NORTH SOUND 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.”
RYAN LARSSON
Principal Managing Broker of bellingham
“ The real estate markets of NW Washington have slowed considerably in the last few months. Although well priced homes or sought-after neighborhoods can still sometimes attract multiple offers, the red-hot market over the last few years has cooled off significantly. The slowing market has made buying a home a whole lot easier. Buyers in today’s market tend to have a little more negotiating power than they have enjoyed over the last few years. On top of that, with inventory levels higher than they have been, the active home buyer has more homes to choose from. Inventory levels increased rapidly in late spring and early summer but found balance and have been holding steady for the last month or two. This is great news for homeowners, because if the supply and demand of homes are in balance, the market tends to not shift too sharply.”
4 2022 Q3 NORTH SOUND AREA MARKET REPORT
2022 Q3 MARKET REPORT
400 500 600 700 800 0 100 200 300 400 500 2022 Q3 NORTH SOUND AREA MARKET REPORT 5 25 22 27 19 23 18 21 24 INVENTORY IN UNITS / 09.30.22 NUMBER OF SALES CLOSED ANACORTES | ARLINGTON | BELLINGHAM | BOTHELL | EDMONDS EVERETT | LYNNWOOD Lynnwood Lynnwood Lynnwood Everett Everett Everett Edmonds Edmonds Edmonds Anacortes Arlington North Sound Area Anacortes Anacortes Arlington Arlington Bellingham Bothell Bellingham Bellingham Bothell Bothell $200K $400K $600K $800K $1.0M $760K $750K $637K $795K 54 +63.6% 98 +117.8% 182 +114.1% 206 +237.7% 73 +82.5% 196 +192.5% 162 +205.7% $687K $1.0M $570K $927K MEDIAN SOLD PRICE AVERAGE DOM TOTAL NORTH SOUND INVENTORY / 1,516 +157.8% north sound area SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY 163 88 366 401 160 357 238 TOTAL SALES CLOSED 2,614
0 100 200 300 400 500 600 700 800 0 100 200 300 400 500 TOTAL SALES CLOSED 2,614 6 2022 Q3 NORTH SOUND AREA MARKET REPORT 25 22 22 26 31 18 22 INVENTORY IN UNITS / 09.30.22 NUMBER OF SALES CLOSED MARYSVILLE | MILL CREEK | MOUNT VERNON | SNOHOMISH Luxury Luxury Luxury (SF Only) Waterfront Waterfront Waterfront (SF Only) Condos Condos Mill Creek Mount Vernon Marysville Marysville Marysville Mill Creek Mill Creek Snohomish Condos Mount Vernon Mount Vernon Snohomish Snohomish $300K $600K $900K $1.2M $1.5M $1.017M $605K $865K $1.24M 152 +261.9% 42 +500.0% 88 +114.6% 173 +355.3% 245 +97.6% 73 +108.6% 429 +235.2% $953K $490K $535K MEDIAN SOLD PRICE AVERAGE DOM north sound area SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY 54311 186 290 663634 99 TOTAL NORTH SOUND INVENTORY / 1,516 +157.8%
sound area
TOTAL HOMES SOLD
-29.9%
MEDIAN SOLD PRICE $750K $701K +9.5%
AVERAGE DAYS ON MARKET
+120.0% SOLD/LIST PRICE%
-8.6%
$750K
MEDIAN SOLD PRICE UP +9.5% from 2021
TOTAL HOMES
MEDIAN SOLD PRICE $490K
AVERAGE DAYS ON MARKET
PRICE%
+8.9%
+100.0%
-6.7%
$490K
MEDIAN SOLD PRICE UP +8.9% from
2022 Q3 NORTH SOUND AREA MARKET REPORT 7 north
TOTAL NORTH SOUND AREA CONDOS
Q3 2022 Q3 2021 CHANGE
2,614 3,727
22 10
96% 105%
2021 Q3 2022 Q3 2021 CHANGE
SOLD 634 834 -24.0%
$450K
18 9
SOLD/LIST
97% 104%
HOMES
SOLD PRICE
AVERAGE DAYS ON MARKET
PRICE%
MEDIAN
AVERAGE
+13.1%
-4.9%
$865K
MEDIAN SOLD PRICE UP +13.1% from 2021
$1.24M
MEDIAN SOLD PRICE UP +3.3% from
8 2022 Q3 NORTH SOUND AREA MARKET REPORT north sound area WATERFRONT LUXURY
Q3 2022 Q3 2021 CHANGE TOTAL
SOLD 99 137 -27.7% MEDIAN
$865K $765K
31 16 +93.8% SOLD/LIST
98% 103%
2021 Q3 2022 Q3 2021 CHANGE TOTAL HOMES SOLD 663 587 +12.9%
SOLD PRICE $1.24M $1.20M +3.3%
DAYS ON MARKET 22 13 +69.2% SOLD/LIST PRICE% 95% 106% -10.4%
Q3 2022 Q3 2021 CHANGE
TOTAL HOMES SOLD 88 101 -12.9%
MEDIAN SOLD PRICE $760K $625K +21.6%
AVERAGE DAYS ON MARKET 25 21 +19.0% SOLD/LIST PRICE% 96% 100% -4.0%
$760K
MEDIAN SOLD PRICE UP +21.6% from 2021
2022 Q3 2021 CHANGE
TOTAL HOMES SOLD 163 241 -32.4%
MEDIAN SOLD PRICE $570K $563K +1.2%
AVERAGE DAYS ON MARKET 27 11 +145.5% SOLD/LIST PRICE% 96% 103% -6.8%
$570K
MEDIAN SOLD PRICE UP +1.2% from 2021
2022 Q3 NORTH SOUND AREA MARKET REPORT 9 ANACORTES
ARLINGTON
Q3
TOTAL HOMES SOLD
MEDIAN SOLD PRICE $687K
AVERAGE DAYS ON MARKET
-21.3%
+13.6%
+72.7% SOLD/LIST PRICE%
-3.9%
$687K
MEDIAN SOLD PRICE UP +13.6% from 2021
TOTAL HOMES
MEDIAN SOLD PRICE
AVERAGE DAYS ON
PRICE%
-13.1%
$1.0M
MEDIAN SOLD PRICE UP +7.0% from
10 2022 Q3 NORTH SOUND AREA MARKET REPORT north sound area BELLINGHAM
Q3 2022 Q3 2021 CHANGE
366 465
$605K
19 11
99% 103%
BOTHELL
2021 Q3 2022 Q3 2021 CHANGE
SOLD 401 577 -30.5%
$1.0M $935K +7.0%
MARKET 23 8 +187.2% SOLD/LIST
93% 107%
TOTAL HOMES SOLD 160
-31.6%
MEDIAN SOLD PRICE $927K $813K +14.0%
AVERAGE DAYS ON MARKET 21 10 +110.0% SOLD/LIST PRICE% 97% 105% -7.6%
$927K
MEDIAN SOLD PRICE UP +14.0% from 2021
TOTAL HOMES SOLD
-40.9%
MEDIAN SOLD PRICE $637K $610K +4.4%
AVERAGE DAYS ON MARKET
+100.0% SOLD/LIST PRICE%
-7.6%
$637K
MEDIAN SOLD PRICE UP +4.4% from 2021
2022 Q3 NORTH SOUND AREA MARKET REPORT 11 EVERETT EDMONDS
Q3 2022 Q3 2021 CHANGE
357 604
18 9
97% 105%
Q3 2022 Q3 2021 CHANGE
234
TOTAL HOMES SOLD
-30.6%
MEDIAN SOLD PRICE $795K $700K +13.6%
AVERAGE DAYS ON MARKET
+166.7% SOLD/LIST PRICE%
-9.5%
$795K
MEDIAN SOLD PRICE UP +13.6% from 2021
TOTAL HOMES
MEDIAN SOLD PRICE
AVERAGE DAYS ON MARKET
PRICE%
-6.7%
$605K
MEDIAN SOLD PRICE UP +9.8% from
12 2022 Q3 NORTH SOUND AREA MARKET REPORT north sound area MARYSVILLE
2021 Q3 2022 Q3 2021 CHANGE
SOLD 311 427 -27.2%
$605K $551K +9.8%
22 9 +144.4% SOLD/LIST
97% 104%
LYNNWOOD
Q3 2022 Q3 2021 CHANGE
238 343
24 9
95% 105%
TOTAL HOMES
SOLD PRICE
AVERAGE DAYS ON MARKET
PRICE%
MEDIAN
AVERAGE
PRICE%
+3.8%
-13.0%
$1.01M
MEDIAN SOLD PRICE
+3.8% from
$535K
MEDIAN SOLD PRICE
-0.9%
2022 Q3 NORTH SOUND AREA MARKET REPORT 13
MOUNT
VERNON
DOWN
from 2021 Q3 2022 Q3 2021 CHANGE TOTAL HOMES SOLD 186 230 -19.1%
SOLD PRICE $535K $540K -0.9%
DAYS ON MARKET 22 15 +46.7% SOLD/LIST
97% 101% -4.0%
MILL
CREEK
UP
2021 Q3 2022 Q3 2021 CHANGE
SOLD 54 93 -41.9% MEDIAN
$1.017M $922K
25 7 +257.1% SOLD/LIST
94% 108%
Q3 2022 Q3 2021 CHANGE
TOTAL HOMES SOLD 290 412 -29.6%
MEDIAN SOLD PRICE $953K $838K +13.7%
AVERAGE DAYS ON MARKET 26 9 +188.9% SOLD/LIST PRICE% 95% 105% -9.5%
$953K
MEDIAN SOLD PRICE UP +13.7% from 2021
14 2022 Q3 NORTH SOUND AREA MARKET REPORT north sound area SNOHOMISH
*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.