CENTRAL SOUND 2022 Q1 MARKET REPORT
Helping people buy and sell homes in the Pacific Northwest since 1972, Coldwell Banker Bain is an undisputed market leader, posting over $8 billion in sales in 2021. With 34 offices and more than 1,200 brokers in Washington and Oregon, plus a global reach that extends to over 100,000 brokers in 41 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.
2022
Q1 MARKET REPORT
JOHN DEELY Executive Vice President of Operations “First quarter economic data shows a tight labor market with strong growth and a decline in unemployment rate - all great news for our region. And, as the world continues to open, large employers are beginning to ramp up employee relocation. However, high demand on existing inventory continues to cause prices and value to distance themselves from each other. Bank financed properties are seeing some appraisal issues. It is important for sellers to price their homes accurately - some overpriced properties have been sitting on the market longer and seeing activity pick up as prices are reduced. Interest rate markets are volatile right now and reaching 11-year peaks. Fluctuations in interest rates are causing buyers to lock in affordable rates. Since most buyers are not cash buyers, as interest rates go up, it will reduce the number of qualified buyers in certain segments of the market. Rising interest rates will reduce demand and put downward pressure on pricing and competitiveness in the marketplace. However, in our robust economy with good employment prospects, it remains to be seen whether this will actually have an impact on anything other than entry level and middle home markets.”
central sound
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
BAINBRIDGE ISLAND | BREMERTON | KINGSTON | PORT ORCHARD POULSBO & FINN HILL | SEABECK | SILVERDALE | SUQUAMISH
MEDIAN SOLD PRICE
AVERAGE DOM 26
$524K
Central Sound
12
$1.33M
Bainbridge Island
36
$470K
Bremerton
11
$573K
Kingston
25
$519K
Port Orchard
28
$646K
Poulsbo & Finn Hill Seabeck
$510K
15
$525K
21
Silverdale
30
$533K
Condos
$380K
Waterfront
30 41
$800K
(SF Only)
Luxury
43
$1.36M
($2+M | SF+C)
$300K
$600K
$1.2M
$900K
$1.5M
NUMBER OF SALES CLOSED 350 300
944
340
250
TOTAL AREA SALES CLOSED
200
206
150
73
47
100
32
22
50
74
173
67 12
49
0
Bainbridge Island
Bremerton
Kingston
Port Orchard
Poulsbo & Finn Hill
INVENTORY IN UNITS / 3.31.2022
Seabeck
Silverdale
Suquamish
All Kitsap Condos
Area Waterfront
Area Luxury
TOTAL CENTRAL SOUND INVENTORY / 181 +42.5%
12
28
7
70
22
8
23
-25.0%
-40.4%
+75.0%
+250%
+120%
+800%
-8.0%
Bainbridge Island
Bremerton
Kingston
Port Orchard
Poulsbo & Finn Hill
Seabeck
Silverdale
2
29
40
+0%
20 +42.9%
+70.6%
+81.8%
Suquamish
All Kitsap Condos
Area Waterfront
Area Luxury
central sound TOTAL KITSAP COUNTY AREA
2021
2020
CHANGE
TOTAL HOMES SOLD
944
859
+10.7%
MEDIAN SOLD PRICE
$524K
$443K
+18.3%
26
24
+8.3%
104%
102%
+2.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
67
67
+0%
MEDIAN SOLD PRICE
$380K
$290K
+31.0%
30
27
+11.1%
104%
99%
+5.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$524K
MEDIAN SOLD PRICE UP +18.3% from 2021
CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$380K
MEDIAN SOLD PRICE UP +31.0% from 2021
2022 Q1 CENTRAL SOUND MARKET REPORT
5
central sound WATERFRONT
2021
2020
CHANGE
TOTAL HOMES SOLD
49
46
+6.5%
MEDIAN SOLD PRICE
$800K
$815K
-1.8%
41
26
+57.7%
102%
99%
+3.0%
2021
2020
CHANGE
TOTAL HOMES SOLD
74
58
+27.6%
MEDIAN SOLD PRICE
$1.364M
$1.425M
-4.3%
43
39
+10.3%
107%
100%
+7.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$800K
MEDIAN SOLD PRICE DOWN -1.8% from 2021
LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
6 2022 Q1 CENTRAL SOUND MARKET REPORT
$1.36M
MEDIAN SOLD PRICE DOWN -4.3% from 2021
BAINBRIDGE ISLAND
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
47
73
-35.6%
MEDIAN SOLD PRICE
$1.325M
$1.1M
+20.5%
12
31
-61.3%
112%
100%
+12.0%
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
206
184
+12.0%
MEDIAN SOLD PRICE
$470K
$368K
+27.7%
36
25
+44.0%
103%
103%
+0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.33M MEDIAN SOLD PRICE UP +20.5% from 2021
BREMERTON
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$470K
MEDIAN SOLD PRICE UP +27.7% from 2021
2022 Q1 CENTRAL SOUND MARKET REPORT
7
central sound KINGSTON
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
22
28
-21.4%
MEDIAN SOLD PRICE
$573K
$633K
-9.5%
11
15
-26.7%
109%
105%
+3.8%
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
340
297
+14.5%
MEDIAN SOLD PRICE
$519K
$415K
+25.1%
25
33
-24.2%
102%
103%
-1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$573K
MEDIAN SOLD PRICE DOWN -9.5% from 2021
PORT ORCHARD
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2022 Q1 CENTRAL SOUND MARKET REPORT
$519K
MEDIAN SOLD PRICE UP +25.1% from 2021
POULSBO/FINN HILL
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
73
60
+21.7%
MEDIAN SOLD PRICE
$646K
$519K
+24.5%
28
16
+75.0%
104%
103%
+1.0%
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
32
29
+10.3%
MEDIAN SOLD PRICE
$510K
$524K
-2.7%
15
26
-42.3%
102%
100%
+2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$646K
MEDIAN SOLD PRICE UP +24.5% from 2021
SEABECK
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$510K
MEDIAN SOLD PRICE DOWN -2.7% from 2021
2022 Q1 CENTRAL SOUND MARKET REPORT
9
SILVERDALE
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
173
139
+24.5%
MEDIAN SOLD PRICE
$525K
$450K
+16.7%
21
31
-32.3%
102%
103%
-1.0%
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
12
13
-7.7%
MEDIAN SOLD PRICE
$533K
$385K
+38.4%
30
16
+87.5%
100%
104%
-3.8%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$525K
MEDIAN SOLD PRICE UP +16.7% from 2021
SUQUAMISH
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2022 Q1 CENTRAL SOUND MARKET REPORT
$533K
MEDIAN SOLD PRICE UP +38.4% from 2021
2022 Q1 CENTRAL SOUND MARKET REPORT
11
*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.