Coldwell Banker Bain | Q2 2022 North Sound Market Report

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NORTH 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

RYAN LARSON Principal Managing Broker of bellingham “ The real estate market has been quite the roller coaster over the last few years. Now, as interest rates have started cooling the overheated markets in Northwest Washington, we are starting to see a return to normalcy. Although it is still a seller’s market, the negotiating power has started to shift to buyers to a small degree. The market now feels like it was pre-Covid: still robust, but not the real estate insanity that has been prevailing since the pandemic. Homes in rural areas or on busier roads have seen a more considerable slow down than neighborhoods that are more coveted, with those neighborhoods still able to drive multiple offers. Prices have cooled in the last few months, with even a few price reductions now starting to occur. However, sellers are still reaping a windfall with Bellingham median pricing up $135,000 over the same time last year and Anacortes home going for $99,000 more.”

4 2022 Q2 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

$810K

9

Anacortes

$800K

16 14

$647K

Arlington

9

$725K

Bellingham Bothell

7

$1.175M

10

$975K

Edmonds Everett

7

$717K

Lynnwood

7

$868K $200K

$400K

$600K

$800K

$1.0M

$1.2M

NUMBER OF SALES CLOSED 600

3,154

500 400

TOTAL SALES CLOSED

300

385

119

200

256

197

196

100

508

498

0

Anacortes

Arlington

Bellingham

INVENTORY IN UNITS / 06.30.22

54 +63.6% 1200 1000

Anacortes

Bothell

Edmonds

Everett

TOTAL NORTH SOUND INVENTORY / 1,426

Lynnwood +178.5%

98

182

206

73

196

162

+117.8%

+114.1%

+237.7%

+82.5%

+192.5%

+205.7%

Arlington

Bellingham

Bothell

Edmonds

Everett

Lynnwood

800 600

2022 Q2 NORTH SOUND AREA MARKET REPORT

5


north sound area

SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY

MARYSVILLE | MILL CREEK | MOUNT VERNON | SNOHOMISH

MEDIAN SOLD PRICE

AVERAGE DOM $640K

6

$1.06M

5

$572K

11

$1.075M

8

Condos

$508K

7

0 Waterfront

$923K

17

Luxury

$1.26M

8

Marysville 600

500Creek Mill 400

Mount Vernon 300

Snohomish 200 100

(SF Only)

(SF Only)

$300K

$600K

$900K

$1.2M

$1.5M

NUMBER OF SALES CLOSED 1200

3,154

1000 800

TOTAL SALES CLOSED

600 400 200

677

183

85

382

1,045 345

108

0

Marysville

Mill Creek

Mount Vernon

INVENTORY IN UNITS / 06.30.22

Snohomish

Condos

Waterfront

TOTAL NORTH SOUND INVENTORY / 1,426

Luxury +178.5%

152

42

88

173

245

73

429

+261.9%

+500.0%

+114.6%

+355.3%

+97.6%

+108.6%

+235.2%

Marysville

Mill Creek

Mount Vernon

Snohomish

Condos

Waterfront

Luxury

6 2022 Q2 NORTH SOUND AREA MARKET REPORT


north sound area TOTAL NORTH SOUND AREA

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

3,154

3,419

-7.8%

MEDIAN SOLD PRICE

$810K

$701K

+17.4%

9

8

+12.5%

105%

109%

-3.7%

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

677

862

-21.5%

MEDIAN SOLD PRICE

$508K

$442K

+14.9%

7

8

-12.5%

107%

106%

+0.9%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$810K

MEDIAN SOLD PRICE UP +17.4% from 2021

CONDOS

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$508K

MEDIAN SOLD PRICE UP +14.9% from 2021

2022 Q2 NORTH SOUND AREA MARKET REPORT

7


north sound area WATERFRONT Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

108

121

-10.7%

MEDIAN SOLD PRICE

$923K

$800K

+15.4%

17

18

-5.6%

102%

104%

-1.9%

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

1,045

557

+87.6%

MEDIAN SOLD PRICE

$1.26M

$1.19M

+5.9%

8

11

-27.3%

MEDIAN SOLD PRICE

106%

110%

-3.6%

UP +5.9% from 2021

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$923K

MEDIAN SOLD PRICE UP +15.4% from 2021

LUXURY AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

8 2022 Q2 NORTH SOUND AREA MARKET REPORT

$1.26M


ANACORTES

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

119

104

+14.4%

MEDIAN SOLD PRICE

$800K

$701K

+14.1%

16

20

-20.0%

100%

100%

-2.0%

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

196

219

-10.5%

MEDIAN SOLD PRICE

$647K

$570K

+13.5%

14

9

+55.6%

102%

105%

-2.9%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$800K

MEDIAN SOLD PRICE UP +14.1% from 2021

ARLINGTON

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$647K

MEDIAN SOLD PRICE UP +13.5% from 2021

2022 Q2 NORTH SOUND AREA MARKET REPORT

9


north sound area BELLINGHAM Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

385

431

-10.7%

MEDIAN SOLD PRICE

$725K

$590K

+22.9%

9

12

-25.0%

105%

105%

+0.0%

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%

$725K

MEDIAN SOLD PRICE UP +22.9% from 2021

BOTHELL AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

10 2022 Q2 NORTH SOUND AREA MARKET REPORT

$1.17M

MEDIAN SOLD PRICE UP +30.6% from 2021


EDMONDS

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

197

246

-19.9%

MEDIAN SOLD PRICE

$975K

$875K

+11.4%

10

7

+42.9%

106%

109%

-2.8%

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

508

586

-13.1%

MEDIAN SOLD PRICE

$717K

$614K

+16.8%

7

6

+16.7%

105%

110%

-4.5%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$975K

MEDIAN SOLD PRICE UP +11.4% from 2021

EVERETT

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$717K

MEDIAN SOLD PRICE UP +16.8% from 2021

2022 Q2 NORTH SOUND AREA MARKET REPORT

11


north sound area LYNNWOOD Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

256

254

+0.8%

MEDIAN SOLD PRICE

$868K

$750K

+15.7%

7

5

+40.0%

106%

111%

-4.5%

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

382

363

+5.2%

MEDIAN SOLD PRICE

$660K

$525K

+25.7%

6

7

-14.3%

105%

107%

+1.9%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$868K

MEDIAN SOLD PRICE UP +15.7% from 2021

MARYSVILLE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

12 2022 Q2 NORTH SOUND AREA MARKET REPORT

$640K MEDIAN SOLD PRICE UP +25.7% from 2021


MILL CREEK

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

85

96

-11.5%

MEDIAN SOLD PRICE

$1.06M

$922K

+15.0%

5

4

+25.0%

108%

110%

-1.8%

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

183

196

-6.6%

MEDIAN SOLD PRICE

$572K

$485K

+17.9%

11

13

-15.4%

MEDIAN SOLD PRICE

103%

105%

-1.9%

UP +17.9% from 2021

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$1.06M MEDIAN SOLD PRICE UP +15.0% from 2021

MOUNT VERNON

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$572K

2022 Q2 NORTH SOUND AREA MARKET REPORT

13


north sound area SNOHOMISH Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

345

366

-5.7%

MEDIAN SOLD PRICE

$1.075M

$812K

+32.4%

8

9

-11.1%

106%

110%

-3.6%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

14 2022 Q2 NORTH SOUND AREA MARKET REPORT

$1.07M MEDIAN SOLD PRICE UP +32.4% 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.


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