Coldwell Banker Bain | Q2 2022 Eastside Market Report

EASTSIDE 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

WAYNE STEPHENS Principal Managing Broker of redmond

“Rising interest rates, uncertainty about inflation, downward pressure on the stock market, the return of what may be a seasonal cycle, and buyer fatigue have finally conspired to place an expected, if not somewhat desired, drag on the Eastside housing market. However, there are still areas of activity that defy what is otherwise being presented as our new normal, including popular zip codes in the Redmond/Woodinville area. While pending and closed sales are down, the median and average prices are up approximately 30%. Similar results can be found in the condominium market, presenting more inventory — much from new construction — where sales prices have increased dramatically over the last year. In one zip code, the median price is up over 40% year over year. However, at under $700,000, condos still provide an opportunity for entry-level buyers to compete — and win. Finally, the shift in the market is being viewed with appreciation and with cynicism by both buyers and sellers. Buyers finally have more choices and a little less competition, but they are also fearful of a further deterioration in interest rates and prices. Sellers are beginning to realize that way over asking prices and multiples offers have essentially ended; they must price and market their homes more strategically. The seller also credits other concessions and contingencies that have returned to the conversation. If the trend continues, it should eventually result in a more balanced market, more certainty, and satisfaction for both parties.”

4 2022 Q2 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

7

$1.61M

Bellevue

6

$1.85M

7

$1.175M

Bothell Carnation

8

$1.05M

Clyde Hill

10

$4.28M

Duvall

9

$1.11M

Issaquah

$1.50M

8

Kirkland

$1.55M

6

Medina

16

$5.3M

7

$2.71M

Mercer Island $1M

$2M

$3M

$4M

$5M

$6M

NUMBER OF SALES CLOSED 500

400

300

498

2,177 | TOTAL SALES CLOSED

(TOTAL EASTSIDE AREA)

353

338

200

53

100

16

81

84 165

13

0

Bellevue

Bothell

Carnation

Clyde Hill

800

INVENTORY IN UNITS / 06.30.22

Duvall

Issaquah

Kirkland

Medina

TOTAL EASTSIDE INVENTORY / 1,105

Mercer Island +258.8%

700 600

168

500+223.1%

206

27

10

40

108

148

14

36

+237.7%

+285.7%

+400.0%

+400.0%

+300.0%

+214.9%

+40.0%

+140.0%

Bothell

Carnation

Clyde Hill

Duvall

Issaquah

Kirkland

Medina

Mercer Island

400 300Bellevue 200 100

2022 Q2 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 9

$1.77M

Newcastle North Bend

4

$1.15M

Redmond

6

$1.72M

Renton

$811K

7

500

Sammamish

6

$1.85M

400 Snoqualmie

8

$1.28M

Woodinville 300

10

$1.61M

Condos

8

$660K

200

Waterfront

$3.87M

($2M + SF Only) 100

Luxury

7

$2.53M

($2M + SF + Condo) $500K

0

$1.0M

$1.5M

$2.0M

$2.5M

$3.0M

12

$3.5M

$4M

NUMBER OF SALES CLOSED 800 700

2,177 | TOTAL SALES CLOSED

600

(TOTAL EASTSIDE AREA)

500

721

672

400 300

261

41

100

168

449

120

200

102 255

32

0

Newcastle

North Bend

Redmond

Renton

Sammamish Snoqualmie

Woodinville

Condos

Waterfront

TOTAL EASTSIDE INVENTORY / 1,105

iNVENTORY IN UNITS / 06.30.22

Luxury

+258.8%

19

48

155

226

149

45

89

257

48

412

+280.0%

+200.0%

+384.4%

+222.9%

+451.9%

+309.1%

+196.7%

+57.7%

+118.2%

+316.2%

Newcastle

North Bend

Redmond

Renton

Sammamish

Snoqualmie

Woodinville

Condos

Waterfront

Luxury

6 2022 Q2 EASTSIDE MARKET REPORT

eastside area TOTAL EASTSIDE AREA

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

2,177

2,657

-18.1%

MEDIAN SOLD PRICE

$1.61M

$1.315M

+22.4%

7

8

-12.5%

106%

109%

-2.8%

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

674

922

-26.9%

MEDIAN SOLD PRICE

$660K

$540K

+20.0%

8

16

-50.0%

106%

103%

+2.9%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$1.61M

MEDIAN SOLD PRICE UP +22.4% from 2021

CONDOS

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$660K MEDIAN SOLD PRICE UP +20.0% from 2021

eastside area WATERFRONT

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

32

59

-45.8%

MEDIAN SOLD PRICE

$3.875M

$4.05M

-4.3%

12

26

-53.8%

101%

103%

-1.9%

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

721

496

+45.4%

MEDIAN SOLD PRICE

$2.532M

$2.555M

-0.9%

7

16

-56.3%

105%

106%

-0.9%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$3.87M

MEDIAN SOLD PRICE DOWN -4.3% from 2021

LUXURY

AVERAGE DAYS ON MARKET SOLD/LIST PRICE% 8 2022 Q2 EASTSIDE MARKET REPORT

$2.53M

MEDIAN SOLD PRICE DOWN -0.9% from 2021

BELLEVUE

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

353

416

-15.1%

MEDIAN SOLD PRICE

$1.85M

$1.60M

+15.6%

6

7

-14.3%

105%

109%

-3.7%

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

498

558

-10.8%

MEDIAN SOLD PRICE

$1.175M

$900K

+30.6%

7

7

+0.0%

106%

112%

-5.4%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$1.85M MEDIAN SOLD PRICE UP +15.6% from 2021

BOTHELL

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$1.17M

MEDIAN SOLD PRICE UP +30.6% from 2021

2022 Q2 EASTSIDE MARKET REPORT

9

eastside area CARNATION

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

53

49

+8.2%

MEDIAN SOLD PRICE

$1.05M

$848K

+23.8%

8

13

-38.5%

103%

106%

-2.8%

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

16

17

-5.9%

MEDIAN SOLD PRICE

$4.288M

$3.25M

+31.9%

10

28

-64.3%

102%

101%

+1.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$1.05M MEDIAN SOLD PRICE UP +23.8% from 2021

CLYDE HILL

AVERAGE DAYS ON MARKET SOLD/LIST PRICE% 10 2022 Q2 EASTSIDE MARKET REPORT

$4.28M MEDIAN SOLD PRICE UP +31.9% from 2021

DUVALL

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

81

111

-27.0%

MEDIAN SOLD PRICE

$1.114M

$840K

+32.6%

9

9

+0.0%

106%

111%

-4.5%

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

165

202

-18.3%

MEDIAN SOLD PRICE

$1.508M

$1.229M

+22.7%

8

7

+14.3%

106%

109%

-2.8%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$1.11M

MEDIAN SOLD PRICE UP +32.6% from 2021

ISSAQUAH

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$1.50M MEDIAN SOLD PRICE UP +22.7% from 2021

2022 Q2 EASTSIDE MARKET REPORT

11

eastside area KIRKLAND

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

338

417

-18.9%

MEDIAN SOLD PRICE

$1.55M

$1.371M

+13.1%

6

9

-33.3%

106%

106%

+0.0%

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

13

16

-18.8%

MEDIAN SOLD PRICE

$5.30M

$4.80M

+10.4%

16

28

-42.9%

103%

105%

-1.9%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$1.55M MEDIAN SOLD PRICE UP +13.1% from 2021

MEDINA

AVERAGE DAYS ON MARKET SOLD/LIST PRICE% 12 2022 Q2 EASTSIDE MARKET REPORT

$5.30M MEDIAN SOLD PRICE UP +10.4% from 2021

MERCER ISLAND

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

84

102

-17.6%

MEDIAN SOLD PRICE

$2.71M

$2.175M

+24.6%

7

12

-41.7%

107%

108%

-0.9%

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

41

61

-32.8%

MEDIAN SOLD PRICE

$1.77M

$1.30M

+36.2%

9

5

+80.0%

102%

108%

-5.6%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$2.71M

MEDIAN SOLD PRICE UP +24.6% from 2021

NEWCASTLE

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$1.77M

MEDIAN SOLD PRICE UP +36.2% from 2021

2022 Q2 EASTSIDE MARKET REPORT

13

eastside area NORTH BEND

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

120

140

-14.3%

MEDIAN SOLD PRICE

$1.15M

$926K

+24.2%

4

14

-71.4%

108%

110%

-1.8%

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

261

346

-24.6%

MEDIAN SOLD PRICE

$1.722M

$1.353M

+27.3%

6

5

+20.0%

108%

113%

-4.4%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$1.15M

MEDIAN SOLD PRICE UP +24.2% from 2021

REDMOND

AVERAGE DAYS ON MARKET SOLD/LIST PRICE% 14 2022 Q2 EASTSIDE MARKET REPORT

$1.72M

MEDIAN SOLD PRICE UP +27.3% from 2021

RENTON

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

449

541

-17.0%

MEDIAN SOLD PRICE

$811K

$726K

+11.6%

7

12

-41.7%

106%

109%

-2.8%

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

255

380

-32.9%

MEDIAN SOLD PRICE

$1.858M

$1.437M

+29.3%

6

6

+0.0%

106%

112%

-5.4%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$811K

MEDIAN SOLD PRICE UP +11.6% from 2021

SAMMAMISH

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$1.85M MEDIAN SOLD PRICE UP +29.3% from 2021

2022 Q2 EASTSIDE MARKET REPORT

15

eastside area SNOQUALMIE

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

102

119

-14.3%

MEDIAN SOLD PRICE

$1.28M

$1.09M

+17.4%

8

5

+60.0%

103%

111%

-7.2%

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

168

185

-9.2%

MEDIAN SOLD PRICE

$1.618M

$1.20M

+34.8%

10

8

+25.0%

106%

109%

-2.8%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$1.28M MEDIAN SOLD PRICE UP +17.4% from 2021

WOODINVILLE

AVERAGE DAYS ON MARKET SOLD/LIST PRICE% 16 2022 Q2 EASTSIDE MARKET REPORT

$1.61M

MEDIAN SOLD PRICE UP +34.8% 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.