the seattle rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN KING COUNTY
published September 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 September 3, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.
2
highlights • Closed M LS salesin KingCountyfel11% m onth-to-m onth in Augustto2,212,which wasm uch largerthan thetypicalJuly-to-Augustdeclineof2%.Lastm onth’ssalescountwasalm oston par with August2023’stotalof2,214. • A ugustsalesrepresented thesixth consecutivem onthly totalabovethe2,000-salethreshold after sixconsecutivem onthsbelow them ark.
KINGCOUNTY THERENNIEADVANCE sales
AUGUST2024
• Salesin Augustwere32% lowerthan theprior10-yearAugustaverage.Single-fam ilyhom esales were33% below (1,567 salesin August), townhom eswere30% down (329),and condoswerethe furthestbelow,at36% (302).
3,500
+ 2% vsAug2023
3,000
2,500
2,000
2,322 10 yrAugAvg
1,500
1,567
1,000
SINGLE-FAMILY HOME sales
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500
- 33% vs10yrAugAvg
﹍ 10yrAugustAverage
● August
- 5% vsAug2023
800
600
444 10 yrAugAvg
400
329
TOWNHOME sales
200
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
- 26% vs10yrAugAvg
﹍ 10yrAugustAverage
● August
800
- 5% vsAug2023
600
400
471 10 yrAugAvg
302
200
CONDO sales
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
- 36% vs10yrAugAvg
﹍ 10yrAugustAverage
● August
Inform ation and statisticsderived from NorthwestM ultipleListingService. Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofSeptem ber3,2024.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 listingsdeclined in Augustto3,046.Thiswasadecreaseof7% m onth-over-m onth, which wasslightlysm alerthan thetypicalJuly-to-Augustdeclineof9%.
KINGCOUNTY THERENNIEADVANCE new listings
• N ew listingsactivity rem ained below itstypicalA ugustlevel(dow n 17% versusthepast-decade Augustaverageof3,659),though itwas18% higheron ayear-over-yearbasis.
• Al hom etypessaw above-averagenew listings:townhom enew listingswerebyfarthem ost elevated at43% abovetheprior10-yearaverage,whilesingle-fam ilyand condo new listingswere 14% and 7% higher,respectively.
AUGUST2024
4,000
+ 14% vsAug2023
3,000
2,000
2,567 10 yrAugAvg
1,948
1,000
SINGLE-FAMILY HOME new listings
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
- 24% vs10yrAugAvg
﹍ 10yrAugustAverage
● August
800
+ 43% vsAug2023
600
627
400
514 10 yrAugAvg
200
TOWNHOME new listings
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
+ 22% vs10yrAugAvg
﹍ 10yrAugustAverage
● August
800
+ 7% vsAug2023
600
400
549 10 yrAugAvg
444
200
CONDO new listings
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
- 19% vs10yrAugAvg
﹍ 10yrAugustAverage
● August
Inform ation and statisticsderived from NorthwestM ultipleListingService. Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofSeptem ber3,2024.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. 4 ●
highlights • At4,385,August’stotalinventoryin KingCountyfel 3% m onth-over-m onth butwasstil atits second-highestlevelsinceO ctober2022.Thisdeclinewasgreaterthan thetypicalJuly-to-August shrinkageof1.1%. • O n ayear-over-yearbasis,totalinventorywasup 35% and washigheracros al hom etypes: townhom einventorywasup them ost(67%),folowed bycondos(59%)and single-fam ilyhom es (19%). • Theoveral m arketfavoured selersm arketin August,with only2.0 m onthsofinventory (M O I)— though thiswasthehighestlevelsinceJanuary2023.Al hom etypeswerein selers’ m arketter itorylastm onth,with M O I’sof1.5 forsingle-fam ilyhom es,3.0 fortownhom es,and 3.3 forcondos.
KINGCOUNTY THERENNIEADVANCE inventory
•
AUGUST2024
+ 19% vsAug2023
5,000
4,000
3,000
3,252 10 yrAugAvg
2,000
2,373
SINGLE-FAMILY HOME inventory
1,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
- 27% vs10yrAugAvg
﹍ 10yrAugustAverage
● August
+ 67% vsAug2023
1,000
989
800
600
592 10 yrAugAvg
400
TOWNHOME inventory
200
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
+ 67% vs10yrAugAvg
﹍ 10yrAugustAverage
● August
+ 59% vsAug2023
1,200
1,000
991
800
744 10 yrAugAvg
600
400
CONDO inventory
200
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
+ 33% vs10yrAugAvg
﹍ 10yrAugustAverage
● August
Inform ation and statisticsderived from NorthwestM ultipleListingService. Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofSeptem ber5,2024.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. 5 ●
highlights • O n am onth-over-m onth basis,KingCountysaw adecreaseof3.8% in m edian sold prices (averaged acros hom etypes).Them edian detached priceforsingle-fam ily hom esw asflatlast m onth,whiletownhom epricesweredown 5.4% and condopricesweredown 6.1%. • Single-fam ilyhom epriceswere8% higherin Augustthan thesam em onth lastyear,while townhom epriceswere3% higher.M edian condopricesfel overthepast12 m onths,by3%. •
KINGCOUNTY THERENNIEADVANCE median prices
AUGUST2024
$1,200,000
KingCounty
$1,000,000
$1,050,000
$800,000
$600,000
+ 8% vsAug2023
$400,000
SINGLE-FAMILY HOME median salesprice
$200,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0
● August
KingCounty
$800,000
$739,950
$600,000
$400,000
+ 3% vsAug2023
TOWNHOME median salesprice
$200,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0
● August
$600,000
KingCounty
$500,000
$460,000
$400,000
$300,000
- 3% vsAug2023
$200,000
CONDO median salesprice
$100,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0
● August
Inform ation and statisticsderived from NorthwestM ultipleListingService. Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofSeptem ber3,2024.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. 6 ●
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
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 September 3, 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. 7
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