Market Trends From Around The Sound: Q2-2022
Just like newspaper headlines, the story of the second quarter of 2022 is focused largely on the economy–and in particular, rising interest rates. Up significantly from the conclusion of the first quarter, the pace of buying and selling homes had anecdotally slowed, but the numbers in our quarterly reporting inform us that across Western Washington, the time on the market is still swift and the median sold price is still climbing, but now, buyers have more to choose to from. This may be the place in the Venn diagram where the optimal time to be a buyer and a seller are overlapping. Explore the individual area reports below, and when you’re ready to take the next step in your real estate journey, contact a Realogics Sotheby’s International Realty advisor for local expertise and global reach.
Seattle | Single-Family Homes
The median sales price for a home in Seattle crossed into the seven figures in the second quarter of 2022 for the first time, a 12 percent increase from the same time last year. Median sales prices have been steadily creeping to this million-dollar mark since 2020.
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Eastside | Single-Family Homes
On average, homes were on the market for only a week—the same average length of time as a year before. Still the number of homes for sale now, amid climbing interest rates is up 276.95 percent compared to this time last year.
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Mercer Island | Single-Family Homes
The pace of cut-throat real estate is slowing down on Mercer Island. There were fewer homes sold and more homes for sale year over year in this coveted location. Still, the median sales price saw an increase of nearly 25 percent year-over-year.
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Bainbridge Island | Single-Family Homes
The market is squarely in the seller’s court, with 1 month of inventory available. And with it, climbing prices, including the price per square foot, which was up nearly 30 percent, and the median sales price up nearly 22 percent, year over year.
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Seattle | Condominiums
With appreciating median sales prices, and fewer days on the market—16 down from 37 in Q2 of 2021—it’s a good time to be a condo seller.
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Kitsap County | Single-Family Homes
(Excluding Bainbridge Island) The number of homes for sale is also up, but despite that, it is still a seller’s market with only a single month of inventory. Buyers here have more options than they did even just a year ago, the number of homes for sale has more than doubling since the second quarter of 2021.
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King County | Single-Family Homes
The supply issue many faced just a few months ago is becoming a distant memory—the number of homes for sale in the county is up more than 400 percent year over year.
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Pierce County | Single-Family Homes
While the second quarter of 2022 offered less than a month of inventory for sale, there are many more options for buyers than there were just a year ago. The number of homes for sale doubled year over year, while the homes sold fell by 8 percent.