EASTSIDE 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.
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.”
2022 Q1 QUARTERLY MARKET REPORT
WAYNE STEPHENS Principal Managing Broker of reDmond
“With less than half a month’s supply of housing on the market, reported sales data from the first quarter paired with anecdotal information shows us that we remain solidly in a seller’s market. While we have seen financed versus all cash offers win the day, homes remaining on the market beyond offer review dates, as well as fewer offers per home, these instances are not likely a sign that the market has shifted towards buyers in any significant way. In fact, inflation and mortgage rates won’t likely result in a meaningful pull-back. An increase in salaries will allow buyers who can afford to compete for what little inventory exists to continue to do so despite higher prices, pushing less wealthier buyers aside. Frankly, the only thing that will create the balanced market we so desperately need is more inventory and lots of it, which isn’t likely to occur in the foreseeable future. It’s grim news for buyers to be sure. My advice to them is to be prepared to move when the time is right. Save, consolidate, maintain a solid credit score, and take advantage of First Time Home Buyer and other programs designed to help them achieve home ownership.”
4 2022 Q1 EASTSIDE MARKET REPORT
eastside area
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
BELLEVUE | BOTHELL | CARNATION | CLYDE HILL | DUVALL | ISSAQUAH KIRKLAND | MEDINA | MERCER ISLAND
MEDIAN SOLD PRICE
AVERAGE DOM
Eastside Area
$1.630M
7
Bellevue
$2.0M
7
Bothell
$1.2M
7
Carnation
$843K
12
Clyde Hill
$5.6M
32
Duvall
$920K
6
Issaquah
$1.56M
8
Kirkland
$1.6M
7
Medina
$5.85M
23
Mercer Island
$2.53M
15
$1M
$2M
$3M
$4M
$5M
$6M
NUMBER OF SALES CLOSED 300 250 200
1,137 | TOTAL SALES CLOSED
257
(TOTAL EASTSIDE AREA)
221
150
204
100
26
50
7
34
81
9
39
0
Bellevue
Bothell
Carnation
Clyde Hill
800
INVENTORY IN UNITS / 03.31.22
Duvall
Issaquah
Kirkland
Medina
TOTAL EASTSIDE INVENTORY / 232
Mercer Island +10.5%
700 600 500
38
51
4
3
14
6
36
5
7
+8.6%
+64.5%
+33.3%
+50.0%
+366.7%
-70.0%
+9.1%
-37.5%
-30.0%
Bothell
Carnation
Clyde Hill
Duvall
Issaquah
Kirkland
Medina
Mercer Island
400 300Bellevue 200 100
2022 Q1 EASTSIDE MARKET REPORT
5
eastside area
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
NEWCASTLE | NORTH BEND | RENTON | REDMOND | SAMMAMISH SNOQUALMIE | WOODINVILLE
MEDIAN SOLD PRICE (NEAREST $000)
AVERAGE DOM
$1.689M
Newcastle
5
$1.0M
North Bend
8 $1.6M
Redmond Renton
5
$800K
9
300
Sammamish
$2.01M
250
4
$1.18M
Snoqualmie
200
5 $1.7M
Woodinville
150
Condos
6
$626K
11
100 Waterfront ($2M + SF Only)
$5.0M $2.61M
50 Luxury ($2M + SF + Condo) 0
$2M
$1M
$3M
29 10
$4M
$5M
NUMBER OF SALES CLOSED 800 700
1,137 | TOTAL SALES CLOSED
600
(TOTAL EASTSIDE AREA)
500
624
400 300
398 113
200 100
66
28
119
305
47
85
23
0
Newcastle
North Bend
Redmond
Renton
Sammamish Snoqualmie
iNVENTORY IN UNITS / 03.31.22
Woodinville
Condos
Waterfront
TOTAL EASTSIDE INVENTORY / 232
Luxury
+10.5%
8
8
31
44
22
13
19
77
10
119
+100%
+14.3%
+24.0%
+35.7%
-31.3%
+160%
+35.7%
-55.0%
-47.4%
+45.1%
Newcastle
North Bend
Redmond
Renton
Sammamish
Snoqualmie
Woodinville
Condos
Waterfront
Luxury
6 2022 Q1 EASTSIDE MARKET REPORT
eastside area TOTAL EASTSIDE AREA
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
1137
1431
-20.5%
MEDIAN SOLD PRICE
$1.63M
$1.30M
+25.4%
7
18
-61.1%
113%
105%
+7.6%
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
624
700
-10.9%
MEDIAN SOLD PRICE
$626K
$540K
+15.9%
11
28
-60.7%
109%
101%
+7.9%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.63M
MEDIAN SOLD PRICE UP +25.4% from 2021
CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$626K
MEDIAN SOLD PRICE UP +15.9% from 2021
eastside area WATERFRONT
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
23
13
+76.9%
MEDIAN SOLD PRICE
$5M
$6.450M
-22.5%
29
68
-57.4%
101%
94%
+7.4%
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
398
268
+48.5%
MEDIAN SOLD PRICE
$2.613M
$2.505M
+4.3%
10
32
-68.8%
110%
101%
+8.9%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$5.0M
MEDIAN SOLD PRICE DOWN -22.5% from 2021
LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE% 8 2022 Q1 EASTSIDE MARKET REPORT
$2.61M MEDIAN SOLD PRICE UP +4.3% from 2021
BELLEVUE
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
221
263
-16.0%
MEDIAN SOLD PRICE
$2.0M
$1.45M
+37.9%
7
22
-68.2%
111%
104%
+6.7%
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
257
299
-14.0%
MEDIAN SOLD PRICE
$1.2M
$864K
+38.9%
7
10
-30.0%
116%
109%
+6.4%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$2.0M
MEDIAN SOLD PRICE UP +37.9% from 2021
BOTHELL
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.2M
MEDIAN SOLD PRICE UP +38.9% from 2021
2022 Q1 EASTSIDE MARKET REPORT
9
eastside area CARNATION
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
26
23
+13.0%
MEDIAN SOLD PRICE
$843K
$900K
-6.3%
12
27
-55.6%
111%
102%
+8.8%
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
7
15
-53.3%
MEDIAN SOLD PRICE
$5.60M
$4.567M
+22.6%
32
40
-20.0%
97%
101%
-4.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$846K
MEDIAN SOLD PRICE DOWN -6.3% from 2021
CLYDE HILL
AVERAGE DAYS ON MARKET SOLD/LIST PRICE% 10 2022 Q1 EASTSIDE MARKET REPORT
$5.6M
MEDIAN SOLD PRICE UP +22.6% from 2021
DUVALL
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
34
39
-12.8%
MEDIAN SOLD PRICE
$920K
$734K
+25.3%
6
35
-82.9%
114%
106%
+7.5%
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
81
87
-6.9%
MEDIAN SOLD PRICE
$1.562M
$1.170M
+33.5%
8
20
-60.0%
115%
108%
+6.5%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$920K MEDIAN SOLD PRICE UP +25.3% from 2021
ISSAQUAH
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.56M MEDIAN SOLD PRICE UP +33.5% from 2021
2022 Q1 EASTSIDE MARKET REPORT
11
eastside area KIRKLAND
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
204
239
-14.6%
MEDIAN SOLD PRICE
$1.6M
$1.358M
+17.8%
7
17
-58.8%
113%
105%
+7.6%
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
9
11
-18.2%
MEDIAN SOLD PRICE
$5.850M
$3.968M
+47.4%
23
59
-61.0%
96%
92%
+4.3%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.6M
MEDIAN SOLD PRICE UP +17.8% from 2021
MEDINA
AVERAGE DAYS ON MARKET SOLD/LIST PRICE% 12 2022 Q1 EASTSIDE MARKET REPORT
$5.85M MEDIAN SOLD PRICE UP +47.4% from 2021
MERCER ISLAND
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
39
64
-39.1%
MEDIAN SOLD PRICE
$2.53M
$1.93M
+31.1%
15
16
-6.3%
112%
104%
+7.7%
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
28
26
+7.7%
MEDIAN SOLD PRICE
$1.689M
$1.469M
+15.0%
5
10
-50.0%
117%
103%
+13.6%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$2.53M MEDIAN SOLD PRICE UP +31.1% from 2021
NEWCASTLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.69M MEDIAN SOLD PRICE UP +15.0% from 2021
2022 Q1 EASTSIDE MARKET REPORT
13
eastside area NORTH BEND
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
66
77
-14.3%
MEDIAN SOLD PRICE
$1.009M
$895K
+12.7%
8
26
-69.2%
111%
109%
+1.8%
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
113
174
-35.1%
MEDIAN SOLD PRICE
$1.6M
$1.229M
+30.2%
5
19
-73.7%
121%
108%
+12.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1M
MEDIAN SOLD PRICE UP +12.7% from 2021
REDMOND
AVERAGE DAYS ON MARKET SOLD/LIST PRICE% 14 2022 Q1 EASTSIDE MARKET REPORT
$1.6M
MEDIAN SOLD PRICE UP +30.2% from 2021
RENTON
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
305
335
-9.0%
MEDIAN SOLD PRICE
$800K
$680K
+17.6%
9
25
-64.0%
112%
107%
+4.7%
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
119
213
-44.1%
MEDIAN SOLD PRICE
$2.015M
$1.390M
+45.0%
4
11
-63.6%
118%
107%
+10.3%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$800K MEDIAN SOLD PRICE UP +17.6% from 2021
SAMMAMISH
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$2.02M MEDIAN SOLD PRICE UP +45.0% from 2021
2022 Q1 EASTSIDE MARKET REPORT
15
eastside area SNOQUALMIE
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
47
64
-26.6%
MEDIAN SOLD PRICE
$1.18M
$991K
+19.1%
5
4
+25.0%
113%
110%
+2.7%
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
85
90
-5.6%
MEDIAN SOLD PRICE
$1.70M
$1.163M
+46.2%
6
10
-40.0%
115%
107%
+7.5%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.18M
MEDIAN SOLD PRICE UP +19.1% from 2021
WOODINVILLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE% 16 2022 Q1 EASTSIDE MARKET REPORT
$1.70M MEDIAN SOLD PRICE UP +46.2% from 2021
*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.