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.”
2022 Q3 SOUTH SOUND AREA MARKET REPORT 3
WHITNEY ELLIS
Principal Managing Broker of TACOMA MAIN
“The numbers don’t match the hype. The general “feeling” in the market is that home values are dropping drastically, and buyers can’t buy because interest rates are too high. While we have seen a decrease in the number of homes sold, I wouldn’t call it drastic. And our median sales price is still up, while the number of days on market is still relatively low. It is important that sellers work with brokers who are committed to implementing a robust and diverse marketing plan to promote the property, which may not have been prioritized in the past couple of years when homes were selling lightning fast. And the broker needs to do a superior job of explaining the importance of pricing a home according to the current market and not what they could have gotten if they had listed three months ago.”
4 2022 Q3 SOUTH SOUND AREA MARKET REPORT
2022 Q3 MARKET REPORT
178 +256.0% 141 +64.0% 78 +143.8% 118 +118.5% 171 +128.0% 204 +100.0% 268 +143.6% 0 100 200 300 400 500 400 500 600 700 800 2022 Q3 SOUTH SOUND AREA MARKET REPORT 5 INVENTORY IN UNITS / 09.30.22 NUMBER OF SALES CLOSED AUBURN | BURIEN & NORMANDY PARK | DES MOINES | FEDERAL WAY GIG HARBOR & KEY PENINSULA | KENT | LAKE TAPPS & BONNEY LAKE MEDIAN SOLD PRICE AVERAGE DOM SOUTH SOUND SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY Kent Kent Kent Lake Tapps & Bonney Lake Lake Tapps & Bonney Lake Lake Tapps & Bonney Lake Gig Harbor & Key Peninsula Gig Harbor & Key Peninsula Gig Harbor & Key Peninsula Des Moines Des Moines Des Moines Federal Way Federal Way Federal Way Auburn Auburn Auburn Burien & Normandy Park Burien & Normandy Park S. King & Pierce Area Burien & Normandy Park 249 311 458 206223 284 99 6,005 | TOTAL SALES CLOSED (TOTAL SOUTH SOUND AREA) 21 20 18 21 18 22 21 22 $100K$200K $300K $400K $500K $600K $700K $800K $605K $550K $660K $670K $595K $600K $630K $755K TOTAL SOUTH SOUND INVENTORY / 3,469 +109.6%
0 100 200 300 400 500 0 100 200 300 400 500 600 700 800 6 2022 Q3 SOUTH SOUND AREA MARKET REPORT 6,005 | TOTAL SALES CLOSED (TOTAL SOUTH SOUND AREA) INVENTORY IN UNITS / 09.30.22 NUMBER OF SALES CLOSED OLYMPIA | PUYALLUP | TACOMA | UNIVERSITY PLACE, LAKEWOOD & TILLICUM Olympia Olympia Puyallup Puyallup Tacoma Tacoma Condos Condos Waterfront (SF Only) Waterfront (SF Only) Luxury ($2+M | SF+C) Luxury ($2+M | SF+C) MEDIAN SOLD PRICE AVERAGE DOM 579 283 483 393 202 703 260 SOUTH SOUND SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY University Place, Lakewood & Tillicum University Place, Lakewood & Tillicum Olympia Puyallup Tacoma Condos Waterfront (SF Only) Luxury ($2+M | SF+C) University Place, Lakewood & Tillicum 23 18 18 18 19 26 28 $300K $600K $900K $1.2M $1.5M $565K $525K $1.255M $577K $365K $460K $842K 94 +16.0% 326 +136.2% 320 +59.2% 165 +79.3% 272 +77.8% 163 +77.2% 362 +105.7% TOTAL SOUTH SOUND INVENTORY / 3,469 +109.6%
sound area
CHANGE
TOTAL HOMES SOLD 6,005 8,441 -28.86%
MEDIAN SOLD PRICE $550K $514K +7.0%
AVERAGE DAYS ON MARKET 20 11 +81.82% SOLD/LIST PRICE% 97% 103% -5.83%
$550K
MEDIAN SOLD PRICE UP +7.0% from 2021
TOTAL HOMES SOLD
-21.9%
MEDIAN SOLD PRICE $365K $325K +12.3%
AVERAGE DAYS ON MARKET
+46.2% SOLD/LIST PRICE%
-2.9%
$365K
MEDIAN SOLD PRICE UP +12.3% from 2021
2022 Q3 SOUTH SOUND AREA MARKET REPORT 7 SOUTH
TOTAL SOUTH SOUND AREA CONDOS
Q3 2022 Q3 2021
Q3 2022 Q3 2021 CHANGE
579 741
19 13
99% 102%
TOTAL HOMES SOLD
-20.5%
MEDIAN SOLD PRICE $842K $828K +1.7%
AVERAGE DAYS ON MARKET
+40.0% SOLD/LIST PRICE%
-7.8%
$842K
MEDIAN SOLD PRICE UP +1.7% from 2021
TOTAL HOMES
MEDIAN SOLD PRICE
AVERAGE DAYS ON MARKET
PRICE%
-5.9%
$1.25M
MEDIAN SOLD PRICE UP +0.4% from
8 2022 Q3 SOUTH SOUND AREA MARKET REPORT SOUTH sound area
WATERFRONT
LUXURY
Q3 2022 Q3 2021 CHANGE
202 254
28 20
94% 102%
2021 Q3 2022 Q3 2021 CHANGE
SOLD 393 306 +28.4%
$1.255M $1.250M +0.4%
26 23 +13.04% SOLD/LIST
96% 102%
Q3 2022 Q3 2021 CHANGE
TOTAL HOMES SOLD 223 308 -27.6%
MEDIAN SOLD PRICE $605K $563K +7.5%
AVERAGE DAYS ON MARKET 21 11 +90.9% SOLD/LIST PRICE% 98% 105% -6.7%
$605K
MEDIAN SOLD PRICE UP +7.5% from 2021
2022 Q3
CHANGE
TOTAL HOMES SOLD 284 338 -16.0%
MEDIAN SOLD PRICE $630K $615K +2.4%
AVERAGE DAYS ON MARKET 18 15 +20.0% SOLD/LIST PRICE% 97% 104% -6.7%
$630K
MEDIAN SOLD PRICE UP +2.4% from 2021
2022 Q3 SOUTH SOUND AREA MARKET REPORT 9
BURIEN & NORMANY PARK
Q3
2021
AUBURN
TOTAL HOMES SOLD
MEDIAN SOLD PRICE $595K
AVERAGE DAYS ON MARKET
PRICE%
TOTAL HOMES
MEDIAN SOLD PRICE
AVERAGE DAYS ON MARKET
PRICE%
-42.8%
+6.3%
+90.9%
-6.8%
$595K
MEDIAN SOLD PRICE UP +6.3% from 2021
$600K
MEDIAN SOLD PRICE UP +5.3% from
10 2022 Q3 SOUTH SOUND AREA MARKET REPORT SOUTH sound area DES MOINES FEDERAL WAY
Q3 2022 Q3 2021 CHANGE
99 173
$560K
21 11
SOLD/LIST
96% 103%
2021 Q3 2022 Q3 2021 CHANGE
SOLD 206 282 -27.0%
$600K $570K +5.3%
18 8 +125.0% SOLD/LIST
98% 104% -5.8%
TOTAL HOMES
-17.8%
MEDIAN SOLD PRICE $755K $670K +12.7%
AVERAGE DAYS ON MARKET
PRICE%
TOTAL HOMES
MEDIAN SOLD PRICE
AVERAGE DAYS ON MARKET
PRICE%
+57.1%
-5.80%
$755K
MEDIAN SOLD PRICE UP +8.6% from 2021
+9.5%
-6.7%
$660K
MEDIAN SOLD PRICE UP +9.5% from
2022 Q3 SOUTH SOUND AREA MARKET REPORT 11
Q3 2022 Q3 2021 CHANGE
SOLD 249 303
22 14
SOLD/LIST
97% 103%
2021 Q3 2022 Q3 2021 CHANGE
SOLD 311 470 -33.8%
$660K $603K
22 11 +100.0% SOLD/LIST
97% 104%
GIG HARBOR & KEY PENINSULA
KENT
TOTAL HOMES SOLD
-25.8%
MEDIAN SOLD PRICE $670K $615K +8.9%
AVERAGE DAYS ON MARKET 21 10 +110.0% SOLD/LIST PRICE% 98% 102% -3.9%
$670K
MEDIAN SOLD PRICE UP +8.9% from 2021
TOTAL HOMES SOLD
-24.9%
MEDIAN SOLD PRICE $525K $500K +5.0%
AVERAGE DAYS ON MARKET
+80.0% SOLD/LIST PRICE%
-5.8%
$525K
MEDIAN SOLD PRICE UP +5.0% from 2021
12 2022 Q3 SOUTH SOUND AREA MARKET REPORT SOUTH sound area OLYMPIA
Q3 2022 Q3 2021 CHANGE
458 617
Q3 2022 Q3 2021 CHANGE
283 377
18 10
97% 103%
LAKE TAPPS & BONNEY LAKE
TOTAL HOMES SOLD
CHANGE
-32.1%
MEDIAN SOLD PRICE $565K $525K +7.6%
AVERAGE DAYS ON MARKET 23 10 +130.0% SOLD/LIST PRICE% 97% 102% -4.9%
$565K
MEDIAN SOLD PRICE UP +7.6% from 2021
TOTAL HOMES SOLD
-23.9%
MEDIAN SOLD PRICE $460K $440K +4.5%
AVERAGE DAYS ON MARKET
+80.0% SOLD/LIST PRICE%
-4.9%
$460K
MEDIAN SOLD PRICE UP +4.5% from 2021
2022 Q3 SOUTH SOUND AREA MARKET REPORT 13
Q3 2022 Q3 2021
483 711
Q3 2022 Q3 2021 CHANGE
703 924
18 10
98% 103%
PUYALLUP
TACOMA
TOTAL HOMES SOLD 260 382 -31.9%
MEDIAN SOLD PRICE $577K $523K +10.3%
AVERAGE DAYS ON MARKET 18 11 +63.6% SOLD/LIST PRICE% 98% 102% -3.9%
$577K
MEDIAN SOLD PRICE UP +10.3% from 2021
14 2022 Q3 SOUTH SOUND AREA MARKET REPORT SOUTH sound area
Q3 2022 Q3 2021 CHANGE
UNIVERSITY PLACE, LAKEWOOD, & TILLICUM
*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.