Coldwell Banker Bain | Q2 2022 Seattle Area Market Report

SEATTLE 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 SEATTLE AREA MARKET REPORT

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2022 Q2 MARKET REPORT

TODD SHIVELY Principal Managing Broker of capitol hill “ Just three short months ago, the seller-favored real estate market was like a lifting rocket with the moon in its sites and buyers left in the plume on the launch pad. Multiple offers waived contingencies and sales landing 10, 20, or even 30% over the list price. The peak was sure to come. However, only with the benefit of hindsight are we able to see that it was, in fact, upon us. Q2 began in April with continued confidence on the seller side, but by mid-May, demand began to recede. Interest rates rose above 4% for conventional loans and then above 5% — the highest number since 2018. Continued European unrest and declines in financial markets cooled buyer enthusiasm. While sales activity remained high, the listing supply increased, which, in turn, further tempered demand. Buyers ready for some relief from the past two years of a highly competitive offer environment quickly reoriented their offers to include contingencies and terms, such as inspections and reduced earnest money. There are still more people than houses, and many experts report strong economic fundamentals. Sellers take heart, however. Though it’s not the hottest market in 20 years, the 2nd hottest is still very good.”

4 2022 Q2 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 $1.50M

Queen Anne & Magnolia

11

$1.22M

Central Seattle

$1.058M

7

$1.025M

7

Northeast Seattle Ballard & Green Lake

12

$881K

8

Southeast Seattle

$868K

8

SODO & Beacon Hill

$855K

11

West Seattle

Downtown Condos

31

$662K $1.00M

All Seattle Residential All Seattle Condos

9 18

$545K

Waterfront ($2M+ | SF)

$3.475M

Luxury ($2M+ | SF+C)

$2.525M $500K

$1.0M

$1.5M

$2.5M

$2.0M

$3.0M

60 28

$3.5M

NUMBER OF SALES CLOSED 1200 1000

1,707

800

TOTAL AREA SALES CLOSED

600

713 400

209

252

516

418

200

182

130

1,001

226

198 14

0

Queen Anne & Magnolia

Central Seattle

Northeast Seattle

Ballard & Green Lake

West Seattle

Southeast Seattle

INVENTORY IN UNITS / 06.30.22

SODO & Beacon Hill

Downtown Condos

All Seattle Condos

Area Waterfront

Area Luxury

TOTAL SEATTLE INVENTORY / 635 +21.4%

122

136

113

224

122

86

56

218

586

12

147

+43.5%

+3.0%

+59.2%

+34.9%

-2.4%

+28.4%

+30.2%

+36.3%

+1.4%

-33.3%

+54.7%

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 Q2 SEATTLE AREA MARKET REPORT

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SEATTLE area TOTAL SEATTLE AREA

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

1,770

2,230

-23.5%

MEDIAN SOLD PRICE

$1.0M

$890K

+12.4%

9

15

-40.0%

107%

105%

+1.9%

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

1,011

997

+0.4%

MEDIAN SOLD PRICE

$545K

$494K

+10.3%

18

39

-53.8%

101%

99%

+2.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$1.00M MEDIAN SOLD PRICE UP +12.4% from 2021

CONDOS

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

6 2022 Q2 SEATTLE AREA MARKET REPORT

$545K

MEDIAN SOLD PRICE UP +10.3% from 2021

WATERFRONT

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

14

18

-22.2%

MEDIAN SOLD PRICE

$3.475M

$2.49M

+39.6%

60

40

+50.0%

99%

98%

+1.0%

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

226

239

-5.4%

MEDIAN SOLD PRICE

$2.525M

$2.40M

+5.2%

28

29

-3.4%

105%

102%

+2.9%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$3.47M MEDIAN SOLD PRICE UP +39.6% from 2021

LUXURY

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$2.52M MEDIAN SOLD PRICE UP +5.2% from 2021

2022 Q2 SEATTLE AREA MARKET REPORT

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SEATTLE area QUEEN ANNE & MAGNOLIA

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

209

298

-29.9%

MEDIAN SOLD PRICE

$1.50M

$1.312M

+14.3%

11

13

-15.4%

106%

104%

+1.9%

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

252

439

-42.6%

MEDIAN SOLD PRICE

$1.22M

$1.10M

+10.9%

12

21

-42.9%

105%

102%

+2.9%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$1.50M

MEDIAN SOLD PRICE UP +19.2% from 2021

CENTRAL SEATTLE

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

8 2022 Q2 SEATTLE AREA MARKET REPORT

$1.22m MEDIAN SOLD PRICE UP +10.9% from 2021

NORTHEAST SEATTLE

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

418

465

-10.1%

MEDIAN SOLD PRICE

$1.058M

$980K

+8.0%

7

12

-41.7%

108%

109%

-0.9%

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

713

902

-210%

MEDIAN SOLD PRICE

$1.025M

$900K

+13.9%

7

10

-30.0%

110%

107%

+2.8%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$1.05M MEDIAN SOLD PRICE UP +8.0% from 2021

BALLARD & GREEN LAKE

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$1.02M

MEDIAN SOLD PRICE UP +13.9% from 2021

2022 Q2 SEATTLE AREA MARKET REPORT

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SEATTLE area WEST SEATTLE

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

516

632

-18.4%

MEDIAN SOLD PRICE

$881K

$750K

+17.5%

8

12

-33.3%

108%

106%

+1.9%

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

182

227

-19.8%

MEDIAN SOLD PRICE

$868K

$735K

+18.1%

8

9

-57.9%

108%

106%

+1.9%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$881K

MEDIAN SOLD PRICE UP +17.5% from 2021

SOUTHEAST SEATTLE

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

10 2022 Q2 SEATTLE AREA MARKET REPORT

$868K

MEDIAN SOLD PRICE UP +18.1% from 2021

SODO & BEACON HILL

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

130

169

-23.1%

MEDIAN SOLD PRICE

$855K

$715K

+19.6%

11

18

-38.9%

105%

106%

-0.9%

Q2 2022

Q2 2021

CHANGE

TOTAL HOMES SOLD

198

219

-9.2%

MEDIAN SOLD PRICE

$662K

$649K

+2.0%

31

51

-39.2%

97%

98%

-1.0%

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$855K

MEDIAN SOLD PRICE UP +19.6% from 2021

DOWNTOWN CONDOS

AVERAGE DAYS ON MARKET SOLD/LIST PRICE%

$662K

MEDIAN SOLD PRICE UP +4.7% from 2021

2022 Q2 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.