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.