the seattle rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN KING COUNTY
published October 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 October 1, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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 • Therewere1,881closed M LS salesin KingCountyin Septem ber,a17% decline m onth-over-m onth thatwasgreaterthan thetypicalAugust-to-Septem berdeclineof10%. Sales weredown 2% relativetoSeptem ber2023 (1,925 sales). • Thism arked theslowestSeptem berforsalesgoingback to atleast2013.Relativeto theprior 10-yearSeptem beraverageof2,928 sales,activitywas36% below average. • Condo salesin Septem berwerethefurthestbelow average,down 47% to 231 sales.Single-fam ily hom esaleswere37% below average(to1,306)whiletownhom esaleswere22% below (to321).
KINGCOUNTY THERENNIEADVANCE sales
SEPTEMBER 2024
3,500
- vsSep 2023
3,000
2,500
2,000
2,063 10 yrSep Avg
1,500
1,000
1,306
SINGLE-FAMILY HOME sales
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500
- 37% vs10yrSep Avg
● Septem ber ﹍ 10 yrSeptem berAverage
- 5% vsSep 2023
800
600
414 10 yrSep Avg
400
321
TOWNHOME sales
200
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
- 22% vs10yrSep Avg
● Septem ber ﹍ 10 yrSeptem berAverage
800
- 12% vsSep 2023
600
400
433 10 yrSep Avg
200
CONDO sales
231
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
- 47% vs10yrSep Avg
● Septem ber ﹍ 10 yrSeptem berAverage
Inform ation and statisticsderived from NorthwestM ultipleListingService. Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofOctober1,2024.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 listingsrosein Septem berto3,477.Thiswasan increaseof14% from August,which w asgreaterthan thetypicalA ugust-to-Septem berincreaseof0.7% .O n ayear-over-yearbasis, new listingswereup 25%. • N ew listingsactivity rem ained below itstypicalSeptem berlevel,how ever,dow n 6% relativeto theprior10-yearSeptem beraverageof3,684 new listings. • N ew single-fam ilylistingswere14% below theirprior10-yearSeptem beraverage(to 2,214), whilenew townhom elistingswere23% aboveaverage(to639)and new condolistingswere8% aboveaverage(to 600).
KINGCOUNTY THERENNIEADVANCE new listings
SEPTEMBER 2024
4,000
+ 21% vsSep 2023
3,000
2,000
2,582 10 yrSep Avg
2,214
1,000
SINGLE-FAMILY HOME new listings
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
- 14% vs10yrSep Avg
● Septem ber ﹍ 10 yrSeptem berAverage
800
+ 30% vsSep 2023
600
639
400
522 10 yrSep Avg
200
TOWNHOME new listings
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
+ 23% vs10yrSep Avg
● Septem ber ﹍ 10 yrSeptem berAverage
800
+ 35% vsSep 2023
600
600
400
557 10 yrSep Avg
200
CONDO new listings
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
+ 8% vs10yrSep Avg
● Septem ber ﹍ 10 yrSeptem berAverage
Inform ation and statisticsderived from NorthwestM ultipleListingService. Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofOctober1,2024.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 • ActiveM LS listingsin KingCountywereup 8% m onth-over-overto4,727.Thism arked them ost inventoryin anym onth goingbacktoSeptem ber2022. • Activelistingswere1.3% below theprior10-yearSeptem beraverageof4,791.Thiswasentirely driven bysingle-fam ilylistings,which were24% below averageto 2,526.In contrast,townhom e inventorywas68% aboveaverage(to1,074)and condoinventorywas41% above(to1,095). • Theoveral m arketcontinued tofavorselerswith only2.5 m onthsofinventory(M O I)in Septem ber,though thiswasthehighestlevelsinceO ctober2018.Al hom etypeswerein selers’ m arketter itorylastm onth,with M O I’sof1.9 forsingle-fam ilyhom es,3.3 fortownhom es,and 4.7 forcondos.
KINGCOUNTY THERENNIEADVANCE inventory
•
SEPTEMBER 2024
+ 16% vsSep 2023
5,000
4,000
3,000
3,328 10 yrSep Avg
2,526
2,000
SINGLE-FAMILY HOME inventory
1,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
- 24% vs10yrSep Avg
● Septem ber ﹍ 10 yrSeptem berAverage
+ 58% vsSep 2023
1,000
1,074
800
600
640 10 yrSep Avg
400
TOWNHOME inventory
200
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
+ 68% vs10yrSep Avg
● Septem ber ﹍ 10 yrSeptem berAverage
+ 50% vsSep 2023
1,200
1,000
1,095
800
778 10 yrSep Avg
600
400
CONDO inventory
200
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
+ 41% vs10yrSep Avg
● Septem ber ﹍ 10 yrSeptem berAverage
Inform ation and statisticsderived from NorthwestM ultipleListingService. Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofOctober1,2024.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,King Countysaw an increaseof5% in m edian sold prices(averaged acros hom etypes).Them edian detached priceforsingle-fam ilyhom eswasdown 1.0%,while townhom epriceswereup 6% and condopriceswereup 11%. • Single-fam ilyhom epriceswere12% higherin Septem berrelativeto thesam em onth lastyear, whiletownhom epriceswere11% higherand condopriceswere14% higher. •
KINGCOUNTY THERENNIEADVANCE median prices
SEPTEMBER 2024
$1,200,000
KingCounty
$1,000,000
$1,035,000
$800,000
$600,000
+ 12% vsSep 2023
$400,000
SINGLE-FAMILY HOME median salesprice
$200,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0
● Septem ber
KingCounty
$800,000
$780,000
$600,000
$400,000
+ 11% vsSep 2023
TOWNHOME median salesprice
$200,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0
● Septem ber
$600,000
KingCounty
$500,000
$515,000
$400,000
$300,000
+ 14% vsSep 2023
$200,000
CONDO median salesprice
$100,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0
● Septem ber
Inform ation and statisticsderived from NorthwestM ultipleListingService. Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofOctober1,2024.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 October 1, 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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