PACIFIC NORTHWEST MARKET REPORT
Q4 2022
Puget Sound / SW Washington / Oregon
ABOUT THIS REPORT
The Berkshire Hathaway HomeServices Quarterly Market Report features the latest MLS data and local market statistics. Through year-over-year comparisons of key performance indicators and market summaries, this report delivers a comprehensive overview of residential real estate activity for the regions we service across the Pacific Northwest, including:
• Greater Seattle Metro Area (King, Pierce, and Snohomish)
• Southwest Washington (Vancouver Metro Area)
• Greater Portland Metro Area
• Mid-Willamette Valley (Marion, Polk, Linn, and Benton)
• Eugene, Coastal, and Southern Oregon
• Central Oregon
Learn about trends affecting sales activity and price, read decisive takeaways for each market, and empower yourself with Northwest Knowledge™.
ABOUT US
Since 1942, we’ve been helping people buy and sell homes in Oregon and Washington. With 35 offices and a growing regional network of nearly 1,000 real estate professionals, we lead the Northwest in delivering exceptional service backed by data-driven market intelligence, just like you’ll find throughout this report.
For more information and assistance to help successfully navigate today’s real estate market, contact your local Berkshire Hathaway HomeServices broker. We are Good to know.®
All statistics are based upon MLS data for the period of 10/01/22 - 12/31/22.
PACIFIC NORTHWEST 2022 MARKET REPORT Q4
BERKSHIRE HATHAWAY HOMESERVICES
LETTER FROM THE EDITOR
The results of our Fourth Quarter 2022 Pacific Northwest market report is the epitome of the oftenused phrase: the one constant in life is change. Following a decade long real estate market that can be described as the greatest decade in real estate, Q4 2022 delivered an end to expansion in units sold and deceleration of home price appreciation. Both were fueled by the volatility of mortgage interest rates throughout the second half of the year.
As the market began to recalibrate itself following historic growth and unsustainable conditions, current trends are not unfavorable to a buyer or seller achieving their real estate goals. Interest rates are expected to continue stabilizing throughout 2023, and the pace of home price appreciation is forecasted to be significantly less compared to the recent past.
It is critical during markets in transition to seek expert advice. If you’re thinking about buying or selling during these complex times – or wondering when the right time to enter the market might be – all it takes is a trusted advisor, like our Berkshire Hathaway HomeServices Northwest Real Estate sales professionals, and the latest Northwest Knowledge™ to help you achieve your real estate goals.
Jason Waugh, President & CEO
Berkshire Hathaway HomeServices Northwest Real Estate Berkshire Hathaway HomeServices Real Estate Professionals
PACIFIC NORTHWEST 2022 MARKET REPORT Q4
BERKSHIRE HATHAWAY HOMESERVICES LETTER FROM THE EDITOR
Greater Seattle Metro Area
(King, Pierce, and Snohomish)
Typical seasonality paired with a contracting marketplace translated into less activity for the Greater Seattle Metro Area in Q4 of 2022 compared to the same time prior year. Active and pending listings dropped for the quarter but stronger numbers for the region are expected as demand continues to outweigh supply, the Federal Reserve tames inflation, and the most narrow, stable mortgage rate range since late 2021.
DAYS ON MARKET
Throughout the Greater Seattle Metro Area, days on market in Q4 increased by double and triple digits, climbing the most on a year-over-year basis in Redmond/Carnation (233% rise to an average of 40 days this quarter); Juanita/Woodinville (230% rise to an average of 33 days this quarter); and Lacey/ DuPont (211% rise at an average of 28 days this quarter). Though still higher than Q4 last year, average days on market increased the least in Central Seattle this quarter, where a 33-day average represented an 18% gain from year-ago figures.
CLOSED TRANSACTIONS
In every city surveyed for this report, closed units posted a decline from year-ago figures. Mercer Island experienced the greatest decline; closed units this quarter fell 59% from year-ago figures to end the quarter at 43 units. In Thurston County, closed units (874) missed the mark by 47% compared with this same quarter last year. At 522 units, Lynnwood/ Edmonds finished Q4 2022 with 26% fewer closed units than last year, the lowest percentage drop in the region.
AVERAGE SALES PRICE
Average sales price in the Greater Seattle Metro Area had mixed results for Q4 2022, however the majority of cities recorded year-over-year price gains. In Mercer Island, for example, average sales price for Q4 2022 jumped 19% from year-ago figures to $2,644,886, which was the highest average sales price of all cities surveyed in Greater Seattle this quarter. With an average sales price of $856,362 and a year-over-year gain of 10%, West Seattle also posted doubledigit percentage growth in Q4 2022.
PACIFIC NORTHWEST
Q4 BERKSHIRE HATHAWAY HOMESERVICES GREATER SEATTLE METRO 9 28 21 28 28 33 18 41 19 49 12 31 12 40 19 24 16 28 21 35 15 36 12 28 15 35 19 31 16 30 19 45 16 35 10 33 $ 588,498 $ 538,285 $ 1,405,020 $ 1,220,331 $ 2,644,886 $ 1,248,907 $ 856,362 $ 655,796 $ 529,572 $ 523,586 $ 546,014 $ 777,077 $ 840,189 $ 1,536,281 $ 1,060,434 $ 1,021,560 $ 597,815 $ 593,546 $ 569,861 $ 1,331,799 $ 1,311,718 $ 2,223,571 $ 1,331,063 18 33 16 37 21 41 14 35 $ 523,400 $ 562,733 $ 576,667 $ 962,559 $ 965,401 $ 742,014 $ 719,808 $ 502,315 $ 779,640 $ 632,996 $ 525,080 $ 504,815 $ 533,659 $ 764,615 $ 821,136 $ 1,613,047 $ 1,084,587 $ 1,035,772 $ 582,949 KING COUNTY PIERCE COUNTY SNOHOMISH COUNTY THURSTON COUNTY WEST SEATTLE CENTRAL SEATTLE NORTH SEATTLE BURIEN/NORMANDY PARK KENT BELLEVUE FEDERAL WAY/DASH POINT GIG HARBOR/KEY PENINSULA TACOMA/UNIVERSITY PLACE PUYALLUP LYNNWOOD/EDMONDS EVERETT MERCER ISLAND REDMOND/CARNATION K IRKLAND/BRIDLE TRAILS JUANITA/WOODINVILLE OLYMPIA LACEY/DUPONT $ 453,811 $ 457,183 AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET 2021 2022 $0K $375K $750K $1.1M $1.5M $1.8M $2.2M $2.6M
GREATER SEATTLE METRO
2022 MARKET REPORT
PACIFIC NORTHWEST 2022 MARKET REPORT Q4 BERKSHIRE HATHAWAY HOMESERVICES GREATER SEATTLE METRO 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 KING COUNTY PIERCE COUNTY SNOHOMISH COUNTY THURSTON COUNTY 9,726 5,530 4,726 2,745 4,081 2,517 1,667 874 900 800 700 600 500 400 300 200 100 CENTRAL SEATTLE WEST SEATTLE NORTH SEATTLE BURIEN/ NORMANDY PARK BELLEVUE KENT FEDERAL WAY/ DASH POINT GIG HARBOR/ KEY PENINSULA 559 318 519 259 452 288 390 254 560 292 515 316 361 218 335 204 GREATER SEATTLE METRO 106 43 352 211 491 171 309 96 REDMOND/ CARNATION MERCER ISLAND KIRKLAND/ BRIDLE TRAILS JUANITA/ WOODINVILLE 400 300 200 100 500 600 700 2,750 1,500 1,250 1,000 750 500 250 PUYALLUP LYNNWOOD/ EDMONDS EVERETT TACOMA/ UNIVERSITY PLACE 1,471 833 853 567 709 522 615 396 688 272 372 143 OLYMPIA LACEY/DUPONT NUMBER OF CLOSED UNITS 2021 2022
Southwest Washington Area
(Vancouver Metro)
With record high inflation and volatile interest rates dominating industry headlines, it’s no surprise buyers paused and adopted a “wait and see approach” to engage the market, which translated into less activity and a slower market throughout the Southwest Washington region.
DAYS ON MARKET
Average days on market for Southwest Washington recorded significant gains this quarter in many cities, increasing 140% to 48 days in Ridgefield and 115% to 43 days in La Center, but remained flat in Woodland (32 days) and ticked up only 3% in Camas to an average of 32 days. Both Woodland and Camas posted the lowest average days on market for the region.
AVERAGE SALES PRICE
Average sales price was up... and down. In Woodland, average sales price fell 15% from year-ago figures to $479,019. In La Center, average sales price jumped 16% compared with Q4 last year to finish this quarter at $650,647. At $813,649 Camas had the highest average sales price in the region, a 9% rise from year-ago figures.
CLOSED TRANSACTIONS
Closed units declined in every city surveyed for this report, falling the least in Longview/Kelso where Q4 2022 closed units (144) missed the mark by 40% compared with the same period last year.
PACIFIC NORTHWEST 2022 MARKET REPORT
SW WASHINGTON
$200K $300K $400K $500K $600K $700K $800 K $900 K VANCOUVER WASHOUGAL BATTLE GROUND WOODLAND LA CENTER RIDGEFIELD CAMAS LONGVIEW/KELSO AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET CAMAS LONGVIEW/ KELSO VANCOUVER WASHOUGAL BATTLE GROUND WOODLAND RIDGEFIELD LA CENTER 50 75 100 125 150 175 200 225 250 275 300 1,252 1800 2000 1600 1400 1200 1000 800 600 400 200 1,263 18 38 27 46 31 49 20 43 31 32 23 29 21 39 32 32 2021 2022 $489,611 $560,527 $561,128 $629,238 $746,957 $365,820 $629,621 $584,641 1,654 975 148 87 262 128 73 26 71 288 152 213 97 239 144 NUMBER OF CLOSED UNITS
Q4 BERKSHIRE HATHAWAY HOMESERVICES SW WASHINGTON 325 $ 517,402 $ 650,647 $ 479,019 $ 698,798 $ 813,649 $ 369,142 $ 590,189 $ 634,420 21
Greater Portland Metro Area
The Q4 2022 Greater Portland Metro Area market was noticeably slower – longer days on market and fewer transactions – than the prior year. However, the market continues to be inventory starved ending the year with just 2.3 months of inventory as new listings shrunk 33% compared to December 2021.
DAYS ON MARKET
Days on market unanimously increased throughout Greater Portland, with Sherwood’s average jumping the most: 136% year-over-year to end Q4 2022 at 33 days. Yamhill/Carlton posted the smallest percentage growth from last year’s figures, up just 11% to an average of 41 days this quarter.
AVERAGE SALES PRICE
In the Greater Portland Metro Area, prices were up in Clackamas, Clark, and Washington Counties, while remaining flat compared with last year’s figures in Multnomah County. At $1,051,791, Lake Oswego posted the highest average price in the region, though this average sales price represented a 2% decline from year-ago figures.
CLOSED TRANSACTIONS
Closed units were down everywhere in the Greater Portland Metro except Sherwood, where closed units (89) increased 1% from the same time period last year.
PACIFIC NORTHWEST 2022 MARKET REPORT
GREATER PORTLAND METRO
2021 2022 AVERAGE SOLD PRICE PORTLAND - W LAKE OSWEGO OREGON CITY HILLSBORO/FOREST GROVE PORTLAND - N WEST LINN CANBY SHERWOOD PORTLAND - NE GRESHAM/TROUTDALE BEAVERTON/ALOHA MCMINNVILLE PORTLAND - SE SANDY TIGARD/TUALATIN YAMHILL/CARLTON NW WASHINGTON COUNTY MILWAUKIE/CLACKAMAS/HAPPY VALLEY WILSONVILLE NEWBERG COLUMBIA COUNTY 35 41 23 29 20 35 17 34 37 41 21 34 21 34 14 33 22 40 20 29 24 43 $250K $375K $500K $625K $750K $875K $1M $1.1M 24 39 22 30 24 30 21 35 33 47 24 37 22 29 19 30 22 40 16 33 $ 508,050 $ 498,806 $554,743 $ 569,407 $525,265 $ 513,971 $686,160 $ 726,958 $1,076,841 $ 1,051,791 $776,830 $ 821,269 $459,551 $ 471,476 $499,294 $ 525,877 $421,183 $ 406,192 $568,395 $ 555,629 $580,948 $ 506,562 $507,109 $ 544,106 $696,863 $ 723,652 $ 702,619 $650,973 $566,057 $ 580,600 $511,127 $ 539,130 $604,196 $ 620,836 $543,375 $535,698 $504,225 $ 497,086 $ 559,036 $ 570,591 $724,182 $ 722,524 AVERAGE DAYS ON MARKET
Q4 BERKSHIRE HATHAWAY HOMESERVICES GREATER PORTLAND METRO
PACIFIC NORTHWEST 2022 MARKET REPORT Q4 65 299 186 165 512 263 88 89 130 74 240 136 148 110 48 21 155 93 TIGARD / TUALATIN WILSONVILLE HILLSBORO/ FOREST GROVE SHERWOOD SANDY COLU MBIA COUNTY M CMINNVILLE YA MHILL/ CARLTON NE WBERG 800 700 600 500 400 300 200 100 GREATER PORTLAND METRO 2021 2022 BERKSHIRE HATHAWAY HOMESERVICES GREATER PORTLAND METRO 410 243 896 476 1,047 659 923 503 431 257 243 131 171 102 366 263 334 214 267 158 100 73 776 410 1300 1200 1100 1000 900 800 700 600 500 400 300 200 100 WEST LINN NW WASHINGTON COUNTY G RESHAM/ TROUTDALE BE AVERTON/ ALOHA MILWAUKIE/ CLACKAMAS/ HAPPY VALLEY PORTLANDW PORTLANDN PORTLANDNE PORTLANDSE OREGON CITY LAKE OSWEGO CANBY NUMBER OF CLOSED UNITS
Mid-Willamette Valley
(Marion, Polk, Linn, and Benton)
Greater demand than supply resulted in stable prices for the region. Still, residential real estate moved slower than in Q4 of 2021, with homes spending more time on the market and home sales lower than year-ago figures.
DAYS ON MARKET
Average days on market increased across the region, jumping 230% from year-ago figures in Independence to an average of 66 days. At 32 days, Philomath posted the lowest average, which represented a 39% rise from the same period last year.
AVERAGE SALES PRICE
Average sales price in Independence climbed 19% to $455,176. Average sales price in Dallas and Salem/Keizer also increased compared with Q4 2021. In Dallas, the average sales price ($426,337) increased 4% from yearago figures. In Salem/Keizer, the average sales price ($431,963) was also up 4% compared with Q4 2021.
CLOSED TRANSACTIONS
Closed units were down in every market throughout the Mid-Willamette Valley surveyed this quarter, ranging from 25% to 64% off same period prior year. Philomath recorded the sharpest decline with 32 fewer sales than Q4 2021.
MID-WILLAMETTE VALLEY
$0K $100K $200K $300K $400K $500K $600K SALEM/KEIZER STAYTON DALLAS MONMOUTH INDEPENDENCE PHILOMATH ALBANY CORVALLIS LEBANON SWEET HOME AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET $414,466 $427,549 $453,759 $475,680 $516,114 $338,010 $410,301 $383,620 $401,816 $380,537 $ 431,963 $ 332,011 $ 452,762 $ 465,242 $ 516,806 $ 314,494 $ 426,337 $ 455,176 $ 446,873 $ 377,615 2021 2022 26 40 19 28 27 51 23 32 28 40 22 63 34 42 20 66 21 39 37 72
BERKSHIRE HATHAWAY HOMESERVICES MID-WILLAMETTE VALLEY
PACIFIC NORTHWEST 2022 MARKET REPORT Q4
MID-WILLAMETTE VALLEY
PACIFIC NORTHWEST 2022 MARKET REPORT Q4 NUMBER OF CLOSED UNITS 2021 2022
BERKSHIRE HATHAWAY HOMESERVICES MID-WILLAMETTE VALLEY 280 260 240 220 200 180 160 140 120 100 80 60 40 20 STAYTON DALLAS INDEPENDENCE MONMOUTH PHILOMATH ALBANY CORVALLIS LEBANON SWEET HOME 300 320 340 49 130 43 51 50 289 211 172 89 14 98 21 28 18 215 135 70 40 1,000 800 600 400 200 1,200 1,400 1,134 639 SALEM/ KEIZER
Eugene, Coastal & Southern Oregon
(Lane, Tillamook, and Douglas)
In Q4, the Eugene, Coastal, and Southern Oregon markets produced mixed results, an expected outcome of a transitional marketplace coupled with the usual cooling of sales over the holiday season. The average days on market were higher, closed units declined compared with Q4 last year and prices were up for the most part, as buyer demand remained strong for residential properties throughout the region.
DAYS ON MARKET
Days on market climbed throughout the region, rising by triple-digit percentages in Sweet Home (a 186% yearover-year increase to an average of 63 days); Tillamook (a 164% year-over-year increase to an average of 66 days); and Netarts/Oceanside (a 150% year-over-year increase to an average of 55 days). Average days on market increased the least in Roseburg, where an average of 40 days represented a 33% gain from year-ago figures.
CLOSED TRANSACTIONS
Throughout the region, closed units were lower than the same quarter last year, though they fell the least in Garibaldi, Albany, and Netarts/Oceanside. Garibaldi (3 closed units) missed the mark by 25% compared with year-ago figures; Albany (215 closed units) declined 26% from this time last year; and Netarts/Oceanside (14 closed units) dropped 27% year-over-year.
AVERAGE SALES PRICE
Average sales price declined in some cities and increased in others. For example, at $446,873, the average sales price in Albany jumped 11% from year-ago figures. Average sales price was also up 6% in Roseburg, finishing Q4 2022 at $386,473. In Eugene and Corvallis, average sales price was unchanged from the same.
EUGENE, COASTAL, & SOUTHERN OREGON
2022 PACIFIC NORTHWEST 2022 MARKET REPORT Q4 BERKSHIRE HATHAWAY HOMESERVICES EUGENE, COASTAL, & SOUTHERN OREGON AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET $0K $200K $400K $600K $800K $1M $1.2M $466,582 $ 484,278 $ 486,148 $363,282 $ 386,473 $390,849 $306,333 $422,808 $ 391,720 $628,766 $ 528,789 $ 410,929 20 28 30 40 39 15 25 66 22 55 45 55 EUGENE FLORENCE ROSEBURG GARIBALDI TILLAMOOK NETARTS/ OCEANSIDE
2021
EUGENE, COASTAL, & SOUTHERN
PACIFIC NORTHWEST 2022 MARKET REPORT Q4 EUGENE 4 14 3 11 ROSEBURG 350 400 NETARTS/ OCEANSIDE GARIBALDI TILLAMOOK FLORENCE 450 500 550 600 650 700 800 900 725 493 238 134 77 117 50 100 150 200 250 300 NUMBER OF CLOSED UNITS 2021 2022
OREGON BERKSHIRE HATHAWAY HOMESERVICES EUGENE, COASTAL, & SOUTHERN OREGON 3 6
Central Oregon
One plausible reason closed transactions lagged throughout Central Oregon in Q4 could be related to buyers waiting for mortgage rates and prices to fall, creating more favorable purchase conditions. Mortgage rates began to stabilize throughout the quarter but prices responded differently by community as closed sales and days on market were significantly off prior year.
AVERAGE SALES PRICE
Average sales price in Bend was up 4% year-overyear to end Q4 2022 at $842,487. Average sales prices in Redmond/Terrebonne and Sunriver dropped 1% and 15%, respectively.
CLOSED TRANSACTIONS
Closed transactions dropped across the region, falling the most in Sunriver (53%) and the least in Redmond/Terrebonne (35%) from year-ago figures.
DAYS ON MARKET
Average days on market lengthened for all cities served in Central Oregon. Despite a year-over-year increase of 122%, average days on market in Sunriver (40 days) was the lowest for the region.
2021 2022 $0K $150K $300K $450K $600K $750K $900K BEND REDMOND/ TERREBONNE SUNRIVER AVERAGE SOLD PRICE AVERAGE DAYS ON MARKET $810,823 $517,624 $714,191 $ 842,487 $ 513,934 $ 606,463 28 44 23 46 18 40 500 450 400 350 300 250 200 150 100 50 1,200 1,050 900 750 600 450 300 150 BEND REDMOND/ TERREBONNE SUNRIVER 906 557 352 76 230 36 NUMBER OF CLOSED UNITS
Q4 BERKSHIRE HATHAWAY HOMESERVICES CENTRAL OREGON
CENTRAL OREGON
PACIFIC NORTHWEST 2022 MARKET REPORT
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