Median prices increased and average days on the market plummeted in the Puget Sound region during the first quarter of 2022, the latest John L. Scott Luxury Market Trends report shows.
The median luxury home price surged by double-digit percentages in West Bellevue, Snohomish County and the Eastside compared to the first quarter last year.
On the whole, the numbers reflect the trends in the Seattle-area housing market during the last two years: Inventory is minuscule, demand and prices are up, and when properties do hit the market, they don’t stay there for long.
“With over 90% of homes pending within 30 days or less priced from $750,000 to $3 million here on the Eastside, it’s hard to quantify the definition of luxury anymore,” John L. Scott managing broker Ben Pridgeon said in the report.
Data below is for single-family homes unless noted otherwise. Properties are $750,000 or more in South King, Pierce and Snohomish counties and $1 million or more in the other areas.
|Q1 2021||Q1 2022||% change|
|Median sale price||$1.32 million||$1.34 million||1.9|
|Avg. days on market||53||41||-22.6|
|Median sale price||$3.1 million||$4.4 million||41|
|Avg. days on market||70||46||-34.2|
|Median sale price||$1.51 million||$1.78 million||17.3|
|Avg. days on market||62||44||-29|
|Median sale price||$860,000||$879,000||2.2|
|Avg. days on market||44||34||-22.7|
|Median sale price||$886,000||$997,000||12.6|
|Avg. days on market||17||12||-29.4|
|South King County|
|Median sale price||$850,000||$852,000||0.3|
|Avg. days on market||20||18||-10|
|King County condos|
|Median sale price||$1.28 million||$1.33 million||4.6|
|Avg. days on market||86||66||-23.2|