the seattle rennie advance | December 2024

the seattle rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN KING COUNTY

published December 2024

table of contents

The rennie advance is a summary of the latest sales, listings, and price trends in King County. It is produced at the beginning of each month and it reflects the latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.

02 INTRO

03 SALES

04 NEW LISTINGS

05 INVENTORY

Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com

06 MEDIAN PRICES

07 RENNIE INTELLIGENCE

Information and statistics derived from Northwest Multiple Listing Service. Copyright © 2024 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 December 2, 2024. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.

highlights • Closed M LS salesacros KingCountyweredown 24% m onth-over-m onth to1,855,which was greaterthan thetypicalO ctober-to-N ovem bersalesdeclineof15% . • Saleswereup 16% relativeto N ovem ber2023 (1,594 sales),m arkingtheeighth m onth thisyear thatsaleshaveexceeded prioryearlevels.A l hom etypessaw activity up year-over-year,led by single-fam ilyhom es(+18%,to1,289),and folowed bytownhom es(+16%,to312)and condos (+14%,to237). • Salesrem ained 26% below theprior10-yearN ovem beraverage(of2,493),with condosthe furthestbelow average(-31%),folowed bysingle-fam ilyhom es(-27%)and townhom es(-13%).

KINGCOUNTY THERENNIEADVANCE sales

NOVEMBER 2024

3,500

+ 18% vsN ov2023

3,000

2,500

2,000

1,769 10 yrNovAvg

1,500

1,000

1,289

SINGLE-FAMILY HOME sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500

- 27% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

+ 16% vsN ov2023

800

600

359 10 yrNovAvg

400

312

TOWNHOME sales

200

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 13% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

800

+ 14% vsN ov2023

600

400

344 10 yrNovAvg

200

CONDO sales

237

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 31% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

Inform ation and statisticsderived from NorthwestM ultipleListingService. Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofDecem ber2,2024.W hiletheinform ationanddatacontainedhereinhasbe n obtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacingany relianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim e withoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 3 ●

highlights • N ew M LS listingsfel to 1,492 in N ovem ber,a48% decreasem onth-over-m onth thatwasgreater than thetypical36% O ctober-to-N ovem berdecline. • N ew listingswerem arginalyhigheron ayear-over-yearbasis(+0.6%),led bytownhom es(+18%, to357)and folowed bycondos(+6%,to250).In contrast,new single-fam ilyhom elistingswere down (-6%,to867). • N ew listingswere22% below theprior10-yearN ovem beraverage(of1,924),with new single-fam ilylistingsthefurthestbelow average(-33% ),folowed bynew condo listings(-17% ).In contrast,new townhom elistingswere11% aboveaverage.

KINGCOUNTY THERENNIEADVANCE new listings

NOVEMBER 2024

4,000

- 6% vsN ov2023

3,000

2,000

1,289 10 yrNovAvg

1,000

SINGLE-FAMILY HOME new listings

867

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 33% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

800

+ 18% vsN ov2023

600

400

320 10 yrNovAvg

357

200

TOWNHOME new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 11% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

800

+ 6% vsN ov2023

600

400

300 10 yrNovAvg

200

CONDO new listings

250

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 17% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

highlights • ActiveM LS listingsin KingCountyfelto3,273,adeclineof24% m onth-over-m onth thatwasin linewith thetypical21% drop. • Activelistingswere4% below theprior10-yearN ovem beraverageof3,416.Thiswasentirely driven bysingle-fam ilylistings,which were31% below average(to 1,570).In contrast,townhom e inventorywas76% aboveaverage(to868)and condoinventorywas30% above(to806). • Theoveral m arketcontinued tofavorselerswith only1.8 m onthsofinventory(M O I)in N ovem ber,which wasflatfrom 1.8 in O ctober.Al hom etypeswerein selers’m arketter itory with M O I’sof1.2 forsingle-fam ilyhom es,2.8 fortownhom es,and 3.4 forcondos.

KINGCOUNTY THERENNIEADVANCE inventory

•

NOVEMBER 2024

5,000

- 0.1% vsN ov2023

4,000

3,000

2,271 10 yrNovAvg

2,000

SINGLE-FAMILY HOME inventory

1,570

1,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 31% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

+ 47% vsN ov2023

1,000

800

868

600

493 10 yrNovAvg

400

TOWNHOME inventory

200

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 76% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

+ 23% vsN ov2023

1,200

1,000

800

806

619 10 yrNovAvg

600

400

CONDO inventory

200

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 30% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

highlights • O n am onth-over-m onth basis,KingCountysaw adecreaseof0.3% in m edian sold prices (averaged acros hom etypes).Them edian detached priceforsingle-fam ilyhom eswasdown 1.0% (to$998K),whiletownhom epriceswereflat(at$750K)and condopriceswereflat(at$475K). • Single-fam ilyhom epriceswere9% higherin N ovem berrelativeto thesam em onth lastyear, whiletownhom epriceswere4% higherand condopriceswere3% higher. •

KINGCOUNTY THERENNIEADVANCE median prices

NOVEMBER 2024

$1,200,000

KingCounty

$1,000,000

$998,000

$800,000

$600,000

+ 9% vsN ov2023

$400,000

SINGLE-FAMILY HOME median salesprice

$200,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● November

KingCounty

$800,000

$750,000

$600,000

$400,000

+ 4% vsN ov2023

TOWNHOME median salesprice

$200,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● November

$600,000

KingCounty

$500,000

$475,000

$400,000

$300,000

+ 3% vsN ov2023

$200,000

CONDO median salesprice

$100,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● November

the data behind rennie

Our rennie intelligence team comprises our senior economist, market analysts, and business intelligence analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in real estate dynamics, urban land economics, the macroeconomy, shifting demographics, and data science, their industry-leading data acquisition, analytical systems, and strategic research supports a comprehensive advisory service and forms the basis of frequent reports and public presentations, covering the Vancouver, Kelowna, Victoria, and Seattle marketplaces. Their thoughtful and objective approach embodies the core values of rennie.

Reach out to your rennie representative to learn more and to receive these publications on a regular basis, or visit us at intelligence.rennie.com

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