the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR SEATTLE AND BELLEVUE
published December 2023
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
07 SEATTLE
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
10 BELLEVUE
12 AREA MAP
Copyright © 2023 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 13, 2023. All data from Northwest Multiple Listing Service & 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
seasonality is back (and macro-ality never left)
The usual holiday season market contraction has begun, with macroeconomic factors layering on an additional smothering effect. Despite all of this, home prices have remained resilient.
King County, with November’s count of 1,596 being 31% below October and 7% lower than one year ago. In fact, November 2023’s count was the lowest November in King County in at least the past decade (new listings data doesn’t extend past 2013). With the market contracting in many ways that are expected when temperatures begin to drop, prices have remained somewhat resilient. As an example, the median sold price for all home types in King County in November 2023 was $800,000, a 5% increase compared to one year ago and the largest year-over-year increase since October 2022. Where prices bucked the seasonal trend, albeit marginally, was in the month-over- month change: a 0.7% decline, versus what has historically been a decrease of 1.2%. With the finish line to 2023 in sight, expect a similar one-two combination of seasonality and macro-ality to play out again in December. Sales, new listings, and inventory all typically experience a steep drop-off from November and this will undoubtedly be the case again this year.
With 2023 winding down and 2024 on the horizon, King County residents, as they often do, are turning their attention away from the buying and selling of real estate and towards the holiday season. And with that, there are a few predictable trends that occur in November (and then again in December)—namely, month-to- month declines in sales counts, new listings, and inventory. And while this “seasonality” was indeed back in all its glory last month, macroeconomic factors (particularly high interest rates) continued to weigh on the market. Beginning with the latter, we would be remiss not to mention the Fed’s decision yesterday to keep the federal funds rate at 5.25%. Although inflation cooled every so slightly in November (to 3.1% from 3.2% in October), Chairman Jerome Powell recently noted that “labor, which is especially important for inflation in core services ex[cluding] housing, shows only tentative signs of rebalancing” and there is a “long way to go in restoring price stability”. This being said, the long-awaited relaxation of interest rates may be on the horizon, as the Fed has signaled the possibility of three rate cuts in 2024. Only time will tell if this ultimately
comes to fruition from a central bank that has been resoundingly hawkish over the past (almost) 2 years. Ok, back to seasonality. As stated earlier, inventory and sales generally contract at this time of year as people shift their focus to buying presents rather than homes. In King County, there were 1,582 closed sales this November—a 14% decline from October that is in line with the usual month-over- month seasonal decrease of 15%. Closed sales were down 9% from one year ago and, in looking at sales year-to-date in 2023 versus 2022, the total count is down about 25%—a result more attributable to macro-ality (aka the macroeconomic environment) than to seasonality. A similar narrative developed on the supply side of the market, where the number of homes for sale in King County reached 2,819—a 17% decline month-over-month that was right on par with the typical contraction we observe between Octobers and Novembers. Notably, the number of homes for sale in November was, in fact, down 23% compared to one year ago. Understandably, there have been limited new listings hitting the market in
Copyright © 2023 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 13, 2023. All data from Northwest Multiple Listing Service & 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 RESIDENTIAL - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 1.6 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 8% VS 2022
▲ 6% VS 2022
▼ 31% VS 2022
▼ 12% VS 2022
There were 1,887 residential listings in King County in November, 19% below October and 31% lower than November 2022. November residential sales decreased by 13% month-over-month, to 1,216, and were 12% below November 2022. The months of inventory for residential in King County, at 1.6, reflected a sellers' market. The residential median price in November was $878,500, a 1.8% decrease from October and 6% above November 2022. The average sold price was $1,143,963, 0.5% above last month and up 8% to November 2022.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
1,216 1,887
198% 1,380 2,736
-22% -12% -31%
1,398 2,330
0.5% -1.8% -7% -13% -19%
$1,143,963 $878,500 1.6
$1,137,743 $895,000 1.7
$1,055,016 $830,000
8% 6%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
2,666
18
2,736
2,371
2,330
2,262
2,414
2,028
1,906
1,905
1,838
1,713
2,009
1,887
1,826
1,732
1,398
1,681
1,579
1,380
1,555
1,532
1,146
12
1,446
1,216
1,191
831
8
$940K
$919K
$910K
$900K
$900K
$895K
$879K
$875K
$850K
$830K
$820K
$800K
$809K
Nov-22
Oct-23
Nov-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
4.3
400
3.4
300
2.2
1.8
1.7
200
1.5
1.4
1.2
1.1
1.0
100
0
<$600K
$600K-799K
$800K-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M +
MOI INVENTORY SALES
193 191 1.0
315 449 1.4
207 352 1.7
148 181 1.2
113 175 1.5
78 87 1.1
49 88 1.8
49 107 2.2
22 75 3.4
42 182 4.3
Copyright © December 13, 2023 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 13, 2023. All data from Northwest Multiple Listing Service & 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
king county NEW CONSTRUCTION CONDO - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 3.3 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 7% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 5% VS 2022
▲ 20% VS 2022
▲ 43% VS 2022
▲ 168% VS 2022
There were 221 condo listings in King County in November, 9% below October and 43% higher than November 2022. November condo sales increased by 5% month-over-month, to 67, and were 168% above November 2022. The months of inventory for condos in King County, at 3.3, reflected a sellers' market. The condo median price in November was $910,000, a 13% increase from October and 20% above November 2022. The average sold price was $923,106, 2% below last month; the average PSF sale price was $777, up 15% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$777 $923,106 $910,000 3.3 67 221
$724 $878,333 $759,000 620% 25 155
-47% 168% 43%
$674 $946,533 $806,033 3.8 64 244
15% -2% 13% -13% 5% -9%
7% 5% 20%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
33
220
244
240
221
203
195
153
151
171
155
25
161
138
137
78
63
64
67
47
43
63
64
59
55
51
25
14
11
$910K
$806K
$790K
$759K
$769K
$738K
$735K
$732K
$695K
$700K
$700K
$687K
$690K
Nov-22
Oct-23
Nov-23
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
50
9
17.0
4+ bdrms
26
40
14
30
3 bdrms
48
20
32
4.7
4.3
4.0
2 bdrms
10
2.9
101
2.2
1.3
0.7
0
12
<$600K $600-699K $700-799K $800-899K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 3 51 17.0 10 43 4.3 8 23 2.9 8 32 4.0 6 28 4.7 14 10 0.7 12 26 2.2 6 8 1.3
<2 bdrms
46
Copyright © December 13, 2023 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 13, 2023. All data from Northwest Multiple Listing Service & 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 ●
king county PREVIOUSLY - OWNED CONDO - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 2.4 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 1.1% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.2% VS 2022
▲ 4% VS 2022
▼ 6% VS 2022
▼ 9% VS 2022
There were 710 condo listings in King County in November, 16% below October and 6% lower than November 2022. November condo sales decreased by 21% month-over-month, to 299, and were 9% below November 2022. The months of inventory for condos in King County, at 2.4, reflected a sellers' market. The condo median price in November was $465,000, a 9% decrease from October and 4% above November 2022. The average sold price was $552,203, 8% below last month; the average PSF sale price was $515, down 3% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 330 754
% Change
No. 377 841
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
299 710
-9% -6%
-21% -16%
$515 $552,203 $465,000 2.4
$509 $545,519 $447,000 228%
4% 4%
$533 $598,091 $510,000 2.2
-3% -8% -9% 6%
1.1% 1.2%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
841
884
18
754
17
670
753
709
710
552
610
499
567
456
13
520
395
377
467
463
452
429
404
287
330
387
299
323
216
$510K
$500K
$495K
$499K
$490K
$490K
$485K
$475K
$465K
$447K
$449K
$450K
$440K
Nov-22
Oct-23
Nov-23
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
200
8
9.0
4+ bdrms
19
150
42
3 bdrms
100
87
3.6
2.7
2.6
2.4
168
50
2.1
1.9
1.8
2 bdrms
1.3
375
0
81
<2 bdrms
<$400K $400-$499K $500-$599K $600-699K $700-799K $800-899K $800-999K $1.0M-1.24M $1.25M + MOI INVENTORY SALES 98 188 1.9 77 139 1.8 29 104 3.6 30 73 2.4 20 52 2.6 11 30 2.7 12 16 1.3 13 27 2.1 9 81 9.0
229
Copyright © December 13, 2023 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 13, 2023. All data from Northwest Multiple Listing Service & 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 RESIDENTIAL - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 1.8 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 6% VS 2022
▲ 3% VS 2022
▼ 19% VS 2022
▼ 11% VS 2022
There were 736 residential listings in Seattle in November, 18% below October and 19% lower than November 2022. November residential sales decreased by 11% month-over-month, to 420, and were 11% below November 2022. The months of inventory for residential in Seattle, at 1.8, reflected a sellers' market. The residential median price in November was $912,000, a 4% increase from October and 3% above November 2022. The average sold price was $1,084,249, 6% above last month and up 6% to November 2022.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No. 470 911
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
420 736
-10% -11% -19%
471 898
-11% -18%
$1,084,249 $912,000 1.8
$1,024,551 $880,000 1.9
6% 4% -8%
$1,023,017 $883,225 194%
6% 3%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
999
15
911
898
840
735
825
813
675
646
736
705
678
552
538
656
598
471
577
565
549
10
470
399
420
462
440
8
294
$910K
$912K
$900K
$883K
$875K
$885K
$875K
$883K
$880K
$865K
$850K
$800K
$800K
Nov-22
Oct-23
Nov-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
200
5.8
150
3.7
100
2.1
1.9
1.9
1.8
1.8
1.6
1.5
1.1
50
0
<$600K
$600K-799K
$800K-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M +
MOI INVENTORY SALES
37 71 1.9
122 200 1.6
87 162 1.9
68 76 1.1
41 73 1.8
24 37 1.5
13 24 1.8
15 32 2.1
7 26 3.7
6 35 5.8
Copyright © December 13, 2023 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 13, 2023. All data from Northwest Multiple Listing Service & 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
seattle NEW CONSTRUCTION CONDO - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 3.6 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 15% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.4% VS 2022
▲ 6% VS 2022
▲ 31% VS 2022
▲ 225% VS 2022
There were 141 condo listings in Seattle in November, 10% below October and 31% higher than November 2022. November condo sales decreased by 17% month-over-month, to 39, and were 225% above November 2022. The months of inventory for condos in Seattle, at 3.6, reflected a sellers' market. The condo median price in November was $764,990, a 4% increase from October and 6% above November 2022. The average sold price was $831,211, 5% below last month; the average PSF sale price was $654, down 3% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$654 $831,211 $764,990 3.6 39 141
$772 $828,283 $719,000 900% 12 108
-15% 0.4% 6% -60% 225% 31%
$674 $879,470 $735,000 3.3 47 157
-17% -10%
4% 8%
-3% -5%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
33
144
157
134
152
141
137
28
104
100
108
114
99
92
92
60
49
47
40
36
49
39
28
46
42
31
9
12
11
$779K
$765K
$739K
$732K
$735K
$719K
$700K
$699K
$700K
$690K
$665K
$630K
$612K
Nov-22
Oct-23
Nov-23
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
40
4
23.0
4+ bdrms
13
30
9
3 bdrms
20
25
22
10
5.7
2 bdrms
4.8
68
3.7
3.0
2.1
2.0
1.0
0
4
<$600K $600-699K $700-799K $800-899K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 8 38 4.8 7 15 2.1 6 22 3.7 3 17 5.7 7 7 1.0 5 15 3.0 2 4 2.0 1 23 23.0
<2 bdrms
35
Copyright © December 13, 2023 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 13, 2023. All data from Northwest Multiple Listing Service & 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 ●
seattle PREVIOUSLY - OWNED CONDO - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 3.7 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 7% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 6% VS 2022
▲ 2.0% VS 2022
▼ 4% VS 2022
▼ 16% VS 2022
There were 411 condo listings in Seattle in November, 16% below October and 2.0% higher than November 2022. November condo sales decreased by 21% month-over-month, to 112, and were 16% below November 2022. The months of inventory for condos in Seattle, at 3.7, reflected a sellers' market. The condo median price in November was $487,500, a 7% decrease from October and 6% above November 2022. The average sold price was $563,683, 9% below last month; the average PSF sale price was $619, down 1.4% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 133 403
% Change
No. 142 489
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
112 411
7% -4% 6% 21% -16% 2%
-1.4% -9% -7% 7% -21% -16%
$619 $563,683 $487,500 3.7
$579 $589,793 $459,000 303%
$628 $618,337 $524,500 3.4
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
519
26
489
407
403
453
373
430
411
21
318
21
332
265
263
200
191
241
175
158
142
111
177
133
150
151
112
118
85
$525K
$525K
$500K
$503K
$495K
$488K
$478K
$482K
$477K
$475K
$472K
$459K
$462K
Nov-22
Oct-23
Nov-23
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
100
1
24.0
4+ bdrms
80
9
60
7
3 bdrms
26
40
10.0
52
2 bdrms
5.7
20
190
3.8
3.0
3.0
2.9
2.8
2.5
0
52
<$400K $400-$499K $500-$599K $600-699K $700-799K $800-899K $800-999K $1.0M-1.24M $1.25M + MOI INVENTORY SALES 2 20 10.0 5 14 2.8 6 18 3.0 2 48 24.0 30 91 3.0 31 76 2.5 16 61 3.8 9 51 5.7 11 32 2.9
<2 bdrms
186
Copyright © December 13, 2023 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 13, 2023. All data from Northwest Multiple Listing Service & 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 ●
bellevue RESIDENTIAL - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 1.4 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 3% VS 2022
▲ 11% VS 2022
▼ 34% VS 2022
▼ 3% VS 2022
There were 96 residential listings in Bellevue in November, 25% below October and 34% lower than November 2022. November residential sales decreased by 28% month-over-month, to 68, and were 3% below November 2022. The months of inventory for residential in Bellevue, at 1.4, reflected a sellers' market. The residential median price in November was $1,733,000, a 7% increase from October and 11% above November 2022. The average sold price was $2,011,071, 9% below last month and up 3% to November 2022.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
68 96
$1,946,584 $1,561,000 209% 70 146
3% 11% -32% -3% -34%
$2,208,408 $1,623,000 1.4 94 128
-28% -25%
$2,011,071 $1,733,000 1.4
-9% 7% 4%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
152
13
142
146
128
128
144
108
104
99
94
91
106
84
100
96
96
73
89
85
70
59
73
68
68
62
7
7
34
$1.96M
$1.83M
$1.74M $1.85M
$1.68M
$1.66M $1.53M
$1.64M $1.65M $1.62M $1.73M
$1.56M
$1.37M
Nov-22
Oct-23
Nov-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
50
5.1
40
30
3.0
20
2.0
2.0
1.6
10
0.4
0.4
0.4
0.4
0
<$600K
$600K-799K
$800K-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M +
MOI INVENTORY SALES
1 3 3.0
1 2 2.0
9 4 0.4
13 5 0.4
11 4 0.4
8 3 0.4
8 13 1.6
8 16 2.0
9 46 5.1
Copyright © December 13, 2023 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 13, 2023. All data from Northwest Multiple Listing Service & 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
bellevue PREVIOUSLY - OWNED CONDO - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 2.1 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 7% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 7% VS 2022
▼ 5% VS 2022
▼ 7% VS 2022
▼ 7% VS 2022
There were 63 condo listings in Bellevue in November, 11% below October and 7% lower than November 2022. November condo sales decreased by 12% month-over-month, to 30, and were 7% above November 2022. The months of inventory for condos in Bellevue, at 2.1, reflected a sellers' market. The condo median price in November was $601,750, a 0.8% decrease from October and 7% below November 2022. The average sold price was $712,977, 10% below last month; the average PSF sale price was $609, down 2% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
30 63
28 68
-7% -5% -7% -14% 7% -7%
34 71
-2% -10% -0.8% 0.6% -12% -11%
$609 $712,977 $601,750 2.1
$658 $750,723 $646,000 243%
$623 $794,437 $606,500 2.1
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
78
27
71
68
24
63
67
55 46
55
52
51
56
44
53
49
39
47
44
44
41
25
30
34
28
29
29
18
12
$765K
$700K
$685K
$681K
$675K
$660K
$646K
$610K
$607K
$602K
$565K
$536K
$485K
Nov-22
Oct-23
Nov-23
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
20
1
5.0
4+ bdrms
15
3.5
3.5
3
3.0
3 bdrms
11
10
1.6
1.5
1.2
1.0
18
2 bdrms
5
36
0
8
<2 bdrms
<$400K $400-$499K $500-$599K $600-699K $700-799K $800-899K $800-999K $1.0M-1.24M $1.25M + MOI INVENTORY SALES
16
4 6 1.5
6 6 1.0
5 8 1.6
5 6 1.2
2 7 3.5
1 3 3.0
1 0 n/a
2 7 3.5
4 20 5.0
Copyright © December 13, 2023 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 13, 2023. All data from Northwest Multiple Listing Service & 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. 11 ●
king county MARKET AREAS
Bellevue
Seattle
King County
© 2023 Mapbox © OpenStreetMap
Copyright © December 13, 2023 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 13, 2023. All data from Northwest Multiple Listing Service & 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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Copyright © 2023 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 13, 2023. All data from Northwest Multiple Listing Service & 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. 13
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