The first quarter of 2022 was a tale of two real estate journeys. For sellers, their opportunities were bolstered by low inventory, escalating competition and often driving offers over list prices. For buyers, the market was plagued by low inventory, with few opportunities and massive competition making it difficult to secure a home across Western Washington—just as interest rates started to tick back up. If we follow the trendlines from the first quarter of the year, then it’s still a great time to list a home for sale. With inventory low, and buyer demand remaining steady, year-over-year median price gains are likely to continue.
Seattle | Single-Family Homes
The sales prices of homes in the Emerald City continue their steady climb driven by a lack of inventory, while homes sold and homes for sale are down year over year, -52.2% and -15.73% respectively. While Seattle’s median sales price for the rst quarter is signi cantly less than the Eastside, the price per square foot, while less, has still seen signi cant gains, and more easily o ers a comparison of growth to its neighbor across the lake. At $612.51 it’s up 17.49% from last year. So sellers, take heed, you’re likely sitting on some well-vested equity. And while the purchasing power of buyers continues to decrease as mortgage rates tick up, the squeezed inventory suggests that the demand witnessed in the rst quarter of the year will continue.
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Eastside | Single-Family Homes
The median sales price on the Eastside continues to climb at staggering rates year-over-year. At $1.6 million, it’s up nearly 29% from the rst quarter of 2021. What’s more, the price per square foot shot up by over 41%, all but ensuring massive equity gains for those with an Eastside address. Inventory here, as well as in the region and across the country, is down. The number of homes sold in Q1 was down by 19% and there was an average of half a month of inventory available for sale. Still, there are few zip codes where it is better to be a seller than the Eastside, where home appreciation isn’t expected to slow, even as mortgage rates have started to tick back up.
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Mercer Island | Single-Family Homes
The median sales price on Mercer Island reached $2.53 million in the rst quarter of 2022. It’s up 31% from the same time last year, and with just .4 months of inventory available in this coveted market, that’s not a huge surprise. You can’t make more land, and there’s nowhere that’s more obvious than the Island, where bustling neighborhoods give way to exquisite waterfront estates. What’s ahead in Q2 for Mercer Island? It’s possible the mortgage rate hikes will only acutely a ect the demand and escalating prices in this locale as we head into the traditional waterfront selling season. After all, it was Q2 of 2021 that saw the biggest of last year's year-over-year median sales price increases.
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Bainbridge Island | Single-Family Homes
As we head into the traditional “spring selling season,” we may be able to look back on 2021 for clues about what has happened and what may come to pass on Bainbridge Island. The first quarter of 2021 offered a median sales price increase of 16.65%, but it was followed by a year-over-year median sales price increase of 37.5% in the second quarter. Now, in 2022, the Q1 median sales price is $1.325 million, about 20% more than it was at this time in 2021. Despite creeping interest rates, the Island, and all it has to offer, is still in high demand with the number of homes for sale down by a quarter and only .6 months of inventory available.
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Seattle | Condominiums
After a period of plateauing median sales prices for in-city living opportunities, it appears the condo market is back—along with downtown. Over the past year, quarterly reporting has suggested that while Seattle’s condo market was squarely situated in a seller’s market with less than three months of inventory available, it was at the high end. And compared to the sales price increases of single-family homes in the area, condos saw little movement. Now, with a gain of over 11% in its median sales price, the condo market appears poised for a breath of fresh air. The number of homes sold in Q1 is up, but the number of homes for sale is down, and there’s urgency here, with only .7 months of inventory available.
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Kitsap County | Single-Family Homes
With incredibly low inventory, .5 months in the first quarter of 2021, Kitsap County at rst glance may not look like a spot where buyers can seek refuge. But look again—the number of homes sold is up by 15%, a rare glimpse of year-over-year positive growth compared to the other markets examined by Realogics Sotheby’s International Realty for its quarterly reporting. The number of homes for sale is up by over 50%, as well. And sellers are seeing equity gains, too, with a median home sales price up nearly 21% year over year.
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King County | Single-Family Homes
The King County median sales price for homes has been steadily increasing since 2020, with the biggest leap seen in the year-over-year gain in Q2 of 2021 with a 20.98% increase. Should that make the 12.82% increase experienced in Q1-2022 feel any less significant? Hardly—it’s a $100K increase between $780K and $880K! All while the average price per square foot is up 24.12% year over year. It’s also no surprise that the county home to Seattle and the Eastside has seen a steadily decreasing time on market across the area, down to just 11 days on average.
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Pierce County | Single-Family Homes
Fewer homes were sold in Pierce County year over year, but in a market hit with just as much buyer competition as the rest, there’s positive growth in the number of homes for sale. Only half a month of inventory is on the market, but buyers can have hope in this seller’s market. Listings move fast in Pierce County, but compared to King, it can feel like a walk in the park, with the average number of days on market at 15. Still, median sales price increases continue, with the first quarter experiencing 18.48% growth year over year, and eh average price per square foot up 17.26%.