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 ●
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