Seattle rennie review - June 2022

the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR SEATTLE AND BELLEVUE

published June 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 June 13, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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

Signs of moderation in King County’s housing market Swelling supply and declining demand have conspired to create more moderate conditions in the King County housing market—though overall balance remains elusive, with conditions continuing to tilt in favor of sellers.

its highest point since November 2020. This also represents the fourth consecutive month of expanding inventory. The other half of the MOI calculation is, of course, monthly sales. And while May did record a 7% increase in sales over April, the 3,465 MLS transactions in the month were 7% lower than May 2021. Sales so far in 2022 have lagged each month behind 2021 levels, aiding in the aforementioned expansion of inventory. If the market inertia—of expanding inventory and blunted sales—that has ensconced itself in 2022 continues as we transition through the month of June (or should we say, Juneuary) and into summer, don’t be surprised if the market conditions for buyers continue to improve and inch closer towards balance later in the summer.

Over the past 24 months, King County’s housing market has—along with many others nationally—been marked by ne’re- before-seen demand and ghosting supply. In turn, the painfully (for many) obvious consequence has been conditions that have been tilted strongly in favor of sellers, as defined by the months-of-inventory ratio (MOI) in King County being below 4.0. Furthermore, it’s not just since the start of the pandemic that conditions have been in sellers’ market territory: incredibly, King County’s MOI has remained below 4.0 since January 2013. While the broader market for housing has seen improving conditions for buyers, it continues to favor sellers. The overall MOI ratio for May, for example, came in at 0.99—though this was the highest such

reading since February 2021. Notably, the MOI ratio has spiked to its current level from a much-more-constrained 0.68 in just two months as sales activity has slowed, relative to seasonal patterns, and inventory continues its upward march. Despite this, the residential and condo segments remain entrenched in sellers’ territory, with current MOI ratios of 0.84 and 0.89, respectively. The increase in homes listed for sale in May deserves some attention. Not only did the 3,442 active listings recorded in May represent an increase of 19% from the previous month, but they represent a year-over-year increase of 21%. For context, the last time the King County housing market recorded a year-over-year increase in inventory—in any month—was all the way back in July 2019. The overall inventory level has now reached

RESIDENTIAL - MAY 2022 king county

AVERAGE PRICE

AVERAGE PSF PRICE

MEDIAN PRICE

HOMES FOR SALE

CLOSED SALES

MONTHS OF INVENTORY

MARKET SUMMARY ›

9 % DOWN

60 % UP

16 % UP

14 % UP

0.8 SELLERS’

There were 2,157 residential homes for sale in King County in May, 27% above last month and 60% higher vs May 2021. Residential closed sales were up 8% month-over- month, to 2,562, and were 9% lower year-over-year. There was 0.8 months of inventory for residential homes in May, reflecting seller’s market conditions. The median sold price in May was $1.0M, around the same as April and 14% higher vs last year. The average sold price for residential homes was $1.25M, 2% lower month-over-month and 16% above May of last year.

VS 2021

&KDQJH

RATIO OF MEDIAN PRICES ›

HISTORICAL TREND ›

CLOSED SALES

HOMES FOR SALE

MEDIAN PRICE

$1,000,000

$870,252 $825,000

1.94

1.90

$820,000

1.86

$875,000

$935,000

$785,000

3,166

2,805

2,711

2,562

2,405

2,207

2,157

1,931

1,106

1,765

1,349

1,090

777

552

May-21

Apr-22

May-22

HOMES FOR SALE & CLOSED SALES BY PRICE RANGE

›

CLOSED SALES

HOMES FOR SALE

MONTHS OF INVENTORY

0.8 . . . 0 0 0 0 0 <4 4-6 6+ 0.7 0.8 0.7 0.8 1.0 2.0 1.9

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 June 13, 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 - MAY 2022

MEDIAN PRICE

AVERAGE PRICE

AVERAGE PSF PRICE

HOMES FOR SALE

CLOSED SALES

MONTHS OF INVENTORY

MARKET SUMMARY ›

21 % DOWN 20% UP

2 % DOWN

17 % UP

0.9 SELLERS’

The number of condo homes for sale in King County, at 672, was up 19% month-over-month, and was 21% below last year. May’s condo closed sales, at 755, were 6% below last month, and 2% lower than last year. There was 0.9 months of inventory for condos in May, reflecting seller’s market conditions. The condo median sold price in May was $538,500, down 3% month-over-month, and up 20% year-over-year. The average sold price was $633,262 with an average PSF sales price of $593 (up 0.3% and 1.0% respective- ly, vs April).

VS 2021

&KDQJH

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND ›

CLOSED SALES

HOMES FOR SALE

MEDIAN PRICE

$549,950 $538,500

$465,000

$475,000

$465,000

$450,000 $455,000

979

847

841

755

690

724

807

835

772

672

405

516

464

305

HOMES FOR SALE & CLOSED SALES BY PRICE RANGE

NUMBER OF BEDROOMS ›

›

CLOSED SALES

HOMES FOR SALE

MONTHS OF INVENTORY

CLOSED SALES HOMES FOR SALE

6.1

<4 4-6 6+

142

3+ bdrms

121

375

2 bdrms

306

1.8

1.5

1.2

0.8

0.7

238

0.6

<2 bdrms

245

. . . . 0 0 0 0

seattle

RESIDENTIAL - MAY 2022

AVERAGE PRICE

AVERAGE PSF PRICE

MEDIAN PRICE

HOMES FOR SALE

CLOSED SALES

MONTHS OF INVENTORY

MARKET SUMMARY ›

16 % DOWN

12 % UP

12 % DOWN

11 % UP

0.6

The number of residential homes for sale in Seattle in May, at 547, was 12% higher month-over-month and 12% lower year-over-year. With 842 in May, residential closed sales were 8% higher month-over-month, and 16% lower year-over-year. There was 0.6 months of inventory for residential homes in May, reflecting seller’s market conditions. The median sold price in May was $997,553, 0.1% above April, and 12% higher vs May 2021. The average sold price was $1,187,448, 0.1% lower than last month and 11% higher than May 2021.

VS 2021

SELLERS’

&KDQJH

RATIO OF MEDIAN PRICES ›

HISTORICAL TREND ›

CLOSED SALES

HOMES FOR SALE

MEDIAN PRICE

$997,553

1.88

$865,500

$960,000

1.80

$829,000

$825,000

$893,500

$775,000

1,097

1,008

876

842

827

802

810

721

410

625

547

352

326

216

May-21

Apr-22

May-22

HOMES FOR SALE & CLOSED SALES BY PRICE RANGE ›

CLOSED SALES

HOMES FOR SALE

MONTHS OF INVENTORY

<4 4-6 6+

1.6

1.1

0.9

0.7

0.6

0.5

. . . 0 0 0 0 0

seattle

NEW CONSTRUCTION CONDO - MAY 2022

AVERAGE PRICE

AVERAGE PSF PRICE

MEDIAN PRICE

HOMES FOR SALE

CLOSED SALES

MONTHS OF INVENTORY 2.3 SELLERS’

MARKET SUMMARY ›

56 % UP

42 % UP

26 % UP

30 % UP

10 % DOWN

There were 98 new construction condo homes for sale in Seattle in May, 6% below April, and 10% lower than May 2021. May’s new construction condo closed sales were 24% lower month-over-month (at 42), and were up 56% year-over-year. There was 2.3 months of inventory in May, reflecting sellers’ market conditions. The new construction condo median sold price in May was $791,150, 4% below April, and 30% above vs May 2021. The average sold price was $1,048,537, 16% above last month; the average PSF sales price was $938, up 15

VS 2021

&KDQJH

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND ›

CLOSED SALES

HOMES FOR SALE

MEDIAN PRICE

$791,150

$724,950

$610,000

$706,950

$692,500

$650,000

$599,000

125

109

98 42

92 35

89 39

HOMES FOR SALE & CLOSED SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

CLOSED SALES

HOMES FOR SALE

MONTHS OF INVENTORY

CLOSED SALES HOMES FOR SALE

<4 4-6 6+

6.5

6.0

3+ bdrms

3.4

3.0

2 bdrms

1.9

1.3

0.4

0.0

<2 bdrms

. . . . 0 0 0 0 QD

seattle

PREVIOUSLY OWNED CONDO - MAY 2022

AVERAGE PRICE

AVERAGE PSF PRICE

MEDIAN PRICE

HOMES FOR SALE

CLOSED SALES

MONTHS OF INVENTORY

MARKET SUMMARY ›

10 % UP

11 % UP

13 % UP

12 % UP

24 % DOWN

1.1 SELLERS’

There were 340 previously owned condo homes for sale in Seattle in May, 25% above April and 24% lower vs May 2021. May’s previously owned condo closed sales increased by 3% month-over-month (to 305), and were up 11% year-over-year. There was 1.1 months of inventory in May, reflect- ing seller’s market conditions. The previously owned condo median sold price in May was $526,000, 8% above April and 13% higher than May 2021. The average sold price was $613,120, 6% above last month; the average PSF sales price was $656, up 1.4% from last month.

VS 2021

&KDQJH

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND ›

CLOSED SALES

HOMES FOR SALE

MEDIAN PRICE

$526,000

$485,500

$473,000 $475,000

$451,000

$466,500

$462,500

499

462

445

313

340

227 256

176

305

293

282

276

252

163

HOMES FOR SALE & CLOSED SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

CLOSED SALES

HOMES FOR SALE

MONTHS OF INVENTORY

CLOSED SALES HOMES FOR SALE

<4 4-6 6+

5.6

3+ bdrms

135

2.7

2 bdrms

2.3

142

1.2

1.1

153

0.9

<2 bdrms

168

. . . . 0 0 0 0

bellevue

RESIDENTIAL - MAY 2022

AVERAGE PRICE

AVERAGE PSF PRICE

MEDIAN PRICE

HOMES FOR SALE

CLOSED SALES

MONTHS OF INVENTORY

MARKET SUMMARY ›

16 % UP

159 % UP

4 % UP

16 % UP

1.0 SELLERS’

There were 127 residential homes for sale in the Bellevue market area in May, 37% above last month, and 159% higher vs May 2021. Residential closed sales increased by 18% month-over-month, to 123, but were 4% higher year-over-year. There was 1.0 months of inventory for residential homes in May, reflecting seller’s market conditions. The median sold price in May was $1.85M, 2% above April, and 16% higher vs last year. The average sold price for residential homes was $2.19M, 0.9% lower month-over-month and 16% above May of last year.

VS 2021

&KDQJH

RATIO OF MEDIAN PRICES ›

HISTORICAL TREND ›

CLOSED SALES

HOMES FOR SALE

MEDIAN PRICE

(MILLIONS)

HOMES FOR SALE & CLOSED SALES BY PRICE RANGE

›

CLOSED SALES

HOMES FOR SALE

MONTHS OF INVENTORY

. . . 0 0 0 0 0 QD QD

bellevue

NEW CONSTRUCTION CONDO - MAY 2022

AVERAGE PRICE

AVERAGE PSF PRICE

MEDIAN PRICE

HOMES FOR SALE

CLOSED SALES

MONTHS OF INVENTORY 2.0 BALANCED

MARKET SUMMARY ›

6 % DOWN

15 % DOWN

0 %

15 % DOWN

92 % DOWN

The number of new construction condo homes for sale in Bellevue, at 1, is down 50% vs April, and 92% lower year-over-year. May’s new construction condo closed sales, at 6, was 500% higher than last month’s 1 sale and about the same as May 2021. There was 0.2 months of inventory in May, reflect- ing seller’s market conditions. The new construction condo median sold price in May was $1.41M, up 10% vs April, and down 15% from May 2021. The average sold price was $1.48M with an average PSF sales price of $1,008 (up 16% and up 42%, respectively, vs April).

VS 2021

&KDQJH

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND ›

CLOSED SALES

HOMES FOR SALE

MEDIAN PRICE

$1,850,000

$1,500,000

$1,666,025

$1,432,900

$1,412,674

$1,332,673

$949,000

HOMES FOR SALE & CLOSED SALES BY PRICE RANGE

NUMBER OF BEDROOMS ›

›

CLOSED SALES

HOMES FOR SALE

MONTHS OF INVENTORY

CLOSED SALES HOMES FOR SALE

<4 4-6 6+

3+ bdrms

2 bdrms

<2 bdrms

0.3

. . . . 0 0 0 0 QD QD QD QD QD QD QD

bellevue

PREVIOUSLY OWNED CONDO - MAY 2022

AVERAGE PRICE

AVERAGE PSF PRICE

MEDIAN PRICE

HOMES FOR SALE

CLOSED SALES

MONTHS OF INVENTORY

MARKET SUMMARY ›

9 % UP

0.4 % DOWN

21 % DOWN

10 % UP

23 % DOWN

0.8 SELLER’S

The number of previously owned condo homes for sale in Bellevue, at 48, was up 78% month-over- month, and down 21% vs last year. May’s previously owned condo closed sales, at 58, was about the same as last month, and 23% lower than last year. There was 0.8 months of inventory in May, reflect- ing sellers’ market conditions. The previously owned condo median sold price in May was $657,000 down 13% vs April and up 9% vs May 2021. The average sold price was $750,589 with an aver- age PSF sales price of $662 (down 17% and down 4%, respectively, vs April).

VS 2021

&KDQJH

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND ›

CLOSED SALES

HOMES FOR SALE

MEDIAN PRICE

$800,000

$660,000

$587,500

$657,000

$647,500

$605,000

$524,950

12 16

HOMES FOR SALE & CLOSED SALES BY PRICE RANGE

NUMBER OF BEDROOMS ›

›

CLOSED SALES

HOMES FOR SALE

MONTHS OF INVENTORY

CLOSED SALES HOMES FOR SALE

<4 4-6 6+

4.5

13 13

3+ bdrms

2 bdrms

1.0

0.8

0.7

<2 bdrms

0.4

0.3

. . . . 0 0 0 0 QD

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 June 13, 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.

The rennie intelligence team comprises our in-house demographer, senior economist, and market analysts. Together, we empower our developer clients, rennie advisors, institutional advisory clients, and the entire rennie team with comprehensive data and a trusted market perspective. With data as the backbone to our thoughtful real estate practice, we help our clients form and execute sound, well-considered plans to help them achieve their goals. the data behind rennie

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