CENTRAL SOUND 2022 Q2 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
Q2 MARKET REPORT
JOHN DEELY Executive Vice President of Operations “ While there was a decrease in closed sales during Q2 in most regions, there is no reason for concern, as we continue to move toward a more balanced market. Some of the slowdown is simply part of a seasonal cycle our area experiences once school is out, as people begin to travel. In fact, travel is hitting peak numbers, as the world continues to open. The Luxury markets experienced increasing sales over prior year as we see a shift to investment in the safe harbor of real estate. The typical statistic for a balanced market is considered between 4-6 months’ worth of inventory. We have less than a month and a half’s worth of inventory in most areas, which is still a solid seller’s market. Almost every region continued to see upward pressure on prices despite slowing and leveling out this year. The building inventory and slowdown in the steep price appreciation provides more available properties for buyers and has sellers jockeying to be the most desirable listing in their marketplace.”
2022 Q2 MARKET REPORT
CRISTIAN KOCH
Principal Managing Broker of bainbridge Island “The great news for Kitsap County and all of the Central Sound is that inventory rose 115% over last year. This is welcome news for home buyers competing for a limited number of homes. Port Orchard, Poulsbo, Seabeck, and Silverdale are experiencing the fastest rise in inventory creating opportunities. Strong demand for exclusive properties continues on Bainbridge Island, where the average days on market have gone from 18 days to only 9 days. The median price has gone from $1.25 million to $1.53 million since last year. Kitsap County, as a whole, saw the median price jump 14% from $500,000 to $570,000, with a 16% reduction in days on market. Suquamish, conveniently located between Bainbridge Island and Kingston, offers great value with a current median price of $492,000 but limited availability due to high demand.”
4 2022 Q2 CENTRAL SOUND MARKET REPORT
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 10
$570K
Central Sound
9
$1.53M
Bainbridge Island
11
$505K
Bremerton
8
$755K
Kingston Port Orchard
12
$530K
Poulsbo & Finn Hill
11
$675K
11
$550K
Seabeck
9
$600K
Silverdale Suquamish
9
$492K
Condos
17
$400K
Waterfront (SF Only)
14
$999K
Luxury
14
$1.398M
($2+M | SF+C)
$500K
$1.5M
$1.0M
$2.0M
NUMBER OF SALES CLOSED 500
1,353
400
447
300
TOTAL AREA SALES CLOSED
200
128
241
105 100
247 71
35
20
69
81
All Kitsap Condos
Area Waterfront
174
0
Bainbridge Island
Bremerton
Kingston
Port Orchard
Poulsbo & Finn Hill
INVENTORY IN UNITS / 06.30.2022
Seabeck
Silverdale
Suquamish
Area Luxury
TOTAL CENTRAL SOUND INVENTORY / 559 +115.8%
31
89
22
215
43
17
95
9
36
63
95
+55.0%
+25.4%
+57.1%
+182.9%
+152.9%
+142.9%
+156.8%
+50.0%
+16.1%
+142.3%
+137.5%
Bainbridge Island
Bremerton
Kingston
Port Orchard
Poulsbo & Finn Hill
Seabeck
Silverdale
Suquamish
All Kitsap Condos
Area Waterfront
Area Luxury
2022 Q2 CENTRAL SOUND MARKET REPORT
5
central sound TOTAL KITSAP COUNTY AREA
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
1,353
1,347
+0.4%
MEDIAN SOLD PRICE
$570K
$500K
+14.0%
10
12
-16.7%
105%
107%
-1.9%
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
69
73
-5.5%
MEDIAN SOLD PRICE
$400K
$330K
+21.2%
17
8
+112.5%
104%
102%
+2.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$570K
MEDIAN SOLD PRICE UP +14.0% from 2021
CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
6 2022 Q2 CENTRAL SOUND MARKET REPORT
$400K MEDIAN SOLD PRICE UP +21.2% from 2021
WATERFRONT
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
81
91
-11.0%
MEDIAN SOLD PRICE
$999K
$950K
+5.2%
14
20
-30.0%
104%
105%
-1.0%
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
174
138
+26.1%
MEDIAN SOLD PRICE
$1.398M
$1.425M
+2.5%
14
16
-12.5%
107%
108%
-0.9%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$999K MEDIAN SOLD PRICE UP +5.2% from 2021
LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.39M MEDIAN SOLD PRICE UP +2.5% from 2021
2022 Q2 CENTRAL SOUND MARKET REPORT
7
central sound BAINBRIDGE ISLAND
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
105
129
-18.6%
MEDIAN SOLD PRICE
$1.53M
$1.25M
+22.4%
8
18
-50.0%
108%
108%
+0.0%
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
241
249
-3.2%
MEDIAN SOLD PRICE
$505K
$404K
+25.0%
11
18
-38.9%
103%
105%
-1.9%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.53M MEDIAN SOLD PRICE UP +22.4% from 2021
BREMERTON
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2022 Q2 CENTRAL SOUND MARKET REPORT
$505K MEDIAN SOLD PRICE UP +25.0% from 2021
KINGSTON
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
35
32
+9.4%
MEDIAN SOLD PRICE
$755K
$638K
+18.3%
8
6
+33.3%
105%
110%
-4.5%
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
447
425
+5.2%
MEDIAN SOLD PRICE
$530K
$483K
+9.7%
12
10
+20.0%
103%
106%
-2.8%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$755K
MEDIAN SOLD PRICE UP +18.3% from 2021
PORT ORCHARD
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$530K MEDIAN SOLD PRICE UP +9.7% from 2021
2022 Q2 CENTRAL SOUND MARKET REPORT
9
central sound POULSBO/FINN HILL
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
128
127
+0.8%
MEDIAN SOLD PRICE
$675K
$600K
+12.5%
11
8
+37.5%
104%
106%
-1.9%
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
71
54
+31.5%
MEDIAN SOLD PRICE
$550K
$523K
+5.2%
11
6
+83.3%
104%
105%
-1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$675K
MEDIAN SOLD PRICE UP +12.5% from 2021
SEABECK
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2022 Q2 CENTRAL SOUND MARKET REPORT
$550K MEDIAN SOLD PRICE UP +5.2% from 2021
SILVERDALE
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
247
238
+3.8%
MEDIAN SOLD PRICE
$600K
$477K
+25.8%
9
10
-10.0%
104%
107%
-2.8%
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
20
26
-23.1%
MEDIAN SOLD PRICE
$492K
$442K
+11.3%
9
12
-25.0%
108%
107%
+0.9%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$600K MEDIAN SOLD PRICE UP +25.8% from 2021
SUQUAMISH
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$492K
MEDIAN SOLD PRICE UP +11.3% from 2021
2022 Q2 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.