the seattle rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR KING COUNTY
published August 2024
table of contents
02 INTRO
03 WHAT YOU NEED TO KNOW
MARKET AREA PROFILES
Each month, we release the rennie review, a detailed look at the real estate marketplace in King County. This report examines our take on the latest NWMLS data, overarching market conditions, and detailed sub-market stats.
04 King County 07 Ballard/Green Lake 10 Bellevue East of 405 13 Bellevue West of 405 15 Belltown/Downtown Seattle 16 Burien/Normandy Park 19 Capitol Hill/Central Seattle 22 Des Moines 25 Eastside South 28 Kent 31 Kirkland 34 Lake Forest Park 35 Mercer Island 36 North Seattle 39 Queen Anne/Magnolia 42 Renton 45 Richmond Beach/Shoreline 46 SODO/Beacon Hill 48 Southeast Seattle 50 West Seattle 53 Snohomish Count 56 Pierce County
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
59 AREA MAPS
61 GLOSSARY
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 August 6, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
hanging on for better rates ahead Sales in King County remained well below typical levels in July, but a small June-to-July increase suggests a market that is holding steady despite tough economic conditions. With the odds of a September rate cut increasing, tough conditions could be easing soon.
function of depressed single-family home listings which, even though they reached their highest level since October 2022, remained 23% below their prior 10-year average. On the other hand, townhome inventory was 59% above average and reached its highest level on record with 949 homes for sale in July. Condo inventory of 1,001 homes was 36% above average and reached its highest level since November 2020. The dynamics between sales and inventory in July culminated in a market with 1.8 months of inventory in July—still tight conditions that have put upward pressure on prices. The median sold price of a single-family home in King County (at $1.05M) was 12% above last year, while the townhome price (at $782,000) and the median price of a condo ($490,000) were both 8% higher than July 2023. As the collective anticipation continues to build for relief in the form of a rate cut, the start of August has already seen some encouraging signs. According to Freddie Mac, the 30-year fixed- rate mortgage had fallen to 6.47% in the week ending in August 8, 2024—its lowest level in more than a year. With many residents of King County having been sidelined, awaiting their downsize, upsize, or first home purchase, and a rate cut due in September if current economic trends continue, the market is positioned for what should be quite an active fall—and August could signal an early start.
Over the past month, we’ve seen inflation edge lower (in both the Consumer Price Index and Personal Consumption Expenditures price index measures) and a weak jobs report that signaled a cooling US economy. This has created mounting pressure for a September rate cut from the Federal Reserve, with the markets expecting as much: as of the writing of this commentary, two-thirds of respondents to the CME FedWatch tool are predicting a cut of 50 basis points at the September 18th meeting, with all remaining respondents expecting a 25 basis point cut. This would certainly assist both home buyers and sellers who continue to battle the “ lock-in effect ”, with mortgage rates at elevated levels not seen since the early 2000s. With respect to last month, the 30-year fixed- rate mortgage hovered between 6.73% and 6.95% according to Freddie Mac. Typically, we begin the rennie review commentary focused on the local elements affecting King County’s housing market, but the macroeconomic environment is top of mind for many residents and played an important role in keeping the
market cool during the region’s hottest month.
On this topic, activity remained cool in July with 2,478 MLS sales coming in 26% below the prior 10-year July average of 3,327. All home types saw considerably suppressed activity led by condos where sales came in 32% below average and followed by single-family homes and townhomes at 26% and 17% below average, respectively. That said, while the market remained cool from a historical perspective, there were some signs of warmth in July with sales increasing 1.9% month-over-month against a typical June-to-July decline of 5%. Furthermore, relative to July 2023, sales were up 14% year-over-year. On the inventory front, active listings continued to build at a notable pace in July, climbing 13% month-over-month to 4,533. This has resulted in the highest inventory levels in King County since September of 2022, but, interestingly enough, inventory levels remain 3% below the 10-year average for July. This deficit is entirely a
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 August 6, 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.
3
king county SINGLE-FAMILY HOME - JULY 2 0 2 4
MONTHS OF INVENTORY 1.5 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 11% VS 2023
▲ 12% VS 2023
▲ 29% VS 2023
▲ 18% VS 2023
There were 2,548 single-family home listings in King County in July, 18% above June and 29% higher than July 2023. July single-family home sales increased by 1.7% month-over-month, to 1,756, and were 18% above July 2023. The months of inventory for single-family home in King County, at 1.5, reflected a sellers' market. The single-family home median price in July was $1,050,000, a 2% increase from June and 12% above July 2023. The average sold price was $1,339,809, 2% above last month and up 11% to July 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
1,756 2,548
1,484 1,982
11% 12% 9% 18% 29%
1,727 2,155
2% 2% 16% 1.7% 18%
$1,339,809 $1,050,000 1.5
$1,312,604 $1,025,000 1.2
$1,206,134 $935,000 1.3
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
36
36
2,548
35
2,171
1,962
1,939
2,155
1,982
2,000
1,604
1,914
1,756
1,572
1,727
1,484
1,307
1,270
1,239
1,531
1,0441,035
1,324
1,304
1,171
1,096
973
907
690
$1.06M $1.05M $1.10M $1.02M
$1.02M $1.05M
$969K
$935K
$926K
$917K
$900K
$900K
$890K
Jul-23
Jun-24
Jul-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
1200
6.7
1000
5.0
800
3.4
600
2.3
2.0
400
1.5
1.4
1.4
1.3
1.1
200
0
<$1M 827 1,125 1.4
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
MOI INVENTORY SALES
214 281 1.3
186 264 1.4
266 304 1.1
117 170 1.5
59 135 2.3
55 111 2.0
14 48 3.4
6 30 5.0
12 80 6.7
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 August 6, 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. 4 ●
king county TOWNHOME - JULY 2 0 2 4
MONTHS OF INVENTORY 2.6 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 3% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 6% VS 2023
▲ 8% VS 2023
▲ 59% VS 2023
▼ 2% VS 2023
There were 949 townhome listings in King County in July, 11% above June and 59% higher than July 2023.
July townhome sales increased by 3% month-over-month, to 367, and were 2% below July 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 375 598
% Change
No. 357 855
% Change
The months of inventory for townhomes in King County, at 2.6, reflected a sellers' market.
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
367 949
3% 6% 8% 62% -2% 59%
-3% -3% -2% 8% 3% 11%
The townhome median price in July was $782,000, a 2% decrease from June and 8% above July 2023. The average sold price was $814,565, 3% below last month; the average PSF sale price was $546, down 3% to last month.
$546 $814,565 $782,000 2.6
$530 $769,944 $725,000 1.6
$566 $835,824 $798,000 2.4
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
43
43
949
855
723
37
680
638
589
598
529
505
479
593
559 439
466
463
335
328
375
367
421
357
345
338
269
235
222
$800K
$798K
$785K
$782K
$773K
$761K
$740K
$739K
$730K
$725K
$720K
$721K
$700K
Jul-23
Jun-24
Jul-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
350
15.0
29
300
4+ bdrms
117
250
165
200
3 bdrms
395
150
160
100
2 bdrms
3.0
2.9
2.8
384
2.1
2.1
2.0
50
0
13
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES 87 244 2.8 112 322 2.9 91 189 2.1 43 86 2.0 19 57 3.0 14 30 2.1 1 15 15.0 0 6 n/a
53
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 August 6, 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. 5 ●
king county CONDO - JULY 2 0 2 4
MONTHS OF INVENTORY 3.1 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 13% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 25% VS 2023
▲ 8% VS 2023
▲ 63% VS 2023
▲ 13% VS 2023
There were 1,001 condo listings in King County in July, 5% above June and 63% higher than July 2023.
July condo sales decreased by 0.3% month-over-month, to 325, and were 13% above July 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 287 613
% Change
No. 326 955
% Change
The months of inventory for condos in King County, at 3.1, reflected a sellers' market.
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$651 $727,740 $490,000 3.1 325 1,001
13% 25% 8% 44% 13% 63%
4% 7% 0.7% 5% -0.3% 5%
The condo median price in July was $490,000, a 0.7% increase from June and 8% above July 2023. The average sold price was $727,740, 7% above last month; the average PSF sale price was $651, up 4% to last month.
$575 $582,096 $452,500 2.1
$624 $677,135 $486,495 2.9
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
955
47
1,001
874
41
41
731
720
654
692
559
613
623
591
494
479
347
319
294
325
255
248
287
326
311
263
207
191
190
$512K
$505K
$492K
$496K
$493K
$486K
$490K
$474K
$470K
$460K
$460K
$453K
$450K
Jul-23
Jun-24
Jul-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
700
6.8
600
6.3
4+ bdrms
6
500
4.3
26
400
3.6
3.4
3 bdrms
79
2.9
2.7
300
1.6
200
172
2 bdrms
473
100
0
127
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES
443
217 638 2.9
48 171 3.6
23 62 2.7
4 27 6.8
7 24 3.4
6 38 6.3
3 13 4.3
17 28 1.6
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 August 6, 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. 6 ●
ballard/greenlake SINGLE-FAMILY HOME - JULY 2 0 2 4
MONTHS OF INVENTORY 0.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 2% VS 2023
▲ 54% VS 2023
▲ 47% VS 2023
▼ 8% VS 2023
There were 126 single-family home listings in Ballard/Greenlake in July, no change to June and 54% higher than July 2023. July single-family home sales increased by 32% month-over-month, to 137, and were 47% above July 2023. The months of inventory for single-family home in Ballard/Greenlake, at 0.9, reflected a sellers' market. The single-family home median price in July was $985,500, a 9% decrease from June and 8% below July 2023. The average sold price was $1,163,329, 6% above last month and up 2% to July 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
137 126
93 82
2% -8% 4% 47% 54%
104 126
6% -9% -24% 32% 0%
$1,163,329 $985,500 0.9
$1,095,505 $1,084,000 1.2
$1,136,811 $1,075,000 0.9
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
145
137
34
126
126
133
111
30
103
103
29
101
99
96
104
93
69
86
84
82
82
61
73
55
73
66
63
55
41
$1.16M
$1.11M
$1.08M
$1.08M
$1.02M
$986K
$990K
$995K
$986K
$975K
$945K
$905K
$881K
Jul-23
Jun-24
Jul-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
5.0
70
60
50
40
1.6
30
1.3
1.0
20
0.7
0.7
0.3
10
0
<$1M
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
MOI INVENTORY SALES
72 52 0.7
19 25 1.3
25 18 0.7
11 18 1.6
6 6 1.0
1 5 5.0
3 1 0.3
0 1 n/a
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 August 6, 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 ●
ballard/greenlake TOWNHOME - JULY 2 0 2 4
MONTHS OF INVENTORY 2.7 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 3% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 56% VS 2023
▼ 5% VS 2023
▼ 1.6% VS 2023
▼ 16% VS 2023
There were 167 townhome listings in Ballard/Greenlake in July, 10% above June and 56% higher than July 2023. July townhome sales decreased by 15% month-over-month, to 63, and were 16% below July 2023. The months of inventory for townhomes in Ballard/Greenlake, at 2.7, reflected a sellers' market. The townhome median price in July was $812,000, a 0.9% increase from June and 1.6% below July 2023. The average sold price was $798,306, 5% below last month; the average PSF sale price was $582, down 6% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$582 $798,306 $812,000 2.7 63 167
$600 $839,466 $825,000 1.4 75 107
-3% -5% -1.6% 86% -16% 56%
$620 $842,905 $805,000 2.1 74 152
-6% -5% 0.9% 29% -15% 10%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
48
48
167
152
141
140
43
120
119
107
114
89
84
82
76
96
74
70
87
75
84
79
63
73
71
62
57
57
52
$825K
$827K
$825K
$815K
$805K
$812K
$800K
$799K
$792K
$789K
$780K
$763K
$770K
Jul-23
Jun-24
Jul-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
80
9.0
3
70
4+ bdrms
11
60
50
29
3 bdrms
4.8
70
40
30
2.4
29
20
2 bdrms
1.3
80
1.1
10
0
2
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES
6
14 15 1.1
16 77 4.8
22 53 2.4
10 13 1.3
1 9 9.0
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 August 6, 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. 8 ●
ballard/greenlake CONDO - JULY 2 0 2 4
MONTHS OF INVENTORY 2.3 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 11% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 53% VS 2023
▼ 17% VS 2023
▼ 9% VS 2023
▼ 4% VS 2023
There were 61 condo listings in Ballard/Greenlake in July, 1.7% above June and 53% higher than July 2023.
July condo sales increased by 35% month-over-month, to 27, and were 4% below July 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in Ballard/Greenlake, at 2.3, reflected a sellers' market.
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
27 61
28 40
-11% -17% -9% 58% -4% 53%
20 60
1.2% 0.2% -1.6% -25% 35% 1.7%
The condo median price in July was $450,000, a 1.6% decrease from June and 9% below July 2023. The average sold price was $476,148, 0.2% above last month; the average PSF sale price was $570, up 1.2% to last month.
$570 $476,148 $450,000 2.3
$640 $572,125 $494,775 1.4
$564 $475,050 $457,500 3.0
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
50
61
60
48
45
51
40
40
42
33
40 27
32
36
34 20
25
28
24
24
27
21
20
27
21
20
17
14
7
$495K
$495K
$480K
$470K
$465K
$456K
$458K
$450K
$450K
$450K
$440K
$440K
$404K
Jul-23
Jun-24
Jul-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
50
2.7
4+ bdrms
2.2
40
1
30
3 bdrms
2
20
10
2 bdrms
24
10
0
16
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES
35
23 50 2.2
3 8 2.7
1 0 n/a
0 1 n/a
0 2 n/a
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 August 6, 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. 9 ●
bellevue east of 405 SINGLE-FAMILY HOME - JULY 2 0 2 4
MONTHS OF INVENTORY 1.1 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 0.9% VS 2023
▲ 10% VS 2023
▲ 3% VS 2023
▲ 70% VS 2023
There were 70 single-family home listings in Bellevue East of 405 in July, 21% above June and 3% higher than July 2023. July single-family home sales decreased by 18% month-over-month, to 63, and were 70% above July 2023. The months of inventory for single-family home in Bellevue East of 405, at 1.1, reflected a sellers' market. The single-family home median price in July was $1,598,888, a 0.1% decrease from June and 10% above July 2023. The average sold price was $1,739,484, 9% below last month and up 0.9% to July 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
63 70
37 68
0.9% 10% -40% 70% 3%
77 58
-9% -0.1% 48% -18% 21%
$1,739,484 $1,598,888 1.1
$1,902,915 $1,600,000 0.8
$1,724,223 $1,460,000 1.8
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
35
70
77
33
33
74
68
63
60
56
63
52
50
58
58
57
43
43
37
45
35
39
37
37
36
21
24
22
16
$1.78M
$1.58M
$1.58M $1.50M
$1.56M $1.68M $1.62M $1.66M $1.60M $1.60M
$1.46M $1.41M
$1.45M
Jul-23
Jun-24
Jul-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
30
13.0
25
20
15
10
3.0
3.0
2.5
2.0
5
0.7
0.6
0.2
0
<$1M
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
MOI INVENTORY SALES
1 2 2.0
9 2 0.2
14 10 0.7
30 18 0.6
4 10 2.5
1 13 13.0
3 9 3.0
0 2 n/a
1 3 3.0
0 1 n/a
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 August 6, 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. 10 ●
bellevue east of 405 TOWNHOME - JULY 2 0 2 4
MONTHS OF INVENTORY 2.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 0.6% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 100% VS 2023
▼ 10% VS 2023
▼ 7% VS 2023
▼ 36% VS 2023
There were 20 townhome listings in Bellevue East of 405 in July, 23% below June and 100% higher than July 2023.
July townhome sales decreased by 63% month-over-month, to 7, and were 36% below July 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for townhomes in Bellevue East of 405, at 2.9, reflected a sellers' market.
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$528 $725,858 $703,005 2.9 7 20
11 10
-0.6% -10% -7% 214% -36% 100%
19 26
-15% -29% -28% 109% -63% -23%
The townhome median price in July was $703,005, a 28% decrease from June and 7% below July 2023. The average sold price was $725,858, 29% below last month; the average PSF sale price was $528, down 15% to last month.
$531 $805,586 $755,000 0.9
$617 $1,018,710 $982,000 1.4
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
26
36
36
20
19
19
17
20
16
28
14
14
14
12
15
11
14
13
11
9
12
11
10
10
9
8
8
7
6
$982K
$920K
$902K
$870K
$820K
$815K
$803K
$755K
$753K
$750K
$703K
$647K
$585K
Jul-23
Jun-24
Jul-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
7
6.0
4+ bdrms
6
3
5
2
3.5
4
3 bdrms
4
3
5
2
1.0
2 bdrms
12
1
0
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES
1
1 6 6.0
4 4 1.0
2 7 3.5
0 3 n/a
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 August 6, 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. 11 ●
bellevue east of 405 CONDO - JULY 2 0 2 4
MONTHS OF INVENTORY 1.6 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 3% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 5% VS 2023
▲ 14% VS 2023
▲ 87% VS 2023
▲ 38% VS 2023
There were 28 condo listings in Bellevue East of 405 in July, 8% above June and 87% higher than July 2023.
July condo sales decreased by 5% month-over-month, to 18, and were 38% above July 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in Bellevue East of 405, at 1.6, reflected a sellers' market.
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
18 28
13 15
14% 35% 38% 87%
19 26
-4% -8% -4% 14% -5% 8%
The condo median price in July was $530,000, a 4% decrease from June and 14% above July 2023. The average sold price was $520,194, 8% below last month; the average PSF sale price was $513, down 4% to last month.
$513 $520,194 $530,000 1.6
$500 $497,192 $465,000 1.2
$535 $565,105 $550,000 1.4
3% 5%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
43
28
24
26
39
21
37
19
19
19
19
18
17
18
13 19
15
15
17
17
15
15
13
14
9
8
7
8
3
$580K
$560K
$550K
$550K
$540K
$530K
$491K
$488K
$479K
$475K
$465K
$446K
$410K
Jul-23
Jun-24
Jul-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
8
3.0
4+ bdrms
2.5
6
2.0
2.0
1.7
3 bdrms
7
4
0.7
12
2 bdrms
2
13
0
6
<2 bdrms
<$300K $300K-399K $400K-499K $500K-599K $600K-699K $700K-799K $800K-899K $900K-999K $1M+ MOI INVENTORY SALES
8
1 0 n/a
4 8 2.0
2 5 2.5
6 4 0.7
3 5 1.7
1 3 3.0
1 2 2.0
0 1 n/a
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 August 6, 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. 12 ●
bellevue west of 405 SINGLE-FAMILY HOME - JULY 2 0 2 4
MONTHS OF INVENTORY 2.8 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 20% VS 2023
▲ 3% VS 2023
▲ 32% VS 2023
▼ 1.2% VS 2023
There were 71 single-family home listings in Bellevue West of 405 in July, 22% above June and 3% higher than July 2023. July single-family home sales increased by 9% month-over-month, to 25, and were 32% above July 2023. The months of inventory for single-family home in Bellevue West of 405, at 2.8, reflected a sellers' market. The single-family home median price in July was $3,850,000, a 2% decrease from June and 1.2% below July 2023. The average sold price was $4,859,223, 7% above last month and up 20% to July 2023.
PREVIOUS YEAR
No.
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
25 71
19 69
20% -1.2% -22% 32% 3%
23 58
7% -2% 13% 9% 22%
$4,859,223 $3,850,000 2.8
$4,556,259 $3,945,000 2.5
$4,046,105 $3,895,000 3.6
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
63
71
69
61
69
58
64
54
58
49
44
40
31
31
28
37
26
39
31 16
25
36
26
19
23
18
12
11
8
$4.14M
$3.95M $3.85M
$3.90M
$3.77M $4.05M $3.78M $3.99M
$3.55M
$3.49M
$3.21M
$3.26M
$2.83M
Jul-23
Jun-24
Jul-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
5.1
5.0
30
20
1.4
1.4
10
0.7
0.5
0
<$1M
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
MOI INVENTORY SALES
0 1 n/a
3 2 0.7
4 2 0.5
1 5 5.0
5 7 1.4
5 7 1.4
0 11 n/a
7 36 5.1
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 August 6, 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. 13 ●
bellevue west of 405 CONDO - JULY 2 0 2 4
MONTHS OF INVENTORY 1.7 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 67% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 54% VS 2023
▲ 49% VS 2023
▲ 22% VS 2023
▲ 220% VS 2023
There were 55 condo listings in Bellevue West of 405 in July, 17% above June and 22% higher than July 2023.
July condo sales increased by 28% month-over-month, to 32, and were 220% above July 2023.
PREVIOUS YEAR
No.
No.
% Change
No.
% Change
The months of inventory for condos in Bellevue West of 405, at 1.7, reflected a sellers' market.
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
32 55
10 45
-62% 220% 22%
25 47
10% -14% -3% -9% 28% 17%
The condo median price in July was $1,307,500, a 3% decrease from June and 49% above July 2023. The average sold price was $1,850,434, 14% below last month; the average PSF sale price was $1,358, up 10% to last month.
$1,358 $1,850,434 $1,307,500 1.7
$811 $1,198,495 $875,000 4.5
$1,235 $2,163,680 $1,350,000 1.9
67% 54% 49%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
53
41
55
55
55
46
38
50
45
47
45
44
44
44
42
29
32
25
23
22
25
24
23
19
17
22
13
10
10
$1.35M $1.31M
$1.13M
$1.04M $1.04M $1.07M $1.10M $1.10M $1.12M
$958K
$875K
$875K
$730K
Jul-23
Jun-24
Jul-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
12
5.0
4+ bdrms
10
8
4 4
2.7
2.5
3 bdrms
2.0
6
1.5
1.5
1.5
4
16
0.6
2 bdrms
25
2
0
12
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES
26
4 6 1.5
4 10 2.5
6 12 2.0
1 5 5.0
4 6 1.5
3 8 2.7
2 3 1.5
8 5 0.6
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 August 6, 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. 14 ●
belltown/downtown seattle CONDO - JULY 2 0 2 4
MONTHS OF INVENTORY 7.2 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 6% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 20% VS 2023
▲ 14% VS 2023
▲ 25% VS 2023
▼ 18% VS 2023
There were 224 condo listings in Belltown/Downtown Seattle in July, 5% below June and 25% higher than July 2023. July condo sales decreased by 16% month-over-month, to 31, and were 18% below July 2023. The months of inventory for condos in Belltown/Downtown Seattle, at 7.2, reflected a buyers' market. The condo median price in July was $650,000, a 1.6% increase from June and 14% above July 2023. The average sold price was $917,289, 15% above last month; the average PSF sale price was $854, up 9% to last month.
PREVIOUS YEAR
No.
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$854 $917,289 $650,000 7.2 31 224
$807 $761,908 $572,500 4.7 38 179
6% 20% 14% 53% -18% 25%
$783 $795,961 $640,000 6.4 37 236
9% 15% 1.6% 13% -16% -5%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
236
59
219
224
192
185
179
49
183
149
47
170
159
155
133
123
51
49
39
29
27
38
22
18
31
37
35
33
30
$905K
$787K
$719K
$703K
$650K
$650K
$643K
$640K
$625K
$599K
$588K
$573K
$550K
Jul-23
Jun-24
Jul-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
100
18.0
4+ bdrms
80
3
60
1
3 bdrms
9.3
13
7.0
40
5.4
5.0
4.6
10
2 bdrms
20
87
0
20
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES 1 18 18.0 0 6 n/a 3 15 5.0 10 93 9.3 11 51 4.6 5 27 5.4 0 7 n/a 1 7 7.0
121
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 August 6, 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. 15 ●
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