Written for Realogics Sotheby's International Realty by Alyssa Morrison.
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 Seattle homes continue their steady climb supported by a lack of inventory, while homes sold and homes for sale are down year over year, -52.2% and -15.73% respectively.
Eastside | Single-Family Homes
The price per square foot shot up by over 41%, with the median sales price up by 29%, all but ensuring massive equity gains for those with an Eastside address.
Mercer Island | Single-Family Homes
With just .4 months of inventory available, the median sales price on Mercer Island reached $2.53 million in the first quarter of 2022, 31% from Q1-2021.
Bainbridge Island | Single-Family Homes
The Q1 median sales price is $1.325 million, about 20% more than the same period in 2021, with historical gains suggesting more sales price growth likely in the next quarter.
Seattle | Condominiums
The median sales price is up 11% in its median sales price, breathing fresh air into the condo market. There’s urgency here, with only .7 months of inventory available.
Kitsap County | Single-Family Homes
The number of homes sold is up by 15%, rare growth in this low inventory market. Likewise, the number of homes for sale is up by over 50%. All while the median home sales price up nearly 21% year over year.
King County | Single-Family Homes
King County homes are in demand—it’s not just Seattle and the Eastside. It’s no surprise we’ve seen a steadily decreasing time on market across the area, down to just 11 days on average.
Pierce County | Single-Family Homes
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.