NORTH 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 MARKET REPORT
RYAN LARSON Principal Managing Broker of bellingham “ The real estate market has been quite the roller coaster over the last few years. Now, as interest rates have started cooling the overheated markets in Northwest Washington, we are starting to see a return to normalcy. Although it is still a seller’s market, the negotiating power has started to shift to buyers to a small degree. The market now feels like it was pre-Covid: still robust, but not the real estate insanity that has been prevailing since the pandemic. Homes in rural areas or on busier roads have seen a more considerable slow down than neighborhoods that are more coveted, with those neighborhoods still able to drive multiple offers. Prices have cooled in the last few months, with even a few price reductions now starting to occur. However, sellers are still reaping a windfall with Bellingham median pricing up $135,000 over the same time last year and Anacortes home going for $99,000 more.”
4 2022 Q2 NORTH SOUND AREA MARKET REPORT
north sound area
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
ANACORTES | ARLINGTON | BELLINGHAM | BOTHELL | EDMONDS EVERETT | LYNNWOOD MEDIAN SOLD PRICE
AVERAGE DOM
North Sound Area
$810K
9
Anacortes
$800K
16 14
$647K
Arlington
9
$725K
Bellingham Bothell
7
$1.175M
10
$975K
Edmonds Everett
7
$717K
Lynnwood
7
$868K $200K
$400K
$600K
$800K
$1.0M
$1.2M
NUMBER OF SALES CLOSED 600
3,154
500 400
TOTAL SALES CLOSED
300
385
119
200
256
197
196
100
508
498
0
Anacortes
Arlington
Bellingham
INVENTORY IN UNITS / 06.30.22
54 +63.6% 1200 1000
Anacortes
Bothell
Edmonds
Everett
TOTAL NORTH SOUND INVENTORY / 1,426
Lynnwood +178.5%
98
182
206
73
196
162
+117.8%
+114.1%
+237.7%
+82.5%
+192.5%
+205.7%
Arlington
Bellingham
Bothell
Edmonds
Everett
Lynnwood
800 600
2022 Q2 NORTH SOUND AREA MARKET REPORT
5
north sound area
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
MARYSVILLE | MILL CREEK | MOUNT VERNON | SNOHOMISH
MEDIAN SOLD PRICE
AVERAGE DOM $640K
6
$1.06M
5
$572K
11
$1.075M
8
Condos
$508K
7
0 Waterfront
$923K
17
Luxury
$1.26M
8
Marysville 600
500Creek Mill 400
Mount Vernon 300
Snohomish 200 100
(SF Only)
(SF Only)
$300K
$600K
$900K
$1.2M
$1.5M
NUMBER OF SALES CLOSED 1200
3,154
1000 800
TOTAL SALES CLOSED
600 400 200
677
183
85
382
1,045 345
108
0
Marysville
Mill Creek
Mount Vernon
INVENTORY IN UNITS / 06.30.22
Snohomish
Condos
Waterfront
TOTAL NORTH SOUND INVENTORY / 1,426
Luxury +178.5%
152
42
88
173
245
73
429
+261.9%
+500.0%
+114.6%
+355.3%
+97.6%
+108.6%
+235.2%
Marysville
Mill Creek
Mount Vernon
Snohomish
Condos
Waterfront
Luxury
6 2022 Q2 NORTH SOUND AREA MARKET REPORT
north sound area TOTAL NORTH SOUND AREA
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
3,154
3,419
-7.8%
MEDIAN SOLD PRICE
$810K
$701K
+17.4%
9
8
+12.5%
105%
109%
-3.7%
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
677
862
-21.5%
MEDIAN SOLD PRICE
$508K
$442K
+14.9%
7
8
-12.5%
107%
106%
+0.9%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$810K
MEDIAN SOLD PRICE UP +17.4% from 2021
CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$508K
MEDIAN SOLD PRICE UP +14.9% from 2021
2022 Q2 NORTH SOUND AREA MARKET REPORT
7
north sound area WATERFRONT Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
108
121
-10.7%
MEDIAN SOLD PRICE
$923K
$800K
+15.4%
17
18
-5.6%
102%
104%
-1.9%
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
1,045
557
+87.6%
MEDIAN SOLD PRICE
$1.26M
$1.19M
+5.9%
8
11
-27.3%
MEDIAN SOLD PRICE
106%
110%
-3.6%
UP +5.9% from 2021
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$923K
MEDIAN SOLD PRICE UP +15.4% from 2021
LUXURY AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2022 Q2 NORTH SOUND AREA MARKET REPORT
$1.26M
ANACORTES
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
119
104
+14.4%
MEDIAN SOLD PRICE
$800K
$701K
+14.1%
16
20
-20.0%
100%
100%
-2.0%
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
196
219
-10.5%
MEDIAN SOLD PRICE
$647K
$570K
+13.5%
14
9
+55.6%
102%
105%
-2.9%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$800K
MEDIAN SOLD PRICE UP +14.1% from 2021
ARLINGTON
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$647K
MEDIAN SOLD PRICE UP +13.5% from 2021
2022 Q2 NORTH SOUND AREA MARKET REPORT
9
north sound area BELLINGHAM Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
385
431
-10.7%
MEDIAN SOLD PRICE
$725K
$590K
+22.9%
9
12
-25.0%
105%
105%
+0.0%
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
498
558
-10.8%
MEDIAN SOLD PRICE
$1.175M
$900K
+30.6%
7
7
+0.0%
106%
112%
-5.4%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$725K
MEDIAN SOLD PRICE UP +22.9% from 2021
BOTHELL AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2022 Q2 NORTH SOUND AREA MARKET REPORT
$1.17M
MEDIAN SOLD PRICE UP +30.6% from 2021
EDMONDS
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
197
246
-19.9%
MEDIAN SOLD PRICE
$975K
$875K
+11.4%
10
7
+42.9%
106%
109%
-2.8%
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
508
586
-13.1%
MEDIAN SOLD PRICE
$717K
$614K
+16.8%
7
6
+16.7%
105%
110%
-4.5%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$975K
MEDIAN SOLD PRICE UP +11.4% from 2021
EVERETT
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$717K
MEDIAN SOLD PRICE UP +16.8% from 2021
2022 Q2 NORTH SOUND AREA MARKET REPORT
11
north sound area LYNNWOOD Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
256
254
+0.8%
MEDIAN SOLD PRICE
$868K
$750K
+15.7%
7
5
+40.0%
106%
111%
-4.5%
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
382
363
+5.2%
MEDIAN SOLD PRICE
$660K
$525K
+25.7%
6
7
-14.3%
105%
107%
+1.9%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$868K
MEDIAN SOLD PRICE UP +15.7% from 2021
MARYSVILLE AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
12 2022 Q2 NORTH SOUND AREA MARKET REPORT
$640K MEDIAN SOLD PRICE UP +25.7% from 2021
MILL CREEK
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
85
96
-11.5%
MEDIAN SOLD PRICE
$1.06M
$922K
+15.0%
5
4
+25.0%
108%
110%
-1.8%
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
183
196
-6.6%
MEDIAN SOLD PRICE
$572K
$485K
+17.9%
11
13
-15.4%
MEDIAN SOLD PRICE
103%
105%
-1.9%
UP +17.9% from 2021
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.06M MEDIAN SOLD PRICE UP +15.0% from 2021
MOUNT VERNON
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$572K
2022 Q2 NORTH SOUND AREA MARKET REPORT
13
north sound area SNOHOMISH Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
345
366
-5.7%
MEDIAN SOLD PRICE
$1.075M
$812K
+32.4%
8
9
-11.1%
106%
110%
-3.6%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
14 2022 Q2 NORTH SOUND AREA MARKET REPORT
$1.07M MEDIAN SOLD PRICE UP +32.4% 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.