the seattle rennie advance | August 2024

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

published August 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

Information and statistics derived from Northwest Multiple Listing Service. Copyright © August 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 August 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.

highlights • Closed M LS salesin KingCountyincreased m arginalyin July,up 1.9% m onth-over-m onth to 2,478.Theincreasewasatypicalforthistim eofyearwith salesusualycontracting 5% between Juneand July. • Com pared to lastyear,salesw ereup 14% year-over-year.Single-fam ily hom essaw thelargest increase(up 18% to1,756),folowed bycondos(up 13% to325),whiletownhom esalesdeclined 2% to367. • Forthelasttwo years,salescountsin King Countyhaverem ained below theirpast10-year average,and Julywasno exception,faling 26% short.Al hom etypessaw below averagesalesled bycondos(-32%),folowed bysingle-fam ilyhom es(-26%)and townhom es(-17%).

KINGCOUNTY THERENNIEADVANCE sales

JULY 2024

3,500

+ 18% vsJul2023

3,000

2,500

2,000

2,384 10 yr JulAvg

1,500

1,756

1,000

SINGLE-FAMILY HOME sales

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

- 26% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

- 2% vsJul2023

800

600

442 10 yr JulAvg

400

367

TOWNHOME sales

200

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

- 17% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

800

+ 13% vsJul2023

600

400

479 10 yr JulAvg

325

200

CONDO sales

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

- 32% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

Inform ation and statisticsderived from NorthwestM ultipleListingService. Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofAugust1,2024.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 listingsdecreased forthesecond consecutivem onth folowing fiveconsecutive m onth-over-m onth increasesto begin theyear.N ew listingsfel 12% between Juneand July(to 3,268),m orethan thetypicalJune-to-Julydecreaseof8%.Thatsaid,new listingswereup 20% com pared to lastyear,m arking seven consecutivem onthsofyear-over-yearincreases. • Sim ilarto sales,new listingsw ere19% below theirpast-decadeJuly average(w hich has categorized m uch ofthelasttw o years).Looking athom etypes,new listingsforsingle-fam ily hom eswere23% below theirlong-run averageand condoswere18% below,whilenew townhom e listingswere0.6% above.

KINGCOUNTY THERENNIEADVANCE new listings

JULY 2024

4,000

+ 19% vsJul2023

3,000

2,000

2,863 10 yr JulAvg

2,200

1,000

SINGLE-FAMILY HOME new listings

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

- 23% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

800

+ 20% vsJul2023

600

562

400

559 10 yr JulAvg

200

TOWNHOME new listings

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

+ 1% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

800

+ 20% vsJul2023

600

480

400

588 10 yr JulAvg

200

CONDO new listings

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

- 18% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

highlights • At4,533 in July,totalinventoryin KingCountyrose13% m onth-over-m onth and reached its highestlevelsinceSeptem ber2022 (4,844).Acros hom etypes,condoinventoryof1,001 achieved itshighestlevelsinceN ovem ber2020 and townhom einventoryof949 reached its highestlevelon record.Single-fam ilyhom einventoryof2,548 also had anotableincreasein July, rising to itshighestlevelsinceO ctober2022. • O n ayear-over-yearbasis,totalinventory hasincreased by double-digitsin each ofthelastthree m onths,rising 41% in July (thelargestyear-over-yearincreasesinceM arch 2023).Condo inventoryrose63% com pared tolastyear,townhom es59%,and single-fam ilyhom es29%.

KINGCOUNTY THERENNIEADVANCE inventory

•

JULY 2024

+ 29% vsJul2023

5,000

4,000

3,000

3,309 10 yr JulAvg

2,548

2,000

SINGLE-FAMILY HOME inventory

1,000

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

- 23% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

+ 59% vsJul2023

1,000

949

800

600

598 10 yr JulAvg

400

TOWNHOME inventory

200

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

+ 59% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

+ 63% vsJul2023

1,200

1,000

1,001

800

735 10 yr JulAvg

600

400

CONDO inventory

200

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

+ 36% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

highlights • A fterboth realizing m onth-over-m onth decreasesin June,them edian sold priceforsingle-fam ily hom esand condosrose2% and 1.0%,respectively,in July.Townhom epricesdipped by2.0% between Juneand July. • July’ssingle-fam ily hom epricesw ere12% abovelastyear,m arking fiveyear-over-year double-digitincreasesin thelastsixm onths.Townhom eand condopriceswereboth up by8%, each registering ten m onthsofconsecutiveyear-over-yearincreases. •

KINGCOUNTY THERENNIEADVANCE median prices

JULY 2024

$1,200,000

KingCounty

$1,000,000

$1,050,000

$800,000

$600,000

+ 12% vsJul2023

$400,000

SINGLE-FAMILY HOME median salesprice

$200,000

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

● July

KingCounty

$800,000

$782,000

$600,000

$400,000

+ 8% vsJul2023

TOWNHOME median salesprice

$200,000

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

● July

$600,000

KingCounty

$500,000

$490,000

$400,000

$300,000

+ 8% vsJul2023

$200,000

CONDO median salesprice

$100,000

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

● July

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

Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7

Made with FlippingBook - professional solution for displaying marketing and sales documents online