the rennie review
DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR SEATTLE AND BELLEVUE
published November 2020
table of contents
Each month, we release the rennie review, a detailed look at the real estate marketplace in Seattle and Bellevue. This report examines our take on the latest NWMLS data for the Seattle Region, overarching market conditions and detailed county- and city-level stats.
02 INTRO
03 WHAT YOU NEED TO KNOW
04 KING COUNTY - RESIDENTIAL
05 KING COUNTY - CONDO
Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com
Bowen Behan Pausey DATA ANALYST bbehan@rennie.com
06 SEATTLE - RESIDENTIAL
07 SEATTLE - CONDO
08 BELLEVUE - RESIDENTIAL
09 BELLEVUE - CONDO
Copyright © 2020 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of November 2, 2020. All data from Real Estate Board of Greater Vancouver and Fraser Valley & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 2
sales activity remains elevated through October
As housing supply waned throughout King County in October, the demand for homes swelled and yielded the largest number of sales in any October in at least 15 years. As a result, home prices have continued to rise through the pandemic.
fact that more 3+ bedroom condos sold in October (165) across King County than in any month since August 2006—itself a reflection of the pandemic-induced marginal shift towards larger homes. Despite the clear negative economic impacts associated with the country’s, and state’s, collective response to the pandemic, strong demand and a weak supply mechanism has made it harder for new buyers to get into home ownership in recent months. As we look ahead to the end of 2020 and into 2021, expect demand tailwinds to slow; even if supply doesn’t expand appreciably, this should provide some price relief.
On the surface, housing markets across North America seem to be defying the odds as they tally more and more sales alongside a seemingly unending rise in values—despite economic conditions that are the most challenged since the Great Recession of 2008/09. Here in King County this dynamic certainly rings true, with the 3,791 sales in October representing the most in any October in at least the past 15 years (on the heels of a record number of September sales, which we reported on in last month’s rennie review). Comparisons to more recent activity show that October’s sales were 1% higher than in September, 30% more than a year ago, and 39% above the past-decade average for the month. Within King County, demand was robust in both Seattle and Bellevue, with the former
registering 1,221 sales in October (29% more than in October 2019) and the latter counting 304 transactions (113% higher than, or more than double, that of last year). Notably, Bellevue’s October sales count was the highest in any month (not just in Octobers) in the past 15 years. Strong sales coupled with housing inventory across King County that contracted sharply in October—the number of homes for sale was down 7% versus September, 19% versus October 2019, and 43% versus the past- decade October average--has yielded prices that continue to rise. Since the beginning of the onset of the pandemic in March, for example, the median residential price in King County is 3% higher, while that of condos is up 4%. Similarly, the average residential sold price is up 4% (through October), while that of condos is a whopping 29% higher. This latter figure reflects the
Copyright © 2020 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of November 2, 2020. All data from Real Estate Board of Greater Vancouver and Fraser Valley & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 3
king county
RES IDENT IAL OCTOBER
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
37 % DOWN
12 % UP
-
12 % UP
27 % UP
0.8 SELLER’S
There were 2,308 residential homes for sale in King County in September, 12% below last month and 37% lower vs September 2019. Residential closed sales dipped 0.3% month- over-month, to 2,882, but were 27% higher year-over-year. There was 0.8 months of inventory for residential homes in September, reflecting seller’s market conditions. The median sold price in September was $750,000, unchanged from August and 12% higher vs last year. The average sold price for residential homes was $909,184, 1.1% lower month-over-month but 12% above September of last year.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
HOMES FOR SALE
2,308 2,882
2,633 2,892
-12%
3,692
-37% 27% -51% 12% 12%
CLOSED SALES
-0.3% 2,278
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
0.8
0.9
-12%
1.62
$750,000 $750,000 $909,184 $919,584
0.0% $670,000 -1.1% $808,806
AVERAGE PRICE PSF
-
-
-
-
-
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$714,975 $725,000 $746,500 $750,000
$670,000 $675,000 $681,500
1.75
1.68
1.64
3,692
2,882
2,842
2,709
2,652
1,969
1,928
2,776
2,401
2,308
2,278
1,851
1,606
1,432
Oct-19
Sep-20
Oct-20
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
. . . 0 0 0 0 0 MONTHS OF INV. CLOSED SALES HOMES FOR SALE SELLER'S MARKET BALANCED BUYER'S MARKET
Copyright © 2020 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of November 2, 2020. All data from Northwest Multiple Listing Serivce & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 4
CONDO OCTOBER king county
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE 30 % UP
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
36 % UP
19 % UP
19 % UP
48 % UP
2.0 SELLER’S
The number of condo homes for sale in King County, at 1,594, was down 2% month-over-month but 30% above last year. September’s condo closed sales, at 783, were 6% above last month and 48% higher than last year. There was 2.0 months of inventory for condos in September, reflecting seller’s market conditions. The condo median sold price in September was $458,000, up 3% month-over-month and 19% higher year-over-year. The average sold price was $648,813 with an average PSF sales price of $514 (up 14% and 4%, respectively, vs August).
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
HOMES FOR SALE
1,594
1,634
-2%
1,224
30% 48% -12% 19% 36% 19%
CLOSED SALES
783 2.0
736 2.2
6%
530 2.31
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
-8%
$458,000 $446,000 $648,813 $569,459
3% $383,475 14% $476,991
$514
$494
4%
$432
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$458,000
$405,000 $432,000 $430,000 $410,000 $413,000
$383,475
1,594
1,492
1,224
1,113
900
631
610
783
674
538
530
507
505
419
KING COUNTY
SEATTLE
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
NUMBER OF BEDROOMS ›
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
CLOSED SALES HOMES FOR SALE
191 195
3+ bdrms
415
SELLER'S MARKET
2 bdrms
783
BALANCED
BUYER'S MARKET
173
. . . . 0 0 0 0
<2 bdrms
620
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2020 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of November 2, 2020. All data from Northwest Multiple Listing Serivce & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 5
seattle
RES IDENT IAL OCTOBER
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE 5 % DOWN
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
3 % UP
-
6 % UP
32 % UP
1.2 SELLER’S
The number of residential homes for sale in Seattle in September, at 1,181, was 6% lower month-over- month and 5% lower year-over-year. With 947 in September, residential closed sales were 3% lower month-over-month but 32% higher year-over-year. There was 1.2 months of inventory for residential homes in September, reflecting seller’s market conditions. The median sold price in September was $795,000, 0.5% below August but 6% higher vs September 2019. The average sold price was $912,092, 5% below last month but 3% higher vs September 2019.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
HOMES FOR SALE
1,181
1,259
-6% -3% -3%
1,237
-5% 32% -28%
CLOSED SALES
947 1.2
979 1.3
715 1.7
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$795,000 $799,000 $912,092 $959,685
-0.5% $750,000 -5% $885,061
6% 3%
AVERAGE PRICE PSF
-
-
-
-
-
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$799,975 $785,500 $815,000 $795,000
$750,000
$700,000 $720,000
1.68
1.67
1.59
1,237
1,215
1,181
934
840
947
635
911
608
810
715
587
522
474
Oct-19
Sep-20
Oct-20
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE ›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
SELLER'S MARKET
BALANCED
BUYER'S MARKET
. . . 0 0 0 0 0
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2020 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of November 2, 2020. All data from Northwest Multiple Listing Serivce & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 6
seattle
CONDO OCTOBER
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE 52 % UP
CLOSED SALES
MONTHS OF INVENTORY 4.0 BALANCED
MARKET SUMMARY ›
12 % UP
1.2 % UP
12 % UP
26 % UP
There were 988 condo homes for sale in Seattle in September, 2% below August but 52% higher vs September 2019. September’s condo closed sales decreased by 12% month-over-month but were up 26% year-over-year. There was 4.0 months of inventory for condos in September, reflecting seller’s market conditions. The condo median sold price in September was $501,000, 5% above August and 12% higher vs September 2019. The average sold price was $642,907, 10% above last month; the average PSF sales price was $585, up 0.2% from last month.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No. 649 194 3.3
% Change
HOMES FOR SALE
988 244 4.0
1,013
-2%
52% 26% 21% 12% 12% 1.2%
CLOSED SALES
276 3.7
-12% 10%
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$501,000 $475,000 $642,907 $583,756
5% $448,000 10% $573,431
$585
$584
0.2%
$578
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$480,000
$488,500 $501,000
$470,000 $467,500 $450,000
$448,000
988
919
649
646
472
359
348
244
233
213
194
181
178
146
SEATTLE
KING COUNTY
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
NUMBER OF BEDROOMS
›
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
CLOSED SALES HOMES FOR SALE
SELLER'S MARKET
BALANCED
25
3+ bdrms
BUYER'S MARKET
74
117
2 bdrms
423
102
. . . . 0 0 0 0
<2 bdrms
491
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2020 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of November 2, 2020. All data from Northwest Multiple Listing Serivce & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 7
bellevue
RES IDENT IAL OCTOBER
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
46 % DOWN
23 % UP
-
20 % UP
74 % UP
0.7 SELLER’S
There were 106 residential homes for sale in the Bellevue market area in September, 26% below last month and 46% lower vs September 2019. Residential closed sales increased by 24% month-over-month, to 162, and were 74% higher year-over-year. There was 0.7 months of inventory for residential homes in September, reflecting seller’s market conditions. The median sold price in September was $1.19M, 7% below August but 20% higher vs last year. The average sold price for residential homes was $1.55M, 1.7% higher month-over-month and 23% above September of last year.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 144 131 1.1
% Change
No. 195
% Change
HOMES FOR SALE
106 162 0.7
-26% 24% -40%
-46% 74% -69% 20% 23%
CLOSED SALES
93
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
2.1
$1,190,000 $1,275,000
-7% $990,000
$1,551,827 $1,526,501 1.7% $1,260,594
AVERAGE PRICE PSF
-
-
-
-
-
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
MILLIONS
$1.32
$1.28
$1.18
$1.19
$1.10 $1.15
$0.99
1.74
1.41
1.26
195
187
162
163
126
91
88
124
108
106
93
76
73
66
Oct-19
Sep-20
Oct-20
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
. . . 0 0 0 0 0 MONTHS OF INV. CLOSED SALES HOMES FOR SALE SELLER'S MARKET BALANCED BUYER'S MARKET
Copyright © 2020 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of November 2, 2020. All data from Northwest Multiple Listing Serivce & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 8
bellevue
CONDO OCTOBER
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
76 % UP
70 % UP
66 % UP
117 % UP
192 % UP
1.2 SELLER’S
The number of condo homes for sale in Bellevue, at 165, was down 4% month-over-month but increased 117% vs last year. September’s condo closed sales, at 140, were 79% above last month and 192% higher than last year. There was 1.2 months of inventory for condos in September, reflecting seller’s market conditions. The condo median sold price in September was $943,500, up 4% vs August and a 66% increase from September 2019. The average sold price was $1.20M with an average PSF sales price of $848 (up 27% and 14%, respec- tively, vs August).
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 172
% Change
No.
% Change
HOMES FOR SALE
165 140 1.2
-4% 79% -47%
76 48
117% 192% -26%
CLOSED SALES
78
MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
2.2
1.6
$943,500 $906,450 $1,200,328 $945,635
4% $567,500 27% $683,729
66% 76% 70%
AVERAGE PRICE PSF
$848
$747
14%
$499
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
$943,500
$587,500
165
$577,500 $609,000 $657,000
$582,000
$567,500
140
142
88
76
76
46
43
54
49
48
45
34
29
BELLEVUE KING COUNTY
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
NUMBER OF BEDROOMS ›
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
CLOSED SALES HOMES FOR SALE
SELLER'S MARKET
BALANCED
34
BUYER'S MARKET
3+ bdrms
23
83
2 bdrms
101
23
. . . . 0 0 0 0
<2 bdrms
41
MONTHS OF INV. CLOSED SALES HOMES FOR SALE
Copyright © 2020 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of November 2, 2020. All data from Northwest Multiple Listing Serivce & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 9
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Copyright © 2020 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of November 2, 2020. All data from Real Estate Board of Greater Vancouver and Fraser Valley & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 10
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