the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR SEATTLE AND BELLEVUE
published February 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 12 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 February 10, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
Little relief for King County home buyers in January
The total number of homes for sale in King County fell to a new record low in January... again. That makes it three straight months in which the previous month’s record was broken, as options for buyers dwindle and sales retreat to a decade-low.
In many ways, our local housing market here in King County began 2022 where it left off in 2021, with conditions continuing to strongly favor sellers. And for the fourth consecutive month, the total number of homes for sale declined, as supply is constrained at such a historically low level that it appears to be limiting sales counts. Specifically, the total number of homes for sale fell by 5% in January—and, notably, from an already record low total (the data goes back to 2006). This decline in inventory brought the total homes for sale to just 1,236 by the end of the month, a level that was 55% lower than in January 2021, and the third consecutive month that King County saw its record broken. The previous
low-water mark for homes for sale in King County prior to 2021 was 2,445 (set in December 2017); January’s total comes in at close to half of that amount. As mentioned, closed sales took a bit of a breather in January, with last month’s 1,587 MLS transactions being 22% lower than one year ago and 8% lower than the past 10-year January average. January’s total represents the fewest number of closed sales recorded in King County in any month since January 2012. Interestingly, while the number of closed sales was down compared to the past decade, it still exceeded the total number of homes for sale at the end of the month. This put the overall months-of-inventory figure for King County at just 0.8, which
is the eleventh consecutive month our local housing market has had less than one month’s worth of homes available for sale. As we look ahead, it’s worth noting that the typical seasonal pattern in the early part of the year is one of rising inventory. King County, however, has yet to see homes for sale rise so far in 2022, and is starting from a point where it is so dramatically supply- constrained that it will take more than a month or two of rising supply to alter overall market dynamics. So without a major influx of homes for sale, expect this tight sellers’ market to continue into the spring market and beyond.
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 February 10, 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
king county
RES IDENT IAL - JANUARY 2022
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
12 % UP
7 % UP
57 % DOWN
25 % DOWN
-
0.5 SELLER’S
There were 506 residential homes for sale in King County in January, 2% above last month and 57% lower vs January 2021. Residential closed sales were down 43% month- over-month, to 1,096, and were 25% lower year-over-year. There was 0.5 months of inventory for residen- tial homes in January, reflecting seller’s market conditions. The median sold price in January was $782,707, 4% below December and 7% higher vs last year. The average sold price for residential homes was $1.02M, 5% lower month-over-month and 12% above January of last year.
VS 2021
VS 2021
VS 2021
VS 2021
VS 2021
1R
1R
&KDQJH
1R
&KDQJH
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
-DQ
'HF
-DQ
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
. . . 0 0 0 0 0
Copyright © 2021 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 10, 2022. All data from Northwest Multiple Listing Serivce & 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 CONDO - JANUARY 2022
MEDIAN PRICE
AVERAGE PRICE
AVERAGE PSF PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
13 % UP
13 % UP
15 % UP
68 % DOWN
12 % DOWN
0.7 SELLER’S
The number of condo homes for sale in King County, at 284, was down 15% month-over-month, and was 68% below last year. January’s condo closed sales, at 403, were 33% below last month, and 12% lower than last year. There was 0.7 months of inventory for condos in January, reflecting seller’s market conditions. The condo median sold price in January was $465,000, up 1.3% month-over-month, and up 13% year-over-year. The average sold price was $575,631 with an aver- age PSF sales price of $536 (up 13% and up 15%, respectively, vs December).
VS 2021
VS 2021
VS 2021
VS 2021
VS 2021
1R
1R
&KDQJH
1R
&KDQJH
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
NUMBER OF BEDROOMS ›
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
CLOSED SALES HOMES FOR SALE
EGUPV
EGUPV
. . . . 0 0 0 0
EGUPV
Copyright © 2021 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 10, 2022. All data from Northwest Multiple Listing Serivce & 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
seattle
RES IDENT IAL - JANUARY 2022
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
27 % DOWN
0.6 % DOWN
65 % DOWN
0.7 % UP
-
0.5 SELLER’S
The number of residential homes for sale in Seattle in January, at 203, was 5% lower month-over-month and 65% lower year-over-year. With 408 in January, residential closed sales were 43% lower month-over-month, and 27% lower year-over-year. There was 0.5 months of inventory for residen- tial homes in January, reflecting seller’s market conditions. The median sold price in January was $775,000, 6% below December, and 0.6% lower vs January 2021. The average sold price was $902,120, 6% lower than last month and 0.7% higher than January 2021.
VS 2021
VS 2021
VS 2021
VS 2021
VS 2021
1R
1R
&KDQJH
1R
&KDQJH
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
-DQ
'HF
-DQ
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE ›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
. . . 0 0 0 0 0
Copyright © 2021 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 10, 2022. All data from Northwest Multiple Listing Serivce & 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
NEW CONSTRUCT ION CONDO - JANUARY 2022
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
35 % UP
35 % DOWN
20 % DOWN
11 % DOWN
37 % DOWN
2.4 SELLER’S
There were 64 new construction condo homes for sale in Seattle in January, 4% below December, and 37% lower than January 2021. January’s new construction condo closed sales were 21% lower month-over-month (at 27), and were up 35% year-over-year. There was 2.4 months of inventory in January, reflecting sellers’ market conditions. The new construction condo median sold price in January was $685,000, 1.5% above December, and 11% below vs January 2021. The average sold price was $728,394, 5% below last month; the average PSF sales price was $770, down 6% from last month.
VS 2021
VS 2021
VS 2021
VS 2021
VS 2021
1R
1R
&KDQJH
1R
&KDQJH
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
NUMBER OF BEDROOMS
›
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
CLOSED SALES HOMES FOR SALE
EGUPV
EGUPV
EGUPV
. . . . 0 0 0 0 QD QD
Copyright © 2021 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 10, 2022. All data from Northwest Multiple Listing Serivce & 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
PREVIOUSLY OWNED CONDO - JANUARY 2022
AVERAGE PRICE
AVERAGE PSF PRICE 5 % UP
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
21 % UP
1.8 % DOWN
4 % UP
67 % DOWN
0.9 SELLER’S
There were 159 previously owned condo homes for sale in Seattle in January, 21% below December and 67% lower vs January 2021. January’s previously owned condo closed sales decreased by 20% month-over-month (to 177), but were up 21% year-over-year. There was 0.9 months of inventory in January, reflecting seller’s market conditions. The previously owned condo median sold price in January was $455,000, 1.1% below December and 1.8% lower than January 2021. The average sold price was $560,978, 7% above last month; the average PSF sales price was $596, up 2% from last month.
VS 2021
VS 2021
VS 2021
VS 2021
VS 2021
1R
1R
&KDQJH
1R
&KDQJH
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
NUMBER OF BEDROOMS
›
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
CLOSED SALES HOMES FOR SALE
EGUPV
EGUPV
. . . . 0 0 0 0
EGUPV
Copyright © 2021 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 10, 2022. All data from Northwest Multiple Listing Serivce & 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
bellevue
RES IDENT IAL - JANUARY 2022
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
34 % UP
16 % UP
47 % DOWN
29 % DOWN
-
0.4 SELLER’S
There were 19 residential homes for sale in the Bellevue market area in January, 73% above last month, and 47% lower vs January 2021. Residential closed sales decreased by 40% month-over-month, to 44, and were 29% lower year-over-year. There was 0.4 months of inventory for residen- tial homes in January, reflecting seller’s market conditions. The median sold price in January was $1.71M, 4% above December, and 16% higher vs last year. The average sold price for residential homes was $2.32M, 6% higher month-over-month and 34% above January of last year.
VS 2021
VS 2021
VS 2021
VS 2021
VS 2021
1R
1R
&KDQJH
1R
&KDQJH
RATIO OF MEDIAN PRICES ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
(MILLIONS)
-DQ
'HF
-DQ
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
. . . 0 0 0 0 0 QD QD QD QD
Copyright © 2021 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 10, 2022. All data from Northwest Multiple Listing Serivce & 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
NEW CONSTRUCT ION CONDO - JANUARY 2022
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY 0 BALANCED
MARKET SUMMARY ›
100 % DOWN 200 % UP
37 % DOWN
38 % DOWN
47 % DOWN
The number of new construction condo homes for sale in Bellevue, at 0, was 100% below December, and 100% lower year-over-year. January’s new construction condo closed sales, at 9, was 13% higher than last month’s 8 sales and 200% higher than January 2021. There was 0 months of inventory in January, reflect- ing seller’s market conditions. The new construction condo median sold price in January was $1.5M, up 14% vs December, and down 47% from January 2021. The average sold price was $1.47M with an average PSF sales price of $829 (up 12% and 2%, respective- ly, vs December).
VS 2021
VS 2021
VS 2021
VS 2021
VS 2021
1R
1R
&KDQJH
1R
&KDQJH
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
NUMBER OF BEDROOMS ›
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
CLOSED SALES HOMES FOR SALE
EGUPV
EGUPV
. . . . 0 0 0 0 QD QD QD QD QD QD QD QD
EGUPV
Copyright © 2021 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 10, 2022. All data from Northwest Multiple Listing Serivce & 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 - JANUARY 2022
AVERAGE PRICE
AVERAGE PSF PRICE
MEDIAN PRICE
HOMES FOR SALE
CLOSED SALES
MONTHS OF INVENTORY
MARKET SUMMARY ›
33 % UP
79 % DOWN
49 % UP
28 % UP
71 % DOWN
0.9 SELLER’S
The number of previously owned condo homes for sale in Bellevue, at 13, was up 225% month-over- month, and down 79% vs last year. January’s previously owned condo closed sales, at 15, were 58% below last month, and 71% lower than last year. There was 0.9 months of inventory in January, reflecting sellers’ market conditions. The previously owned condo median sold price in January was $650,000 up 20% vs December and up 33% vs January 2021. The average sold price was $783,867 with an aver- age PSF sales price of $586 (down 1.2% and up 28%, respectively, vs December).
VS 2021
VS 2021
VS 2021
VS 2021
VS 2021
1R
1R
&KDQJH
1R
&KDQJH
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND ›
CLOSED SALES
HOMES FOR SALE
MEDIAN PRICE
HOMES FOR SALE & CLOSED SALES BY PRICE RANGE
NUMBER OF BEDROOMS ›
›
CLOSED SALES
HOMES FOR SALE
MONTHS OF INVENTORY
CLOSED SALES HOMES FOR SALE
EGUPV
EGUPV
. . . . 0 0 0 0 QD QD
EGUPV
Copyright © 2021 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 10, 2022. All data from Northwest Multiple Listing Serivce & 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. 11
AREAS rennie review
KING COUNTY CITY OF SEATTLE CITY OF BELLEVUE
12 Copyright © 2021 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 10, 2022. All data from Northwest Multiple Listing Serivce & 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.
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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 February 10, 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. 13
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