the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR SEATTLE AND BELLEVUE
published November 2022
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
06 SEATTLE
Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com
Ryan Wyse SENIOR ANALYST rwyse@rennie.com
09 BELLEVUE
11 AREA MAP
Copyright © 2022 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 November 9, 2022. All data from Real Estate Board of Greater Vancouver and Fraser Valley & 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
The rains may have come, but the extended sales drought isn’t yet done Sales counts in King County failed to reach the 3,000 threshold for the fourth consecutive month in October. And with the typically slower months of November and December still ahead of us, the current slowdown may become more pronounced than anything we’ve seen over the past two years.
Given the four months—and counting—of suppressed sales counts, one might expect that inventory would be on the rise and that market conditions would favor buyers. In such a case, one would be wrong: once again in October, total listings were restrained, having actually fallen to 5,219. This may be 90% higher than the record-low October inventory of 2021, but it remains 21% below the long-run average for the month. This lack of supply in the face of almost- absent demand has not yielded balanced conditions in the market, with the overall months-of-inventory ratio increasing to just 2.5 in October (fewer than four months is considered a sellers’ market; 4-6 months a balanced market; and and 6+ months a buyers’ market). Having noted what we expect to be the typical slowdown of buying and selling in the winter and what will be another Federal Reserve interest rate increase on December 14th, we feel certain that our current market dynamics will prevail into early 2023, at the very least.
If it seems like we’ve been highlighting muted MLS sales counts throughout King County for a few months now, well, it’s because we have. The economic dynamics governing our market conditions in the second half of 2022 remain present to this day: persistently high inflation and rising interest rates continue to sideline demand while our robust labor market has served to keep supply in check. As a result, market activity was relatively stagnant in October, setting us up for a slowdown like we haven’t seen in a few years. The typical pattern of change in MLS sales counts in King County between September and October is one of increase. This year, however, total sales were 14% lower last month than in the previous, whereas we normally see an 11% increase at this time of year. Further, the actual number of sales we saw in October fell far short of the norm:
the 2,107 transactions were 30% below the past 10-year October average and 40% below those of October 2021. The overall County- wide MLS sales count failed to surpass the 3,000-mark for the fourth consecutive month—something that hasn’t happened since early in 2020. Based on typical seasonal patterns for November, we’re likely to finish with fewer than 3,000 sales again this month, with a similar outcome all but certain in December, too. Notably, then, if our market does in fact fail to deliver 3,000 sales in either of the final two months of 2022, we will begin 2023 having registered six consecutive months of sub-3,000 sales, the most protracted period of slow sales in years (our market failed to reach 3,000-sales mark over a ten-month period beginning in the fall of 2019 and extending into the summer of 2020).
Copyright © 2022 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 November 9, 2022. All data from Real Estate Board of Greater Vancouver and Fraser Valley & 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
kingcounty
RESIDENTIAL-OCTOBER202
AVERAGEPSF PRICE - VS 2021
HOMES FOR SALE
MONTHS OF INVENTORY 2.2 SELLERS' MARKET
▶ MARKETSUMMARY Thenum berofresidentialhom esforsalein KingCountyin October,at3,369,was12% lowerthan lastm onth and 140% higherthan lastyear. W ith 1,557 in O ctober,residentialclosed sales were15% lowerm onth-over-m onth,and 42% dow n year-over-year. Therewas2.2m onthsofinventoryfor residentialhom esin O ctober,reflecting selers'm arketconditions. Them edian sold pricein O ctoberwas $900,000,2% aboveSeptem ber,and 9% above vsOctober2021. Theaveragesold price forresidentialhom es was$1,118,225,0.3% abovelastm onth and 4% higherthan lastyear.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▲ 4% VS 2021
▲ 9% VS 2021
▲ 140% VS 2021
▼ 42% VS 2021
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
No. % Change
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
1,557 3,369
1,836 3,847
0.3% 2% 3% -15% -12%
2,666 1,403
311% -42% 140%
$1,118,225 $900,000 2.2
$1,114,626 $880,000 2.1
$1,076,250 $826,645 0.5
4% 9%
-
- -
-
-
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
1.81 1.85
1.74
$826,645
$999,900
$815,000
$925,000 $900,000 $900,000
$869,500
3,847
3,826
3,418
3,514
3,369
2,666
2,568 2,502
2,405
2,381
2,209
1,935
2,278
1,871 2,049 1,836
1,1061,264
1,773
1,557
1,403
1,156
790
763
537 597
O ct.-21 Sep.-22 O ct.-22
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
5.8
800
5.4
600
400
2.6
2.3
2.2
2.2
1.7
200
1.4
0
<$600K $600-799K $800-999K $1.0-1.49M $1.5-1.99M $2.0-2.49M $2.5-2.99M
$3M+
360 252 1.4
798 365 2.2
662 283 2.3
652 378 1.7
368 141 2.6
158 71 2.2
151 26 5.8
220 41 5.4
M onthsofInv. Closed Sales H om esforSale
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofNovem ber9,202 .Aldatafrom NorthwestMultipleListingService & Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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4
kingcounty CONDO -OCTOBER202
AVERAGEPSF PRICE
HOMES FOR SALE ▲ 52% VS 2021
MONTHS OF INVENTORY 2.5 SELLERS' MARKET
▶ MARKETSUMMARY Therewere1,100 new construction condo hom esforsalein KingCountyin O ctober, 1.0% lowerthan Septem berand 52% higher than October2021. O ctober'snew construction condo closed sales were15% lowerm onth-over-m onth (at448), and weredown 39% year-over-year. Therewere2.5m onthsofinventoryin O ctober,reflecting selers'm arketconditions. Thenew construction condom edian sold price in Octoberwas$487,475,0.5% above Septem ber,and 3% abovevsO ctober2021. Theaveragesold pricewas$596,099,0.2% abovelastm onth,theaveragePSF salesprice was$536,down 2% from lastm onth
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▲ 3% VS 2021
▲ 4% VS 2021
▼ 39% VS 2021
▲ 4% VS 2021
PREVIOUSMONTH
PREVIOUSYEAR
THISMONTH No. $536 $596,099 $487,475 2.5 448 1,100
No. % Change
731 725 148% -39% 52% No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
$549 $594,692 $485,000 2.1 530 1,111
-2% 0.2% 0.5% 17% -15% -1.0%
$513 $574,494 $475,000 1.0
4% 4% 3%
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$644 $638
$520,000 $525,000 $505,000
$536
$485,000 $487,475
$513
$475,000 $460,000
1,100
1,111
1,073 1,023
969
714 752 671
725
724
691
731
601
557
554
567 530
448
669
405
543
517
467
347 306 369
KING COUNTY SEAT LE
▶ NUMBEROFBEDROOMS
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
● CLOSED SALES ● HOMESFORSALE
400
12.5
97
3+ bdrms
206
300
234
200
2 bdrms
5.9
554
4.6
100
3.3
2.7
2.3
117
1.8
1.5
<2 bdrms
340
0
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
210 136 1.5
358 157 2.3
227 69 3.3
118 44 2.7
65 14 4.6
30 17 1.8
41 7 5.9
50 4 12.5
M onthsofInv. Closed Sales H om esforSale
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofNovem ber9,202 .Aldatafrom NorthwestMultipleListingService & Rennie.W hiletheinform ationand datacontainedhereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshouldand canbeobtained from arennieandas ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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5
seatle
RESIDENTIAL-OCTOBER202
AVERAGEPSF PRICE - VS 2021
HOMES FOR SALE
MONTHS OF INVENTORY 2.2 SELLERS' MARKET
▶ MARKETSUMMARY
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
Thenum berofresidentialhom esforsalein Seatlein O ctober,at1,115,was11% lower than lastm onth and 73% higherthan lastyear. W ith 512 in O ctober,residentialclosed sales were9% lowerm onth-over-m onth,and 44% dow n year-over-year. Therewas2.2m onthsofinventoryfor residentialhom esin O ctober,reflecting selers'm arketconditions. Them edian sold pricein O ctoberwas $910,500,2% aboveSeptem ber,and 9% above vsOctober2021.
▲ 3% VS 2021
▲ 9% VS 2021
▲ 73% VS 2021
▼ 44% VS 2021
THISMONTH No. $1,068,741 $910,500 2.2 512 1,115 -
PREVIOUSMONTH
PREVIOUSYEAR
No. % Change
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
$1,104,871 $890,955 2.2 563 1,249
-3% 2% -1.8% -9% -11%
920 643
212% -44% 73%
$1,042,245 $835,000 0.7
3% 9%
Theaveragesold pricewas$1,068,741,3% below lastm onth and 3% higherthan lastyear.
- -
-
-
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
1.82 1.77
1.67
$996,000 $965,000
$910,000 $910,500
$900,000
$835,000 $823,450
1,074
1,018 1,249
1,115
924
841
920
827
803
780
716
845
655
643
668
410 477
569
563
512
500
357
340
289
225
216
O ct.-21 Sep.-22 O ct.-22
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
300
9.8
200
4.0
100
2.9
2.4
2.1
1.8
1.7
1.5
0
<$600K $600-799K $800-999K $1.0-1.49M $1.5-1.99M $2.0-2.49M $2.5-2.99M
$3M+
95 56 1.7
300 124 2.4
264 127 2.1
223 127 1.8
116 40 2.9
40 26 1.5
28 7 4.0
49 5 9.8
M onthsofInv. Closed Sales H om esforSale
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofNovem ber9,202 .Aldatafrom NorthwestMultipleListingService & Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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6
seatle NEW CONSTRUCTION CONDO -OCTOBER202
AVERAGEPSF PRICE
HOMES FOR SALE ▲ 36% VS 2021
MONTHS OF INVENTORY 5.1 BALANCED MARKET
▶ MARKETSUMMARY Therewere128 new construction condo hom esforsalein Seatlein O ctober,16% higherthan Septem berand 36% higherthan October2021. O ctober'snew construction condo closed sales were19% lowerm onth-over-m onth (at25), and weredown 19% year-over-year. Therewere5.1m onthsofinventoryin O ctober,reflecting balanced m arket conditions. Thenew construction condom edian sold price in Octoberwas$789,000,12% above Septem ber,and 0.6% abovevsO ctober2021. Theaveragesold pricewas$885,773,10% abovelastm onth,theaveragePSF salesprice was$756,up 0.3% from lastm onth
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▲ 0.6% VS 2021
▼ 4% VS 2021
▼ 19% VS 2021
▼ 18% VS 2021
PREVIOUSMONTH
PREVIOUSYEAR
THISMONTH No. $756 $885,773 $789,000 5.1 25 128
No. % Change
31 94 -18% -4% 0.6% 69% -19% 36% No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
$754 $807,375 $705,000 3.5 31 110
0.3% 10% 12% 44% -19% 16%
$923 $922,221 $784,000 3.0
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$784,000
$923
$819,990 $857,500
$756
$712,475 $789,000
$722,000
$690,000
$513 $536
128
101
110
94
94
92 96 90
89 95
78 74 81
31
52
18
31
12
39
25
34 40
36 35 28
28
SEAT LE KING COUNTY
▶ NUMBEROFBEDROOMS
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
● CLOSED SALES ● HOMESFORSALE
12.0
9
40
3+ bdrms
32
30
8
2 bdrms
6.0
6.0
20
57
5.0 5.4
4.7
10
8
2.0
1.5
<2 bdrms
39
0
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
2 1 2.0
24 4 6.0
40 8 5.0
27 5 5.4
14 3 4.7
3 2 1.5
6 1 6.0
12 1 12.0
M onthsofInv. Closed Sales H om esforSale
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofNovem ber9,202 .Aldatafrom NorthwestMultipleListingService & Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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7
seatle
PREVIOUSLY-OW NED CONDO -OCTOBER202
AVERAGEPSF PRICE
HOMES FOR SALE ▲ 16% VS 2021
MONTHS OF INVENTORY 3.4 SELLERS' MARKET
▶ MARKETSUMMARY Therewere505previouslyowned condo hom esforsalein Seatlein O ctober,0.8% higherthan Septem berand 16% higherthan October2021. O ctober'spreviously ow ned condo closed sales were27% lowerm onth-over-m onth (to150), and weredown 36% year-over-year.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▼ 1% VS 2021
▼ 1.3% VS 2021
▼ 36% VS 2021
▲ 2% VS 2021
PREVIOUSYEAR
THISMONTH No.
PREVIOUSMONTH
Therewere3.4m onthsofinventoryin O ctober,reflecting selers'm arketconditions.
234 435 1.8% -0.5% -1.3% 81% -36% 16% No. % Change
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
150 505
205 501
-1.1% -2% 2% 38% -27% 0.8%
Thepreviouslyowned condom edian sold pricein Octoberwas$480,000,2% above Septem ber,and 1% below vsO ctober2021. Theaveragesold pricewas$566,524,2% below lastm onth,theaveragePSF salesprice was$618,down 1.1% from lastm onth
$618 $566,524 $480,000 3.4
$607 $569,527 $486,250 1.9
$625 $578,990 $470,000 2.4
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$607
$618
$497,000
$490,000 $485,000
$486,250
$480,000
$495,000
$460,000
$513 $536
523
505
501
466
471
435
335
312
256 297
221
217
304
234
176
256
263
252
220
213
222 205
197
162 175
150
SEAT LE KING COUNTY
▶ NUMBEROFBEDROOMS
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
● CLOSED SALES ● HOMESFORSALE
200
4
13.5
3+ bdrms
47
150
73
2 bdrms
100
240
5.8
4.2 4.1
50
3.0
73
2.4
2.1
<2 bdrms
0
218
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
M onthsofInv. Closed Sales H om esforSale
89 43 2.1
189 63 3.0
105 25 4.2
33 8 4.1
27 2 13.5
12 5 2.4
23 4 5.8
26 0
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofNovem ber9,202 .Aldatafrom NorthwestMultipleListingService & Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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8
belevue
RESIDENTIAL-OCTOBER202
AVERAGEPSF PRICE - VS 2021
HOMES FOR SALE ▲ 385% VS 2021
MONTHS OF INVENTORY 2.4 SELLERS' MARKET
▶ MARKETSUMMARY Thenum berofresidentialhom esforsalein Belevuein O ctober,at189,was4% lower than lastm onth and 385% higherthan last year. W ith 79 in O ctober,residentialclosed sales were19% lowerm onth-over-m onth,and down 32% year-over-year. Therewas2.4m onthsofinventoryfor residentialhom esin O ctober,reflecting selers'm arketconditions. Them edian sold pricein O ctoberwas $1,480,000,10% below Septem ber,and 8% below vsO ctober2021. Theaveragesold pricewas$1,892,812,1% below lastm onth,and 10% lowerthan last year.
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
▼ 8% VS 2021
▼ 10% VS 2021
▼ 32% VS 2021
PREVIOUSYEAR
PREVIOUSMONTH
THISMONTH No. $1,892,812 $1,480,000 2.4 79 189 -
No. % Change
No. % Change
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
$2,104,634 $1,600,000 0.3 117 39 -
-10% -8% 618% -32% 385%
$1,920,943 $1,650,000 2.0 97 197
-1.5% -10% 18% -19% -4%
-
- -
▶ RATIO OFMEDIAN PRICES
▶ HISTORICALTREND
● RESIDENTIAL-TO-CONDO
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
2.40
2.34
2.24
$1,835,000 $1,870,230
$2,110,609
$1,600,000
$1,480,000
$1,600,000 $1,650,000
199
189
197
177
189
117
125
102
103
104
97
95
73
77 73
123
79
44 47
92
15
13
54
39
20 31
O ct.-21 Sep.-22 O ct.-22
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
60 70
7.6
50
6.0
40
30
2.8
2.5
20
2.1
1.5
0 10
1.2
<$600K $600-799K $800-999K $1.0-1.49M $1.5-1.99M $2.0-2.49M $2.5-2.99M
$3M+
M onthsofInv. Closed Sales H om esforSale
3 2 1.5
6 1 6.0
43 36 1.2
36 13 2.8
15 6 2.5
25 12 2.1
61 8 7.6
0 1
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofNovem ber9,202 .Aldatafrom NorthwestMultipleListingService & Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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belevue
PREVIOUSLY-OW NED CONDO -OCTOBER202
AVERAGEPSF PRICE
HOMES FOR SALE
MONTHS OF INVENTORY 2.9 SELLERS' MARKET
▶ MARKETSUMMARY
AVERAGEPRICE
MEDIAN PRICE
CLOSED SALES
Therewere87previouslyowned condohom esfor salein Seatlein O ctober,11% lowerthan Septem berand 295% higherthan October2021. O ctober'spreviously ow ned condo closed sales were32% lowerm onth-over-m onth (to30),and weredown 50% year-over-year.
▼ 18% VS 2021
▼ 5.0% VS 2021
▲ 295% VS 2021
▼ 50% VS 2021
▲ 2% VS 2021
THISMONTH No.
PREVIOUSMONTH
PREVIOUSYEAR
Therewere2.9m onthsofinventoryin O ctober, reflecting selers'm arketconditions.
No. % Change
60 22 691% -50% 295% No. % Change
30 87
HOMESFORSALE CLOSED SALES MONTHSOFINVENTORY MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF
44 98
-10% -27% -25% 30% -32% -11%
Thepreviouslyowned condom edian sold pricein Octoberwas$550,000,25% below Septem ber, and 5% below vsOctober2021. Theaveragesold pricewas$666,805,27% below lastm onth,theaveragePSF salespricewas$623, down 10% from lastm onth
$623 $666,805 $550,000 2.9
$695 $917,655 $737,500 2.2
$609 $814,511 $579,000 0.4
2% -18% -5%
▶ AVERAGEPERSQUAREFOOTPRICE
▶ HISTORICALTREND
● CLOSED SALES ● HOMESFORSALE ● MEDIAN PRICE
$623
$609
$761,000
$752,000
$513 $536
$735,000 $675,000
$579,000
$550,000
$540,000
98
77 106
87
50 91
61 58 58
60 62
44
39
36
33
53
52
30
14
16
4
22
12 16 23 27
SEAT LE KING COUNTY
▶ NUMBEROFBEDROOMS
▶ HOMESFORSALE&CLOSEDSALESBYPRICERANGE
SEL ERS'MARKET <4
BALANCED 4-6
BUYERS'MARKET 6+
● CLOSED SALES ● HOMESFORSALE ● MONTHSOFINVENTORY
● CLOSED SALES ● HOMESFORSALE
30
6.0
6.0
5
3+ bdrms
15
20
3.8
18
3.2
3.0
2 bdrms
50
10
1.8
7
<2 bdrms
0
22
<$400K $400-599K $600-799K $800-999K $1.0-1.249M $1.25-1.49M $1.5-1.99M $2M +
6 2 3.0
29 16 1.8
19 6 3.2
15 4 3.8
6 1 6.0
6 1 6.0
M onthsofInv. Closed Sales H om esforSale
2 0
4 0
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofNovem ber9,202 .Aldatafrom NorthwestMultipleListingService & Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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renniereview
AREAS
Copyright© 202 renniegroup ofcom panies.Alrightsreserved.Thism aterialm aynotbereproduced ordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroup ofcom panies.CurentasofNovem ber9,202 .Aldatafrom NorthwestMultipleListingService & Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsasthe recipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontained withinthisreportshould notbeused asanopinionofvalue,suchopinionsshould and canbeobtained from arennieand as ociatesadvisor.Alinform ation issubjecttochangeand anypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroup ofcom panies.E.&O.E.
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Copyright © 2022 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 November 9, 2022. All data from Real Estate Board of Greater Vancouver and Fraser Valley & 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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