Coldwell Banker Bain | Q3 2022 Seattle 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.

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.”

“

LAURIE WAY

Principal Managing Broker of south lake union

The Seattle residential market is still brisk for homes in good condition and priced correctly. Yes, we do have more listings than last year, but buyers are out there when the right home comes along. We are still seeing some multiple offers, but generally buyers are getting a bit more time to do their due diligence (inspections) and not to have to escalate above list price so drastically as three or four months ago. Also, the sellers now have more inventory to choose from, so they can sell their home and not worry about being able to find a new home for themselves. We are seeing quite a few “contingent” offers being accepted allowing them to get into contract with the contingency to sell their home before they must close on the new one. There are more sellers offering “rate buy-downs” to assist the buyers offset the rise in interest rates, though there have been many times in the history of Seattle real estate that most would have been thrilled with a 6% or 7% interest rate. Interest rates have been artificially low for several years now. We are simply getting back to a more normal market where it can be a win-win for both parties.”

TOTAL HOMES SOLD

-35.0%

MEDIAN SOLD PRICE $920K $855K +6.4%

AVERAGE DAYS ON MARKET

-21.4% SOLD/LIST PRICE%

-4.9%

$910K

MEDIAN SOLD PRICE UP +6.4% from 2021

TOTAL HOMES

MEDIAN SOLD PRICE

AVERAGE DAYS ON MARKET

PRICE%

-28.4%

+3.0%

-27.8%

-2.0%

$510K

MEDIAN SOLD PRICE UP +3.0% from 2021

TOTAL HOMES SOLD 12 27 -55.6%

MEDIAN SOLD PRICE $2.848M $2.70M +5.5%

AVERAGE DAYS ON MARKET 31 25 +24.0% SOLD/LIST PRICE% 98% 99% -1.0%

$2.84M

MEDIAN SOLD PRICE UP +5.5% from 2021

TOTAL HOMES SOLD

-26.5%

MEDIAN SOLD PRICE $2.509M $2.456M +2.2%

AVERAGE DAYS ON MARKET

$2.50M

MEDIAN SOLD PRICE UP +2.2% from 2021

-3.9%

+0.0% SOLD/LIST PRICE%

WATERFRONT

LUXURY

TOTAL HOMES SOLD

CHANGE

-37.6%

MEDIAN SOLD PRICE $1.338M $1.250M +7.0%

AVERAGE DAYS ON MARKET 19 19 +0.0% SOLD/LIST PRICE% 99% 102% -2.9%

$1.33M

MEDIAN SOLD PRICE UP +19.2% from 2021

TOTAL HOMES SOLD

MEDIAN SOLD PRICE $1.15M

AVERAGE DAYS ON MARKET

-40.6%

+17.0%

$1.15m

MEDIAN SOLD PRICE UP +17.0% from 2021

-4.0%

-9.1% SOLD/LIST PRICE%

QUEEN

Q3

TOTAL HOMES SOLD

CHANGE

-26.8%

MEDIAN SOLD PRICE $990K $958K +3.3%

AVERAGE DAYS ON MARKET 15 11 +36.4% SOLD/LIST PRICE% 98% 105% -6.7%

$990k

MEDIAN SOLD PRICE UP +3.3% from 2021

TOTAL HOMES SOLD

-33.3%

MEDIAN SOLD PRICE $950K $875K +8.6%

AVERAGE DAYS ON MARKET 15

+15.47% SOLD/LIST PRICE%

-4.8%

$950K

MEDIAN SOLD PRICE UP +13.9% from 2021

BALLARD & GREEN LAKE

TOTAL HOMES SOLD

-39.9%

MEDIAN SOLD PRICE $825K $749K +10.1%

AVERAGE DAYS ON MARKET

+23.1% SOLD/LIST PRICE%

-3.9%

$825K

MEDIAN SOLD PRICE UP +10.1% from 2021

TOTAL HOMES

MEDIAN SOLD PRICE

AVERAGE DAYS ON MARKET

-37.7%

+18.1%

+46.7% SOLD/LIST PRICE%

-5.8%

$795K

MEDIAN SOLD PRICE DOWN -0.7% from

TOTAL HOMES SOLD

MEDIAN SOLD PRICE $718K

AVERAGE DAYS ON MARKET

-39.3%

+4.1%

+11.8% SOLD/LIST PRICE%

-3.9%

$718K

MEDIAN SOLD PRICE UP +4.1% from 2021

TOTAL HOMES

MEDIAN SOLD PRICE

AVERAGE DAYS ON MARKET

PRICE%

-45.8%

-5.2%

-20.0%

-2.0%

$620K

MEDIAN SOLD PRICE UP +4.7% from 2021

SODO & BEACON HILL

DOWNTOWN CONDOS

*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.