NORTH 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.”
2022 Q1 QUARTERLY MARKET REPORT
LANA THOMPSON Principal Managing Broker of anacortes “ As we finish up the first quarter of 2022, it is abundantly clear that we are in a much tighter market for available single-family homes in Anacortes than we were last year. High buyer demand and limited availability has caused home prices to soar, pushing some buyers out of the market completely. The median sales price is up 31% to $770k and interest rates are climbing. This unrelenting seller’s market is a continuing challenge to buyers and brokers alike. In a market that favors home sellers, they too have their challenges with low inventory being an ongoing concern. “If we sell now, will we be able to find another home?” they ask. Even armed with cash from the sale of their current home, they may likely encounter bidding wars and face historically high prices in their search for a new home. On the sunny side of this frenzied market, the prices in our area seem affordable compared to other areas of our state. Buyers are anticipating and look forward to fresh inventory as spring blooms in our beautiful Anacortes.”
4 2022 Q1 NORTH SOUND AREA MARKET REPORT
north sound area
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
ANACORTES | ARLINGTON | BELLINGHAM | BOTHELL | EDMONDS EVERETT | LYNNWOOD MEDIAN SOLD PRICE
AVERAGE DOM
North Sound Area
$765K
12
Anacortes
$770K
29 17
$616K
Arlington
17
$660K
Bellingham Bothell
7
$1.2M
12
$1.0M
Edmonds Everett
10
$660K
Lynnwood
6
$890K $200K
$400K
$600K
$800K
$1.0M
$1.2M
NUMBER OF SALES CLOSED 350
1,911
300 250
TOTAL SALES CLOSED
200
312 231
150
60
100
257
125
50
143
127
0
Anacortes
Arlington
Bellingham
INVENTORY IN UNITS / 3.31.22
Bothell
Edmonds
Everett
TOTAL NORTH SOUND INVENTORY / 370
Lynnwood +27.6%
31
23
57
51
22
41
22
+40.9%
-0.0%
+5.6%
+64.5%
+46.7%
+36.7%
+4.8%
Anacortes
Arlington
Bellingham
Bothell
600
Edmonds
Everett
Lynnwood
2022 Q1 NORTH SOUND AREA MARKET REPORT
5
north sound area
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
MARYSVILLE | MILL CREEK | MOUNT VERNON | SNOHOMISH 350 300
MEDIAN SOLD PRICE
AVERAGE DOM
250
$660K
Marysville 200
11 $1.26M
150
Mill Creek 100
7
$538K
Mount Vernon 50
19 $1.0M
0 Snohomish
11
$515K
Condos
8 $800K
Waterfront
22
(SF Only)
$1.3M
Luxury
(SF Only)
$300K
$600K
$900K
$1.2M
11
$1.5M
NUMBER OF SALES CLOSED 600
1,911
500 400
TOTAL SALES CLOSED
124
200
259
100
51
237
36
588
533
300
0
Marysville
Mill Creek
Mount Vernon
INVENTORY IN UNITS / 03.31.22
Snohomish
Condos
Waterfront
TOTAL NORTH SOUND INVENTORY / 370
Luxury +27.6%
39
3
26
55
54
24
140
+18.2%
+50.%
-13.3%
+89.7%
-16.9%
-0%
+115.4%
Marysville
Mill Creek
Mount Vernon
Snohomish
Condos
Waterfront
Luxury
6 2022 Q1 NORTH SOUND AREA MARKET REPORT
north sound area TOTAL NORTH SOUND AREA
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
1,911
2,086
-8.4%
MEDIAN SOLD PRICE
$765K
$619K
+23.6%
12
16
-25.0%
110%
105%
+4.8%
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
533
595
-10.4%
MEDIAN SOLD PRICE
$515K
$380K
+35.5%
8
23
-65.2%
109%
104%
+4.8%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$765K
MEDIAN SOLD PRICE UP +23.6% from 2021
CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$515K
MEDIAN SOLD PRICE UP +35.5% from 2021
2022 Q1 NORTH SOUND AREA MARKET REPORT
7
north sound area WATERFRONT Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
51
69
-26.1%
MEDIAN SOLD PRICE
$800K
$760K
+5.3%
22
27
-18.5%
103%
102%
+1.0%
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
588
227
+159.0%
MEDIAN SOLD PRICE
$1.30M
$1.20M
+8.3%
11
19
-42.1%
MEDIAN SOLD PRICE
114%
106%
+7.5%
UP +8.3% from 2021
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$800K MEDIAN SOLD PRICE UP +5.3% from 2021
LUXURY AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2022 Q1 NORTH SOUND AREA MARKET REPORT
$1.30M
ANACORTES
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
60
88
-31.8%
MEDIAN SOLD PRICE
$770K
$588K
+31.0%
29
23
+26.1%
101%
100%
+1.0%
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
125
147
-15.0%
MEDIAN SOLD PRICE
$616K
$515K
+19.6%
17
20
-15.0%
103%
103%
+0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$770K MEDIAN SOLD PRICE UP +31.0% from 2021
ARLINGTON
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$616K
MEDIAN SOLD PRICE UP +19.6% from 2021
2022 Q1 NORTH SOUND AREA MARKET REPORT
9
north sound area BELLINGHAM Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
231
238
-2.9%
MEDIAN SOLD PRICE
$660K
$550K
+20.0%
17
22
-22.7%
MEDIAN SOLD PRICE
105%
102%
+2.9%
UP +20.0% from 2021
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
257
299
-14.0%
MEDIAN SOLD PRICE
$1.2M
$772K
+29.5%
7
10
-30.0%
116%
109%
+6.4%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$660K
BOTHELL AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2022 Q1 NORTH SOUND AREA MARKET REPORT
$1.20M MEDIAN SOLD PRICE UP +29.5% from 2021
EDMONDS
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
127
135
-5.9%
MEDIAN SOLD PRICE
$1.0M
$772K
+29.5%
12
18
-33.3%
111%
105%
+5.7%
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
312
347
-10.1%
MEDIAN SOLD PRICE
$660K
$550K
+20.0%
10
12
-16.7%
109%
107%
+1.9%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.00M MEDIAN SOLD PRICE UP +29.5% from 2021
EVERETT
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$660K MEDIAN SOLD PRICE UP +20.0% from 2021
2022 Q1 NORTH SOUND AREA MARKET REPORT
11
north sound area LYNNWOOD Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
143
164
-12.8%
MEDIAN SOLD PRICE
$890K
$710K
+25.4%
6
13
-53.8%
115%
108%
+6.5%
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
259
238
+8.8%
MEDIAN SOLD PRICE
$660K
$525K
+25.7%
11
16
-31.3%
MEDIAN SOLD PRICE
109%
105%
+3.8%
UP +25.7% from 2021
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$890K MEDIAN SOLD PRICE UP +25.4% from 2021
MARYSVILLE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
12 2022 Q1 NORTH SOUND AREA MARKET REPORT
$660K
MILL CREEK
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
36
41
-12.2%
MEDIAN SOLD PRICE
$1.26M
$810K
+55.6%
7
7
+0.0%
120%
108%
+11.1%
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
124
167
-25.7%
MEDIAN SOLD PRICE
$538K
$465K
+15.7%
19
26
-26.9%
103%
101%
+2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.26M MEDIAN SOLD PRICE UP +55.6% from 2021
MOUNT VERNON
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$538K
MEDIAN SOLD PRICE UP +15.7% from 2021
2022 Q1 NORTH SOUND AREA MARKET REPORT
13
north sound area SNOHOMISH Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
237
222
+6.8%
MEDIAN SOLD PRICE
$1.0M
$710K
+41.5%
11
15
-26.7%
110%
105%
+4.8%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
14 2022 Q1 NORTH SOUND AREA MARKET REPORT
$1.0M
MEDIAN SOLD PRICE UP +41.5% 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.