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.