2019 Coldwell Banker Bain South Sound Market Report

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SOUTH SOUND 2019 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 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 Reflecting

on

the

COLDWELL BANKER BAIN PRESIDENT & COO

2019

numbers

and

the

an aberration after all and we may be returning to the

interesting turn of the market in the fourth quarter,

‘old normal.’ December of 2019 proved to be better

Mike Grady, Coldwell Banker Bain president and

than December of 2018 in just about every single

COO, said, “As we closed out the year, 2019 turned

category – this notwithstanding weather that was

out to be quite different than we had expected. We

not as mild as last year, and weather typically has an

expected that because the double-digit appreciation

impact on sales. Yet we see again that the number

of home prices had modified in May 2018, more

of pending transactions outpaced the number of

sellers would proceed with selling their existing

listings taken along with an increased appreciation.

homes in 2019. This, of course, would have resulted

With inventory in King County below one month,

in more inventory, stabilizing prices even more while

we can only surmise that 2020 will show a return to

increasing units sold. Had this transpired, 2019

rising home prices as a result of the lack of inventory

would have resulted in increased volume as a result

and continued robust job market. So, while buyers

of more units and slightly higher average sales prices

continue to benefit from low interest rates, there are

than in 2018.

simply not enough homes for sale and the market, once again, is leaning more strongly toward sellers.

However, that didn’t happen. Instead, the ‘aberration’

These predictors indicate that the first quarter of 2020

we saw in November continued… so perhaps it’s not

will be active.”

2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT

3


2019 ANNUAL REPORT

LANCE GOODWIN

PRINCIPAL MANAGING BROKER OF KENT STATION

“As we begin 2020, while the southeast King

41% from this time last year. As a result, prices continue

County market is one that appeals to many buyers,

to rise, albeit at a more modest pace. Market prices,

it continues to favor sellers,” said Lance Goodwin,

which are more favorable to many buyers than those

Principal Managing Broker of Coldwell Banker

in areas near Seattle, saw value increases of 3.8%.

Bain of Kent Station. “With a 24% increase in the

In fact, those gains are even more appealing when

time on the market, an initial reaction could be that the

many of Seattle saw price reductions. As a result, in

market is slowing. However, the lack of available homes

southeast King County, it’s not only a great time to sell,

for buyers to purchase is preventing any shift away from

but with reasonable prices that are gaining value, it’s a

a seller’s market. In fact, inventory is down a whopping

great time to buy too.”

4 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT


SOUTH SOUND AREA

SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY

BAINBRIDGE ISLAND / SILVERDALE / GIG HARBOR & KEY PENINSULA / NORTH TACOMA, LAKEWOOD & UNIVERSITY PLACE / PUYALLUP & GRAHAM /

AVERAGE SOLD PRICE (NEAREST $000) South Sound Area

AVERAGE DOM 36

$486K

Bainbridge Island

46

$1.074M

34

$454K

Silverdale Gig Harbor & Key Peninsula

56

$586K

N. Tacoma, Lkwd. & Univ. Pl.

29

$425K

Puyallup & Graham

$393K $400K

32 $600K

$800K

$1M

$1.2M

NUMBER OF SALES CLOSED 4K 3.5K

19,526

3K 2.5K

1370

TOTAL SALES CLOSED

2K

2936

1.5K

391

1K

3548

308

500 0

Bainbridge Island

Silverdale

Gig Harbor & Key Peninsula

N. Tacoma, Lkwd. & Univ. Pl.

Puyallup & Graham

TOTAL SOUTH SOUND INVENTORY / 1398

INVENTORY IN UNITS / 12.31.2019

46

15

199

138

191

+7.0%

-8.10%

+9.8%

0.0%

-3.0%

Bainbridge Island

Silverdale

Gig Harbor & Key Peninsula

N. Tacoma, Lkwd. & Univ. Pl.

Puyallup & Graham

-42.0%

6K 5K 4K 3K

2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT

5

S


2019 ANNUAL REPORT

STEPHANIE CALLEN

BROKER AT CB BAIN PUYALLUP

“Prices in Pierce County continue to rise and are up

selling faster and for more. With the average days on

6%-7%, making 2019 another very successful year

the market at 30 in Pierce County, the ‘hot homes’ are

in the real estate market,” said Stephanie Callen, a

selling as soon as they go on the market. A couple of

broker in the Coldwell Banker Bain of Puyallup office.

factors attributing to this are low inventory, record low

“Last year the average price in Pierce County was

interest rates, a strong job market and an influx of out-

$350,000; this year it is $410,000. North Tacoma,

of-state buyers. Condo sales prices in Pierce County

University Place and Lakewood’s average price is up

are up nearly 11% to $304,000, the luxury condo

to $425,000 and Gig Harbor’s average price is over

price point is up 1.5% to $1.403M and single-family

$585,000. Because the number of homes listed in

waterfront properties are fetching 7.5% more than last

Pierce and King counties has dropped intensely to

year. Pierce County will have a great 2020 as the home

over 40%, homes on the market in these areas are

market is moving forward steadily and consistently.

6 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT


SOUTH SOUND AREA

SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY

LAKE TAPPS & BONNEY LAKE / SE KING COUNTY / SW KING COUNTY /

AVERAGE SOLD PRICE (NEAREST $000) 4K 3.5K Lake Tapps & Bonney 3K Lake

AVERAGE DOM

$478K

38

SE2.5K King County 2K

$514K

36

1.5K SW King County 1K

$485K

37

500

28

$304K

Condos 0

Waterfront

70

$957K

(SF Only)

Luxury

72

$1.403M

($2+M | SF+C) $300K

$600K

$900K

$1.2M

$1.5M

NUMBER OF SALES CLOSED 6K

19,526

5K

5856

4K

TOTAL SALES CLOSED

3K

3499

2K

1618 2518

1K

2936 542

552

0

SE King County

SW King County

Lake Tapps & Bonney Lake

Condos

Waterfront (SF Only)

Luxury

($2+M | SF+C)

TOTAL EASTSIDE INVENTORY / 869

INVENTORY IN UNITS / 12.31.2019

420

208

181

194

112

164

-41.2%

-53.8%

-13.8%

-16.4%

-18.8%

-6.8%

SE King County

SW King County

Lake Tapps & Bonney Lake

Condos

Waterfront

(SF Only)

+1.0%

Luxury

($2+M | SF+C)

2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT

7


SOUTH SOUND TOTAL SOU TH SOU ND AREA

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

2018

CHANGE

19526

19743

-1.10%

$486,000

$462,000

+5.20%

$486K

36

33

+9.10%

AVERAGE SOLD PRICE

98%

99%

-1%

UP +5.20% from 2018

2019

2018

CHANGE

2518

2699

-6.70%

$304,000

$274,000

+10.9%

$304K

28

24

+16.7%

AVERAGE SOLD PRICE

99%

100%

-1%

CONDOS

2019

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

8 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT

UP +10.9% from 2018


SOUTH SOUND WATERFRONT

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

2019

2018

CHANGE

542

636

-14.8%

$957,000

$890,000

+7.50%

70

67

+4.50%

AVERAGE SOLD PRICE

94%

95%

-1%

UP +7.50% from 2018

2019

2018

CHANGE

552

512

+7.80%

$1,403,000

$1,382,000

+1.50%

$1.403M

72

75

-4.00%

AVERAGE SOLD PRICE

95%

95%

+0%

UP +1.50% from 2018

$957K LUXURY

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

2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT

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SOUTH SOUND BAI NBRI D GE I SLAND

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

2019

2018

CHANGE

391

419

-6.70%

$1,074,000

$1,045,000

+2.80%

$1.074M

46

43

+7.00%

AVERAGE SOLD PRICE

96%

97%

-1%

2019

2018

CHANGE

308

328

-6.10%

$454,000

$382,000

+18.8%

34

37

-8.10%

AVERAGE SOLD PRICE

99%

99%

+0%

UP +18.8% from 2018

UP +2.80% from 2018

SILVERDALE

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

10 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT

$454K


SOUTH SOUND GI G HARBOR & K EY PENI NSU LA

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

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

2018

CHANGE

1370

1582

-13.4%

$586,000

$546,000

+7.30%

$586K

56

51

+9.80%

AVERAGE SOLD PRICE

97%

98%

-1%

UP +7.30% from 2018

2019

2018

CHANGE

2936

2904

+1.10%

$425,000

$400,000

+6.30%

$425K

29

29

+0.00%

AVERAGE SOLD PRICE

98%

99%

-1%

N. TACOMA, LAKEWO OD & UNIV ERS IT Y P LACE

TOTAL HOMES SOLD

2019

UP +6.30% from 2018

2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT 11


SOUTH SOUND PU YALLU P & GRAHAM

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

2018

CHANGE

3548

3684

-3.70%

$393,000

$367,000

+7.10%

$393K

32

33

-3.00%

AVERAGE SOLD PRICE

99%

99%

+0%

UP +7.10% from 2018

2019

2018

CHANGE

1618

1594

+1.50%

$478,000

$454,000

+5.30%

$478K

38

38

+0.00%

AVERAGE SOLD PRICE

99%

100%

-1%

UP +5.30% from 2018

LAKE TAPPS & BONNE Y LA KE

2019

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

12 2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT


SOUTH SOUND SE K I NG COU NTY

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

2018

CHANGE

5856

5572

+5.10%

$514,000

$495,000

+3.80%

$514K

36

29

+24.1%

AVERAGE SOLD PRICE

98%

99%

-1%

UP +3.80% from 2018

2019

2018

CHANGE

3499

3668

-4.60%

$485,000

$456,000

+4.10%

$485K

37

29

+27.6%

AVERAGE SOLD PRICE

98%

99%

-1%

UP +4.10% from 2018

SW KING COUNTY

2019

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

2019 ANNUAL PACIFIC NORTHWEST MARKET REPORT 13


*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.