SOUTH 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 SOUTH SOUND AREA MARKET REPORT
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2022 Q2 MARKET REPORT
WHITNEY ELLIS Principal Managing Broker of TACOMA MAIN “ While we see a notable increase in inventory, as we enter our most active season of the year, new challenges have shifted drastically in the South Sound. A few months ago, buyers were giving up large portions of their retirement savings and making offers with no contingencies- placing themselves at considerable risk- just to get into a home. We are still seeing multiple offers in certain price ranges, but the offers aren’t quite as desperate. We are once again seeing inspection contingencies, and we are not seeing as many offers above asking. So, what happened? With increased rates, buyers have to shop at lower price points to make their monthly payments work. This is causing sellers to have to make a mental shift about the value of their homes. Values are still strong, but these new rates are going to make a difference in the buyers’ ability to pay top dollar. People still need to buy and sell homes, and we are already seeing sellers get creative to attract buyers - offering rate buy downs, for example. The ebb and flow of real estate will continue, and we will continue to accommodate our everchanging market conditions. It’s what we do.”
4 2022 Q2 SOUTH SOUND AREA MARKET REPORT
SOUTH SOUND
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
AUBURN | BURIEN & NORMANDY PARK | DES MOINES | FEDERAL WAY GIG HARBOR & KEY PENINSULA | KENT | LAKE TAPPS & BONNEY LAKE
MEDIAN SOLD PRICE
AVERAGE DOM
S. King & Pierce Area
11
$625K
Auburn
11
$645K
Burien & Normandy Park
8
$715K
Des Moines
8
$639K
Federal Way
8
$650K
Gig Harbor & Key Peninsula
$760K $740K
Kent Lake Tapps & Bonney Lake
$200K
$300K
$400K
$500K
$600K
$700K
9 11
$680K $100K
12
$800K
NUMBER OF SALES CLOSED 600 500
4,196 | TOTAL SALES CLOSED
400
300 200
261
400
146
344
528
(TOTAL SOUTH SOUND AREA)
254
100
277
0
Auburn
Burien & Normandy Park
Des Moines
INVENTORY IN UNITS / 3.31.22
Federal Way
Gig Harbor & Key Peninsula
Kent
TOTAL SOUTH SOUND INVENTORY / 1,738
Lake Tapps & Bonney Lake -24.3%
125
139
48
81
142
178
240
+177.8%
+95.8%
+200%
+170.0%
+149.1%
+187.1%
+203.8%
Burien & Normandy Park
Des Moines
Federal Way
Kent
Lake Tapps & Bonney Lake
1000
800Auburn
Gig Harbor & Key Peninsula
600 2022 Q2 SOUTH SOUND AREA MARKET REPORT
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SOUTH SOUND
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
OLYMPIA | PUYALLUP | TACOMA | UNIVERSITY PLACE, LAKEWOOD & TILLICUM 600 MEDIAN SOLD PRICE
AVERAGE DOM
500 Olympia
7
$550K
400
Puyallup
10
$600K
300
Tacoma
8
$485K
200
University Place,
$635K
Lakewood & 100
10
Tillicum
$380K
0 Condos
16
Waterfront (SF Only)
$930K
16
Luxury ($2+M | SF+C)
$1.25M $300K
$600K
$900K
$1.2M
24 $1.5M
NUMBER OF SALES CLOSED 1000
4,196 | TOTAL SALES CLOSED
800
841
600 400
(TOTAL SOUTH SOUND AREA)
264
297
584
714 194 521
200 0
Olympia
Puyallup
Tacoma
INVENTORY IN UNITS / 03.31.22
University Place, Lakewood & Tillicum
Condos
Waterfront (SF Only)
TOTAL SOUTH SOUND INVENTORY / 1,738
Luxury ($2+M | SF+C) -24.3%
98
289
272
126
180
159
362
+108.5%
+177.9%
+115.9%
+70.3%
+34.3%
+84.9%
+139.7%
Olympia
Puyallup
Tacoma
6 2022 Q2 SOUTH SOUND AREA MARKET REPORT
University Place, Lakewood & Tillicum
Condos
Waterfront (SF Only)
Luxury ($2+M | SF+C)
South sound area TOTAL SOUTH SOUND AREA
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
4,196
4,683
-10.4%
MEDIAN SOLD PRICE
$625K
$540K
+15.7%
11
10
+10.0%
105%
106%
-0.9%
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
714
769
-7.2%
MEDIAN SOLD PRICE
$3808K
$320K
+18.8%
16
14
+14.3%
103%
103%
+0.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$625K
MEDIAN SOLD PRICE UP +15.7% from 2021
CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$380K
MEDIAN SOLD PRICE UP +18.8% from 2021
2022 Q2 SOUTH SOUND AREA MARKET REPORT
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South sound area WATERFRONT
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
194
232
-16.4%
MEDIAN SOLD PRICE
$930K
$865K
+7.5%
16
22
-27.3%
102%
101%
+1.0%
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
521
285
+82.8%
MEDIAN SOLD PRICE
$1.25M
$1.28M
-2.3%
24
23
+4.3%
102%
102%
+0.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$930K MEDIAN SOLD PRICE UP +7.5% from 2021
LUXURY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2022 Q2 SOUTH SOUND AREA MARKET REPORT
$1.25M
MEDIAN SOLD PRICE DOWN -6.5% from 2021
AUBURN
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
1261
326
-19.9%
MEDIAN SOLD PRICE
$645K
$533K
+21.0%
11
7
+57.1%
105%
107%
-1.9%
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
344
382
-9.9%
MEDIAN SOLD PRICE
$715K
$607K
+17.8%
8
14
-42.98%
107%
107%
+0.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$645K
MEDIAN SOLD PRICE UP +21.0% from 2021
BURIEN & NORMANY PARK
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$715K
MEDIAN SOLD PRICE UP +17.8% from 2021
2022 Q2 SOUTH SOUND AREA MARKET REPORT
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South sound area DES MOINES
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
9146
166
-12.0%
MEDIAN SOLD PRICE
$639K
$559K
+14.3%
8
8
+0.0%
108%
108%
+0.0%
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
254
277
-8.3%
MEDIAN SOLD PRICE
$650K
$557K
+16.7%
8
8
+0.0%
106%
107%
-0.9%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$639K
MEDIAN SOLD PRICE UP +14.3% from 2021
FEDERAL WAY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2022 Q2 SOUTH SOUND AREA MARKET REPORT
$650K MEDIAN SOLD PRICE UP +16.7% from 2021
GIG HARBOR & KEY PENINSULA
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
1277
296
-6.4%
MEDIAN SOLD PRICE
$760K
$700K
+8.6%
12
15
-20.0%
103%
103%
+0.0%
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
291
283
+2.8%
MEDIAN SOLD PRICE
$740K
$600K
+23.3%
15
20
-25.0%
105%
108%
-2.8%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$760K MEDIAN SOLD PRICE UP +8.6% from 2021
KENT
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$740K
MEDIAN SOLD PRICE UP +23.3% from 2021
2022 Q2 SOUTH SOUND AREA MARKET REPORT
11
South sound area LAKE TAPPS & BONNEY LAKE
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
528
550
-4.0%
MEDIAN SOLD PRICE
$680K
$600K
+13.3%
11
13
-15.4%
103%
105%
-1.9%
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
264
289
-8.7%
MEDIAN SOLD PRICE
$550K
$485K
+13.4%
7
8
-12.5%
104%
105%
-1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$680K MEDIAN SOLD PRICE UP +13.3% from 2021
OLYMPIA
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
12 2022 Q2 SOUTH SOUND AREA MARKET REPORT
$550K MEDIAN SOLD PRICE UP +13.4% from 2021
PUYALLUP
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
4584
636
-8.2%
MEDIAN SOLD PRICE
$600K
$525K
+14.3%
10
9
+11.1%
104%
105%
-1.0%
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
841
941
-10.6%
MEDIAN SOLD PRICE
$485K
$440K
+10.2%
8
7
+14.3%
106%
104%
+1.9%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$600K MEDIAN SOLD PRICE UP +14.3% from 2021
TACOMA
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$485K
MEDIAN SOLD PRICE UP +10.2% from 2021
2022 Q2 SOUTH SOUND AREA MARKET REPORT
13
South sound area UNIVERSITY PLACE, LAKEWOOD & TILLICUM
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
297
369
-19.5%
MEDIAN SOLD PRICE
$635K
$539K
+17.8%
10
12
-16.7%
104%
104%
+0.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
14 2022 Q2 SOUTH SOUND AREA MARKET REPORT
$635K
MEDIAN SOLD PRICE UP +17.8% 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.