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.
JOHN DEELY
Executive Vice President of Operations
“ Early in the quarter, we gradually came off the fevered pitch of a market that had enjoyed tremendous velocity for several years. The number of listings began to slowly increase, which decreased the number of multiple offers from buyers though it remained a seller’s market with less than two months’ inventory in most regions. Gradually, sellers who were on the fence about placing their home on the market, mainly because they had nowhere to go, began to see potential thereby providing more inventory for buyers to look at. And while the rate of price increases also slowed down, we did not see the median price drop significantly. Smart sellers, especially those aided by a CB Bain broker, closely watched the market and were pricing competitively to get their property sold. We ended the quarter with signs of a more traditional market and one that is more favorable to buyers than it has been in a decade. Yet, with uncertainty over interest rate increases, some buyers are still holding off. Correct pricing remains critical. Sellers need to be hyper-local in developing their pricing strategy, based on what is happening in their local market now versus ‘what could have been’ earlier in the year.”
WAYNE STEPHENS
Principal Managing Broker of redmond
“The current market can be challenging to navigate for both buyers and sellers. It’s important to note that prices have not fallen as dramatically as some buyers are hoping. This coupled with rising interest rates is keeping some buyers out of the market. However, a look back at rates and buyer activity showcases a picture where buyers should focus on the overall purchase of a property and not the rate alone. As we look back to November 2021, mortgage rates were about 3% for a 30-year fixed loan. In April of this year, they were hovering around 5% when we heard from many buyers that they would decide to wait for rates to come down. Today, we are at almost 7%, on our way to 8%. What many don’t recall is that rates were in the double digits in the late 80’s, moderated to points slightly higher than where we are today in the early 90’s and remained that way for many years. Also of note is that the median time on market has almost doubled and the number of closings has decreased by nearly 40%, the median price has risen by about 4%. This change in the market makes it an opportune time for buyers to take advantage of more flexibility in their offers versus several months ago.”
4 2022 Q3 EASTSIDE MARKET REPORT
2022 Q3 MARKET REPORT
0 100 200 300 400 500 100 200 300 400 500 600 700 800 2022 Q3 EASTSIDE MARKET REPORT 5 BELLEVUE | BOTHELL | CARNATION | CLYDE HILL | DUVALL | ISSAQUAH KIRKLAND | MEDINA | MERCER ISLAND Bellevue Bothell Carnation Clyde Hill Duvall Issaquah Kirkland Medina NUMBER OF SALES CLOSED Bothell Bellevue Carnation Eastside Area Clyde Hill Duvall Issaquah Kirkland Medina Mercer Island $2M$1M $3M $4M $5M $6M $7M $8M $1.38M $1.0M $1.65M $1.20M $899K $3.25M $1.35M $1.337M $6.025M $2.38M 1,639 | TOTAL SALES CLOSED (TOTAL EASTSIDE AREA) MEDIAN SOLD PRICE AVERAGE DOM 191 +365.9% 39 +225.0% 28 +133.3% 134 +243.6% 189 +225.9% 89 +345.0% 8 +60.0% 14 +100.0% 44 +158.8% INVENTORY IN UNITS / 09.30.22 TOTAL EASTSIDE INVENTORY / 1,039 +287.7% Bellevue Bothell Carnation Clyde Hill Duvall Issaquah Kirkland Medina Mercer Island Mercer Island 401 258 238 140 41 9 43 6 62 eastside area SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY 25 22 23 28 22 30 31 23 26 18
0 100 200 300 400 500 0 100 200 300 400 500 600 700 800 6 2022 Q3 EASTSIDE MARKET REPORT NEWCASTLE | NORTH BEND | RENTON | REDMOND | SAMMAMISH SNOQUALMIE | WOODINVILLE 26 25 23 23 25 29 31 18 27 22 NUMBER OF SALES CLOSED Redmond North Bend Renton Newcastle Sammamish Snoqualmie Woodinville Condos Waterfront ($2M + SF Only) Luxury ($2M + SF + Condo) $2.0M $3.0M $4.0M $5.0M $1.55M $1.40M $1.12M $1.55M $1.18M $749K $1.20M $583K $4.14M $2.53M MEDIAN SOLD PRICE (NEAREST $000) AVERAGE DOM Newcastle 1,639 | TOTAL SALES CLOSED (TOTAL EASTSIDE AREA) Newcastle North Bend North Bend Renton Renton Redmond Redmond Sammamish Sammamish Snoqualmie Snoqualmie Woodinville Woodinville Condos Condos Waterfront Waterfront Luxury 19 +280.0% 48 +200.0% 226 +222.9% 155 +384.4% 149 +451.9% 45 +309.1% 89 +196.7% 257 +57.7% 48 +118.2% 412 +316.2% Luxury 385 345 196 122 33 97 229 68 538 38 iNVENTORY IN UNITS / 09.30.22 eastside area SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY TOTAL EASTSIDE INVENTORY / 1,039 +287.7% $1.0M
TOTAL HOMES SOLD
-380%
MEDIAN SOLD PRICE $1.38M $1.33M +3.8%
AVERAGE DAYS ON MARKET
10 +150.0% SOLD/LIST PRICE%
-10.4%
$1.38M
MEDIAN SOLD PRICE UP +3.8% from 2021
TOTAL HOMES
MEDIAN SOLD PRICE
AVERAGE DAYS ON MARKET
PRICE%
+5.8%
+20.0%
-3.9%
$583K
MEDIAN SOLD PRICE UP +5.8% from
2022 Q3 EASTSIDE AREA MARKET REPORT 7 eastside TOTAL EASTSIDE AREA CONDOS
Q3 2022 Q3 2021 CHANGE
1,639 2,642
25
95% 106%
2021 Q3 2022 Q3 2021 CHANGE
SOLD 538 905 -40.6%
$583K $551K
18 15
SOLD/LIST
98% 102%
TOTAL HOMES SOLD
-30.9%
MEDIAN SOLD PRICE $4.1495M $5.5M -24.6%
AVERAGE DAYS ON MARKET
-18.4% SOLD/LIST PRICE%
-6.1%
$4.14M
MEDIAN SOLD PRICE DOWN -24.6% from 2021
TOTAL HOMES
MEDIAN SOLD PRICE
AVERAGE DAYS ON MARKET
PRICE%
-5.1%
+46.7%
-8.7%
$2.53M
MEDIAN SOLD PRICE DOWN -5.1% from
8 2022 Q3 EASTSIDE AREA MARKET REPORT eastside WATERFRONT
LUXURY
Q3 2022 Q3 2021 CHANGE
38 55
31 38
92% 98%
2021 Q3 2022 Q3 2021 CHANGE
SOLD 385 569 -32.3%
$2.535M $2.67M
22 15
SOLD/LIST
95% 104%
TOTAL HOMES SOLD
-44.5%
MEDIAN SOLD PRICE $1.65M $1.60M +3.1%
AVERAGE DAYS ON MARKET 22 8 +175.0% SOLD/LIST PRICE%
-12.1%
$1.65M
MEDIAN SOLD PRICE UP +3.1% from 2021
TOTAL HOMES SOLD
MEDIAN SOLD PRICE $1.0M
AVERAGE DAYS ON MARKET
-30.5%
+7.0%
+187.5% SOLD/LIST PRICE%
-13.1%
$1.00M
MEDIAN SOLD PRICE UP +7.0% from 2021
2022 Q3 EASTSIDE AREA MARKET REPORT 9 BELLEVUE BOTHELL
Q3 2022 Q3 2021 CHANGE
258 465
94% 107%
Q3 2022 Q3 2021 CHANGE
401 577
$935K
23 8
93% 107%
TOTAL HOMES SOLD
-16.3%
MEDIAN SOLD PRICE $1.05M $848K +23.8%
AVERAGE DAYS ON MARKET 28
+180.0% SOLD/LIST PRICE%
-6.9%
$1.20M
MEDIAN SOLD PRICE UP +42.9% from 2021
TOTAL HOMES SOLD
MEDIAN SOLD PRICE $3.25M
AVERAGE DAYS ON MARKET
PRICE%
-43.8%
-22.2%
+340.0%
-12.1%
$3.25M
MEDIAN SOLD PRICE DOWN -22.2% from 2021
10 2022 Q3 EASTSIDE AREA MARKET REPORT eastside CARNATION
CLYDE HILL
Q3 2022 Q3 2021 CHANGE
41 49
10
95% 102%
Q3 2022 Q3 2021 CHANGE
9 16
$4.175M
22 5
SOLD/LIST
94% 107%
TOTAL HOMES SOLD
-52.7%
MEDIAN SOLD PRICE $899K $826K +8.8%
AVERAGE DAYS ON MARKET
+200.0% SOLD/LIST PRICE%
-10.4%
$899K
MEDIAN SOLD PRICE UP +8.8% from 2021
TOTAL HOMES SOLD
MEDIAN SOLD PRICE
AVERAGE DAYS ON MARKET
PRICE%
-23.1%
+3.4%
+116.7%
-13.0%
$1.35M
MEDIAN SOLD PRICE UP +3.4% from
2022 Q3 EASTSIDE AREA MARKET REPORT 11 DUVALL ISSAQUAH
Q3 2022 Q3 2021 CHANGE
43 91
30 10
95% 106%
2021 Q3 2022 Q3 2021 CHANGE
140 182
$1.35M $1.305M
26 12
SOLD/LIST
94% 108%
TOTAL HOMES SOLD
-39.7%
MEDIAN SOLD PRICE $1.337M $1.260M +6.1%
AVERAGE DAYS ON MARKET 23 10 +130.0% SOLD/LIST PRICE%
-10.4%
$1.33M
MEDIAN SOLD PRICE UP +6.1% from 2021
TOTAL HOMES
MEDIAN SOLD PRICE
AVERAGE DAYS ON MARKET
PRICE%
-70.0%
+48.7%
-27.9%
-7.2%
$6.02M
MEDIAN SOLD PRICE UP +48.7% from
12 2022 Q3 EASTSIDE AREA MARKET REPORT eastside KIRKLAND MEDINA
Q3 2022 Q3 2021 CHANGE
238 395
95% 106%
2021 Q3 2022 Q3 2021 CHANGE
SOLD 6 20
$6.025M $4.053M
31 43
SOLD/LIST
90% 97%
TOTAL HOMES SOLD
-45.6%
MEDIAN SOLD PRICE $2.383M $2.175M -1.2%
AVERAGE DAYS ON MARKET
+63.6% SOLD/LIST PRICE%
-6.7%
$2.38M
MEDIAN SOLD PRICE DOWN -1.2%% from 2021
TOTAL HOMES SOLD
MEDIAN SOLD PRICE $1.55M
AVERAGE DAYS ON MARKET
PRICE%
-35.3%
+29.3%
+333.3%
-12.8%
$1.55M
MEDIAN SOLD PRICE UP +29.3% from
2022 Q3 EASTSIDE AREA MARKET REPORT 13
MERCER
ISLAND NEWCASTLE
Q3 2022 Q3 2021 CHANGE
62 114
18 11
97% 104%
2021 Q3 2022 Q3 2021 CHANGE
33 51
$1.199M
26 6
SOLD/LIST
95% 109%
TOTAL HOMES SOLD
-27.1%
MEDIAN SOLD PRICE $1.121M $925K +21.2%
AVERAGE DAYS ON MARKET 25
+66.7% SOLD/LIST PRICE%
-9.3%
$1.12M
MEDIAN SOLD PRICE UP +21.2% from 2021
TOTAL HOMES SOLD
-38.8%
MEDIAN SOLD PRICE $1.40M $1.36M +2.9%
AVERAGE DAYS ON MARKET
PRICE%
+155.6%
-13.8%
$1.40M
MEDIAN SOLD PRICE UP +2.9% from
14 2022 Q3 EASTSIDE AREA MARKET REPORT eastside NORTH BEND REDMOND
Q3 2022 Q3 2021 CHANGE
97 133
15
97% 107%
2021 Q3 2022 Q3 2021 CHANGE
229 374
23 9
SOLD/LIST
94% 109%
TOTAL HOMES SOLD
-43.1%
MEDIAN SOLD PRICE $749K $716K +4.6%
AVERAGE DAYS ON MARKET
+130.0% SOLD/LIST PRICE%
-7.7%
$749K
MEDIAN SOLD PRICE UP +4.6% from 2021
TOTAL HOMES
MEDIAN SOLD PRICE
AVERAGE DAYS ON MARKET
PRICE%
-43.5%
+2.0%
-13.6%
$1.55M
MEDIAN SOLD PRICE UP +2.0% from
2022 Q3 EASTSIDE AREA MARKET REPORT 15
SAMMAMISH
RENTON
Q3 2022 Q3 2021 CHANGE
345 606
23 10
96% 104%
2021 Q3 2022 Q3 2021 CHANGE
SOLD 196 347
$1.550M $1.519M
25 9 +177.8% SOLD/LIST
95% 110%
TOTAL HOMES SOLD
CHANGE
-18.1%
MEDIAN SOLD PRICE $1.188M $950K +25.1%
AVERAGE DAYS ON MARKET 29 8 +262.5% SOLD/LIST PRICE% 95% 104% -8.7%
$1.18M
MEDIAN SOLD PRICE UP +25.1% from 2021
TOTAL HOMES SOLD
-44.5%
MEDIAN SOLD PRICE $1.20M $1.173M +2.3%
AVERAGE DAYS ON MARKET
+237.5% SOLD/LIST PRICE%
-13.1%
$1.20M
MEDIAN SOLD PRICE UP +2.3% from 2021
16 2022 Q3 EASTSIDE AREA MARKET REPORT eastside
SNOQUALMIE
WOODINVILLE
Q3 2022 Q3 2021
68 83
Q3 2022 Q3 2021 CHANGE
122 220
27 8
93% 107%
*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.
