the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR SEATTLE AND BELLEVUE
published September 2022
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
06 SEATTLE
Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com
Ryan Wyse SENIOR ANALYST rwyse@rennie.com
09 BELLEVUE
11 AREA MAP
Copyright © 2022 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 September 14 2022. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
it’s the economy, right? or is it? Rising interest rates brought on by persistently high inflation have dampened housing demand in King County, but a strong labor market has constrained supply, yielding relatively balanced market conditions.
To wit, the national unemployment rate has remained below 4% since March, most recently at 3.8% in August. In the Seattle Metro Area, the unemployment rate has remained below 4% since last October, though it has trended upward of late to 3.0% most recently (in July). The historically- robust relationship between the region’s unemployment rate and MLS inventory has continued to hold through 2022, with our well-functioning labor market being accompanied by a total listings count that declined by 10% from July to August, to 5,181—29% below the past 10-year August average. With the Federal Reserve poised to further raise rates to return inflation to its desired target of 2%, the nature of current and would- be borrowers’ participation in the housing market will continue to be impacted. That said, given the connection between the level of housing supply, overall housing market conditions, and the labor market, it’s the latter that we’ll be keeping a particular eye on.
As summer comes to a close and we transition into the fall—a somewhat ironic name for a season during which we’ll likely continue experiencing high inflation and rising interest rates—we are facing much different economic conditions today here in King County than we were as recently as the spring. In turn, the evolving economic landscape is having a direct impact on our local housing market in both direct and indirect ways. High inflation has been a phenomenon both here in the US and around the world since the early part of 2021, driven by elevated consumer demand, disrupted supply chains, China’s continued enforcement of its zero- Covid policy, and the war in Ukraine. More specifically, year-over-year consumer price changes have exceeded the Federal Reserve’s target of 2% since April of last year, peaking at 9.1% in June 2022 before easing to 8.3% in July. Predictably, this has spurred the Fed to hike interest rates in response having raised its Federal Funds Benchmark Rate
four times to-date in 2022; this has brought its policy rate up into the range of 2.25-2.5%. While the dramatic and rapid increase in borrowing costs has had a significant impact on some households—including parts of the first-time home buyer, mortgage renewer, and variable-rate mortgage holder groups— its biggest impact has been to gum-up the demand side of the market. This is seen in depressed sales counts, with the 2,758 MLS sales in King County in August sitting 28% below last August’s level and 16% below the past 10-year August average. Notably, more-expensive money has not had wide-ranging impacts on the housing market to-date vis-a-vis elevated supply; in large part, this has been due to the state of our labor market. To put it simply, when people who want to work are working, listings remain at or below the long-run average; when people aren’t working and earning an income, supply tends to swell as some homeowners can’t afford their mortgages.
Copyright © 2022 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 September 14 2022. 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
kingcounty
RESIDENTIAL-AUGUST202
AVERAGEPSF PRICE - VS 2021
HOMES FOR SALE
MONTHS OF INVENTORY 1.7 SELLERS' MARKET
▶ MARKETSUMMARY Thenum berofresidentialhom esforsalein KingCountyin August,at3,433,was12% lowerthan lastm onth and 110% higherthan lastyear. W ith 2,072 in A ugust,residentialclosed sales were11% higherm onth-over-m onth,and 28% dow n year-over-year. Therewas1.7m onthsofinventoryfor residentialhom esin A ugust,reflecting selers' m arketconditions. Them edian sold pricein Augustwas $899,000,0.1% below July,and 5% abovevs August2,021. Theaveragesold price forresidentialhom es was$1,111,702,4% below lastm onth and 2% abouteven w ith lastyear.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▲ 2% VS 2021
▲ 5% VS 2021
▲ 110% VS 2021
▼ 28% VS 2021
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
No. % Change
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
2,072 3,433
1,872 3,880
-4% -0.1% -20% 11% -12%
2,876 1,635
191% -28% 110%
$1,111,702 $899,000 1.7
$1,163,289 $900,000 2.1
$1,087,491 $855,000 0.6
2% 5%
-
- -
-
-
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
1.83 1.86 1.85
$826,645 $815,000
$999,900
$855,000
$925,000
$899,000
$869,500
3,880
3,435
2,876 2,711
3,433 2,072
2,666
2,568
2,503
2,405
2,381
2,209
1,872
1,935
2,255
1,1061,264
1,769
1,635
1,746
1,401
1,127
786 530
742
577
Aug.-21 Jul.-22 Aug.-22
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
800
5.1
4.7
600
400
2.0
1.8
1.7
1.6
1.5
200
0.9
0
<$600K $600-799K $800-999K $1.0-1.49M $1.5-1.99M $2.0-2.49M $2.5-2.99M
$3M+
296 322 0.9
772 501 1.5
674 403 1.7
742 466 1.6
387 216 1.8
163 82 2.0
152 30 5.1
246 52 4.7
M onthsofInv. Closed Sales H om esforSale
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofSeptem ber14,202 .Aldatafrom NorthwestMultipleListingService & Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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4
kingcounty CONDO -AUGUST202
AVERAGEPSF PRICE
HOMES FOR SALE ▲ 17% VS 2021
MONTHS OF INVENTORY 1.8 SELLERS' MARKET
▶ MARKETSUMMARY Therewere1,011 new construction condo hom esforsalein KingCountyin August,8% lowerthan Julyand 17% higherthan August 2021. A ugust'snew construction condoclosed sales were3% higherm onth-over-m onth (at569), and weredown 32% year-over-year. Therewere1.8m onthsofinventoryin A ugust,reflecting selers'm arketconditions. Thenew construction condom edian sold price in Augustwas$485,000,aboutthesam eas July,and 4% abovevsAugust2021. Theaveragesold pricewas$591,710,1.9% abovelastm onth,theaveragePSF salesprice was$536,down 0.7% from lastm onth
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▲ 4% VS 2021
▲ 4% VS 2021
▼ 32% VS 2021
▲ 1.7% VS 2021
PREVIOUSMONTH
PREVIOUSYEAR
THISMONTH No. $536 $591,710 $485,000 1.8 569 1,011
No. % Change
840 865 1.7% 4% 4% 73% -32% 17% No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
$540 $580,832 $485,000 2.0 553 1,102
-0.7% 1.9% 0% -11% 3% -8%
$527 $571,270 $467,500 1.0
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$633 $633
$520,000 $525,000 $505,000
$536
$527
$485,000
$467,500 $475,000 $460,000
1,102
986
841
1,011
865
714 752 671
725
724
691
601
836
840
557
553
731
569
671
405
539
517
462
347 306 368
KING COUNTY SEAT LE
▶ NUMBEROFBEDROOMS
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
● CLOSED SALES ● HOMESFORSALE
7.1
100
300
3+ bdrms
196
4.5
200
299
2 bdrms
3.4
491
2.5 2.3
100
2.2
1.6
170
1.0
<2 bdrms
324
0
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
179 183 1.0
316 197 1.6
224 89 2.5
113 49 2.3
58 26 2.2
34 10 3.4
36 8 4.5
50 7 7.1
M onthsofInv. Closed Sales H om esforSale
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofSeptem ber14,202 .Aldatafrom NorthwestMultipleListingService & Rennie.W hiletheinform ationand datacontainedhereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshouldand canbeobtained from arennieandas ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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5
seatle
RESIDENTIAL-AUGUST202
AVERAGEPSF PRICE - VS 2021
HOMES FOR SALE
MONTHS OF INVENTORY 1.5 SELLERS' MARKET
▶ MARKETSUMMARY
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
Thenum berofresidentialhom esforsalein Seatlein August,at998,was8% lowerthan lastm onth and 44% higherthan lastyear. W ith 671 in A ugust,residentialclosed sales were2% higherm onth-over-m onth,and 29% dow n year-over-year. Therewas1.5m onthsofinventoryfor residentialhom esin A ugust,reflecting selers' m arketconditions. Them edian sold pricein Augustwas $905,000,5% below July,and 5% abovevs August2021. Theaveragesold pricewas$1,064,843,9% below lastm onth and 4% higherthan lastyear.
▲ 4% VS 2021
▲ 5% VS 2021
▲ 44% VS 2021
▼ 29% VS 2021
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
No. % Change
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
671 998
$1,166,445 $950,000 1.7 655 1,089
-9% -5% -11% 2% -8%
940 692
102% -29% 44%
$1,064,843 $905,000 1.5
$1,021,651 $865,000 0.7
4% 5%
-
- -
-
-
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
1.86
1.77
1.74
$996,000 $965,000
$905,000
$900,000
$865,000 $835,000
$823,450
1,089
935
940 876
920
998
841
827
803
845
780
716
692
671
722
655
642
410 477
567
495
355
335
287
224
215
Aug.-21 Jul.-22 Aug.-22
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
250
4.8
200
3.3
150
100
2.0
1.7
1.5
1.4
1.3
1.2
0 50
<$600K $600-799K $800-999K $1.0-1.49M $1.5-1.99M $2.0-2.49M $2.5-2.99M
$3M+
68 51 1.3
237 167 1.4
245 202 1.2
230 155 1.5
102 59 1.7
36 18 2.0
26 8 3.3
53 11 4.8
M onthsofInv. Closed Sales H om esforSale
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofSeptem ber14,202 .Aldatafrom NorthwestMultipleListingService & Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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6
seatle NEW CONSTRUCTION CONDO -AUGUST202
AVERAGEPSF PRICE
HOMES FOR SALE ▼ 21% VS 2021
MONTHS OF INVENTORY 5.3 BALANCED MARKET
▶ MARKETSUMMARY
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
Therewere100 new construction condo hom esforsalein Seatlein August,4% higher than Julyand 21% lowerthan August2021. A ugust'snew construction condoclosed sales were58% higherm onth-over-m onth (at19), and weredown 37% year-over-year. Therewere5.3m onthsofinventoryin A ugust,reflecting balanced m arketconditions. Thenew construction condom edian sold price in Augustwas$725,000,8% below July,and 1.8% below vsAugust2021. Theaveragesold pricewas$840,378,3% below lastm onth,theaveragePSF salesprice was$842,up 8% from lastm onth
▼ 1.8% VS 2021
▲ 6% VS 2021
▼ 37% VS 2021
▼ 12% VS 2021
PREVIOUSMONTH
PREVIOUSYEAR
THISMONTH No. $842 $840,378 $725,000 5.3 19 100
No. % Change
-37% -21% No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
12 96
8% -3% -8% -34% 58% 4%
$960 $796,498 $738,625 4.2 30 127
$778 $863,909 $787,500 8.0
-12% 6% -1.8% 24%
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$960
$784,000
$842
$819,990 $857,500
$725,000
$738,625
$722,000
$690,000
$527 $536
127
105
99 93
98 93
93
100
84 93
77 75
96
56
52
12
39
19
34 40
31
36 35 28
30
28
SEAT LE KING COUNTY
▶ NUMBEROFBEDROOMS
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
● CLOSED SALES ● HOMESFORSALE
40
11.0
2
3+ bdrms
24
30
7.5
10
20
2 bdrms
5.3
5.0
48
3.7
10
7
<2 bdrms
1.0
28
0
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
1 1 1.0
10 2 5.0
37 10 3.7
16 3 5.3
15 2 7.5
11 1 11.0
M onthsofInv. Closed Sales H om esforSale
6 0
4 0
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofSeptem ber14,202 .Aldatafrom NorthwestMultipleListingService & Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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7
seatle
PREVIOUSLY-OW NEDCONDO -AUGUST202
AVERAGEPSF PRICE
HOMES FOR SALE ▲ 7.8% VS 2021
MONTHS OF INVENTORY 2.1 SELLERS' MARKET
▶ MARKETSUMMARY Therewere469previouslyowned condo hom esforsalein Seatlein August,13% lower than Julyand 8% higherthan August2021. August'spreviouslyowned condo closed sales were5% higherm onth-over-m onth (to224), and weredown 27% year-over-year.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▲ 5% VS 2021
▲ 6% VS 2021
▼ 27% VS 2021
▲ 2% VS 2021
PREVIOUSYEAR
THISMONTH No.
PREVIOUSMONTH
Therewere2.1m onthsofinventoryin A ugust,reflecting selers'm arketconditions.
306 435 2% 5% 6% 47% -27% 8% No. % Change
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
224 469
213 540
-2% 2% 4% -17% 5% -13%
Thepreviouslyowned condom edian sold pricein Augustwas$499,500,4% aboveJuly, and 6% abovevsAugust2021. Theaveragesold pricewas$583,440,2% abovelastm onth,theaveragePSF salesprice was$615,down 2% from lastm onth
$615 $583,440 $499,500 2.1
$601 $555,780 $470,079 1.4
$628 $570,833 $482,000 2.5
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$615
$601
$499,500
$490,000 $485,000
$470,079 $486,250
$495,000
$460,000
$527 $536
540
480
435 462 436
469
340
313
256 297
221
217
304
306 282
224
260
176
263
234
252
223
213
198
177
163
SEAT LE KING COUNTY
▶ NUMBEROFBEDROOMS
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
● CLOSED SALES ● HOMESFORSALE
16
9.3
3+ bdrms
36
150
6.7
6.3
90
100
2 bdrms
211
50
2.8
2.5
2.1 2.3
118
1.1
<2 bdrms
0
222
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
M onthsofInv. Closed Sales H om esforSale
81 71 1.1
169 82 2.1
99 43 2.3
35 14 2.5
25 4 6.3
11 4 2.8
20 3 6.7
28 3 9.3
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofSeptem ber14,202 .Aldatafrom NorthwestMultipleListingService & Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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8
belevue
RESIDENTIAL-AUGUST202
AVERAGEPSF PRICE - VS 2021
HOMES FOR SALE ▲ 258% VS 2021
MONTHS OF INVENTORY 2.4 SELLERS' MARKET
▶ MARKETSUMMARY Thenum berofresidentialhom esforsalein Belevuein August,at186,was10% lower than lastm onth and 258% higherthan last year. W ith 76 in A ugust,residentialclosed sales were3% lowerm onth-over-m onth,and down 44% year-over-year. Therewas2.4m onthsofinventoryfor residentialhom esin A ugust,reflecting selers' m arketconditions. Them edian sold pricein Augustwas $1,590,000,6% below July,and 6% abovevs August2021. Theaveragesold pricewas$1,744,011,15% below lastm onth,and 16% lowerthan last year.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▲ 6% VS 2021
▼ 16% VS 2021
▼ 44% VS 2021
PREVIOUSYEAR
PREVIOUSMONTH
THISMONTH No. $1,744,011 $1,590,000 2.4 76 186 -
No. % Change
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
$2,066,071 $1,503,300 0.4 136 52 -
-16% 6% 540% -44% 258%
$2,048,228 $1,700,000 2.6 78 206
-15% -6% -7% -3% -10%
-
- -
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
2.36
2.30
2.04
$2,110,609
$1,835,000 $1,880,000
$1,650,000
$1,590,000
$1,503,300 $1,600,000
206
180
186
136 134 117
127
103
103
104
95
73
123
76
44 47
93
78
52
15
13
54
51 39
20 31
Aug.-21 Jul.-22 Aug.-22
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
50 60
8.8
40
5.8
30
20
2.1
1.7
1.4
1.3
0 10
0.5
<$600K $600-799K $800-999K $1.0-1.49M $1.5-1.99M $2.0-2.49M $2.5-2.99M
$3M+
M onthsofInv. Closed Sales H om esforSale
2 4 0.5
4 3 1.3
45 27 1.7
42 20 2.1
17 12 1.4
23 4 5.8
53 6 8.8
0 0
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofSeptem ber14,202 .Aldatafrom NorthwestMultipleListingService & Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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belevue
PREVIOUSLY-OW NEDCONDO -AUGUST202
AVERAGEPSF PRICE
HOMES FOR SALE
MONTHS OF INVENTORY 1.8 SELLERS' MARKET
▶ MARKETSUMMARY Therewere90previouslyowned condohom esfor salein Seatlein August,17% lowerthan Julyand 45% higherthan August2021. August'spreviouslyowned condoclosed sales were32% higherm onth-over-m onth (to50),and weredown 36% year-over-year.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▲ 3% VS 2021
▲ 17% VS 2021
▲ 45% VS 2021
▼ 36% VS 2021
▲ 5% VS 2021
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
Therewere1.8m onthsofinventoryin August, reflecting selers'm arketconditions.
No. % Change
78 62 126% -36% 45% No. % Change
50 90
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
$699 $973,234 $804,000 2.9 38 109
-10% -18% -16% -37% 32% -17%
Thepreviouslyowned condom edian sold pricein Augustwas$675,000,16% below July,and 17% abovevsAugust2021. Theaveragesold pricewas$796,797,18% below lastm onth,theaveragePSF salespricewas$630, down 10% from lastm onth
$630 $796,797 $675,000 1.8
$601 $774,100 $578,750 0.8
5% 3% 17%
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$630
$601
$761,000
$752,000
$527 $536
$735,000 $675,000
$578,750 $579,000
$540,000
79 109
78 83
90
61 58 58
60 62
38 50
36
62
33
53
51
46
14
16
4
22
12 16 23 27
SEAT LE KING COUNTY
▶ NUMBEROFBEDROOMS
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
● CLOSED SALES ● HOMESFORSALE
25
8.0
10
3+ bdrms
20
20
6.0
5.5
15
35
2 bdrms
49
10
1.5 1.6
1.0
5
5
0.7
0.4
<2 bdrms
0
21
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
4 4 1.0
24 16 1.5
21 13 1.6
22 4 5.5
3 8 0.4
8 1 8.0
2 3 0.7
6 1 6.0
M onthsofInv. Closed Sales H om esforSale
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofSeptem ber14,202 .Aldatafrom NorthwestMultipleListingService & Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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renniereview
AREAS
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofSeptem ber14,202 .Aldatafrom NorthwestMultipleListingService & Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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Copyright © 2022 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 September 14 2022. 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. 12
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