the seattle rennie advance | May 2024

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

published May 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

Bowen Pausey U.S. MARKET INTELLIGENCE MANAGER & SENIOR ANALYST bpausey@rennie.com

06 MEDIAN PRICES

07 RENNIE INTELLIGENCE

Copyright © May 1, 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 May 1, 2024. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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

highlights • Thenum berofM LS salesacros KingCountyroseto2,241in April,up 14% from lastyear(the largestyear-over-yearincreasesinceJuly 2021).Com pared to lastm onth,totalsalesw ereup 10% , with single-fam ilyhom eand condo salesrising 16% and 1.4% ,respectively,whiletownhom esales dippedby2%. • Thatsaid,April’ssalescountrem ained below thepast-decadeaverageforthem onth,by22%, continuing ayear-and-a-halftrend ofbelow -averagesalescounts.W hilethisbelow -average perform ancehasbeen aconsistentfeatureofthesingle-fam ilyand condo m arkets,townhom e saleshavenow been only1% below theirpast-decadeaverageforthreeconsecutivem onths. • W ith 6,971 salesacros thefirstfourm onthsof2024,salesactivityin KingCountyhassurpas ed thatof2023 by5%,though itisstil 24% below the10-yearJanuary-Aprilaverageof9,120.

KINGCOUNTY THERENNIEADVANCE sales

APRIL2024

3,500

+ 14% vsApr2023

3,000

2,500

2,000

2,019 10 yrAprAvg

1,500

1,532

1,000

SINGLE-FAMILY HOME sales

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

- 24% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

+ 15% vsApr2023

800

600

414 10 yrAprAvg

400

411

TOWNHOME sales

200

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

- 1% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

800

+ 11% vsApr2023

600

400

429 10 yrAprAvg

298

200

CONDO sales

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

- 31% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

Copyright© May1,2024renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofMay1,2024.Aldatafrom NorthwestMultipleListing Service& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycan otbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociates advisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

highlights • April’s3,472new M LS listingswere15% higherthan in M arch,rem ainingabove3,000forthe second consecutivem onth (thefirsttim ethishashappened sinceJune2023).O n ayear-over-year basis,new listingsw ereup 35% ,w hich w asrelatively consistentacros hom etypes. • N ew listingsalso m oved closerto their10-yearaverage,siting only10% lowerin April;outsideof February ofthisyear,thisw astheclosestam onth hasbeen to itspast-decadeaveragesince Septem ber2022.Thisbeingsaid,thereissom evariation when considered byhom etypes: single-fam ilyand condo new listingswere18% and 1.4% below their10-yearaverages, respectively,whiletownhom eswere27% higher.

KINGCOUNTY THERENNIEADVANCE new listings

APRIL2024

4,000

+ 33% vsApr2023

3,000

2,000

2,762 10 yrAprAvg

2,265

1,000

SINGLE-FAMILY HOME new listings

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

- 18% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

800

+ 40% vsApr2023

600

645

400

508 10 yrAprAvg

200

TOWNHOME new listings

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

+ 27% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

800

+ 40% vsApr2023

600

562

400

570 10 yrAprAvg

200

CONDO new listings

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

- 1% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

●

highlights • Thanksin partto risingnew listings,inventoryin KingCountyreached 2,591 in April,itshighest levelsinceO ctober2023.Thism arked a15% increasein inventorycom pared to M arch,though it wason parwith lastApril’slevel(onlybeinglowerby0.4%). • Them onth-over-m onth expansion in inventoryoc ur ed relativelyevenlyacros hom etypeslast m onth,at13% forsingle-fam ilyhom esand up to17% forcondos.Therewassom edivergencein expansion when com pared toApril2023,with single-fam ilyhom einventorysiting15% lower and townhom eand condoinventorybeing9% and 37% higher,respectively. • O veral,inventorywas26% below thepast-decadeaverage.Single-fam ilyhom es(which com posed overhalftheinventoryin KingCountyin April)was45% below the10-yearaverage,while townhom eand condoinventorieswere27% and 19% higher,respectively.

KINGCOUNTY THERENNIEADVANCE inventory

•

APRIL2024

- 15% vsApr2023

5,000

4,000

3,000

2,463 10 yrAprAvg

2,000

SINGLE-FAMILY HOME inventory

1,000

1,343

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

- 45% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

+ 9% vsApr2023

1,000

800

600

441 10 yrAprAvg

560

400

TOWNHOME inventory

200

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

+ 27% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

+ 37% vsApr2023

1,200

1,000

800

576 10 yrAprAvg

600

688

400

CONDO inventory

200

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

+ 19% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

●

highlights • Com pared to lastm onth,m edian sold pricesfel acros al hom etypesin April.Single-fam ily hom eand townhom epricesdecreased 0.5% and 1.3% ,respectively,m arking thefirst m onth-over-m onth decreaseforboth hom etypessinceJanuaryofthisyear.Condopricesfel by 1.0%,m arking thesecond consecutivem onth-over-m onth decrease. • Aprilm arked theseventh consecutivem onth wherethem edian pricesfortownhom esand condos in KingCountywereabovewheretheywerethistim elastyear(both by8%).Thesingle-fam ily hom em edian pricewas15% aboveApriloflastyear,thesixth consecutivem onth of year-over-yearincreasesand thethird w ith double-digitincreases.

KINGCOUNTY THERENNIEADVANCE median prices

APRIL2024

•

$1,200,000

KingCounty

$1,000,000

$1,045,000

$800,000

$600,000

+ 15% vsApr2023

$400,000

SINGLE-FAMILY HOME median salesprice

$200,000

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

● April

KingCounty

$800,000

$775,000

$600,000

$400,000

+ 8% vsApr2023

TOWNHOME median salesprice

$200,000

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

● April

$600,000

KingCounty

$500,000

$490,000

$400,000

$300,000

+ 8% vsApr2023

$200,000

CONDO median salesprice

$100,000

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

● April

●

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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