SEATTLE 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 SEATTLE AREA MARKET REPORT
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2022 Q1 QUARTERLY MARKET REPORT
TODD SHIVELY Principal Managing Broker of capitol Hill & west seattle “ Spring came early this year as the first quarter in Seattle ended with a level of pressure normally reserved for April and May sales. The average ‘sales price over list price’ ratio – a simple metric of how much a sales price is pushed over the original price – was up dramatically from 102% in 2021 to 108% in 2022. On average, homes are selling for upwards of 10% over their initial list price when considering all neighborhoods and price points. To complement that pressure, the median sale price jumped more than $100,000 to $900,000 from $795,000 year over year. Condos climbed 5% as city-core buyers prepared to return to the office and sought more affordability. With lingering pandemic market stimulation, increasing interest rates, gathering concern around global unrest, and buyers worried they would “miss” the market, competitive sales were a near constant frustration for buyers. Putting on even more pressure was a drop in available inventory. Nearly 400 fewer single-family homes sold in 2022 than the prior year, a drop of over 18%. Buyers wanted to secure housing with a renewed veracity and sellers were ready to accept them. Some predictions suggest a tempering of the market in the second quarter is due. This would be a welcome relief for exhausted buyers, while still returning robust equity to most sellers. We’ll let you know in three months if those predictions materialize!”
4 2022 Q1 SEATTLE AREA MARKET REPORT
SEATTLE area
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
QUEEN ANNE & MAGNOLIA | CENTRAL SEATTLE | NORTHEAST SEATTLE BALLARD & GREEN LAKE | WEST SEATTLE | SOUTHEAST SEATTLE | SODO & BEACON HILL
MEDIAN SOLD PRICE
AVERAGE DOM
Queen Anne & Magnolia
$1.31M
22
Central Seattle
$1.05M
18
Northeast Seattle
$993K
7
Ballard & Green Lake
$949K
11
West Seattle
$785K
12
Southeast Seattle
$806K
21
SODO & Beacon Hill
$767K
18
Downtown Condos
$671K
40
All Seattle Residential
$900K
14
All Seattle Condos
$515K
33
Waterfront ($2M+ | SF)
$3.50M
28
$2.60M
23
Luxury ($2M+ | SF+C) $500K
$1M
$1.5M
$2.5M
$2M
$3M
NUMBER OF SALES CLOSED 800 700
795
1,805
600 500 400
TOTAL AREA SALES CLOSED
537
300
126
200 100
327
259
233
Central Seattle
Northeast Seattle
136
114
86
8
170
0
Queen Anne & Magnolia
Ballard & Green Lake
West Seattle
Southeast Seattle
INVENTORY IN UNITS / 3.31.22
SODO & Beacon Hill
Downtown Condos
All Seattle Condos
Area Waterfront
Area Luxury
TOTAL SEATTLE INVENTORY / 260 -51.4%
25
42
28
68
35
25
17
134
282
7
73
-47.9%
-62.8%
-55.6%
-35.8%
-58.3%
-59.7%
-57.5%
-31.3%
-51.7%
-58.8%
-14.1%
Queen Anne & Magnolia
Central Seattle
Northeast Seattle
Ballard & Green Lake
West Seattle
Southeast Seattle
SODO & Beacon Hill
Downtown Condos
All Seattle Condos
Area Waterfront
Area Luxury
2022 Q1 SEATTLE AREA MARKET REPORT
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SEATTLE area TOTAL SEATTLE AREA
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
1,805
2,213
-18.4%
MEDIAN SOLD PRICE
$900K
$795K
+13.2%
14
25
-44.0%
108%
102%
+5.9%
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
795
692
+14.9%
MEDIAN SOLD PRICE
$515K
$491K
+4.9%
33
50
-34.0%
101%
101%
+0.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$900K MEDIAN SOLD PRICE UP +13.2% from 2021
CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
6 2022 Q1 SEATTLE AREA MARKET REPORT
$515K
MEDIAN SOLD PRICE UP +4.9% from 2021
WATERFRONT
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
8
6
+33.3%
MEDIAN SOLD PRICE
$3.5M
$2.814M
+24.4%
38
78
-51.3%
101%
93%
+8.6%
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
114
115
-0.9%
MEDIAN SOLD PRICE
$2.6M
$2.425M
+7.2%
23
41
-43.9%
106%
98%
+8.2%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$3.50M MEDIAN SOLD PRICE UP +24.4% from 2021
LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$2.60M MEDIAN SOLD PRICE UP +7.2% from 2021
2022 Q1 SEATTLE AREA MARKET REPORT
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SEATTLE area QUEEN ANNE & MAGNOLIA
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
126
259
-51.4%
MEDIAN SOLD PRICE
$1.31M
$1.099M
+19.2%
22
30
-26.7%
106%
99%
+7.1%
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
259
262
-1.1%
MEDIAN SOLD PRICE
$1.049M
$913K
+14.9%
18
33
-45.5%
104%
99%
+5.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.31M
MEDIAN SOLD PRICE UP +19.2% from 2021
CENTRAL SEATTLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2022 Q1 SEATTLE AREA MARKET REPORT
$1.05m MEDIAN SOLD PRICE UP +14.9% from 2021
NORTHEAST SEATTLE
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
233
294
-20.7%
MEDIAN SOLD PRICE
$993K
$857K
+15.9%
7
25
-72.0%
111%
104%
+6.7%
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
537
558
-3.8%
MEDIAN SOLD PRICE
$949K
$826K
+14.9%
11
16
-31.3%
110%
104%
+5.8%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$993K
MEDIAN SOLD PRICE UP +15.9% from 2021
BALLARD & GREEN LAKE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$949K
MEDIAN SOLD PRICE UP +14.9% from 2021
2022 Q1 SEATTLE AREA MARKET REPORT
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SEATTLE area WEST SEATTLE
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
327
462
-29.2%
MEDIAN SOLD PRICE
$785K
$656K
+19.7%
12
24
-50.0%
109%
102%
+6.9%
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
136
133
+2.3%
MEDIAN SOLD PRICE
$806K
$739K
+9.1%
21
28
-25.0%
108%
102%
+5.9%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$785K
MEDIAN SOLD PRICE UP +19.7% from 2021
SOUTHEAST SEATTLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2022 Q1 SEATTLE AREA MARKET REPORT
$806K MEDIAN SOLD PRICE UP +9.1% from 2021
SODO & BEACON HILL
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
86
128
-32.8%
MEDIAN SOLD PRICE
$767K
$625K
+22.7%
18
40
-55.0%
102%
101%
+1.0%
Q1 2022
Q1 2021
CHANGE
TOTAL HOMES SOLD
170
172
-1.2%
MEDIAN SOLD PRICE
$671K
$641K
+4.7%
40
65
-38.5%
99%
96%
+3.1%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$767K
MEDIAN SOLD PRICE UP +22.7% from 2021
DOWNTOWN CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$671K
MEDIAN SOLD PRICE UP +4.7% from 2021
2022 Q1 SEATTLE AREA 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.