optimal.”

EASTSIDE AREA Bellevue | Bothell | Carnation | Clyde Hill | Duvall | Issaquah Kirkland | Medina | Mercer Island

SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY

AVERAGE SOLD PRICE (Nearest $000)

AVERAGE DOM

Eastside Area

$966,000

36

Bellevue

$1,340,000

36

Bothell

$685,000

31

Carnation

$695,000

53

Clyde Hill

$3,247,000

86

Duvall

$659,000

28

Issaquah

$993,000

43

Kirkland

$1,123,000

39

Medina

$3,364,000

96

Mercer Island

$2,006,000

54

$0

$500k

$1m

$1.5m

$2m

$2.5m

$3m

$3.5m

NUMBER OF SALES CLOSED 500 400 300

494 375 299

200

66

38 339

100

76

166

14

13

0 Bellevue

Bothell

Carnation

Clyde Hill

Duvall

Issaquah

Kirkland

Medina

Mercer Island

INVENTORY IN UNITS - 10/01/2019

1000

800

225

306

33

19

36

116

194

25

83

600-25.7%

-18.6%

-10.8%

0.0%

-33.3%

-28.0%

-12.2%

+13.6%

-5.7%

Bellevue 400

Bothell

Carnation

Clyde Hill

Duvall

Issaquah

Kirkland

Medina

Mercer Island

20039 +5.4%

0

81

149

292

195

31

+15.7%

-20.7%

-24.2%

-18.8%

-39.2%

102

469

112

306

-19.0%PACIFIC NORTHWEST -25.7% -9.7% +4.4% Q3 | 2019 MARKET REPORT

15

EASTSIDE AREA LUXURY

J

ennifer Cameron, Vice President of Global Luxury and Principal Managing Broker of Coldwell Banker Bain of Lincoln Square, said, “You might be surprised to know that while the media typically lumps all national real estate markets into one report, our markets are vastly different. New York City prices are down as

16

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

much as 40 percent from a year ago while Los Angeles has had a very stable and consistent market for the last four years. Seattle and the Eastside are retracting in the luxury market. The one commonality between all is that foreign buyers have disappeared. This means more opportunities and less competition for buyers.�

EASTSIDE AREA Newcastle | North Bend | Renton | Redmond | Sammamish Snoqualmie | Woodinville

SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY

AVERAGE DOM

AVERAGE SOLD PRICE (Nearest $000) Newcastle

$951,000

38

North Bend

$731,000

30

Redmond

$1,031,000

30

Renton

$583,000

29

500 Sammamish

$1,116,000

42

Snoqualmie 400

$775,000

25

Woodinville 300 Area Condos

$1,009,000

50

$528,00

30

(SF Only)

$1,897,000

53

Area 100Luxury ($1+M | SF+C)

$2,874,000

67

Area 200Waterfront

0

$0

$500k

$1m

$1.5m

$2m

$2.5m

$3m

NUMBER OF SALES CLOSED

3018

1000

TOTAL SALES CLOSED

800

862

600 400 200

506 100

42

308

275

88

88

Newcastle

225

North Bend

306

Redmond

Renton

33

Sammamish

19

-25.7% -18.6% -10.8% 0.0% INVENTORY IN UNITS - 10/01/2019

173

158

0 Snoqualmie

Woodinville

36

116

194

-33.3%

-28.0%

-12.2%

Area Condos

Area Waterfront

25 (SF Only)

+13.6%

Total Eastside Inventory

Area Luxury ($2+M / SF+C)

83

-5.7%

1926

-19.0%

39

81

149

292

195

31

102

469

112

306

+5.4%

+15.7%

-20.7%

-24.2%

-18.8%

-39.2%

-19.0%

-25.7%

-9.7%

+4.4%

Newcastle

North Bend

Redmond

Renton

Sammamish

Area Waterfront

($2+M / SF+C)

Snoqualmie

Woodinville

Area Condos

Area Luxury

(SF Only)

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

17

EASTSIDE AREA Total Eastside Area | Area Condos | Area Waterfront | Area Luxury

18

EASTSIDE AREA

AREA CONDOS

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 3018 | 2938 | 2.72% AVERAGE SOLD PRICE $966,000 | $968,000 | -.21% AVERAGE DAYS ON MARKET 36 | 24 | 50% SOLD/LIST PRICE % 99.% | 100% | -1%

TOTAL HOMES SOLD 862 | 908 | -5.07% AVERAGE SOLD PRICE $528,000 | $533,000 | -.94% AVERAGE DAYS ON MARKET 30 | 16 | 87.5% SOLD/LIST PRICE RATIO 99% | 100% | -1%

AREA WATERFRONT

AREA LUXURY

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 88 | 98 | -10.20% AVERAGE SOLD PRICE $1,897,000 | $1,780,000 | 6.57% AVERAGE DAYS ON MARKET 53 | 57 | -7.02% SOLD/LIST PRICE % 97% | 97% | 0%

TOTAL HOMES SOLD 173 | 137 | 26.28% AVERAGE SOLD PRICE $2,874,000 | $3,131,000 | -8.21% AVERAGE DAYS ON MARKET 67 | 46 | 45.65% SOLD/LIST PRICE RATIO 97% | 97% | 0%

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

EASTSIDE AREA Bellevue | Bothell | Carnation | Clyde Hill

BELLEVUE

BOTHELL

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 375 | 311 | 20.58% AVERAGE SOLD PRICE $1,340,000 | $1,370,000 | -2.19% AVERAGE DAYS ON MARKET 36 | 21 | 71.43% SOLD/LIST PRICE % 99% | 97% | 2%

TOTAL HOMES SOLD 494 | 453 | 9.05% AVERAGE SOLD PRICE $685,000 | $723,000 | -5.26% AVERAGE DAYS ON MARKET 31 | 24 | 29.17% SOLD/LIST PRICE RATIO 100% | 100% | 0%

CARNATION

CLYDE HILL

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 38 | 44 | -13.64% AVERAGE SOLD PRICE $695,000 | $750,000 | -7.33% AVERAGE DAYS ON MARKET 53 | 43 | 23.26% SOLD/LIST PRICE % 99% | 99% | 0%

TOTAL HOMES SOLD 14| 9 | 55.56% AVERAGE SOLD PRICE $3,247,000 | $3,411,000 | -4.81% AVERAGE DAYS ON MARKET 86 | 46 | 86.96% SOLD/LIST PRICE RATIO 95% | 95% | 0%

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

19

EASTSIDE AREA Duvall | Issaquah | Kirkland | Medina

20

DUVALL

ISSAQUAH

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 66 | 88 | -25.00% AVERAGE SOLD PRICE $659,000 | $698,000 | -5.59% AVERAGE DAYS ON MARKET 28 | 34 | -17.65% SOLD/LIST PRICE % 99% | 100% | -1%

TOTAL HOMES SOLD 166 | 214 | -22.43% AVERAGE SOLD PRICE $993,000 | $981,000 | 1.22% AVERAGE DAYS ON MARKET 43 | 28 | 53.57% SOLD/LIST PRICE % 99% | 99% | 0%

KIRKLAND

MEDINA

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 299 | 305 | -1.97% AVERAGE SOLD PRICE $1,123,000 | $1,075,000 | 4.47% AVERAGE DAYS ON MARKET 39 | 22 | 77.27% SOLD/LIST PRICE RATIO 99% | 100% | -1%

TOTAL HOMES SOLD 13 | 11 | 18.18% AVERAGE SOLD PRICE $3,364,000 | $5,539,000 | -39.27% AVERAGE DAYS ON MARKET 96 | 40 | 140% SOLD/LIST PRICE RATIO 97% | 95% | 2%

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

EASTSIDE AREA Mercer Island | Newcastle | North Bend | Renton | Redmond

MERCER ISLAND

NEWCASTLE

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 76 | 79 | -3.80% AVERAGE SOLD PRICE $2,006,000 | $1,919,000 | 4.53% AVERAGE DAYS ON MARKET 54 | 22 | 145.45% SOLD/LIST PRICE % 97% | 99% | -2%

TOTAL HOMES SOLD 42 | 32 | 31.25% AVERAGE SOLD PRICE $951,000 | $1,109,000 | -14.25% AVERAGE DAYS ON MARKET 38 | 23 | 65.22% SOLD/LIST PRICE % 98% | 98% | 0%

NORTH BEND

REDMOND

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 100 | 88 | 13.64% AVERAGE SOLD PRICE $731,000 | $661,000 | 10.59% AVERAGE DAYS ON MARKET 30 | 14 | 114.29% SOLD/LIST PRICE RATIO 100% | 100% | 0%

TOTAL HOMES SOLD 275 | 289 | -4.84% AVERAGE SOLD PRICE $1,031,000 | $1,031,000 | 0% AVERAGE DAYS ON MARKET 30 | 19 | 57.89% SOLD/LIST PRICE RATIO 100% | 101% | -1%

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

21

EASTSIDE AREA Renton | Sammamish | Snoqualmie | Woodinville

22

RENTON

SAMMAMISH

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 506 | 449 | 12.69% AVERAGE SOLD PRICE $583,000 | $568,000 | 2.64% AVERAGE DAYS ON MARKET 29 | 23 | 26.09% SOLD/LIST PRICE % 100% | 100% | 0%

TOTAL HOMES SOLD 308 | 286 | 7.69% AVERAGE SOLD PRICE $1,116,000 | $1,133,000 | -1.5% AVERAGE DAYS ON MARKET 42 | 28 | 50% SOLD/LIST PRICE % 99% | 100% | -1%

SNOQUALMIE

WOODINVILLE

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 88 | 106 | -16.98% AVERAGE SOLD PRICE $775,000 | $768,000 | .91% AVERAGE DAYS ON MARKET 25 | 18 | 38.89% SOLD/LIST PRICE RATIO 99% | 100% | -1%

TOTAL HOMES SOLD 158 | 174 | -9.2% AVERAGE SOLD PRICE $1,009,000 | $940,000 | 7.34% AVERAGE DAYS ON MARKET 50 | 23 | 117.39% SOLD/LIST PRICE RATIO 98% | 100% | -2%

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

SEATTLE Q3

AREA

MARKET

REPORT

Based on information from the NWLMS, data reflects sales of single family homes and condos between 7/1/19 and 9/30/19.

coldwellbankerbain.com

SEATTLE AREA

J

ohn Deely, Principal Managing Broker of Lake Union and Madison Park, said, “The third quarter Seattle residential market for the selected areas continued a strong showing for 2019. Record low interest rates helped propel buyers into the market as prices leveled off, compared to previous years. Overall, the Seattle areas had a decrease in inventory when compared to the same quarter last year. Most Seattle zip codes are recording an increase in market time as buyers approached the market with a more relaxed attitude. The condominium, Seattle luxury market and the Seattle waterfront continued to increase in inventory during the third quarter.

24

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

The Seattle luxury market ($2.5M +) had an 18%+ increase in listings with an average market time of 59 days. There was a total of 59 closings in the luxury market during the third quarter. The Seattle waterfront, residential market had a 51%+ increase in listings with an average market time of 110 days.

There were 29 closings in the Seattle waterfront, residential market during the third quarter, with the average price at $1,944M. The selected Seattle condo market had a 6.9%+ increase in listings with 388 properties on the market and an average market time of 41 days. There were 451 closings in the Seattle condo market during the third quarter with the average price at $520,000.�

SEATTLE AREA Ballard - Green Lake | Capitol Hill | Madison Park | Magnolia | NE Seattle Seattle Central | South Lake Union - Queen Anne | West Seattle SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY

AVERAGE SOLD PRICE (Nearest $000)

AVERAGE DOM

Seattle Area

$981,000

32

Ballard/Green Lake

$856,000

29

Capitol Hill

$1,492,000

48

Madison Park

$1401,000

28

Magnolia

$1,176,000

40

NE Seattle

$939,000

28

Seattle Central

$891,000

38

S. Lake Union/ Queen Anne

$1,167,000

40

West Seattle

$877,000

31

Area Condos

$502,000

41

Area Waterfront (SF Only) Area Luxury ($1+M | SF+C)

$1,944,000

82

$2,941,000 $4,265,000 $0 $500

59 $1m

$1.5m

$2m

$2.5m

$3m

NUMBER OF SALES CLOSED 500

1456

400

454

TOTAL SALES CLOSED

451

300

372

200 100

180

45 86

111

Madison Park

Magnolia

0 Ballard / Green Lake

Capitol Hill

NE Seattle

Seattle Central

102

106

S. Lake Union/ Queen Anne

West Seattle

29 Area Condos

Area Waterfront

59

Area Luxury ($2+M / SF+C)

(SF Only)

INVENTORY IN UNITS - 10/01/2019

Total Eastside Inventory

869

+1.0%

226

35

63

62

228

130

78

47

388

53

110

+12.4%

-10.3%

+14.5%

-13.9%

+14.0%

-5.8%

-13.3%

-27.7%

+6.9%

+51.4%

+18.3%

Ballard / Green Lake

Capitol Hill

Madison Park

Magnolia

NE Seattle

Seattle Central

West Seattle

Area Condos

Area Waterfront

($2+M / SF+C)

S. Lake Union/ Queen Anne

Area Luxury

(SF Only)

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

25

SEATTLE AREA Total Seattle Area | Area Condos | Area Waterfront | Area Luxury

26

SEATTLE AREA

AREA CONDOS

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 1456 | 1284 | 13.4% AVERAGE SOLD PRICE $981,000 | $1,020,000 | -3.82% AVERAGE DAYS ON MARKET 32 | 18 | 77.78% SOLD/LIST PRICE % 99% | 100% | -1%

TOTAL HOMES SOLD 451 | 415 | 8.67% AVERAGE SOLD PRICE $502,000 | $534,000 | -5.99% AVERAGE DAYS ON MARKET 41 | 19 | 115.79% SOLD/LIST PRICE RATIO 99% | 101% | -2%

AREA WATERFRONT

AREA LUXURY

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 29 | 19 | 52.63% AVERAGE SOLD PRICE $1,944,000 | $2,424,000 | -19.80% AVERAGE DAYS ON MARKET 82 | 29 | 182.76% SOLD/LIST PRICE % 93% | 98% | -5%

TOTAL HOMES SOLD 59 | 56 | 5.36% AVERAGE SOLD PRICE $2,941,000 | $3,181,000 | -7.54% AVERAGE DAYS ON MARKET 59 | 36 | 63.89% SOLD/LIST PRICE RATIO 97% | 97% | 0%

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

SEATTLE AREA Ballard - Green Lake | Capitol Hill | Madison Park | Magnolia

BALLARD & GREEN LAKE

CAPITOL HILL

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 454 | 374 | 21.39% AVERAGE SOLD PRICE $856,000 | $885,000 | -3.28% AVERAGE DAYS ON MARKET 29 | 14 | 107.14% SOLD/LIST PRICE RATIO 100% | 102% | -2%

TOTAL HOMES SOLD 45 | 37 | 21.62% AVERAGE SOLD PRICE $1,492,000 | $1,230,000 | 21.30% AVERAGE DAYS ON MARKET 48 | 25 | 92% SOLD/LIST PRICE % 97% | 98% | -1%

MADISON PARK

MAGNOLIA

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 86 | 88 | -2.27% AVERAGE SOLD PRICE $1,401,000 | $1,443,000 | -2.91% AVERAGE DAYS ON MARKET 28 | 19 | 47.37% SOLD/LIST PRICE RATIO 97% | 100% | -3%

TOTAL HOMES SOLD 111 | 81 | 37.04% AVERAGE SOLD PRICE $1,176,000 | $1,219,000 | -3.53% AVERAGE DAYS ON MARKET 40 | 22 | 81.82% SOLD/LIST PRICE % 99% | 99% | 0%

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

27

SEATTLE AREA NE Seattle | Seattle Central | South Lake Union - Queen Anne | West Seattle

28

NE SEATTLE

SEATTLE CENTRAL

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 372 | 366 | 1.64% AVERAGE SOLD PRICE $939,000 | $990,000 | -5.15% AVERAGE DAYS ON MARKET 28 | 17 | 64.71% SOLD/LIST PRICE RATIO 99% | 101% | -2%

TOTAL HOMES SOLD 180 | 157 | 14.65% AVERAGE SOLD PRICE $891,000 | $974,000 | -8.52% AVERAGE DAYS ON MARKET 38 | 23 | 65.22% SOLD/LIST PRICE % 100% | 101% | -1%

SOUTH LAKE UNION & QUEEN ANNE

WEST SEATTLE

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 102 | 97 | 5.15% AVERAGE SOLD PRICE $1,167,000 | $1,226,000 | -4.81% AVERAGE DAYS ON MARKET 40 | 21 | 90.48% SOLD/LIST PRICE RATIO 98% | 100% | -2%

TOTAL HOMES SOLD 106 | 84 | 26.19% AVERAGE SOLD PRICE $877,000 | $876,000 | .11% AVERAGE DAYS ON MARKET 31 | 18 | 72.22% SOLD/LIST PRICE % 99% | 100% | -1%

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

SOUTH SOUND Q3

AREA

MARKET

REPORT

Based on information from the NWLMS, data reflects sales of single family homes and condos between 7/1/19 and 9/30/19.

coldwellbankerbain.com

SOUTH SOUND AREA

S

tephanie Callen, broker in CB Bain’s Puyallup office, said, “For the third quarter of 2019, Pierce County continues to handle the overflow from the Seattle market. The average sold price in Pierce County is $419,000, up 9% from 2018, but the inventory is down over 30% from this time last year. Gig Harbor’s average sold price is $581,000. Its properties are staying on the market a little longer and inventory is down more than 23% from the third quarter in 2018.

Puyallup and Graham have the largest change in the county with 40% fewer homes. North Tacoma and University Place closed 826 homes with 23 average days on market. Even with fewer homes to choose from, buyers still have options this fall

30

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

as there is not the robust competition they were experienced this summer.

The luxury single family and condo classification is the only one with similar inventory compared to last year. The waterfront market in Pierce County has an average price of $879,000 and is 15% below in inventory.

Pierce County’s market still seems to be driven by new jobs, overflow from our friendly neighbors to the north looking for affordable housing and extremely low interest rates. With the low inventory and high demand, prices in this area may continue to increase.”

SOUTH SOUND AREA Gig Harbor - Key Peninsula | North Tacoma - Lakewood/University Place | Puyallup - Graham SE King County | SW King County | Bainbridge Island | Silverdale SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY

AVERAGE SOLD PRICE (Nearest $000)

AVERAGE DOM

South Sound Area

$487,000

28

Gig Harbor/Key Peninsula

$581,000

42

North Tacoma / Lakewood/ University Place

$429,000

23

Puyallup/Graham

$403,000

24

SE King County

$512,000

28

SW King County

$481,000

30

Bainbridge Island

$1,025,000

39

Silverdale

$490,000

30

Area Condos

$299,000

24

Area Waterfront (SF Only)

$879,000

54

Area Luxury ($1+M | SF+C)

$1,366,000

54

$0

$300k

$600k

$900k

$1.2m

$1.5m

NUMBER OF SALES CLOSED

5115

2000

TOTAL SALES CLOSED

1500

1680 1000

1047

826

500

990

386

0

Gig Harbor Key Peninsula

N. Tacoma Lakewood Univ. Place

Puyallup/ Graham

SE King County

SW King County

116

70

Bainbridge Island

Silverdale

657 Area Condos

135

148

Area Waterfront

($2+M / SF+C)

Area Luxury

(SF Only)

INVENTORY IN UNITS - 10/01/2019

Total South Sound Inventory

2439

-31.5%

290

279

380

840

528

80

42

334

172

241

-23.7%

-31.1%

-40.0%

-31.1%

-30.9%

-11.1%

-38.2%

-7.7%

-15.7%

+1.3%

Puyallup/ Graham

SE King County

SW King County

Bainbridge Island

Silverdale

Area Condos

Area Waterfront

($2+M / SF+C)

Gig Harbor Key Peninsula

N. Tacoma Lakewood Univ. Place

Area Luxury

(SF Only)

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

31

SOUTH SOUND AREA Total South Sound Area | Area Condos | Area Waterfront | Area Luxury

32

SOUTH SOUND AREA

AREA CONDOS

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 5115 | 5041 | 1.47% AVERAGE SOLD PRICE $487,000 | $469,000 | 3.84% AVERAGE DAYS ON MARKET 28 | 27 | 3.7% SOLD/LIST PRICE % 100% | 100% | -0%

TOTAL HOMES SOLD 657 | 721 | -8.88% AVERAGE SOLD PRICE $299,000 | $280,000 | 6.79% AVERAGE DAYS ON MARKET 24 | 22 | 9.09% SOLD/LIST PRICE % 100% | 100% | 0%

AREA WATERFRONT

AREA LUXURY

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 135 | 176 | -23.3% AVERAGE SOLD PRICE $879,000 | $836,000 | 5.14% AVERAGE DAYS ON MARKET 54 | 51 | 5.88% SOLD/LIST PRICE RATIO 97% | 97% | 0%

TOTAL HOMES SOLD 135 | 176 | -23.3% AVERAGE SOLD PRICE $1,366,000 | $1,396,000 | -2.15% AVERAGE DAYS ON MARKET 54 | 75 | -28% SOLD/LIST PRICE % 97% | 97% | 0%

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

SOUTH SOUND AREA Gig Harbor/Key Peninsula | North Tacoma - Lakewood/University Place Puyallup/Graham | SE King County

GIG HARBOR & KEY PENINSULA

N. TACOMA, LAKEWOOD & UNIVERSITY PLACE

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 386 | 442 | -12.67% AVERAGE SOLD PRICE $581,000 | $553,000 | 5.06% AVERAGE DAYS ON MARKET 42 | 35 | 20% SOLD/LIST PRICE RATIO 99% | 99% | 0%

TOTAL HOMES SOLD 826 | 837 | -1.31% AVERAGE SOLD PRICE $429,000 | $412,000 | 4.13% AVERAGE DAYS ON MARKET 23 | 25 | -8% SOLD/LIST PRICE % 100% | 100% | 0%

PUYALLUP & GRAHAM

SE KING COUNTY

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 1047 | 1007 | 3.97% AVERAGE SOLD PRICE $403,000 | $377,000 | 6.9% AVERAGE DAYS ON MARKET 24 | 29 | -17.24% SOLD/LIST PRICE RATIO 100% | 100% | 0%

TOTAL HOMES SOLD 1680 | 1546 | 8.67% AVERAGE SOLD PRICE $512,000 | $495,000 | 3.43% AVERAGE DAYS ON MARKET 28 | 23 | 21.74% SOLD/LIST PRICE % 100% | 100% | 0%

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

33

SOUTH SOUND AREA SW King County | Bainbridge Island | Silverdale

SW KING COUNTY

BAINBRIDGE ISLAND

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 990 | 983 | .71% AVERAGE SOLD PRICE $481,000 | $463,000 | 3.89% AVERAGE DAYS ON MARKET 30 | 25 | 20% SOLD/LIST PRICE RATIO 100% | 100% | 0%

TOTAL HOMES SOLD 116 | 135 | -14.07% AVERAGE SOLD PRICE $1,025,000 | $1,032,000 | -.68% AVERAGE DAYS ON MARKET 39 | 44 | -11.36% SOLD/LIST PRICE % 99% | 98% | 1%

SILVERDALE Q3 2019 | Q3 2018 | % CHANGE TOTAL HOMES SOLD 70 | 91 | -23.08% AVERAGE SOLD PRICE $490,000 | $381,000 | 28.61% AVERAGE DAYS ON MARKET 30 | 35 | -14.29% SOLD/LIST PRICE RATIO 100% | 100% | 0%

34

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

NORTH SOUND Q3

AREA

MARKET

REPORT

Based on information from the NWLMS, data reflects sales of single family homes and condos between 7/1/19 and 9/30/19.

coldwellbankerbain.com

NORTH SOUND A REA

L

es Scott, Principal Managing Broker for Coldwell Banker Bain of Everett, said, “Snohomish County is continuing to see high levels of activity in the third quarter as buyers head north to find more affordable housing options.

Pending sales were up 19.2% in Snohomish County overall. Activity varies throughout the area with Everett pending sales up 4.9%, Lynnwood down 2% and Marysville up 37.3%. This increase in pending sales is coming while inventories are down throughout Snohomish County at 17.3%.

For sellers, they are seeing the time on market creep up slightly. Average days on market for the third quarter have increased from 23 to 29 days for Snohomish County comparing 2018 to 2019.

That being said, the time homes are spending on the market will vary by area. Lynnwood has seen the time on market grow from 20 to 27 days, while further north in Marysville and Lake Stevens, they have seen no change to the time 36

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

on market, with an average of 20 and 22 days for the same period respectively. Median time (half of homes selling faster and half selling slower) for homes to stay on the market is a bit shorter, with the average being in the high teens. This reflects some of the stale inventory of homes based on condition, location or price.

As homes are continuing to sell quickly, prices are also continuing to rise. While Snohomish County didn’t experience the price increases of King County, prices have continued their upward climb, rising 1.7% in Snohomish County to a median value of $493,000 and an average value of $537,000.

Median prices in Everett increased 7.4% to $450,000, Lynnwood’s increased 3.9% to $530,000 and Marysville jumped 10.7% to $415,000.

With low interest rates and the desire to find affordable housing, the Snohomish County market should continue to see activity into the near future.”

NORTH SOUND AREA Anacortes | Bellingham | Edmonds | Everett Lynnwood | Marysville SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY

AVERAGE SOLD PRICE (Nearest $000)

AVERAGE DOM

North Sound Area

$509,000

27

Anacortes

$571,000

54

Bellingham

$504,000

29

Edmonds

$697,000

33

Everett

$468,000

22

Lynnwood

$560,000

27

Marysville

$422,000

20

Area Condos

$366,000

27

Area Waterfront (SF Only)

$738,000

73

Area Luxury ($1+M | SF+C)

$1,300,000

67

$0

$300k

$600k

$900k

$1.2m

$1.5m

NUMBER OF SALES CLOSED 600

1868

500

TOTAL SALES CLOSED

561

400

479

300 200 100

422

380 263

62

197

127

58

0 Anacortes

Bellingham

Edmonds

Everett

Lynnwood

Marysville

Area Condos

Area Waterfront

Area Luxury ($2+M / SF+C)

(SF Only)

INVENTORY IN UNITS - 10/01/2019

Total South Sound Inventory

973

-22.4%

99

232

116

183

186

157

278

64

99

-36.9%

-3.7%

-22.1%

-42.6%

-15.1%

-7.1%

+4.9%

-20.0%

-2.0%

Anacortes

Bellingham

Edmonds

Everett

Lynnwood

Marysville

Area Condos

Area Waterfront

($2+M / SF+C)

Area Luxury

(SF Only)

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

37

NORTH SOUND AREA Total North Sound Area | Area Condos | Area Waterfront | Area Luxury

38

NORTH SOUND AREA

AREA CONDOS

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 1868 | 1976 | -5.47% AVERAGE SOLD PRICE $509,000 | $503,000 | 1.19% AVERAGE DAYS ON MARKET 27 | 23 | 17.39% SOLD/LIST PRICE % 100% | 100% | 0%

TOTAL HOMES SOLD 561 | 578 | -2.94% AVERAGE SOLD PRICE $366,000 | $355,000 | 3.1% AVERAGE DAYS ON MARKET 27 | 21 | 28.57% SOLD/LIST PRICE % 100% | 101% | -1%

AREA WATERFRONT

AREA LUXURY

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 62 | 76 | -18.42% AVERAGE SOLD PRICE $738,000 | $820,000 | -10% AVERAGE DAYS ON MARKET 73 | 51 | 43.14% SOLD/LIST PRICE RATIO 97% | 98% | -1%

TOTAL HOMES SOLD 58 | 67 | -13.43% AVERAGE SOLD PRICE $1,300,000 | $1,390,000 | -6.47% AVERAGE DAYS ON MARKET 67 | 60 | 11.67% SOLD/LIST PRICE % 99% | 99% | 0%

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

NORTH SOUND AREA Anacortes | Bellingham | Edmonds | Everett

ANACORTES

BELLINGHAM

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 127 | 116 | 9.48% AVERAGE SOLD PRICE $571,000 | $582,000 | -1.89% AVERAGE DAYS ON MARKET 54 | 51 | 5.88% SOLD/LIST PRICE % 99% | 99% | 0%

TOTAL HOMES SOLD 380 | 478 | -20.5% AVERAGE SOLD PRICE $504,000 | $502,000 | .4% AVERAGE DAYS ON MARKET 29 | 28 | 3.57% SOLD/LIST PRICE RATIO 99% | 99% | 0%

EDMONDS

EVERETT

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 197 | 233 | -15.45% AVERAGE SOLD PRICE $697,000 | $711,000 | -1.97% AVERAGE DAYS ON MARKET 33 | 20 | 65% SOLD/LIST PRICE % 99% | 101% | -2%

TOTAL HOMES SOLD 479 | 505 | -5.15% AVERAGE SOLD PRICE $468,000 | $447,000 | 4.7% AVERAGE DAYS ON MARKET 22 | 19 | 15.79% SOLD/LIST PRICE RATIO 100% | 100% | 0%

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

39

NORTH SOUND AREA Lynnwood | Marysville

LYNNWOOD Q3 2019 | Q3 2018 | % CHANGE TOTAL HOMES SOLD 263 | 281 | -6.41% AVERAGE SOLD PRICE $560,000 | $544,000 | 2.94% AVERAGE DAYS ON MARKET 27 | 20 | 35% SOLD/LIST PRICE % 100% | 100% | 0%

MARYSVILLE Q3 2019 | Q3 2018 | % CHANGE TOTAL HOMES SOLD 422 | 363 | 16.25% AVERAGE SOLD PRICE $422,000 | $390,000 | 8.21% AVERAGE DAYS ON MARKET 20 | 20 | 0% SOLD/LIST PRICE RATIO 100% | 100% | 0%

40

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

PUGET SOUND Q3

AREA

MARKET

REPORT

Based on information from the NWLMS, data reflects sales of single family homes and condos between 7/1/19 and 9/30/19.

coldwellbankerbain.com

PUGET SOUND AREA COUNTIES

D

ean Ulrich, Principal Managing Broker of Coldwell Banker Bain of Bellingham, “Although the $504,000 average sale price in Bellingham is up 6.9% compared to one year ago, the third quarter definitely demonstrated some cooling of our hot market with appreciation

42

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

staying flat (down 0.2%). However average days on market is just 29, which indicates we are still in a seller’s market with low inventory. Well priced homes in popular locations are still receiving multiple offers.”

PUGET SOUND AREA COUNTIES King | Island | Kitsap | Pierce | Skagit | Snohomish | Whatcom

SINGLE FAMILY (SF)

AVERAGE SOLD PRICE (Nearest $000)

AVERAGE DOM 33

King

$807,000

Island

$466,000

Kitsap

$465,000

42 29 28

Pierce

$417,000

27

Skagit

$420,000

37

Snohomish

$537,000

29

Whatcom

$441,000

38

$0

$200k

$400k

$600k

$800k

$1m

NUMBER OF SALES CLOSED 8000 7000

561

6000

7259

5000

422

4000 3000 2000

535

1279

4299

619

3327

940

Skagit

Snohomish

Whatcom

1000 0

King

Island

Kitsap

Pierce

INVENTORY IN UNITS - 10/01/2019

4336

362

567

1884

405

1806

723

-19.9%

-8.8%

-26.1%

-30.1%

-17.0%

-17.3%

+6.3%

King

Island

Kitsap

Pierce

Skagit

Snohomish

Whatcom

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

43

PUGET SOUND AREA COUNTIES King | Island | Kitsap | Pierce

44

KING COUNTY

ISLAND COUNTY

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 7259 | 6941 | 4.58% AVERAGE SOLD PRICE $807,000 | $807,000 | 0% AVERAGE DAYS ON MARKET 33 | 23 | 43.48% SOLD/LIST PRICE % 99% | 100% | -1%

TOTAL HOMES SOLD 535 | 538 | -.56% AVERAGE SOLD PRICE $466,000 | $466,000 | 0% AVERAGE DAYS ON MARKET 42 | 36 | 16.67% SOLD/LIST PRICE RATIO 99% | 98% | 1%

KITSAP COUNTY

PIERCE COUNTY

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 1279 | 1363 | -6.16% AVERAGE SOLD PRICE $465,000 | $445,000 | 4.49% AVERAGE DAYS ON MARKET 28 | 26 | 7.69% SOLD/LIST PRICE % 100% | 100% | 0%

TOTAL HOMES SOLD 4299 | 4385 | -1.96% AVERAGE SOLD PRICE $417,000 | $395,000 | 5.57% AVERAGE DAYS ON MARKET 27 | 26 | 3.85% SOLD/LIST PRICE RATIO 100% | 100% | 0%

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

PUGET SOUND AREA COUNTIES Skagit | Snohomish | Whatcom

SKAGIT COUNTY

SNOHOMISH COUNTY

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 619 | 575 | 7.65% AVERAGE SOLD PRICE $420,000 | $404,000 | 3.96% AVERAGE DAYS ON MARKET 37 | 37 | 0% SOLD/LIST PRICE % 99% | 99% | 0%

TOTAL HOMES SOLD 3327 | 3212 | 3.58% AVERAGE SOLD PRICE $537,000 | $528,000 | 1.7% AVERAGE DAYS ON MARKET 29 | 23 | 26.09% SOLD/LIST PRICE RATIO 100% | 100% | 0%

WHATCOM COUNTY Q3 2019 | Q3 2018 | % CHANGE TOTAL HOMES SOLD 940 | 945 | -.53% AVERAGE SOLD PRICE $441,000 | $428,000 | 3.04% AVERAGE DAYS ON MARKET 38 | 37 | 2.7% SOLD/LIST PRICE % 99% | 99% | 0%

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

45

WATERFRONT Q3

AREA

MARKET

REPORT

Based on information from the NWLMS, data reflects sales of single family homes and condos between 7/1/19 and 9/30/19.

coldwellbankerbain.com

WATERFRONT PROPERTIES

C

hris Murphy, a broker in Coldwell Banker Bain of Tacoma Proctor, and author of washingtonwaterfronts.com, said, “Comprehensively, the seven counties included in this analysis experienced a 5% decrease in active waterfront inventory, a 24% decrease in sold waterfront properties, and a 1.56% increase in the median price of sold waterfront properties. For the second quarter in a row, Kitsap County had the largest increase in waterfront inventory with a 22.08% increase in properties offered for sale, relative to the third quarter of 2018. Additionally, Kitsap experienced another quarter of decreasing number of properties sold and, for the first quarter this year, a decrease in median sold price (-13.02%).

The third quarter of 2019 was the second quarter in a row that Pierce County has experienced significant inventory reductions, relative to the prior year. Consequently, the number of sold waterfront properties dropped 34% in the third quarter as compared to 2018. The third quarter median price

47

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

of sold waterfront properties increased for the third quarter in a row to 4.65% more than 2018.

King County experienced its third consecutive quarter with waterfront inventories greater than the same quarter in 2018. The number of waterfront properties sold in the third quarter decreased 14% relative to 2018 and the median sold price increased to $1.2M from the 2018 third quarter median sold price of $936,000.

The trends analyzed here illustrate that waterfront properties must be priced and marketed with each property’s unique characteristics in mind.

As inventory increases, we encourage waterfront property owners to resist the urge to test the market with a record setting listing price.

Rather, we have found the greatest success in meticulously heeding the characteristics of recently sold waterfront properties and pricing our waterfront listings at a market value that aligns with what most well qualified buyers are willing to invest.”

WASHINGTON WATERFRONT King | Island | Kitsap | Pierce | Skagit | Snohomish | Whatcom

SINGLE FAMILY (SF) + CONDO

AVERAGE SOLD PRICE (Nearest $000)

AVERAGE DOM 55

King

$1,310,000

Island

$702,000

Kitsap

$801,000

59 29 45

Pierce

$692,000

45

Skagit

$579,000

68

Snohomish

$510,000

43

Whatcom

$545,000

65

$0

$300

$600

$900

$1.2m

$1.5m

NUMBER OF SALES CLOSED 300 250

278

200 150 100

138

50

66

47

105

151

93

0 King

Island

Kitsap

Pierce

Skagit

Snohomish

Whatcom

INVENTORY IN UNITS - 10/01/2019

295

67

106

135

60

110

122

-10.9%

-13.0%

+16.5%

-21.1%

-31.8%

-20.9%

-3.9%

Pierce

Skagit

Snohomish

Whatcom

King

Island

Kitsap

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

48

PUGET SOUND AREA COUNTIES King | Island | Kitsap | Pierce

49

KING COUNTY

ISLAND COUNTY

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 278 | 275 | 1.09% AVERAGE SOLD PRICE $1,310,000 | $1,322,000 | -.91% AVERAGE DAYS ON MARKET 55 | 39 | 41.03% SOLD/LIST PRICE RATIO 97% | 98% | -1%

TOTAL HOMES SOLD 66 | 76 | -13.16% AVERAGE SOLD PRICE $702,000 | $801,000 | -12.36% AVERAGE DAYS ON MARKET 59 | 62 | -4.84% SOLD/LIST PRICE % 98% | 97% | 1%

KITSAP COUNTY

PIERCE COUNTY

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 105 | 110 | -4.55% AVERAGE SOLD PRICE $801,000 | $883,000 | -9.29% AVERAGE DAYS ON MARKET 45 | 50 | -10% SOLD/LIST PRICE % 97% | 99% | -2%

TOTAL HOMES SOLD 138 | 184 | -25% AVERAGE SOLD PRICE $692,000 | $680,000 | 1.76% AVERAGE DAYS ON MARKET 45 | 51 | -11.76% SOLD/LIST PRICE RATIO 97% | 97% | 0%

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

PUGET SOUND AREA COUNTIES Skagit | Snohomish | Whatcom

SKAGIT COUNTY

SNOHOMISH COUNTY

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 47 | 52 | -9.62% AVERAGE SOLD PRICE $579,000 | $570,000 | 1.58% AVERAGE DAYS ON MARKET 68 | 99 | -31.31% SOLD/LIST PRICE % 97% | 97% | 0%

TOTAL HOMES SOLD 151 | 131 | 15.27% AVERAGE SOLD PRICE $510,000 | $605,000 | -15.7% AVERAGE DAYS ON MARKET 43 | 47 | -8.51% SOLD/LIST PRICE RATIO 99% | 99% | 0%

WHATCOM COUNTY Q3 2019 | Q3 2018 | % CHANGE TOTAL HOMES SOLD 93 | 100 | -7% AVERAGE SOLD PRICE $545,000 | $559,000 | -2.5% AVERAGE DAYS ON MARKET 65 | 88 | -26.14% SOLD/LIST PRICE % 98% | 98% | 0%

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

50

SOUTHWEST

WASHINGTON Q3

AREA

MARKET

REPORT

Based on information from the NWLMS, data reflects sales of single family homes and condos between 7/1/19 and 9/30/19.

coldwellbankerbain.com

SOUTHWEST WASHINGTON

D

avid Knode, Principal Managing Broker for Coldwell Banker Bain of Vancouver, said, “As always, with the onset of cooler weather the market in Clark County also cools down a bit. Over the last quarter Clark County is a bit of a mixed bag. The listing inventory in most areas in the County has dropped a small percentage while in a few other areas it is up. However, the overall available inventory is down about 4% across the entire Clark County market. So, we are in somewhat of a status quo.

52

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

Transactions are still being written, however not at the same rate as earlier this year. Buyers are taking their time in deciding on which house to make an offer on. Interest rates are very favorable for buyers, with potential further drops in rates on the horizon. Pending sales for the quarter in Clark County were still somewhat strong, however when we mix strong pending sales and lower inventory, I see a pinch toward the beginning of the year for buyers.�

SOUTHWEST WASHINGTON Fishers Landing | Camas | Washougal | Heights - Cascade Park Brush Praire | Hockinson | Orchards SINGLE FAMILY (SF) + CONDO

AVERAGE SOLD PRICE (Nearest $000)

AVERAGE DOM 22

Fishers Landing

$406,000

Camas

$543,000

44

Washougal

$451,000

35

Heights/ Cascade Park

$417,000

33

Brush Praire

$473,000

37

Hockinson

$482,000

35

Orchards

$349,000

23

$0

$100k

$200k

$300k

$400k

$500k

$600k

NUMBER OF SALES CLOSED 400 350

561

300

363

250 200

272

150

221

56

100

181 117

115

50 0 Fishers $0k Landing

Camas

$100k

Washougal

$200k

Heights/

$300k Cascade Park

Brush Praire

$400k

Hockinson

$500k

$600k

Orchards

300 INVENTORY IN UNITS - 10/01/2019 250

25

232

98

67

305

235

130

-7.4%

+55.7%

-11.7%

-17.3%

+2.3%

+5.4%

-46.7%

Fishers 100 Landing

Camas

Washougal

Heights/ Cascade Park

Brush Praire

Hockinson

Orchards

169

165

35

200 150

50 53

+10.5% +3.1% -16.7% Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

0

6

144

49

118

-53.8%

-13.3%

-41.0%

-30.6%

SOUTHWEST WASHINGTON Ridgefield | Battleground | Woodland | La Center Salmon Creek | Felida | Vancouver

$0

$100k

$200k

$300k

$400k

$500k

$600k SINGLE FAMILY (SF) + CONDO

AVERAGE SOLD PRICE (Nearest $000)

AVERAGE DOM

Ridgefield

$504,000

58

Battleground

$421,000

32

350 Woodland

$506,000

37

$539,000

42

Salmon Creek 200

$429,000

38

Felida 150

$486,000

44

100 Vancouver

$360,000

24

400

300

La Center

250

50

$0k

0

$100k

$200k

$300k

$400k

$500k

$600k

NUMBER OF SALES CLOSED 300 250 200

259 219

150 100

191 46

133

9

50 0

25 -7.4%

Ridgefield

232Battleground 98

+55.7%

-11.7%

Woodland

67 -17.3%

La Center

105

305Salmon Creek 235 +2.3%

+5.4%

Felida

130Vancouver

-46.7%

INVENTORY IN UNITS - 10/01/2019

169

165

35

6

144

49

118

+10.5%

+3.1%

-16.7%

-53.8%

-13.3%

-41.0%

-30.6%

Ridgefield

Battleground

Woodland

La Center

Felida

Vancouver

Salmon Creek

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

54

SOUTHWEST WASHINGTON Fishers Landing | Camas | Washougal | Heights - Cascade Park

55

FISHERS LANDING

CAMAS

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 56 | 58 | -3.45% AVERAGE SOLD PRICE $406,000 | $412,000 | -1.46% AVERAGE DAYS ON MARKET 22 | 23 | -4.35% SOLD/LIST PRICE % 100% | 99% | 1%

TOTAL HOMES SOLD 115 | 120 | -4.17% AVERAGE SOLD PRICE $543,000| $586,000 | -7.34% AVERAGE DAYS ON MARKET 44 | 30 | 46.67% SOLD/LIST PRICE RATIO 99% | 98% | 1%

WASHOUGAL

HEIGHTS & CASCADE PARK

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 115 | 120 | -4.17% AVERAGE SOLD PRICE $451,000 | $435,000 | 3.68% AVERAGE DAYS ON MARKET 35 | 33 | 6.06% SOLD/LIST PRICE % 99% | 99% | 0%

TOTAL HOMES SOLD 117 | 101 | 15.84% AVERAGE SOLD PRICE $417,000 | $405,000 | 2.96% AVERAGE DAYS ON MARKET 33 | 39 | -15.38% SOLD/LIST PRICE RATIO 99% | 99% | 0%

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

SOUTHWEST WASHINGTON Brush Praire | Hockinson | Orchards | Ridgefield

BRUSH PRAIRE

HOCKINSON

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 272 | 283 | -3.89% AVERAGE SOLD PRICE $473,000 | $452,000 | 4.65% AVERAGE DAYS ON MARKET 37 | 35 | 5.71% SOLD/LIST PRICE % 98% | 98% | 0%

TOTAL HOMES SOLD 181 | 202 | -10.4% AVERAGE SOLD PRICE $482,000| $451,000 | 6.87% AVERAGE DAYS ON MARKET 35 | 38 | -7.89% SOLD/LIST PRICE RATIO 99% | 99% | 0%

ORCHARDS

RIDGEFIELD

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 363 | 381 | -4.72% AVERAGE SOLD PRICE $349,000 | $335,000 | 4.18% AVERAGE DAYS ON MARKET 23 | 22 | 4.55% SOLD/LIST PRICE % 100% | 100% | 0%

TOTAL HOMES SOLD 133 | 122 | 9.02% AVERAGE SOLD PRICE $504,000 | $522,000 | -3.45% AVERAGE DAYS ON MARKET 58 | 38 | 52.63% SOLD/LIST PRICE RATIO 99% | 100% | -1%

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

56

SOUTHWEST WASHINGTON Battleground | Woodland | La Center | Salmon Creek

57

BATTLEGROUND

WOODLAND

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 219 | 169 | 11.73% AVERAGE SOLD PRICE $421,000 | $418,000 | .72% AVERAGE DAYS ON MARKET 32 | 35 | -8.57% SOLD/LIST PRICE % 100% | 99% | 1%

TOTAL HOMES SOLD 46 | 45 | 2.22% AVERAGE SOLD PRICE $506,000 | $363,000 | 39.39% AVERAGE DAYS ON MARKET 37 | 45 | -17.78% SOLD/LIST PRICE RATIO 99% | 99% | 0%

LA CENTER

SALMON CREEK

Q3 2019 | Q3 2018 | % CHANGE

Q3 2019 | Q3 2018 | % CHANGE

TOTAL HOMES SOLD 9 | 4 | 125% AVERAGE SOLD PRICE $539,000 | $462,000 | -16.67% AVERAGE DAYS ON MARKET 42 | 23 | 82.61% SOLD/LIST PRICE % 100% | 99% | -1%

TOTAL HOMES SOLD 191 | 189 | 1.06% AVERAGE SOLD PRICE $429,000 | $443,000 | -3.16% AVERAGE DAYS ON MARKET 38 | 42 | -9.52% SOLD/LIST PRICE RATIO 99% | 100% | -1%

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

SOUTHWEST WASHINGTON Felida | Vancouver

FELIDA Q3 2019 | Q3 2018 | % CHANGE TOTAL HOMES SOLD 105 | 92 | 14.13% AVERAGE SOLD PRICE $486,000 | $466,000 | 4.29% AVERAGE DAYS ON MARKET 44 | 29 | 51.72% SOLD/LIST PRICE % 99% | 100% | -1%

VANCOUVER Q3 2019 | Q3 2018 | % CHANGE TOTAL HOMES SOLD 259 | 252 | 2.78% AVERAGE SOLD PRICE $360,000 | $334,000 | 7.78% AVERAGE DAYS ON MARKET 24 | 26 | -7.69% SOLD/LIST PRICE % 99% | 100% | -1%

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

58

SOUTHWEST WASHINGTON COUNTIES Clark County | Cowlitz County

SINGLE FAMILY (SF) + CONDO

AVERAGE SOLD PRICE (Nearest $000)

AVERAGE DOM

Clark County

$432,000

34

Cowlitz County

$304,000

35

$0

$100k

$200k

NUMBER OF SALES CLOSED

$300k

$400k

$500k

INVENTORY IN UNITS - 10/01/2019

2500 2000

1500

1582

209

-8.7%

-24.8%

Clark County

Cowlitz County

2162

1000

391

500 0

Clark County

Cowlitz County

Q3 | 2019 PACIFIC NORTHWEST MARKET REPORT

59

*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.