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PUGET SOUND 2019 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 30 offices and more than 1,300 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.


2019 ANNUAL REPORT

MIKE GRADY

COLDWELL BANKER BAIN PRESIDENT & COO

Reflecting on the 2019 numbers and the interesting turn of the market in the fourth quarter, Mike Grady, Coldwell Banker Bain president and COO, said, “As we closed out the year, 2019 turned out to be quite different than we had expected. We expected that because the double-digit appreciation of home prices had modified in May 2018, more sellers would proceed with selling their existing homes in 2019. This, of course, would have resulted in more inventory, stabilizing prices even more while increasing units sold. Had this transpired, 2019 would have resulted in increased volume as a result of more units and slightly higher average sales prices than in 2018. However, that didn’t happen. Instead, the ‘aberration’ we saw in November continued… so perhaps it’s not

an aberration after all and we may be returning to the ‘old normal.’ December of 2019 proved to be better than December of 2018 in just about every single category – this notwithstanding weather that was not as mild as last year, and weather typically has an impact on sales. Yet we see again that the number of pending transactions outpaced the number of listings taken along with an increased appreciation. With inventory in King County below one month, we can only surmise that 2020 will show a return to rising home prices as a result of the lack of inventory and continued robust job market. So, while buyers continue to benefit from low interest rates, there are simply not enough homes for sale and the market, once again, is leaning more strongly toward sellers. These predictors indicate that the first quarter of 2020 will be active.”

2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT

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2019 ANNUAL REPORT

CRISTIAN KOCH

PRINCIPAL MANAGING BROKER FOR BAINBRIDGE ISLAND

Cristian Koch, Principal Managing Broker of Coldwell Banker Bain of Bainbridge Island, said, “The market remains strong with ever increasing demand and very low available inventory levels. The average sales price is a healthy $1.074M showing a 2.8% increase over last year. The available number of single-family residences is near an all-time low yet showing a 7% increase over last year, when buyers had a difficult time competing for those homes that were competitively priced.

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Carii Clawson, an office broker, added “2020 is decision-making time. Buyers and sellers who have been sitting tight while watching for indications of a more predictable market are on the move. Increases in appreciation seem to have slowed dramatically. New construction is up. However, inventory is still at historical lows. In spite of continued demand and low supply, buyers seem to have reached their limits as to what they are willing or able to spend. The only reason to hold off on buying real estate in our market would be to find a suitable home as we’re not anticipating a less challenging market anytime in the near future.”


PUGET SOUND COUNTIES

SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY

KING / ISLAND / KITSAP / PIERCE / SKAGIT / SNOHOMISH / WHATCOM /

AVERAGE SOLD PRICE (NEAREST $000)

AVERAGE DOM 38

$816K

King Island

$453K

47

Kitsap

$456K

34

Pierce

$410K

33

Skagit

$419K

49 $539K

Snohomish Whatcom

34

$440K $500K

$1M

45

$1.5M

$2M

$2.5M

$3M

NUMBER OF SALES CLOSED 30K

63,963

25K 20K

TOTAL COUNTY SALES CLOSED

25,963

15K 10K

15,016

4467 5K

2044

1748

11,565

3160

Snohomish

Whatcom

0

King

Island

Kitsap

Pierce

Skagit

TOTAL COUNTY INVENTORY / 1805

INVENTORY IN UNITS / 12.31.2019

1805

227

310

1025

270

874

487

-41.5%

-23.6%

-35.4%

-40.3%

-28.4%

-34.5%

-8.5%

Island

Kitsap

Pierce

Skagit

Snohomish

Whatcom

King

2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT

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PUGET SOUND K I NG COU NTY

TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

2018

CHANGE

25963

25134

+3.30%

$816,000

$815,000

+0.10%

$816K

38

26

+46.2%

AVERAGE SOLD PRICE

97%

100%

-3%

UP +0.10% from 2018

2019

2018

CHANGE

1748

1848

-5.40%

$453,000

$433,000

+4.60%

$453K

47

46

+2.20%

AVERAGE SOLD PRICE

97%

97%

+0%

UP +4.60% from 2018

ISLAND COUNTY

2019

TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

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PUGET SOUND K I TSAP COU NTY

TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

2018

CHANGE

4467

4648

-3.90%

$456,000

$429,000

+6.30%

$456K

34

34

+0.00%

AVERAGE SOLD PRICE

98%

99%

-1%

UP +6.30% from 2018

2019

2018

CHANGE

15016

15823

-5.10%

$410,000

$383,000

+7.00%

$410K

33

33

+0.00%

AVERAGE SOLD PRICE

99%

99%

+0%

UP +7.00% from 2018

PIERCE COUNTY

2019

TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT

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PUGET SOUND SK AGI T

TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

2019

2018

CHANGE

2044

2014

+1.50%

$419,000

$395,000

+6.10%

$419K

49

46

+6.50%

AVERAGE SOLD PRICE

97%

98%

-1%

2019

2018

CHANGE

11565

11405

+1.40%

$539,000

$527,000

+2.30%

$539K

34

27

+25.9%

AVERAGE SOLD PRICE

99%

100%

-1%

UP +2.30% from 2018

UP +6.10% from 2018

SNOHOMISH

TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

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PUGET SOUND W HATCOM

TOTAL HOMES SOLD AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

2019

2018

CHANGE

3160

3101

+1.90%

$440,000

$417,000

+5.50%

$440K

45

46

-2.20%

AVERAGE SOLD PRICE

97%

97%

+0%

UP +5.50% from 2018

2019 ANNUAL PACIFIC NORTHWEST 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.