the seattle rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR KING COUNTY
published February 2024
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 King County, overarching market conditions, and detailed county -and city-level stats.
02 INTRO
03 WHAT YOU NEED TO KNOW
04 KING COUNTY
07 SEATTLE
Bowen Pausey U.S. MARKET INTELLIGENCE MANAGER & SENIOR ANALYST bpausey@rennie.com
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
10 BELLEVUE
12 AREA MAP
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 February 7, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
making sense of cooling sales counts as the market heats up After tallying one of the lowest sales counts on record in January, an easy hot take on King County’s residential real estate market is that 2024 has started with a whimper. But dive deeper into the data and it’s clear there’s more than meets the eye than just fewer sales.
in January (the highest share in any month since February 2022). Given that condos are associated with lower-priced homes (versus their more expensive residential counterparts), this shifting composition of sales appears to be having an impact on the median sold price, pushing it down. A longer-term perspective reveals the median sold price being 5% higher than one year ago and, when broken down by home type, residential home and condo prices were 8% and 13% higher, respectively. Below the surface of falling sales counts, King County’s January data revealed a market that’s headed in the right direction insofar as (increased) activity is concerned, both on the buy and sell side, while prices have remained consistent. More options for buyers vis-a-vis an increase in inventory will encourage balance in the market, while the Fed cutting interest rates—projected to occur later this year so long as the economic data isn’t too salubrious—will have the effect of creating more market engagement. By the end of 2024, it’s possible that King County’s housing market won’t just be heating up—it could actually be warm to the touch.
Based on sales alone, you feel pretty confident saying that King County’s housing market didn’t get off to the hottest of starts to begin 2024. And while there is truth to this, a singular sales count statistic—just like a singular month or year—does not define a market. Indeed, as one dives deeper into the data, it’s clear that King County’s real estate market is, in fact, beginning to heat up. Let’s get a bit more specific. For starters, sales— which fell to 1,061 in January—were at their fourth-lowest level on record of any month—a notable observation in the wake of characterizing the market as “heating up”. Looking beyond this data point, however, reveals an 18% decrease in sales between December and January—a decline, yes, but the shallowest drop-off on record between the two months and well below the typical 33% decline tallied at this time of year. Interestingly, this high-level change in sales was not consistent across home types, with condo sales remaining relatively flat compared to last month and 26% higher than one year ago,
while residential homes were 22% lower and 7% lower, respectively.
A contributing factor to the low sales count in January 2024 was the lack of options for buyers. King County’s inventory of 1,930 homes for sale was one of the lowest on record and 30% below the past-decade January average. With this said, new listings are showing signs of growing this total, rising 130% from December and, although the base of this calculation is a December count of new listings that was the lowest on record, it was well above the 80% jump usually realized between these two months. So sales counts aren’t as suppressed as they appear at first blush, and inventory—while thin at the moment—will likely benefit from a continued influx of new listings. But what about prices? At $775,000, the median sold price decreased 3% month-over-month, but as noted above, the county’s condo segment was a lot more animated than was the residential one, accounting as it did for 27% of all sales
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 February 7, 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. 3
king county RESIDENTIAL - JANUARY 2 0 2 4
MONTHS OF INVENTORY 1.6 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 14% VS 2023
▲ 8% VS 2023
▼ 27% VS 2023
▼ 7% VS 2023
There were 1,258 residential listings in King County in January, 1.5% below December and 27% lower than January 2023. January residential sales decreased by 22% month-over-month, to 771, and were 7% below January 2023. The months of inventory for residential in King County, at 1.6, reflected a sellers' market. The residential median price in January was $864,000, a 1.2% increase from December and 8% above January 2023. The average sold price was $1,172,947, 4% above last month and up 14% to January 2023.
THIS MONTH No. $1,172,947 $864,000 1.6 771 1,258
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,030,157 $799,950 209% 831 1,735
14% 8% -22% -7% -27%
$1,127,994 $853,950 1.3 991 1,277
4% 1.2% 27% -22% -1.5%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
2,665
35
2,372
2,329
1,905 2,265
2,413
2,031
1,886
1,841
29
1,710
1,909
1,735
1,826
1,398
1,678
1,277
1,579
1,558
1,216
1,532
1,446
1,258
1,191
21
991
771
831
$940K
$919K
$910K
$900K
$900K
$895K
$879K
$875K
$864K
$850K
$854K
$800K
$809K
Jan-23
Dec-23
Jan-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
300
5.2
250
3.6
200
150
2.3
1.9
1.8
1.5
1.5
1.4
100
1.3
0.9
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
136 126 0.9
201 310 1.5
144 222 1.5
95 121 1.3
56 109 1.9
40 55 1.4
24 56 2.3
31 57 1.8
17 61 3.6
27 141 5.2
Copyright © February 7, 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 February 7, 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.
●
4
king county NEW CONSTRUCTION CONDO - JANUARY 2 0 2 4
MONTHS OF INVENTORY 3.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 44% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 21% VS 2023
▲ 25% VS 2023
▲ 38% VS 2023
▲ 286% VS 2023
There were 209 condo listings in King County in January, 5% above December and 38% higher than January 2023. January condo sales decreased by 21% month-over-month, to 54, and were 286% above January 2023. The months of inventory for condos in King County, at 3.9, reflected a sellers' market. The condo median price in January was $859,500, a 1.1% increase from December and 25% above January 2023. The average sold price was $925,765, 12% below last month; the average PSF sale price was $871, 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
$871 $925,765 $859,500 3.9 54 209
$604 $763,999 $686,500 1079% 14 151
-64% 286% 38%
$901 $1,052,882 $850,087 2.9 68 199
-3% -12% 1.1% 32% -21% 5%
44% 21% 25%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
38
220
243
239
209
220
202
199
195
153
171
151
161
138
24
78
67
68
64
63
47
54
64
63
59
55
51
17
14
$910K
$850K
$860K
$806K
$790K
$769K
$738K
$735K
$732K
$700K
$700K
$687K
$690K
Jan-23
Dec-23
Jan-24
▶ 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.
8
40
11.0
4+ bdrms
21
30
7.3
7
3 bdrms
35
20
4.0
3.5
3.0
3.0
3.0
21
2 bdrms
10
105
1.3
0
18
<$600K $600-699K $700-799K $800-899K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 4 44 11.0 11 38 3.5 5 20 4.0 6 44 7.3 9 27 3.0 3 9 3.0 12 15 1.3 4 12 3.0
<2 bdrms
48
Copyright © February 7, 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 February 7, 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. 5 ●
king county PREVIOUSLY - OWNED CONDO - JANUARY 2 0 2 4
MONTHS OF INVENTORY 2.0 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 1.1% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 9% VS 2023
▲ 9% VS 2023
▲ 9% VS 2023
▼ 1.3% VS 2023
There were 463 condo listings in King County in January, 1.7% below December and 1.3% lower than January 2023. January condo sales increased by 3% month-over-month, to 236, and were 9% above January 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 216 469
% Change
No. 229 471
% Change
The months of inventory for condos in King County, at 2.0, reflected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
236 463
1.1% 9% 9% -10% 9% -1.3%
-0.1% -3% 3% -5% 3% -1.7%
The condo median price in January was $478,750, a 3% increase from December and 9% above January 2023. The average sold price was $553,043, 3% below last month; the average PSF sale price was $510, down 0.1% to last month.
$510 $553,043 $478,750 2.0
$504 $506,943 $440,000 217%
$510 $573,013 $465,000 2.1
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
840
883
42
39
709
672
752
711
554
612
499
569
456
469
463
395
377
471
463
454
323
429
299
404
387
25
236
216
229
$510K
$500K
$495K
$499K
$490K
$490K
$485K
$479K
$475K
$465K
$465K
$450K
$440K
Jan-23
Dec-23
Jan-24
▶ 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.
120
4
6.2
4+ bdrms
100
9
80
42
3.5
3 bdrms
54
60
3.0
2.9
2.0
1.9
40
1.6
1.5
1.5
129
2 bdrms
236
20
0
61
<2 bdrms
<$400K $400-$499K $500-$599K $600-699K $700-799K $800-899K $800-999K $1.0M-1.24M $1.25M + MOI INVENTORY SALES 78 115 1.5 52 76 1.5 41 66 1.6 18 54 3.0 14 40 2.9 12 23 1.9 6 12 2.0 6 21 3.5 9 56 6.2
164
Copyright © February 7, 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 February 7, 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. 6 ●
seattle RESIDENTIAL - JANUARY 2 0 2 4
MONTHS OF INVENTORY 2.0 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 13% VS 2023
▲ 4% VS 2023
▼ 9% VS 2023
▼ 9% VS 2023
There were 546 residential listings in Seattle in January, 0.6% above December and 9% lower than January 2023. January residential sales decreased by 8% month-over-month, to 267, and were 9% below January 2023. The months of inventory for residential in Seattle, at 2.0, reflected a sellers' market. The residential median price in January was $830,000, a 1.2% decrease from December and 4% above January 2023. The average sold price was $1,047,294, 7% above last month and up 13% to January 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No. 294 599
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
267 546
-9% -9%
291 543
7% -1.2% 10% -8% 0.6%
$1,047,294 $830,000 2.0
$975,712 $840,000 1.9
$930,780 $800,000 204%
13% 4% 0.4%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
998
29
29
897
841
736
735
825
812 552
676
646
706
440 566
678
599
538
21
546
471
577
548
420
543
462
267
294
291
$910K
$912K
$900K
$885K
$875K
$883K
$880K
$865K
$850K
$840K
$830K
$800K
$800K
Jan-23
Dec-23
Jan-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
150
7.5
7.3
100
4.3
2.6
2.5
50
2.1
1.8
1.8
1.8
1.4
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
37 53 1.4
87 154 1.8
54 113 2.1
36 63 1.8
21 55 2.6
16 28 1.8
3 13 4.3
6 15 2.5
3 22 7.3
4 30 7.5
Copyright © February 7, 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 February 7, 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.
●
7
seattle NEW CONSTRUCTION CONDO - JANUARY 2 0 2 4
MONTHS OF INVENTORY 3.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 2.0% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.8% VS 2023
▲ 29% VS 2023
▲ 278% VS 2023
▼ 0.6% VS 2023
There were 134 condo listings in Seattle in January, 10% above December and 29% higher than January 2023. January condo sales decreased by 11% month-over-month, to 34, and were 278% above January 2023. The months of inventory for condos in Seattle, at 3.9, reflected a sellers' market. The condo median price in January was $752,000, a 1.7% increase from December and 1.8% above January 2023. The average sold price was $833,363, 16% below last month; the average PSF sale price was $658, down 20% 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
$658 $833,363 $752,000 3.9 34 134
$645 $838,444 $739,000 1156% 9 104
2% -0.6% 1.8% -66% 278% 29%
$825 $995,960 $739,475 3.2 38 122
-20% -16% 1.7% 23% -11% 10%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
37
144
140
156
134
151
134
136
122
100
104
114
28
99
92
60
49
47
40
38
36
49
46
34
42
39
31
9
$779K
10
$765K
$752K
$739K
$739K
$732K
$735K
$700K
$699K
$700K
$690K
$630K
$612K
Jan-23
Dec-23
Jan-24
▶ 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.
35
7
30
22.0
4+ bdrms
10
25
6
20
3 bdrms
23
15
10
16
2 bdrms
4.8
4.0
68
3.7
3.5
5
3.0
2.0
1.4
0
5
<$600K $600-699K $700-799K $800-899K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 9 33 3.7 4 12 3.0 6 29 4.8 5 20 4.0 2 4 2.0 5 7 1.4 2 7 3.5 1 22 22.0
<2 bdrms
33
Copyright © February 7, 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 February 7, 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. 8 ●
seattle PREVIOUSLY - OWNED CONDO - JANUARY 2 0 2 4
MONTHS OF INVENTORY 3.3 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 4% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 5% VS 2023
▲ 2% VS 2023
▲ 19% VS 2023
▲ 2% VS 2023
There were 289 condo listings in Seattle in January, 7% above December and 19% higher than January 2023.
January condo sales decreased by 4% month-over-month, to 87, and were 2% above January 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in Seattle, at 3.3, reflected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$598 $577,100 $485,000 3.3 87 289
$622 $548,425 $475,000 286% 85 243
-4% 5% 2% 16% 2% 19%
$588 $625,693 $470,000 3.0 91 270
1.7% -8% 3% 12% -4% 7%
The condo median price in January was $485,000, a 3% increase from December and 2% above January 2023. The average sold price was $577,100, 8% below last month; the average PSF sale price was $598, up 1.7% to last month.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
520
59
490
55
412
409
454
375
432
320
334
289
243
270
265
200
191
175
36
158
142
177
150
151
87
85
118
112
91
$525K
$525K
$500K
$503K
$495K
$488K
$485K
$478K
$482K
$477K
$475K
$472K
$470K
Jan-23
Dec-23
Jan-24
▶ 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.
60
1
9.8
4+ bdrms
4
50
8.0
40
4
3 bdrms
25
30
4.7
4.4
4.3
3.3
2.9
20
2.7
47
2.1
2 bdrms
127
10
0
35
<2 bdrms
<$400K $400-$499K $500-$599K $600-699K $700-799K $800-899K $800-999K $1.0M-1.24M $1.25M + MOI INVENTORY SALES
133
22 60 2.7
23 49 2.1
14 40 2.9
9 40 4.4
8 26 3.3
3 14 4.7
1 8 8.0
3 13 4.3
4 39 9.8
Copyright © February 7, 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 February 7, 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. 9 ●
bellevue RESIDENTIAL - JANUARY 2 0 2 4
MONTHS OF INVENTORY 1.6 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 15% VS 2023
▲ 16% VS 2023
▲ 9% VS 2023
▼ 33% VS 2023
There were 60 residential listings in Bellevue in January, 8% below December and 33% lower than January 2023. January residential sales decreased by 38% month-over-month, to 37, and were 9% above January 2023. The months of inventory for residential in Bellevue, at 1.6, reflected a sellers' market. The residential median price in January was $1,935,000, a 7% increase from December and 16% above January 2023. The average sold price was $2,390,686, 7% above last month and up 15% to January 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
37 60
34 89
15% 16% -38% 9% -33%
60 65
7% 7% 50% -38% -8%
$2,390,686 $1,935,000 1.6
$2,230,486 $1,815,000 1.1
$2,082,190 $1,664,500 262%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
152
42
42
142
128
128
103 144
108
99
94
91
106
84
100
89
96
73
85
65
73
60
68
68
62
60
37
34
18
$1.96M
$1.83M
$1.82M $1.94M
$1.74M $1.85M
$1.68M
$1.66M $1.53M
$1.64M $1.65M $1.62M $1.73M
Jan-23
Dec-23
Jan-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
35
30
6.0
25
20
2.9
15
10
1.4
0.8
0.5
0.5
0.5
5
0.2
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 0 n/a
2 1 0.5
5 1 0.2
5 4 0.8
2 1 0.5
4 2 0.5
5 7 1.4
2 12 6.0
11 32 2.9
Copyright © February 7, 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 February 7, 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.
●
10
bellevue PREVIOUSLY - OWNED CONDO - JANUARY 2 0 2 4
MONTHS OF INVENTORY 1.7 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 10% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 39% VS 2023
▼ 2% VS 2023
▼ 2% VS 2023
▼ 5% VS 2023
There were 42 condo listings in Bellevue in January, 19% below December and 5% lower than January 2023. January condo sales increased by 25% month-over-month, to 25, and were 39% above January 2023. The months of inventory for condos in Bellevue, at 1.7, reflected a sellers' market. The condo median price in January was $525,000, a 33% decrease from December and 2% below January 2023. The average sold price was $614,360, 29% below last month; the average PSF sale price was $565, down 21% 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
25 42
18 44
-10% -2% -2% -31% 39% -5%
20 52
-21% -29% -33% -35% 25% -19%
$565 $614,360 $525,000 1.7
$627 $629,452 $535,844 244%
$713 $865,012 $780,000 2.6
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
78
51
71
63
67
55 46
55
52
51
56
44
53
52
44
39
47
42
44
41
30
34
25
29
29
20
18
20
18
$780K
$765K
$700K
$685K
$681K
$675K
$660K
$610K
$607K
$602K
$536K
$525K
$485K
Jan-23
Dec-23
Jan-24
▶ 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.
9.0
8
4+ bdrms
6
4
3 bdrms
8
4
3.0
10
1.8
2 bdrms
1.3
2
26
1.0
1.0
0.8
0.6
0
11
<2 bdrms
<$400K $400-$499K $500-$599K $600-699K $700-799K $800-899K $800-999K $1.0M-1.24M $1.25M + MOI INVENTORY SALES
8
6 5 0.8
5 3 0.6
5 9 1.8
1 1 1.0
0 3 n/a
3 4 1.3
2 2 1.0
2 6 3.0
1 9 9.0
Copyright © February 7, 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 February 7, 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. 11 ●
king county MARKET AREAS
Bellevue
Seattle
King County
© 2024 Mapbox © OpenStreetMap
Copyright © February 7, 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 February 7, 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. 12 ●
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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 February 7, 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. 13
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