the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR SEATTLE AND BELLEVUE
published October 2023
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
07 SEATTLE
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
10 BELLEVUE
12 AREA MAP
Copyright © 2023 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 16, 2023. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
sitting tight versus fight or flight High interest rates continue to weigh on King County’s housing market, with buyers pulling back at a time when more sellers are coming to market. These conditions have yielded declining home values and pushed inventory to its highest level in almost a year.
reaching its lowest level since March. Expect more price softening in the coming months as current conditions persist into the near- and medium- term. Buyers aren’t likely to return in great numbers until they receive some clarity about, and relief from, the Federal Reserve vis-a-vis stable, and then lower, interest rates. Meanwhile, as the impact of today’s high borrowing costs continue to cascade through the economy—slowing output and putting some pressure on the labor market— more homeowners, at the margin, may consider listing their homes, providing a modicum of buoyancy to the supply- side of our market.
We are now one and a half years into the Federal Reserve’s unprecedented rate-tightening cycle, and with interest rates at their highest level in two decades, both the economy and our local housing market have been surprisingly resilient to-date. But that’s starting to change, and for our housing market, that change has manifested in more buyers sitting on the sidelines and more sellers bringing listings to market—which means growing supply and downward pressure on prices. Fewer willing buyers translated to fewer transactions last month: there were 1,914 MLS sales in King County in September, which was the lowest monthly total since January, and the second consecutive monthly decline in sales. And while the typical seasonal pattern is fewer sales in September than in August, last month’s decrease of 14%
outpaces the typical decline of 10%. Additionally, September’s sales count was a whopping 38% less than the past- decade average and even 22% less than one year ago, when sales through the latter half of 2022 were historically low. More sellers and fewer buyers translated to more supply last month: there were 4,014 homes available for sale at the end of September, which was up 5% from August (compared to the usual increase of 0.8%) and represents the highest total of any month since October of last year. It’s worth noting, however, that inventory remains 19% lower than one year earlier, and 36% below its long-run average. These changing market conditions have begun to impact home values, with the median sold price in King County declining in September (by 4%) and
Copyright © 2023 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 16, 2023. 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
king county RESIDENTIAL - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 2.0 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.4% VS 2022
▲ 2% VS 2022
▼ 25% VS 2022
▼ 24% VS 2022
There were 2,868 residential listings in King County in September, 1.8% above August and 25% lower than September 2022. September residential sales decreased by 15% month-over-month, to 1,446, and were 24% below September 2022. The months of inventory for residential in King County, at 2.0, reflected a sellers' market. The residential median price in September was $900,000, a 1.1% decrease from August and 2% above September 2022. The average sold price was $1,130,135, 6% below last month and up 1.4% to September 2022.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
1,446 2,868
201% 1,911 3,838
1.4% 2% -1.2% -24% -25%
1,710 2,817
-6% -1.1% 20% -15% 1.8%
$1,130,135 $900,000 2.0
$1,201,021 $910,000 1.6
$1,114,686 $880,000
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
17
3,838
3,479
2,906
2,884
2,796
2,868
2,817
2,211
2,528
1,905
2,343
2,215
1,710
1,911
1,579
1,972
1,380
1,849
1,826
1,446
1,678
1,633
1,146
10
1,532
1,191
831
7
$940K
$919K
$907K
$910K
$900K
$900K
$880K
$875K
$850K
$830K
$820K
$800K
$809K
Sep-22
Aug-23
Sep-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
600
6.5
500
400
4.2
300
2.7
2.1
1.9
200
1.8
1.8
1.7
1.6
1.5
100
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
246 357 1.5
337 609 1.8
245 507 2.1
180 283 1.6
146 256 1.8
91 153 1.7
69 132 1.9
55 149 2.7
33 138 4.2
44 284 6.5
Copyright © October 16, 2023 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 16, 2023. 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 - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 4.0 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 4% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.6% VS 2022
▲ 66% VS 2022
▲ 21% VS 2022
▼ 9% VS 2022
There were 257 condo listings in King County in September, 16% above August and 66% higher than September 2022. September condo sales increased by 25% month-over-month, to 64, and were 21% above September 2022. The months of inventory for condos in King County, at 4.0, reflected a sellers' market. The condo median price in September was $732,475, a 0.7% decrease from August and 9% below September 2022. The average sold price was $888,984, 8% above last month; the average PSF sale price was $665, down 1.5% 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
$665 $888,984 $732,475 4.0 64 257
$692 $875,068 $806,950 292% 53 155
-4% 1.6% -9% 37% 21% 66%
$676 $826,744 $737,500 4.3 51 221
25% 16%
-1.5% 8% -0.7% -7%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
15
257
238
221
216
175
174
164
164
194
184
155
153
148
9
78
63
64
47
43
42
53
63
59
55
51
14
25
4
$867K
$807K
$790K
$769K
$759K
$735K
$738K
$732K
$695K
$700K
$700K
$687K
$690K
Sep-22
Aug-23
Sep-23
▶ 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
10
50
6.3
4+ bdrms
6.0
35
5.2
5.1
5.0
40
4.6
12
3 bdrms
30
55
2.7
20
1.7
36
2 bdrms
10
105
0
6
<$600K $600-699K $700-799K $800-899K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES
<2 bdrms
11 55 5.0
16 27 1.7
8 41 5.1
6 31 5.2
9 24 2.7
5 23 4.6
3 18 6.0
6 38 6.3
62
Copyright © October 16, 2023 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 16, 2023. 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 - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 2.2 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 3% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 6% VS 2022
▼ 3% VS 2022
▼ 5% VS 2022
▼ 20% VS 2022
There were 889 condo listings in King County in September, 12% above August and 5% lower than September 2022. September condo sales decreased by 11% month-over-month, to 404, and were 20% below September 2022. The months of inventory for condos in King County, at 2.2, reflected a sellers' market. The condo median price in September was $498,500, a 0.7% increase from August and 6% above September 2022. The average sold price was $573,628, 15% below last month; the average PSF sale price was $524, down 8% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 502 940
% Change
No. 456 797
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
404 889
-3% -3% 6% 18% -20% -5%
-8% -15% 0.7% 26% -11% 12%
$524 $573,628 $498,500 2.2
$543 $590,976 $470,000 187%
$569 $675,499 $495,000 1.7
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
15
940
889
929
793
785
767
13
797
620
703
650
499
463
456
502
557
395
508
10
500
404
429
416
287
387
330
323
216
$500K
$499K
$495K
$485K
$490K
$490K
$475K
$470K
$471K
$449K
$450K
$447K
$440K
Sep-22
Aug-23
Sep-23
▶ 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.
10
7.3
200
4+ bdrms
22
150
62
3 bdrms
3.7
115
100
2.3
2.1
2.1
2.1
2.0
1.9
1.8
225
2 bdrms
50
444
0
107
<2 bdrms
<$400K $400-$499K $500-$599K $600-699K $700-799K $800-899K $800-999K $1.0M-1.24M $1.25M + MOI INVENTORY SALES
308
126 222 1.8
80 167 2.1
57 111 1.9
48 94 2.0
31 64 2.1
21 49 2.3
15 31 2.1
11 41 3.7
15 110 7.3
Copyright © October 16, 2023 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 16, 2023. 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 - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 2.3 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.7% VS 2022
▼ 4% VS 2022
▼ 15% VS 2022
▼ 23% VS 2022
There were 1,075 residential listings in Seattle in September, 10% above August and 15% lower than September 2022. September residential sales decreased by 16% month-over-month, to 462, and were 23% below September 2022. The months of inventory for residential in Seattle, at 2.3, reflected a sellers' market. The residential median price in September was $899,975, a 1.9% increase from August and 1.7% above September 2022. The average sold price was $1,053,298, 2.0% below last month and down 4% to September 2022.
THIS MONTH No. $1,053,298 $899,975 2.3 462 1,075
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,099,866 $885,000 212% 597 1,267
-4% 1.7% 10% -23% -15%
552 981
-2% 1.9% 31% -16% 10%
$1,074,295 $883,000 1.8
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
14
1,267
1,158
1,029
1,012
1,075
976
863
981
801
920
646
10
730 399
552
680
678
597
668 538
470
577
548
536
462
440
7
294
$906K
$910K
$900K
$885K
$885K
$883K
$875K
$875K
$883K
$865K
$850K
$800K
$800K
Sep-22
Aug-23
Sep-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
300
8.9
250
7.7
200
150
100
2.9
2.4
2.3
2.3
2.2
2.2
2.2
1.4
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
57 124 2.2
118 283 2.4
102 231 2.3
76 105 1.4
41 90 2.2
24 53 2.2
15 44 2.9
16 37 2.3
6 46 7.7
7 62 8.9
Copyright © October 16, 2023 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 16, 2023. 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 - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 3.1 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 12% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 44% VS 2022
▲ 40% VS 2022
▼ 6% VS 2022
▼ 14% VS 2022
There were 154 condo listings in Seattle in September, 8% above August and 44% higher than September 2022. September condo sales increased by 7% month-over-month, to 49, and were 40% above September 2022. The months of inventory for condos in Seattle, at 3.1, reflected a sellers' market. The condo median price in September was $689,950, a 6% decrease from August and 14% below September 2022. The average sold price was $800,062, 1.3% below last month; the average PSF sale price was $680, up 0.3% 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
$680 $800,062 $689,950 3.1 49 154
$772 $847,921 $799,990 306% 35 107
-12% -6% -14% 3% 40% 44%
$677 $810,992 $732,470 3.1 46 143
7% 8%
0.3% -1.3% -6% 1.1%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
13
154
142
150
124
143
115
114
112
125
107
114
103
99
60
9
40
49
36
49
28
46
26
35
42
12
31
9
5
$800K
$785K
$779K
$739K
$732K
$719K
$700K
$699K
$700K
$690K
$665K
$630K
$612K
Sep-22
Aug-23
Sep-23
▶ 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.
40
6
5.7
4+ bdrms
14
5.0
4.7
4.3
30
3.8
3.7
6
3 bdrms
29
2.6
20
1.3
31
10
2 bdrms
66
0
6
<$600K $600-699K $700-799K $800-899K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES
<2 bdrms
11 42 3.8
15 19 1.3
7 26 3.7
3 13 4.3
5 13 2.6
3 14 4.7
2 10 5.0
3 17 5.7
45
Copyright © October 16, 2023 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 16, 2023. 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 - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 3.6 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 5% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.0% VS 2022
▲ 10% VS 2022
▼ 9% VS 2022
▼ 29% VS 2022
There were 537 condo listings in Seattle in September, 11% above August and 10% higher than September 2022. September condo sales decreased by 14% month-over-month, to 151, and were 29% below September 2022. The months of inventory for condos in Seattle, at 3.6, reflected a sellers' market. The condo median price in September was $477,000, a 4% decrease from August and 1.0% above September 2022. The average sold price was $530,377, 19% below last month; the average PSF sale price was $596, down 11% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 214 489
% Change
No. 175 485
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
151 537
-5% -9% 1% 56% -29% 10%
-11% -19% -4% 28% -14% 11%
$596 $530,377 $477,000 3.6
$629 $581,509 $472,500 229%
$666 $657,529 $495,000 2.8
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
18
537
495
476
489
456
420
420
485
16
16
352
371
288
282
200
261
191
214
175
158
133
151
111
177
152
150
118
85
$525K
$500K
$503K
$495K
$480K
$478K
$482K
$477K
$473K
$475K
$472K
$459K
$462K
Sep-22
Aug-23
Sep-23
▶ 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
1
24+
4+ bdrms
12
100
80
4
3 bdrms
41
60
8.0
40
79
2 bdrms
5.5
4.8
244
3.8
3.2
3.1
20
2.7
2.3
0
67
<2 bdrms
<$400K $400-$499K $500-$599K $600-699K $700-799K $800-899K $800-999K $1.0M-1.24M $1.25M + MOI INVENTORY SALES 52 122 2.3 33 106 3.2 18 69 3.8 20 62 3.1 13 35 2.7 6 29 4.8 4 22 5.5 3 24 8.0 2 68 34.0
240
Copyright © October 16, 2023 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 16, 2023. 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 - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 2.3 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 5% VS 2022
▲ 0.1% VS 2022
▼ 1.5% VS 2022
▼ 17% VS 2022
There were 193 residential listings in Bellevue in September, 1.5% below August and 1.5% lower than September 2022. September residential sales decreased by 17% month-over-month, to 85, and were 17% below September 2022. The months of inventory for residential in Bellevue, at 2.3, reflected a sellers' market. The residential median price in September was $1,651,000, a 1.0% increase from August and 0.1% above September 2022. The average sold price was $2,008,780, 0.9% above last month and up 5% to September 2022.
THIS MONTH No. $2,008,780 $1,651,000 2.3 85 193
PREVIOUS MONTH No.
PREVIOUS YEAR
No. 102 196
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
5% 0.1% 18% -17% -1.5%
103 196
0.9% 1% 19% -17% -1.5%
$1,990,877 $1,635,000 1.9
$1,920,603 $1,650,000 192%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
21
196
184
193
196
194
193
159
134
158
139
106
103
91
102
114
113
111
73
85
68
84
59
73
70
62
34
7
6
$1.96M
$1.83M
$1.74M $1.85M
$1.68M
$1.65M $1.61M $1.56M
$1.66M $1.53M
$1.64M $1.65M
$1.37M
Sep-22
Aug-23
Sep-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
60
10.0
50
40
5.6
30
3.5
20
3.0
2.3
1.4
1.3
10
1.1
0.9
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 3 3.0
1 10 10.0
14 15 1.1
15 20 1.3
14 12 0.9
9 13 1.4
10 23 2.3
10 35 3.5
11 62 5.6
Copyright © October 16, 2023 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 16, 2023. 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 - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 1.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 13% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▼ 13% VS 2022
▼ 15% VS 2022
▼ 17% VS 2022
▼ 2% VS 2022
There were 82 condo listings in Bellevue in September, 9% above August and 17% lower than September 2022. September condo sales decreased by 14% month-over-month, to 44, and were 2% below September 2022. The months of inventory for condos in Bellevue, at 1.9, reflected a sellers' market. The condo median price in September was $681,000, a 0.9% increase from August and 15% below September 2022. The average sold price was $836,133, 21% below last month; the average PSF sale price was $621, down 12% 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
44 82
45 99
-13% -13% -15% -15% -2% -17%
51 75
-12% -21% 0.9% 27% -14% 9%
$621 $836,133 $681,000 1.9
$712 $965,040 $800,000 220%
$705 $1,059,979 $674,900 1.5
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
22
99
92
82
75
68
64
73
60
67
65
51
47
56
15
39
45
51
51 29
44
46
41
25
33
29
28
11
18
$800K
$765K
$700K
$685K
$681K
$675K
$660K
$646K
$610K
$565K
$551K
$536K
$485K
Sep-22
Aug-23
Sep-23
▶ 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.
25
1
4.0
4.0
4+ bdrms
20
7
15
2.3
2.3
2.2
3 bdrms
11
1.6
1.3
1.3
10
29
0.5
2 bdrms
48
5
0
7
<2 bdrms
<$400K $400-$499K $500-$599K $600-699K $700-799K $800-899K $800-999K $1.0M-1.24M $1.25M + MOI INVENTORY SALES
23
3 7 2.3
7 9 1.3
8 4 0.5
6 8 1.3
5 11 2.2
5 8 1.6
1 4 4.0
3 7 2.3
6 24 4.0
Copyright © October 16, 2023 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 16, 2023. 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 ●
king county MARKET AREAS
Bellevue
Seattle
King County
© 2023 Mapbox © OpenStreetMap
Copyright © October 16, 2023 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 16, 2023. 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 © 2023 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 16, 2023. 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. 13
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